Crib Chatter

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.

This 3-bedroom vintage unit at 842 W. Fullerton in the DePaul neighborhood of Lincoln Park came on the market in October 2022.

Built in 1905, the building has 3 units, a garage and a common garage roof deck. It also has a storage area.

The listing says this unit could be a “fantastic home or investment.”

It has some of its vintage features including door and window moldings and 2 fireplaces, including one in the living room and one in the primary bedroom.

There are hardwood floors throughout.

The kitchen has wood cabinets, an island, what looks like stone counter tops and a tile backsplash and stainless steel appliances.

It has a front facing balcony.

The unit has some of the features buyers look for including central air and side-by-side washer/dryer. There’s no parking but the listing says “parking options available.”

This building is directly across the street from DePaul University, is near the brown and red line stop at Fullerton, on the Fullerton bus line, and is near the shops and restaurants of DePaul and central Lincoln Park.

In the Zillow listing, it looks like it was on the rental market in 2021 for $3600 a month.

Listed at $564,000, the Redfin payment calculator tells us that with 20% down and a 30-year fixed mortgage at 6.7%, the monthly payment would be $4521 per month.

Given the location, would this apartment make a good investment property?

Victoria Jones at Berkshire Hathaway HomeServices has the listing. See the pictures here (sorry, no floor plan).

Unit #2: 3 bedrooms, 2 baths, no square footage listed

• Sold in April 1994 for $194,000
• Sold in July 2001 for $366,000
• Currently listed at $564,900
• Assessments of $300 a month (includes exterior maintenance)
• Taxes of $12,893
• Central Air
• Washer/dryer in the unit
• No parking- but parking available in the neighborhood
• 2 fireplaces (one in the living room and one in the primary bedroom)
• Bedroom #1: 14×14
• Bedroom #2: 12×12
• Bedroom #3: 12×9
• Living room: 19×12
• Dining room: 13×12
• Kitchen: 17×16
• Office: 12×8
• Sitting room: 12×9
• Balcony

This 2-bedroom in Clifton Row at 3126 N. Clifton in Lakeview came on the market in September 2022.

Built in 1910, this building makes up part of a multi-building condo association called Clifton Row, that has 26 units and a shared rooftop deck on the building to the north of this one.

There’s also a shared side yard and parking. It was converted into condos in the mid-1990s.

This unit has an east facing bay window and hardwood floors throughout. However, other than a wood burning fireplace, few of its vintage features remain.

The kitchen has wood cabinets and stainless steel appliances.

There’s a separate dining room with a balcony for grilling.

The listing says the full bathroom was “recently updated.”

The unit has the features buyers are looking for including central air, washer/dryer in the unit and 1 car parking.

It also has a large storage unit in the lower level.

This building is centrally located and is just blocks to the Red and Brown line trains, Southport, shops and restaurants on Belmont and Wrigley Field.

Listed in September 2022 at $380,000, it has been reduced $20,100 to $359,900.

Has the starter 2-bedroom condo lost its luster?

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

Unit #1: 2 bedrooms, 1.5 baths, no square footage listed

• Sold in June 1995 for $162,000
• Sold in October 1997 for $190,000
• Sold in April 2000 for $250,000
• Sold in August 2002 for $285,000
• Sold in April 2005 for $317,500
• Sold in October 2008 for $324,500
• Sold in August 2013 for $335,000
• Originally listed in September 2022 for $380,000
• Reduced
• Currently listed at $359,900
• Assessments of $351 a month (includes exterior maintenance, lawn care, scavenger)
• Taxes of $6861
• Central Air
• Washer/dryer in the unit
• 1-car parking included
• Wood burning fireplace
• Bedroom #1: 10×12
• Bedroom #2: 10×10
• Living room: 14×16
• Kitchen: 11×9
• Dining room: 11×9

This vintage single family home at 1457 W. Addison in Southport came on the market in September 2022.

Built in 1901, this single family home is on a larger than standard corner lot of 41×134. It has 6,000 square feet and a 2-car garage.

If the house looks familiar, that’s because we chattered about it in 2017. You can see our chatter here.

You may recall that the house has some unique features. Here’s the list from the prior listing:

• A 3-story water wall
• A floating steel staircase
• Directional art lighting
• Inlaid medallions
• Various wood species
• Exotic marbles/onyx and stone
• A hidden room (is this like a panic room???)
• Radiant heated floors in the lower level and all bathrooms
• 6 fireplaces
• A home theater
• A spa
• Skylights

The prior listing said the house was renovated in 2010.

I can’t quite figure out the water wall but I’m assuming it’s in the area of the floating staircase. They don’t show it on the video.

I’m also not sure what the “hidden” rooms are from the last listing.

The kitchen has white “handmade” cabinets, Sub-Zero and a 48″ Five-Star range, along with a breakfast bar that seats 3.

3 of the 4 bedrooms are on the second floor with the fourth in the lower level. The listing says it has a separate entrance and can be used as a nanny or in-law suite.

The primary suite has a double sided fireplace, with one side in the bathroom which the listing calls “spa-inspired” as it has a 2-person spa tub that overlooks the fireplace, a separate shower, dual vanities and a massive skylight.

The lower level has been built-out with a full size bar/lounge, a home theater plus a room that could be a fitness center.

The house has multiple smaller rooms that could be used as an office or for school, which is key to work-from-home. Were these the “hidden” rooms?

It also has a bunch of outdoor spaces including a deck on top of the garage with a pergola, an outdoor kitchen, a cobblestone patio, and a large double sided hearth.

This house is one of the hottest neighborhoods in the city for single family homes. It’s near Wrigley Field and all the shops and restaurants of Southport as well as the Southport brown line stop.

This house was originally listed for nearly $5 million in 2013 and sold in 2019 for $1.85 million.

It has re-listed for $2.595 million.

Is the Southport single family home market still hot in late 2022?

Mark Watkins at Dream Town has the listing. See the pictures, floor plan and video here.

1457 W. Addison: 4 bedrooms, 5 baths, 6000 square feet, single family home

• Sold in April 1995 for $387,500
• Sold in March 2005 for $938,500
• Originally listed in October 2013 for $4,999,999
• Sold in January 2019 for $1.85 million
• Originally listed in September 2022 for $2.595 million
• Currently still listed at $2.595 million 
• Taxes are now $30,258 (they were $37,995 in 2017)
• Central Air
• 2-car garage
• 6 fireplaces
• Bedroom #1: 19×17 (second floor)
• Bedroom #2: 23×16 (second floor)
• Bedroom #3: 13×11 (second floor)
• Bedroom #4: 13×12 (lower level)
• Living room: 23×15 (main floor)
• Kitchen: 14×12 (main floor)
• Dining room: 18×14 (main floor)
• Sun room: 8×6 (main floor)
• Office: 14×9 (main floor)
• Family room: 18×16 (main level)
• Laundry room: 9×6 (lower level)
• Great room: 34×22 (lower level)
• Playroom: 12×11 (lower level)
• Walk-in closet: 9×8 (second floor)
• Deck on top of the garage