Crib Chatter

This 3-bedroom in Parkview at 505 N. McClurg in Streeterville came on the market in May 2022.

Parkview was built in 2008 and has 268 units and attached garage parking.

According to the listing the building amenities include: “First class full amenity building which includes, 24-Hour Door Person, On Site Manager/Engineer, Outdoor Swimming Pool, Party Room, Business Room, Sundeck, Bike Room, Storage Room, Elevator(s), Exercise Room, Receiving Room, Service Elevator(s), On-site Dry Cleaner and Hot Tub. Enjoy 2 acres of lush gardens, parks and tranquil greens.”

This unit is on the 35th floor and the listing says it has a 360 degree view of the city and Lake.

The listing also says it’s a “developers corner unit” with 2 primary suites and “over $150K” in custom upgrades.

The unit has brand new custom wide plank hardwood floors throughout.

It has wood paneling, crown moldings, designer lighting and California Closets along with a a herringbone tile fireplace.

The kitchen has white cabinets, stone counter tops, an island with seating and “top of the line” Viking appliances which is open to the dining/family room.

There are built-ins, including a wine refrigerator, in the living room.

There are multiple walk-in-closets and 3 full bathrooms.

It has two balconies.

The unit has the features buyers look for including central air, washer/dryer in the unit and it looks like 1 car garage parking is included.

This building is in the heart of Streeterville, near shops, restaurants, the AMC River East, Wholes Foods, Target, the Mag Mile and Northwestern Medical Center.

Originally listed in May 2022 for $1.649 million, it has been reduced $350,000 to $1.299 million.

That’s $71,000 under the 2018 purchase price of $1.37 million.

Is this a deal?

Matt Laricy at Americorp has the listing. See the pictures, floor plan and video here.

Or see it in person at the Open House on Saturday Oct 29 from 10:30 am to 12 pm.

Unit #3505: 3 bedrooms, 3 baths, 2345 square feet

• Sold in June 2008 for $1.135 million
• Sold in May 2018 for $1.37 million
• Originally listed in May 2022 for $1.649 million
• Reduced
• Currently listed at $1.299 million 
• Assessments of $1574 a month (includes heat, a/c, gas, doorman, cable, clubhouse, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $22,541
• Central Air
• Washer/dryer in the unit
• 1 car garage parking looks to be included
• Bedroom #1: 16×13
• Bedroom #2: 14×13
• Bedroom #3: 13×11
• Foyer: 11×10
• Sitting room: 10×8
• Office: 10×8
• Kitchen: 16×9
• Living room: 22×20
• Dining room: 18×12
• 2 balconies

This 4-bedroom duplex-up condo at 2312 W. Roscoe in Roscoe Village came on the market in October 2022.

Built in 2016, this all-brick building has 2 units. One is duplex down and one is duplex up.

There is garage parking for 1-car for each unit.

This unit is the duplex up and has hardwood floors throughout, upgraded millwork, paneling, coffer ceiling in the family room, custom mantles, cabinetry and bookshelves, and surround sound with speakers.

It has custom blinds, improved lighting and landscaping with irrigation.

The living and dining room, the kitchen and the family room are all on the main floor.

The kitchen has white cabinets, Wolf, Subzero and Bosch appliances, and an island and built-in dining table.

The unit has 2 fireplaces.

All four bedrooms are on the second floor. The primary suite has an en suite marble bathroom with steam shower, separate tub and heated floors.

There are multiple outdoor spaces including a main level front balcony and a second floor front balcony.

It also has a private rooftop deck which the listing says was built-out by the current owners. It has new pergolas, planters and Trex decking.

The condo comes with central air and one car garage parking.

The listing says it’s within “walking distance” to Audubon Elementary, DePaul College Prep and Lane Tech schools. It’s also near the shops and restaurants of Roscoe Village.

There are only 29 properties available on the market right now in Roscoe Village.

Is this duplex-up a single family home alternative in a tight market?

Nicholas Apostal at KellerWilliams ONEChicago has the listing. See the pictures here.

Unit #2: 4 bedrooms, 3 baths, and 2 half baths, duplex-up, no square footage listed

• Sold in July 2016 for $992,000 (per Redfin)
• Currently listed at $1.2 million
• Assessments of $200 a month (includes exterior maintenance and snow removal)
• Taxes of $16,907
• Central Air
• 1 car garage parking space included
• 2 fireplaces
• Bedroom #1: 14×13 (second floor)
• Bedroom #2: 11×11 (second floor)
• Bedroom #3: 11×11 (second floor)
• Bedroom #4: 18×10 (second floor)
• Living/dining room combo: 18×27 (main floor)
• Kitchen: 20×18 (main floor)
• Family room: 14×22 (main floor)
• Balcony: 6×18 (main floor)
• Balcony: 6×18 (second floor)
• Rooftop deck

This 2-bedroom tri-level townhouse at 3618 N. Lakewood in Southport came on the market in August 2022.

This complex was built in 1995 and has 9 units, garage parking and a shared rooftop deck.

The main level has an open floor plan with the living room, dining room and kitchen along with refinished hardwood floors.

It has an “updated” modern kitchen with white cabinets, stainless steel appliances, a white tile backsplash and stone counter tops, along with a peninsula with seating for 3.

The second floor has 2 skylights and both bedrooms which have custom closets and a shared “new” bath.

The lower level has a family room, a “redone” full bathroom with a new vanity and marble tile, a large laundry room which also has extra storage or which can be used for an office area.

It doesn’t have private outdoor space but there is the shared rooftop deck.

The townhouse has central air and garage parking for 1 car is included.

This townhouse complex is in the middle between Wrigley Field and the Southport Corridor, with its shops and restaurants. Both the brown and red line trains are nearby, as well as multiple bus routes.

Originally listed in August 2022 for $585,000, it has been reduced $20,000 to $565,000.

With the West Loop so hot with Millennials, is a Southport townhouse still in demand?

Steven Glick at @Properties Christie’s has the listing. See the pictures and floor plan here.

Unit #G: 2 bedrooms, 2 baths, no square footage listed, tri-level townhouse

• Sold in April 1998 for $255,000
• Sold in September 2003 for $385,000
• Originally listed in August 2022 for $585,000
• Reduced
• Currently listed at $565,000
• Assessments of $100 a month (includes water, insurance, snow removal)
• Taxes of $10,107
• Central Air
• 1-car garage parking
• Fireplace
• Skylights
• Bedroom #1: 13×13 (second floor)
• Bedroom #2: 13×9 (second floor)
• Living room: 14×9 (main level)
• Dining room: 13×11 (main level)
• Kitchen: 11×7 (main level)
• Den: 14×10 (lower level)
• Family room: 14×12 (lower level)
• Foyer: 7×4 (lower level)

The September numbers are in from the Illinois Association of Realtors. We already know from Gary’s blog preview, that it was another month of falling sales as higher mortgage rates hit the market hard.

It was the slowest September since 2019.

From the Illinois Association of Realtors:

In Chicago, home sales (single-family and condominiums) in September 2022 totaled 2,030 homes sold, a 24.4 percent decrease from September 2021 sales of 2,684 homes.

The median price of a home in the city of Chicago in September 2022 was $320,000, the same as in September 2021.

September sales for the last 16 years:

• 2007: 2172 sales
• 2008: 1816 sales
• 2009: 1918 sales
• 2010: 1403 sales
• 2011: 1498 sales
• 2012: 1845 sales
• 2013: 2395 sales
• 2014: 2242 sales
• 2015: 2414 sales
• 2016: 2398 sales
• 2017: 2355 sales
• 2018: 2040 sales
• 2019: 2006 sales
• 2020: 2635 sales
• 2021: 2684 sales
• 2022: 2030 sales

Median prices for the last 16 years:

• 2007: $267,750
• 2008: $268,600
• 2009: $225,000
• 2010: $180,000
• 2011: $190,000
• 2012: $188,900
• 2013: $230,000
• 2014: $249,000
• 2015: $250,000
• 2016: $260,000
• 2017: $275,000
• 2018: $285,000
• 2019: $292,250
• 2020: $322,350
• 2021: $320,000
• 2022: $320,000

“The housing market in Illinois is showing signs of slowing,” said Dr. Daniel McMillen, head of the Stuart Handler Department of Real Estate (SHDRE) at the University of Illinois at Chicago College of Business Administration. “Prices and the number of sales have both continued to decline since their peak in June, while foreclosures are increasing. Although median sales prices are higher than at this time last year, the rate of increase has been lower than the inflation rate. Our prediction is that house prices and sales will change only modestly over the next few months.”

Statewide, inventory fell 17.9% to 27,654 from 33,676 properties last year. The average property sold in 25 days, which was the same as in 2021.

In Chicago, inventory also tumbled, falling 18.3% to 7,748 from 9,478. The average home sold in 30, down 9.1% from 33 last year.

“In September, seasonality combined with inflation and inventory shortages caused a decrease in closed sales, although homes were still moving, with a decrease in days on the market and median sales price holding steady,” said Sarah Ware, president of the Chicago Association of REALTORS® and principal and designated managing broker for Ware Realty Group in Chicago. “To successfully accomplish their goals, homebuyers and sellers should determine their needs and set a budget or selling price at the beginning of their buying or selling journey, with the help of a REALTOR®.”

The mix of Chicago sales continued to favor single family homes. While sales of condos and SFHs were both down, condos fell 26.5% to 1240 year-over-year while SFHs fell 20.8% to 790.

The 30-year average fixed mortgage rate continued to rise in September, jumping to 6.11% from 5.22% in August. Rates averaged just 2.9% in September 2021.

But, remember, the rates will have a delayed impact on the market as buyers can lock in rates up to 90 days prior to closing.

Mortgage rates hit as high as 7.37% today. Look for further slowing in the market towards the end of the year.

We are entering into the slower winter market shortly.

Are buyers going to move to the sidelines and wait for rates to come down? Or will some look for “deals” on properties that are making price reductions?

Available housing continued to sell quickly in Illinois during September despite mortgage rate increases, talk of inflation [Illinois Association of Realtors, by Bill Kozar, Press Release, October 20, 2022]

This 2-bedroom in 1165 W. Eddy in Lakeview came on the market in October 2022.

Built in 2015, 1165 W. Eddy has 6 units and attached garage parking.

The listing says the building is all brick and limestone.

This unit has an open floor plan with crown molding, custom millwork, hardwood floors throughout and a gas fireplace in the living room.

The Chef’s kitchen has 42″ white cabinets, quartz counter tops, a peninsula with seating for 2, a glass subway tile backsplash and Subzero and Wolf appliances.

There’s space for a dining room.

The primary suite has an en suite bathroom with heated floors, a double sink and an oversized steam shower with body spray, but no tub.

It has outdoor space, with a terrace off the front of the unit accessed through the living room.

The unit has the features buyers look for including central air, washer/dryer in the unit and garage parking.

This unit is in the middle of Lakeview, near Wrigley Field, Southport and both the red and brown line.

Listed at $599,900, that’s the same listing price as #2W listed at in June of this year. #2W went under contract within 2 weeks and closed in August 2022 at $583,750.

See that listing here.

Will #2E sell with the same speed just a few months later?

Megaan Pelaar and Karen Hood at @properties Christie’s have the listing. See the pictures and floor plan here.

Unit #2E: 2 bedrooms, 2 baths, no square footage listed

• Sold in March 2016 for $558,000 (according to Redfin)
• Currently listed at $599,900 (garage parking included)
• Assessments of $159 a month (includes water and insurance)
• Taxes of $12,921
• Central Air
• Washer/dryer in the unit
• Fireplace
• Bedroom #1: 15×13
• Bedroom #2: 11×10
• Living room: 19×13
• Dining room: 14×8
• Kitchen: 14×10
• Laundry room: 3×3
• Balcony: 17×6

This 3-bedroom church loft at 1021 W. Barry in Lakeview came on the market in October 2022.

Built in 1890, it appears that this church may have been converted in the 1980s into 6 condo units and garage parking.

There are wood stairs in the pictures which I believe lead up to the units so there doesn’t appear to be an elevator.

This unit is a triplex loft with 25 foot cathedral ceilings, exposed beams everywhere and exposed brick along with one of the big round church windows (no stained glass however).

There are also skylights.

The loft has hardwood floors and carpet throughout.

The listing calls the kitchen “newer” and it has dark wood cabinets, a kitchen island and Subzero, Thermador and Bosch appliances. (In the 2013 listing, the kitchen was a “Tuscan” kitchen.)

There’s also a bar area with a wine refrigerator and a wood burning stove (not a fireplace) in the living room.

There’s an atrium and sitting room.

Two bedrooms are on the main floor with the primary suite is on the third floor with a new custom closet.

It has outdoor space with a “huge lpe wood deck with mega tempered walkable glass.”

The unit has new AC units, new furnaces and a 2-car tandem parking space in the garage.

There’s also washer/dryer in the unit.

This building is near the shops and restaurants of central Lakeview including the El stops at Wellington and Belmont. It is also an easy stroll to Wrigley Field, Southport and Roscoe Village.

Listed at $795,000 for 2200 square feet, is this a townhouse alternative?

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

Unit #2W: 3 bedrooms, 2 baths, 2200 square feet, triplex loft

• Sold in February 1997 for $312,000
• Sold in December 2000 for $505,000
• Sold in September 2003 for $610,000
• Sold in March 2008 for $707,500
• Sold in April 2013 for $685,000
• Currently listed at $795,000 (includes 2-car tandem garage parking space)
• Assessments of $419 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $9905
• Central Air
• Washer/dryer in the unit
• Wood burning stove
• Skylights
• Bedroom #1: 16×13 (third floor)
• Bedroom #2: 14×13 (main floor)
• Bedroom #3: 19×10 (main floor)
• Living room: 26×18 (main floor)
• Dining room: 14×12 (main floor)
• Kitchen: 17×13 (main floor)
• Sitting room: 10×10 (second floor)
• Pantry: 8×9 (second floor)
• Atrium: 8×6 (main floor)
• Deck: 21×11 (third floor)

This 3-bedroom in the Park Tower at 800 N. Michigan in the Gold Coast came on the market in July 2022.

Built in 2000, Park Tower has 117 condo units above the Park Hyatt hotel. It has an attached parking garage.

Residents get the use of the hotel amenities, including the pool and room service. The building also has a party room and exercise room.

The condo residence has 24-hour doorstaff.

This unit is an east facing unit on the 47th floor with unobstructed views of the John Hancock, Lake Michigan and the St Regis, as well as other skyscrapers.

The listing says the unit was all “custom designed” using the “finest finishes.”

It has what looks like wood floors and other wood accents throughout.

The kitchen has modern cabinets, stainless steel appliances and an island which seats 3.

The primary suite has a walk-in-closet and a bathroom with tub and separate shower as well as two vanities.

The unit has a media, or family, room, in addition to the three bedrooms.

It has the features that buyers look for including central air, washer/dryer in the unit and garage parking is included.

This building is across from Jane Byrne Park and the old Watertower and near all the shops and restaurants of the Mag Mile, River North, Gold Coast and Streeterville.

Originally listed in July 2022 for $2.5 million, it has reduced $300,000 to $2.2 million.

But that is $1.05 million under the 2011 purchase price of $3.25 million.

Is this a deal?

Chezi Rafaeli at Coldwell Banker has the listing. See the pictures and floor plan here.

Unit #4701: 3 bedrooms, 2.5 baths, 3228 square feet

• Sold in August 2001 for $2.29 million
• Sold in June 2002 for $2.8 million
• Sold in September 2011 for $3.25 million
• Originally listed in July 2022 for $2.5 million
• Reduced
• Currently listed at $2.2 million
• Assessments of $2674 a month (includes door person, exercise room, storage, health club, on-site manage, party room, indoor pool, restaurant, sauna, steam room)
• Taxes of $57784
• Central Air
• Washer/dryer in the unit
• Garage parking included
• Fireplace
• Bedroom #1: 15×17
• Bedroom #2: 12×13
• Bedroom #3: 14×15
• Family room: 14×18
• Living room: 22×28
• Dining room: 15×13
• Kitchen: 14×18
• Terrace

This 3-bedroom triplex loft at 22 N. Morgan in the West Loop came on the market in September 2022.

I’m not sure how many units are in 22 N. Morgan, as this listing says there are 40, but our old chatter on the building says there are anywhere between 22 and 26 units. It’s a unique loft building in that each loft has a private entrance off the central landscaped courtyard.

It has outdoor parking but some of the listings indicate garage parking but I’m not sure if that’s in the building or not.

The listing for this unit says it’s the largest unit in the building, at 2200 square feet, and “lives like a single family home.”

It has been “designer renovated” and has exposed brick walls, timber ceilings and exposed timber beams.

The first floor has a 23 foot wall of windows and a wood burning fireplace with a teak wood front along with a floor to ceiling wood storage.

There are espresso hardwood floors on the first floor.

It has a lofted library nook under the stairs.

The chef’s kitchen has Archisesto Italian cabinetry, Liebherr and Bosch appliances, a Monogram wine fridge and a water peninsula with white marble countertops that seats 3.

It’s open concept to the living and dining room.

The first floor also has a full bath, laundry, and a work-from-home desk with shelving.

The primary suite is on the second floor and has 3 custom closets, another built-in desk, which the listing says is from a repurposed butchers block from the West Loop’s first luxury restaurant, Marche, and an en suite bath renovated by Siren Betty Design with a dual vanity and heated floors.

The top floor has a second suite with an en suite bath, 2 custom walk-in-closets and heated bathroom floors.

If you like outdoor space, the loft has a 2-story private roof deck with a built-in grill and beverage fridge, 4 Bose outdoor speakers and multiple lounge and dining areas.

The loft has all the features buyers look for including central air, washer/dryer in the unit and 1 car deeded parking is included, with the option to buy a second space.

It’s in a central West Loop location near the shops and restaurants on Madison and Randolph with Greektown and Fulton Market also just a short stroll away.

Listed in September 2022 at $1.1 million, it has reduced $100,000 to $1 million.

Is this loft a townhouse alternative?

Ryan Preuett at Jameson Sotheby’s has the listing. See the pictures and floor plan here.

Unit #206: 3 bedrooms, 3 baths, triplex loft, 2200 square feet

• Sold in May 2000 at $298,000
• Sold in August 2003 for $330,000
• Sold in March 2006 for $400,000 (with 2 car parking)
• Sold in February 2011 for $590,000 (with 1 car parking)
• Originally listed in September 2022 for $1.1 million
• Reduced
• Currently listed at $1 million (includes 1 car parking)
• Assessments of $518 a month (includes scavenger, snow removal)
• Taxes of $9529
• Central Air
• Washer/dryer in the unit
• 2 fireplaces. One of them is wood burning.
• Bedroom #1: 27×14 (second floor)
• Bedroom #2: 13×19 (third floor)
• Bedroom #3: 10×7 (second floor)
• Den: 9×13 (second floor)
• Living room: 21×14 (main floor)
• Dining room: 15×8 (main floor)
• Kitchen: 9×13 (main floor)
• Deck: 11×12 (third floor)
• Second deck: 17×23 (fourth floor)

This 2-bedroom in LP 2550 at 2550 N. Lakeview in Lincoln Park came on the market in January 2022.

LP 2550 was built in 2010 and has 218 units on 3-acres. There’s an attached garage and valet parking for guests.

The building has 24-hour door staff, indoor pool, sauna, whirlpool, fitness center, club room, billiards room, theater, game room, dog run, paw wash and a 1.25 acre private park.

This unit is east facing and has floor to ceiling windows and an additional 125 square foot balcony.

The ceilings are 10’8″.

There are hardwood floors in the main living space and carpet in the bedrooms.

The “gourmet kitchen” has custom wood Italian cabinets, “top of the line” appliances including Subzero, a Wolf oven, cooktop and microwave and a Miele dishwasher, and an island with seating for 3.

The primary suite has a walk-in-closet, a spa bath with heated flooring, a double vanity and separate shower and tub.

The second bathroom has a walk-in-shower.

This unit has the features buyers look for including central air, washer/dryer in the unit and 1 deeded parking space is included.

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

Originally listed in January 2022 at $1.499 million, it has now been reduced $500,000 to $999,000.

The listing says “Attention Investors: Rentals are permitted. Seller is offering closing credits.”

Should investors be looking at this unit?

Philip Barone and Maureen Barone at Compass have the listing. See the pictures and floor plan here.

Unit N1903: 2 bedrooms, 2 baths, 1411 square feet

• Sold in February 2015 for $1,069,500
• Sold in July 2018 for $1,245,000 (included the parking)
• Originally listed in January 2022 for $1.499 million
• Reduced several times
• Currently listed at $999,000 (includes the parking)
• Assessments of $1352 a month (includes a/c, gas, doorman, cable, exercise room, pool, exterior maintenance, scavenger, snow removal)
• Taxes of $22,807
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 14×13
• Bedroom #2: 12×11
• Living/dining room: 17×14
• Kitchen: 12×10
• Balcony: 17×7

Most of the new construction in Chicago residential high rises in 2022 are in apartments. But there are a handful of new construction condos including The Reed at Southbank at 234 W. Polk in Printers Row (or is it now called Southbank?)

“Southbank” is a new community on the South Branch of the Chicago River at Wells and Harrison near Printers Row. It contains several apartment buildings such as The Cooper, which is already built, but also condos including The Reed at Southbank which is a high rise right on the River.

But The Reed is a mixed building, with apartments and condos.

The website says there will be 216 luxury residences starting on the 23rd floor to the 41st floor. There will be about 220 apartments on the 9th through the 22nd floors.

Southbank will have a 2 acre park and a quarter mile riverwalk with a future Water Taxi stop.

The units will have floor-to-ceiling windows and balconies with city and/or lake views.

They will have 9′ custom finish concrete ceilings.

The kitchens will have European style flat panel cabinets, quartz counter tops, a porcelain tile backsplash, Bosch stainless steel appliances and an island.

The units are priced at $400,000 for the 1-bedrooms, the smallest of which is 625 square feet, up to $1.4 million for the 3-bedroom units.

The website doesn’t list prices for the 2-bedrooms.

Chicago Agent Magazine indicated that the building topped off in July 2022 and is expected to begin closings in the summer of 2023.

I couldn’t find an update on how many of the units are under contract.

Is demand returning for units in new construction high rises at the under $1 million price point?

You can see the Reed at Southbank’s website here.