Crib Chatter

As other major metros come down off their red hot pandemic highs, Chicago, which has lagged for years at the bottom of the S&P Corelogic Case-Shiller 20 largest metros index for price appreciation, has finally come in on top.

In May, Chicagoland single family homes rose 4.6% year-over-year, to top the list, followed by Cleveland and the New York metro.

From Corelogic’s Chief Economist Selma Hepp:

Chicago, Cleveland and New York were the three markets with largest annual appreciation, up by 4.6%, 3.9% and 3.5% year over year, respectively. Miami ranked fourth, followed by Charlotte, North Carolina.

During the pandemic, Chicago posted some of the nation’s lowest home price appreciation, and the recent strength there reflects the region’s relative affordability. San Francisco and Seattle both continued to post annual declines, down by a respective 11% and 11.3% in May, but annual decreases in both metros pivoted and showed smaller declines than in the previous month.

Chicago also came in second, after Cleveland, on the monthly gain list.

Cleveland and Chicago posted the nation’s largest monthly gains, at 2.7% and 2.3% respectively, while Denver, Las Vegas and Phoenix showed the smallest gains of less than 1%. And while Boston and Cleveland saw outsized increases this May, the gains in slower-growing metros are in line with seasonal increases that are historically recorded between April and May.

Chicago’s diverse housing market, with homes available at all pricing tiers, low, medium and luxury, also worked to its advantage.

While Chicago led with the largest increase across price tiers, New York’s high tier posted the biggest increase in prices across metros and tiers, up by 2.8% from April.

From Crain’s:

Because Cleveland ranks second on the list with price growth of 3.9%, Craig Lazzara, managing director at S&P DJI, deemed this month’s report “the Revenge of the Rust Belt.” It doesn’t quite hold up, as megacity New York follows Cleveland with 3.5% growth, and after that is Miami at 3.4%.

Here’s a list of the gains since the pandemic began in March 2020.

Biggest winning metro areas:

1. Tampa up 63.8%
2. Miami up 63.12%
3. Charlotte up 54.25%
4. Phoenix up 54.23%
5. San Diego up 52.12%
6. Dallas up 50.8%
7. Atlanta up 49.5%

Worst performing metro areas: 

1. San Francisco up 27.6%
2. Minneapolis up 29.49%
3. Washington DC up 29.93%
4. Portland, OR up 32.74%
5. Chicago up 33.54%
6. Detroit up 37.12%
7. Las Vegas up 37.19%

It surprised me to see Las Vegas was up “only” 37.19% but prices are down 0.35% year-to-date and off 9.13% from the peak. Chicago hasn’t declined (yet) so it’s at its peak pricing since the pandemic started. Chicago prices up 5.73% year-to-date.

This is May data. Will Chicago keep it’s crown through this summer?

This vintage 3-bedroom at 2043 W. Farwell in West Ridge came on the market in July 2023. (Sorry, no picture)

Built in 1925, 2043 W. Farwell has 6 units and private garage parking. The listing says the building is professionally managed.

This 2000 square foot single floor unit has many of its vintage features including base and crown molding, a decorative living room fireplace, arched doorways, a foyer, a separate dining room with wainscoting and built-in bookshelves.

It has hardwood floors throughout and plantation shutters on the living room windows.

The unit has a “chef’s kitchen” with french doors, dark wood cabinets, granite counter tops, stainless steel appliances and an island with seating for 3.

The primary bedroom has an en suite bath, which is rare for vintage units, with a bathtub. There is also a second full bath.

The listing says the unit has new windows in all bedrooms.

It has the features buyers look for including space pac cooling, washer/dryer in the unit and a private garage spot.

The building has had a number of recent projects. The listing says those include “tuck-pointing on the south and west walls, the west side plumbing stack for all kitchens was replaced, garage doors painted and a new hot water heater in 2023.”

The seller is giving a credit for a planned project special assessment. The public listing doesn’t provide the amount.

An agent who saw this unit says on Redfin it has north, west and east exposures. There doesn’t appear to be any outdoor space.

This building is a half a mile from the Rogers Park Metra stop and near Warren Park and Indian Boundary Park. Shops and restaurants are nearby on Devon as well as Clark.

There are a lot of these classic 6-unit buildings with these large 3-bedroom units in the West Ridge neighborhood.

Listed at $375,000, is this a single family home alternative?

Suzanne Niersbach at Baird & Warner has the listing. See the pictures and floor plan here.

Unit #1W: 3 bedrooms, 2 baths, 2000 square feet

• Sold in April 1983 for $76,000 (per Redfin)
• Sold in June 1985 for $81,500 (per Redfin)
• Sold in August 1992 for $132,000
• Sold in September 2013 for $263,500
• Sold in October 2020 for $332,000
• Currently listed at $375,000
• Assessments of $514 a month (includes heat, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $6836
• Space pac cooling
• Radiant heat
• Private 1-car garage parking
• Large storage unit
• Decorative fireplace
• Bedroom #1: 16×14
• Bedroom #2: 16×11
• Bedroom #3: 16×9
• Living room: 26×16
• Kitchen: 17×15
• Dining room: 16×13
• Foyer: 13×8
• Laundry: 4×5

This 4-bedroom at 2500 N. Lakeview in Lincoln Park came on the market in June 2023.

Built in 1974, 2500 N. Lakeview has 155 units and a parking garage.

It’s a full amenity building with an outdoor pool, exercise room, engineer on site, door staff, a party room, a bike room, and a laundry room.

This unit is a unique double unit with 3000 square feet that the listing says has recently undergone a “complete renovation.”

It has south, east, and west exposures, including two balconies, one facing east with lake views and one facing west, with sunset and city views.

There is 7-inch white oak flooring throughout.

It has a chef’s kitchen with white and what appears to be dark wood custom cabinets, quartz countertops and backsplash, an island with a waterfall edge that seats 3, and brand new professional grade panelled appliances.

The primary bedroom has a “spa-like” bath with heated floors, double vanity, separate tub, steam shower with rain head, shower head and handheld sprayer.

It’s unclear from the listing if any of the other bedrooms are en suite.

This unit has the features buyers look for including central air, washer/dryer in the unit and there are 2 leased parking spaces available (not sure on the cost).

This building overlooks Lincoln Park and is near the shops and restaurants of East Lincoln Park.

Listed in June 2023 for $1.9 million, it has been reduced $50,000 to $1.85 million.

Buyers love “new.”

Is this a deal for the square footage and location?

Joshua Lipton and Christine Tepper at Compass have the listing. See the pictures here. (sorry, no floor plan)

Unit #2601-02: 4 bedrooms, 3.5 baths, 3000 square feet

• Looks like long-term owner under both PIN numbers that has owned it since at least 1992
• Originally listed in June 2023 for $1.9 million
• Reduced
• Currently listed at $1.85 million
• Assessments of $2878 a month (includes doorman, cable, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $17,397
• Central Air
• Washer/dryer in the unit
• Parking is leased in the building
• Bedroom #1: 13×15
• Bedroom #2: 13×17
• Bedroom #3: 12×13
• Bedroom #4: 11×13
• Living room: 23×21
• Dining room: 14×22
• Kitchen: 9×19
• Laundry room: 4×5
• 2 balconies: 4×8

This 1-bedroom in Marina City at 300 N. State in River North came on the market in July 2023.

Marina City was designed in 1959 by Bertrand Goldberg and completed construction in 1964. Both towers have 65 stories. The complex has a marina along the river.

The towers have 896 units and 800 parking spaces. Originally built as apartments, they were converted to condominiums in 1977.

The Towers have door staff, on-site management and 24-hour maintenance. There’s a fitness center, grocery market, event room, bike storage, dry cleaner and roof deck access.

The listing says this unit had a “complete total gut rehab in 2022.”

It has hardwood floors throughout.

The kitchen has dark modern cabinets, high-end appliances and an island with a waterfall edge that seats 3.

The unit is being offered furnished. The bedroom has a new Vant Panel bed with built-in nightstands and lights that the listing says is worth $10,000+.

It has some of the features that buyers look for including washer/dryer in the unit and valet parking which is available in the building. The listing says it has “new A/C units.”

On the 58th floor, it has city views from two private balconies.

These buildings are iconic in Chicago. Sitting on the Chicago River, the “corn cob” buildings have been featured in dozens of commercials, movies and tourist promotions of the city.

These buildings are also near the shops and restaurants of River North, the Riverwalk and the Mag Mile.

Listed at $520,000, furnished, would this make a good in-town?

Van Ann Kim at Compass has the listing. See the pictures here.

Unit #5817: 1 bedroom, 1 bath, 725 square feet

• Sold in February 1996 for $70,000
• Sold in May 1999 for $136,000
• Sold in September 2006 for $515,000
• Sold in May 2016 for $225,000
• Sold in December 2020 for $225,000
• Currently listed at $520,000
• Being sold as “furnished”
• Assessments of $551 a month (includes doorman, exercise room, exterior maintenance, snow removal, Internet)
• Taxes of $6,033
• No central air but wall units
• Washer/dryer in the unit
• Valet parking in the building
• Public and guest parking next door
• Bedroom: 14×11
• Living room: 16×16
• Kitchen: 12×9
• 2 private balconies

This 2-bedroom in Gaslight Court at 1409 N. Wells in Old Town came on the market in June 2023.

Gaslight Court is a unique collection of 19 units throughout several vintage buildings surrounding a courtyard. The listing says it was constructed in 1979. There’s no parking or amenities.

The listing says this unit is a standalone condo in the middle of the private brick courtyard.

It has floor-to-ceiling windows across the front of the unit. Are those reflective windows where you can’t see in, but you can see out?

At just 1,000 square feet, it has 2 bedrooms and 2 baths.

There are hardwood floors throughout.

It has a living/dining combo, although in the pictures, it appears that there is simply a dining room table in the space. There’s also two skylights in that space.

The listing says the kitchen has been “remodeled.” It has white cabinets, a breakfast bar with seating for two, stainless steel appliances, a white tile backsplash and what look like stone counter tops. It also has a skylight.

The second bedroom is off the kitchen. It does not have any windows but does have two skylights.

The primary bedroom has floor-to-ceiling windows along one wall, a walk-in-closet, and an en suite bathroom with a double vanity and walk-in-shower.

There’s a second full bath.

This unit has the features that buyers look for including central air, washer/dryer in the unit but there is no parking. It’s available to rent in the neighborhood.

The unit has a “huge” outdoor patio with a mature tree. The floor plan lists the size as 30×25 so it looks like this unit owns both tiers of the patio.

Gaslight Court is in the heart of Old Town amidst all of the shops and restaurants on Wells Street and near bus lines.

Listed in June 2023 at $539,000, will they get this price for this unique property?

Ryan Cybulski at Vanguard Real Estate Services has the listing. See the pictures and floor plan here.

Unit #1: 2 bedrooms, 2 baths, 1000 square feet

• Sold in March 2001 for $180,000
• Lis pendens foreclosure filed in March 2011
• Bank owned
• Sold in June 2014 for $95,000
• Originally listed in June 2023 for $539,000
• Currently still listed at $539,000
• Assessments of $368 a month (includes scavenger)
• Taxes of $8694
• Central Air
• Washer/dryer in the unit
• No parking
• Bedroom #1: 19×12
• Bedroom #2: 12×10
• Living/dining room: 20×18
• Kitchen: 13×10
• Laundry: 3×6
• Patio: 30×25

This 3-bedroom loft penthouse at 3133 W. Lakewood in Lakeview came on the market in July 2023.

This brick loft building was converted into condos in 2008. There are 25 units. It’s an elevator building and has bike storage and garage parking for some of the units.

If this unit looks familiar that’s because we chattered about another penthouse unit in this building a few weeks ago that went under contract almost immediately.

We also actually chattered about this unit itself 10 years ago, in June 2013. You can see our chatter here.

This southeast facing penthouse has some authentic loft features including exposed brick and ductwork but it doesn’t have timber or concrete ceilings.

The unit has 15 foot floor-to-ceiling glass walls in the living/dining/kitchen and primary suite.

There are Brazilian cherry floors in the main living area.

The listing says the unit had $90,000 in renovations completed in 2021.

The kitchen updates include quartz counter tops, a marble backsplash, new stainless steel appliances, custom built blue cabinets with pull out drawers and appliance garage, a touchless faucet, a vented hood and beverage fridge along with an island with seating for 3.

The three bedrooms are fully enclosed. Two of the bedrooms, including the primary, have carpet. The third has hardwood floors.

The primary suite has custom cabinets/drawers in a walk-in-closet and an en suite bath with heated marble floors.

The penthouse has the features buyers look for including central air, washer/dryer in the unit and one indoor heated garage space which is included.

It has a private deck accessed from the living/dining/kitchen and primary suite.

There is also an accent wall in the living room which the listing says is “fabricated with norstone rock panels with steel frame substructure.”

It has all the features that buyers look for including central air, washer/dryer in the unit and one indoor heated garage space, which is included in the price.

This building is near the shops and restaurants on Belmont in Lakeview, several bus lines, and the Lakeview Whole Foods. The listing says it’s in the Burley school district.

Listed at $819,000, that is $123,000 above the 2017 purchase price of $696,000.

Buyers love “new.”

Will they get their price?

Davis Edgerly at 33 Realty has the listing. See the pictures here (sorry, no floor plan).

Unit #4G: 3 bedrooms, 2 baths, 1600 square foot, penthouse, loft

• Sold in June 2008 for $600,000
• Sold in June 2010 for $600,000
• Sold in January 2014 for $575,000
• Sold in March 2017 for $696,000
• Currently listed at $819,000
• Assessments of $410 a month (includes security, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $8366
• Central Air
• 1-car indoor heated garage space included
• Bedroom #1: 14×13
• Bedroom #2: 16×10
• Bedroom #3: 12×11
• Living/dining combo: 18×15
• Kitchen: 14×8
• Walk-in-closet: 8×8
• Laundry: 8×8
• Private deck

This 3-bedroom duplex penthouse in 436 W. Belmont in East Lakeview came on the market in July 2023.

Built in 2000, 436 W. Belmont has 16 units and garage parking. It’s an elevator building but does not have door staff but a Butterfly call system.

There are 4 guest parking spaces in front of the building but no other amenities.

The listing says this penthouse is the developer’s unit and still has the original owner.

It has vaulted ceilings and a gas fireplace in the living room. The listing also says it has a “unique and ultra private” front foyer which is a special feature for this unit only.

There appears to be hardwood floors on the main level in the living/dining room and carpeting in the bedrooms and loft.

The kitchen has granite counter tops, stainless steel appliances including a Viking built-in refrigerator, Thermador commercial grade stove with griddle that vents to the outside, a Bosch dishwasher (2022) and the microwave doubles as an oven.  There also appears to be a beverage refrigerator.

All three bedrooms are on the main floor with an open loft on the second floor.

The primary bedroom has an en suite with a Jacuzzi jetted tub and separate steam shower along with a “recently renovated” vanity, upgraded Toto toilet and heated tile floor (2023).  There’s also a private deck off the primary bedroom.

The listing says there are Grohe faucets throughout and a Brita water filtration system.

It has the features that buyers look for including central air and side-by-side laundry with a new washer/dryer (2023).

The unit also has newly updated LED recessed lighting (2023).

It faces south and has blackout Hunter Douglas blinds in the living room and wood shutters in all the bedrooms.

There is also a rooftop deck with south views on the second floor. The listing says that all exterior decks were “redone” in 2019.

This unit has a rare side-by-side 2 car private garage. It also has a large, private storage closet.

This building is near the Lakefront Trail, the shops and restaurants of East Lakeview, including on Broadway, the Mariano’s, and numerous bus lines.

Listed in early July 2023 for $985,000, it has been reduced $35,000 to $950,000.

Will the price cut get a deal done?

Lisa Petrik at Jameson Sotheby’s has the listing. See the pictures here (sorry, no floor plan).

Unit #401: 3 bedrooms, 2 baths, 2200 square feet, penthouse, duplex

• Sold in December 2000 for $515,000
• Originally listed in July 2023 for $985,000
• Reduced
• Currently listed at $950,000
• Assessments of $719 a month (includes parking, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $13,674
• Central Air
• Washer/dryer in the unit
• Gas fireplace
• Bedroom #1: 11×15 (main floor)
• Bedroom #2: 10×10 (main floor)
• Bedroom #3: 10×9 (main floor)
• Loft: 18×13 (second floor)
• Living/dining room combo: 18×24 (main floor)
• Kitchen: 11×9 (main floor)
• 3 private outdoor spaces

This 3-bedroom single family home at 625 W. Armitage in Lincoln Park came on the market in April 2023.

Built in 2017, it was designed by Liederbach & Graham and has a low maintenance corrugated steel exterior.

It is a smaller than standard Chicago lot measuring 17×80 and has a 1-car garage. Some of you may remember that a vintage 1-story cottage once stood on this lot.

Inside the house, it has Georgian pine ceilings, white oak flooring on the second and third floors with concrete floors in the basement, and a wood-burning fireplace in the living room.

The kitchen is a “chef’s dream” and has custom white Amish cabinetry, an island with blue cabinets that seats four, professional grade appliances, Carrara marble counter tops and a hot-rolled steel backsplash.

There are two bedrooms on the second floor including the primary which has a “roomy” closet, custom built-in shelving and a en suite bathroom with a steam shower.

The second bedroom is also en suite and has a private balcony.

The lower level has a large laundry room, storage and the third bedroom.

It has central air.

The listing says the garage roof is “ready for a new deck.” There’s no roof deck.

Additionally, the listing says, “the home is patrolled by a private 24-hour security team exclusively for this specific part of Lincoln Park.”

This home is near the shops and restaurants on Armitage, those on Lincoln and in Old Town. It’s a quick walk to Lincoln Park.

Originally listed in April 2023 for $1.75 million, it has reduced $100,000 to $1.65 million.

Zillow also shows that is has been available for rent. It was listed in May 2023 for $10,000 a month and has been reduced to $8750 a month.

Is this home a steal for a renter?

Vincent Anzalone and Amanda Lee Finck at Dream Town have the listing. See the pictures and floor plan here.

625 W. Armitage: 3 bedrooms, 2.5 baths, no square footage listed, single family home

• Sold in June 1993 for $174,500 (I only went back for 30 years so you could see the changes in the pricing)
• Sold in February 1999 for $292,000
• Sold in February 2002 for $410,000
• Sold in April 2008 for $485,000
• 2017 home originally listed in April 2023 for $1.75 million
• Reduced
• Currently listed at $1.65 million
• Listed for rent in May 2023 at $10,000 a month
• Reduced twice
• Currently listed at $8750 a month
• Taxes of $17,629
• Central Air
• 1-car garage
• 17×80 lot
• Wood burning fireplace
• Bedroom #1: 16×24 (second floor)
• Bedroom #2: 16×24 (second floor)
• Bedroom #3: 15×18 (lower level)
• Living/dining room: 16×15 (main floor)
• Kitchen: 16×21 (main floor)
• Laundry room: 15×15 (lower level)
• Balcony: (second floor)

This 4-bedroom penthouse in Academy Hall at 915 N. Hoyne in the Ukrainian Village recently came on the market.

915 N. Hoyne was built in 1905 and was the historic St. John’s school. It has 9 condos and garage parking.

There does not appear to be an elevator in the building. It was converted into the Academy Hall condos in 2018-2019.  The church next door was also converted at the same time but it had a different developer.

This top floor unit has soaring ceilings, beams, some exposed brick and skyline views.

It has white oak hardwood floors, custom lighting, built-in storage and is wired for sound.

The unit has a chef’s kitchen with modern wood cabinets and an oversized island with stone countertops and waterfall edge, and stainless steel appliances which is open to the living/dining room which has a fireplace.

There is a South Terrace off the living space which has a natural gas line, water and electric along with skyline views.

There’s also a half bath in this part of the condo as well as a wet bar with a wine refrigerator.

The primary suite has an en suite bath with a walk-in-shower and separate tub, a walk-in-closet and access to the North Terrace.

Down the hall in a separate wing, is the laundry room and the three other bedrooms along with two full baths.

I can’t tell if there is a step down to get to the two final bedrooms but the listing calls them “lower level” and the other two are on the “main” level so there might be.

This unit has the features buyers look for including central air, washer/dryer in the unit and 2-car garage parking.

This building is near the Mariano’s and shops and restaurants of Ukrainian Village and Wicker Park.

Listed at $1.35 million, it has more square footage, at 3000 square feet, than some homes in the neighborhood.

Could this condo be a single family home alternative?

Jennifer Riccolo DeBower at @properties Christie’s has the listing. See the pictures, video and floor plan here.

Unit #9: 4 bedrooms, 3.5 baths, 3000 square feet, penthouse

• Sold “new” in March 2019 for $1,200,539 (per Zillow)
• Currently listed at $1.35 million 
• Assessments of $436 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $12,926
• Central Air
• Washer/dryer in the unit
• 2-car garage parking
• Wine refrigerator
• Fireplace
• Bedroom #1: 22×14 (main level)
• Bedroom #2: 12×14 (main level)
• Bedroom #3: 12×19 (lower level)
• Bedroom #4: 11×17 (lower level)
• Dining room: 12×16 (main level)
• Living room: 29×19 (main level)
• Kitchen: 10×16 (main level)
• Laundry room: 8×11 (main level)
• Terrace: 14×30
• Deck: 13×35

This 2-bedroom duplex up in 235 W. Eugenie in Old Town came on the market in July 2023.

Designed by famed architect Harry Weese in 1962, the complex has 23 condos and outdoor parking. The listing says it’s an all-electric building which also has basement storage lockers and a bike room.

We have chattered about Harry Weese, and this building, numerous times over the years.

From The Art Institute of Chicago:

In 1940, Weese joined the Chicago office of Skidmore, Owings & Merrill, but was drafted into the U.S. Army Corps of Engineers in 1941. Weese returned to SOM in 1946, but left to open his own office, Harry Weese Associates, in 1947.

Throughout his career, Weese was an outspoken advocate for architecture and planning that embraced the social, political, and economic realities of contemporary urban life. Among his most recognized designs are the Washington, DC, metro rail system; the United States embassy in Accra, Ghana; and the Arena Stage complex near Washington, DC. Weese also led the restoration of Louis Sullivan’s Auditorium building in Chicago.

This unit is one of those on the second and third floors. It has hardwood floors throughout.

The first floor is the living room, dining room, kitchen and a powder room.

There’s a fireplace in the living room.

The kitchen has maple cabinets, granite counter tops and stainless steel appliances.

The two bedrooms and full bath are on the second floor along with 2 private decks, one facing north and one facing south.

The unit has the features buyers look for including washer/dryer in the unit (2022) and Minisplit AC installed in 2019. It also has one outdoor parking space which is included.

The listing says the following about the building:

The well managed home owner association with solid reserves replaced the roof in 2018, installed Ipe decks in 2018, and replaced the deck doors in 2021 and the south side lower louvered panels in 2023.

This building is in the heart of Old Town, near all the shops and restaurants of Old Town and Lincoln Park, near Lincoln Park and the Green City Market. There are several bus lines nearby.

Listed at $499,900, it last sold in 2016 for $444,500.

Will it get the premium in this low inventory market?

Nancy Huetteman at Redfin has the listing. See the pictures and 3D walkthrough here.

Or you can see it at the Open House on July 15 from 11 am to 1 pm.

Unit #T5: 2 bedrooms, 1.5 baths, duplex up, 1400 square feet

• Sold in May 1991 for $147,000
• Sold in April 1995 for $156,000
• Sold in October 2001 for $79,500 (typo?)
• Sold in May 2006 for $408,500
• Sold in February 2011 for $364,000
• Sold in May 2016 for $444,500
• Currently listed at $499,900
• Assessments of $334 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $8228
• No central air but minisplit AC
• Washer/dryer in the unit
• Outdoor parking space included
• Fireplace
• Bedroom #1: 17×13 (third floor)
• Bedroom #2: 12×10 (third floor)
• Living room: 21×13 (second floor)
• Dining room: 13×9 (second floor)
• Kitchen: 10×7 (second floor)
• 2 private decks