Crib Chatter

This 4-bedroom townhouse at 4048 N. Clark in Lakeview came on the market in December 2023.

This townhouse complex was built in 1998 and has 22 units. Each of the townhouses has an attached 2-car garage, which is rare for Lakeview townhouse complexes.

It’s directly across the street from Graceland Cemetery.

The listing says this is the largest unit in the complex at 2600 square feet.

It has a private entrance and lives like a single family home.

The townhouse has hardwood floors throughout.

The listing says it was “remodeled from top to bottom in 2018.”

The townhouse has an “updated” kitchen and bathrooms, and a “newer” high efficiency HVAC, and “newer” hot water heater and sump pump.

The main floor is the 2-car garage, a full bath, the laundry room and a den.

The second floor is an open concept living room, dining room and kitchen with french doors that lead to a bonus room.

The kitchen has blue lower cabinets and open shelving on the upper along with stone counter tops, a breakfast bar with seating for 2 and stainless steel appliances.

There’s no bathroom on the second floor.

The third floor is three bedrooms and two full bathrooms.

The primary suite has vaulted ceilings, a walk-in-closet and a bathroom with walk-in-shower and bathtub.

The fourth bedroom is in a lofted space on the fourth floor and leads to a private rooftop deck.

The townhouse has two other outdoor spaces, both on the second floor, including a balcony off the kitchen and a private terrace off the bonus room.

There is also a basement, which the listing says could be used for storage or finished for more living space.

The townhouse has central air and, of course, the 2-car attached parking.

The listing says this property is in the Blaine School District. It’s also near the shops and restaurants of Southport and Wrigleyville.

It has come on the market at $725,000. There are only 141 properties listed in all of Lakeview and just 2 still for sale priced between $700,000 and $750,000, including this one. The other property is a house being sold for the land.

With inventory so low, will this sell quickly to start 2024?

Mariah Dell at Compass has the listing. See the pictures and floor plan here.

Unit #E: 4 bedrooms, 3 baths, 2600 square feet, townhouse

• Sold in December 1998 for $334,500
• Sold in June 2005 for $535,000
• Sold in April 2012 for $450,500
• Sold in June 2018 for $667,000
• Listed in December 2023 for $725,000
• Assessments of $190 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $12,957
• Central Air
• 2-car garage parking
• Bedroom #1: 18×13 (third floor)
• Bedroom #2: 12×11 (third floor)
• Bedroom #3: 10×9 (third floor)
• Bedroom #4: 16×6 (fourth floor)
• Den: 16×10 (main floor)
• Kitchen: 11×10 (second floor)
• Living room: 22×20 (second floor)
• Dining room: 12×9 (second floor)
• Bonus room: 11×8 (second floor)
• Deck: 23×9 (fourth floor)
• Balcony: 4×22 (second floor)
• Balcony: 13×13 (second floor)

The Illinois Association of Realtors is out with the November sales data.

Inventory continues to decline in Chicago, the Chicago metro, and statewide. As inventory declines, sales have as well. But in November, sales didn’t quite sink to 2010 lows.

The city of Chicago saw a 10.2 percent year-over-year home sales decrease in November 2023 with 1,399 sales, down from 1,558 in November 2022. The median price of a home in the city of Chicago in November 2023 was $322,500, up 5.0 percent in November 2022 when it was $307,250.

Here is the November sales data for the last 15 years (thanks to G for some of the data):

• 2007: 1859 sales and median price of $290,000
• 2008: 1093 sales and median price of $222,500 (16% short/REO sales)
• 2009: 1905 sales and median price of $215,000 (29% short/REO sales)
• 2010: 1144 sales and median price of $182,500 (39% short/REO sales)
• 2011: 1429 sales and median price of $157,000 (43% short/REO sales)
• 2012: 1750 sales and median price of $180,000
• 2013: 1844 sales and median price of $200,000
• 2014: 1638 sales and median price of $230,000
• 2015: 1661 sales and median price of $233,500
• 2016: 1937 sales and median price of $260,000
• 2017: 1959 sales and median price of $256,000
• 2018: 1852 sales and median price of $261.745
• 2019: 1671 sales and median price of $270,000
• 2020: 2018 sales and median price of $295,000
• 2021: 2396 sales and median price of $327,000
• 2022: 1558 sales and median price of $307,250
• 2023: 1399 sales and median price of $322,500

“The housing market is continuing its long-running trend of low sales and relatively high prices,” said Dr. Daniel McMillen, professor of real estate and associate dean for faculty affairs at the University of Illinois-Chicago College of Business Administration. “The trend toward low sales should continue through the winter, which always is a slow time for housing sales in Illinois. However, the recent trends toward lower inflation rates, interest rates, and unemployment rates can be expected to lead to a rebound in the market if the trends continue.”

Statewide inventory fell 22.2%. Here’s what the last few years have looked like in November:

• 2023: 20,568
• 2022: 24,279
• 2021: 27,692

The average number of days on the market statewide was 27 days versus 31 last year.

In Chicago, there is a similar trend. Inventory fell 25.1%.

• 2023: 5226
• 2022: 6978
• 2021: 7837

Average number of days on the market also fell to 33 days from 35 days.

“In November, steady median sales prices combined with slowing closed sales were symptoms of continued inventory shortages,” said Drussy Hernandez, president of the Chicago Association of REALTORS® and vice president of brokerage services for Coldwell Banker Realty in Chicago. “Also, the decrease in single family home sales in comparison to condo sales showed that buyers were finding more success, and inventory, in the condo market.”

In Chicago, single family homes sales fell 14.2% to 584. Condo sales fell 7.1% to 815.

Condo median price was up 6.2% to $345,000 while single family home median price rose 4.7% to $302,450.

Average 30-year fixed rate mortgage was 7.46% in the month, down from 7.62% in October but up from 6.81% in November 2022.

Number of days on the market is falling in Chicago and statewide. It’s a triple combination of low inventory, rising prices and lots of competition for new properties.

Is the spring buying season, which normally starts after the Super Bowl, going to start on January 2 this year?

A lack of available housing for sale hampered November home sales in Illinois [Crain’s Chicago Business, Press Release, by Bill Kozar, December 20, 2023]

This 2-bedroom in Chestnut Place at 21 W. Chestnut in the Gold Coast came on the market in September 2023.

Built in 1999, Chestnut Place has 124 units and an attached parking garage.

It has 24-hour door staff and an exercise room.

This is a corner unit with north and east city views.

The listing says it is the largest 2-bedroom floor plan in the building at 1410 square feet.

It has hardwood floors throughout and a foyer.

There is a living and dining room combination that leads to a private east facing balcony.

The kitchen has been “updated” and has white cabinets, a custom tile backsplash, a breakfast bar and “newer” stainless steel Kitchen-Aid appliances.

This unit has a split floor plan. The primary suite has two walk-in-closets and a “recently renovated” en suite bathroom with a double sink and walk-in-shower.

The listing says the guest bathroom has been “updated.”

This unit has the features buyers look for including central air, in-unit washer/dryer and garage parking is available for $25,000 extra.

It also has a large storage closet which is included in the price.

This building is near the shops and restaurants of the Gold Coast, the red line subway stop at Chicago, the new River North Whole Foods and Washington Square Park as well as several bus lines.

The listing says this unit has only had one owner since 1999.

Listed in September 2023 at $610,000, it has been reduced to $574,000.

Is this a perfect Gold Coast residence?

James Streff at Berkshire Hathaway HomeServices has the listing. See the pictures and floor plan here.

Unit #1409: 2 bedrooms, 2 baths, 1410 square feet

• Sold in July 1999 for $376,000
• Originally listed in September 2023 for $610,000
• Reduced
• Currently listed at $574,000 (plus $25,000 for garage parking)
• Assessments of $1203 a month (includes heat, a/c, gas, doorman, cable, exercise room, exterior maintenance)
• Taxes of $13,471
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 19×14
• Bedroom #2: 14×12
• Living/dining room: 21×15
• Kitchen: 18×8
• Balcony: 10×5

Crain’s is reporting on new downtown condo sales for 2023. This group mostly includes luxury units as few buildings are putting up new units under $1 million. There are a few exceptions like the Reed at Southbank in Printers Row, which is selling 2/2 units under $800k.

But there are 4 big new luxury condo buildings that have been selling units the last few years, including during the pandemic. All 4 have seen falling sales this year.

From Crain’s:

• Tribune: sales dropped “more than” 50%
• St Regis: sales down 40% with 220 sold out of 353 units
• Cirrus in Lakeshore East: sales down 33%
• One Chicago in River North: down 37% to just 10 sales

Seems like the plunge is more than just higher mortgage rates.

“The downtown condo market is awful right now,” said Jim Letchinger, principal of JDL Development, the firm responsible for One Chicago. By “downtown,” Letchinger for the most part means the Gold Coast/Near North area where he has previously built and sold a series of condo buildings, including Elm Tower and No. 9 Walton.

The larger area surrounding the Loop “is doing better,” Letchinger said.

The difference, he said, is that a traditional clientele for his and the other two marquee buildings, affluent empty nesters, “are not moving downtown” anymore.

Freed from working in the office five days a week, fearful about reports of rampant crime and turned off by the thickets of vacant restaurant and retail spaces, “they’re deciding not to come,” Letchinger said.

The West Loop continues to find buyers. Real estate agents seem to think the epicenter of Chicago’s wealth is leaving the Gold Coast/Streeterville/River North and migrating west.

“There’s no doubt the West Loop and Fulton Market has benefited,” said Tim Sheahan, one of two Compass agents leading the sales effort at Embry, the May Street building that has closed several $3 million-and-up-sales.

“We’ve seen buyers who would traditionally buy in the Gold Coast or Streeterville, the east part of the city, who have meandered west,” Sheahan said. “With all that’s going on around Michigan Avenue, they decide to come look over here.”

But if Michigan Avenue recovers, will the buyers return too?

Wealthy people “are not sure what’s going to happen in Chicago in the future,” Rafaeli said. “So they’re just sitting and waiting.” Some empty nesters keep the big family home in the suburbs, he said, and either rent downtown or stay in hotels.

Renting and staying in hotels are two ways “to keep from making a long-term commitment when there’s this big question mark hanging over Chicago,” Rafaeli said. The question, he said, is “Is Chicago going to get safer? Is it going to feel safer to go out for a walk on Michigan Avenue after dinner?”

Chicago has seen shifting wealthy downtown neighborhoods over the years. South Prairie used to be the place to live. Then it was the Gold Coast. For a time, River North was the “in” wealthy neighborhood.

And now, it appears to be the West Loop. So far, the condo developers haven’t built a new condo building in Fulton Market this cycle. Seems likely that will change soon enough given the number of apartment buildings going up.

Is the Gold Coast condo dream over?

New downtown condo sales are up this year, except at a few marquee buildings [Crain’s Chicago Business, by Dennis Rodkin, December 21, 2023]

This 2-bedroom in the Brundage Bank at 3325 N. Lincoln in West Lakeview came on the market in December 2023.

Begun in 1928 and finished in 1929, the Brundage Bank was originally supposed to be a 9 story building but ended up at just 4 stories.

The pie shaped building originally housed the Brundage Bank which went under during the Great Depression. It was converted into 10 lofts with garage parking in 1988.

It is an elevator building which has a common rooftop deck with skyline views but no other amenities.

The listing says this unit has been “remodeled.”

The unit is on the third floor and has a split floor plan with dark hardwood floors throughout.

The U-shaped kitchen has white cabinets, quartz countertops, a hexagon tile backsplash and stainless steel appliances.

The primary bedroom is “huge” and has an en suite bathroom with a double sink.

The second bathroom has been updated.

The unit has central air and garage parking is included but it doesn’t have in-unit washer/dryer. The listing says there is a laundry room across the hall.

There is no private outdoor space with this unit.

This building is one block from the Paulina Brown line stop and is near the big Lakeview Whole Foods, Target, the Starbucks and the shops and restaurants of West Lakeview.

It’s also across from the “world famous” Chicago Music Exchange.

Listed at $475,000, is this what a starter home is in Lakeview?

Kristine Daley and Daryl Ceaser at Dream Town have the listing. See the pictures and floor plan here.

Unit #303: 2 bedrooms, 2 baths, 1300 square feet

• Sold in March 1996 for $156,000
• Sold in April 1999 for $225,000
• Sold in August 2005 for $340,000
• Sold in December 2017 for $425,000
• Currently listed at $475,000
• Assessments of $301 a month (includes scavenger and snow removal)
• Taxes of $9424
• Central Air
• No washer/dryer in the unit but laundry room across the hall
• Garage parking included
• Bedroom #1: 15×13
• Bedroom #2: 13×12
• Living/dining room: 32×11
• Kitchen: 13×10

This 3-bedroom townhouse at 165 W. Goethe in Old Town came on the market in November 2023.

Built in 1980, this complex has 5 townhouses, each with street facing 1-car garages.

The listing says this townhouse has been “elegantly upgraded” with high end kitchen and baths.

It has a mixture of hardwood and marble floors.

There are two fireplaces.

The kitchen has modern wood cabinets, what looks like stone countertops, stainless steel appliances and a breakfast bar which seats 4.

There’s a balcony off the kitchen.

The townhouse has a skylight.

The listing says the third bedroom, which is on the main floor, is currently being used as a family room. It has a fireplace, marble floors and you can access the backyard which has a patio and which is surrounded by brick walls.

The other two bedrooms are both on the third floor with the living/dining room and kitchen on the second floor.

There are three and a half bathrooms. There’s no floor plan with this listing so I can’t tell where all the bathrooms are located but it appears there is at least one that is ensuite with one of the bedrooms.

It has central air and one car garage parking.

This townhouse is located near the shops and restaurants of Old Town and grocery stores including Dom’s Market and Aldi. There are also buses nearby.

Listed in November 2023 for $1.195 million, this is nearly double the 2003 sales price of $655,000.

Buyer’s love “new.”

Will this townhouse go under contract in 2023?

James Kinney at Baird & Warner has the listing. See the pictures here (sorry, no floor plan).

165 W. Goethe: 3 bedrooms, 3.5 baths, 2400 square feet, townhouse

• Sold in August 1989 for $340,000
• Sold in October 2001 for $568,000
• Sold in September 2003 for $655,000
• Originally listed in November 2023 for $1.195 million
• Currently still listed at $1.195 million
• Assessments of $166 a month (includes scavenger)
• Taxes of $14,414
• Central Air
• 1 car garage parking
• 2 fireplaces
• Bedroom #1: 16×14 (third floor)
• Bedroom #2: 16×14 (third floor)
• Bedroom #3: 20×17 (main floor)
• Living room: 27×23 (second floor)
• Dining room: 13×10 (second floor)
• Kitchen: 11×9 (second floor)
• Balcony (second floor)
• Backyard patio (main floor)

This corner 2-bedroom at 757 N. Orleans in River North came on the market in November 2023.

757 N. Orleans was built in 2008 and has 198 units and an attached parking garage.

It’s a full amenity building with 24-hour door staff, a fitness center, outdoor pool, business center, bike room, Amazon package room, Tide-cleaners lockers and dog run.

This is a south facing corner unit with floor-to-ceiling windows.

It has wide plank ceramic floors throughout.

The kitchen is “modern” with maples cabinets, an eat-in breakfast bar, black granite countertops and stainless steel appliances.

The primary suite has a custom walk-in closet and is en suite with a double vanity and soaking tub.

It has the features buyers look for including central air, an in-unit 2023 Intelligence graphite LG washer/dryer and TWO large heated garage spaces, one with electric outlet access.

There are also two storage lockers included and it has 2 nest thermostats and custom roller shades.

But the biggest selling feature has to be the two outdoor spaces, one of which is a “massive” 455 square foot “garden-in-the-sky” private terrace.

This unit also has direct access to the outdoor pool and sundeck.

This building is near the shops and restaurants of River North, the new Whole Foods and it sits right next to the brown/purple El stop at Chicago.

Listed in November 2023 at $575,000, it has been reduced $5,000 to $570,000.

It last sold in September 2021 for $550,000.

Is this a deal for a terrace unit with two parking spaces in this neighborhood?

Thomas Bezanes at Compass has the listing. See the pictures here (sorry, no floor plan).

Unit #612: 2 bedrooms, 2 baths, 1248 square feet

• Sold in November 2008 for $432,500
• Sold in March 2013 for $422,000
• Sold in September 2021 for $550,000
• Originally listed in November 2023 for $575,000
• Reduced
• Currently listed at $570,000
• Assessments of $649 a month (includes heat, a/c, gas, doorman, cable, clubhouse, exercise room, pool, exterior maintenance, snow removal, Internet)
• Taxes of $8552
• Central Air
• Washer/dryer in the unit
• 2 car garage parking included
• Bedroom #1: 12×19
• Bedroom #2: 11×14
• Living room: 18×17
• Kitchen: 10×11
• Terrace: 15×30
• 2nd small terrace

This 1-bedroom loft at 11 N. Green in the West Loop came on the market in December 2023. (Sorry, it appears I don’t have a picture of this building.)

I’m not sure when this building was built, but it was converted into 11 loft condos in 1995. It has attached garage parking.

There’s no door staff or other amenities.

This is a top floor loft with exposed brick and what looks like timber and metal ceilings. It has exposed ductwork and tall ceilings.

There is a wood burning fireplace in the living/dining room and hardwood floors throughout the main floor.

The kitchen has white cabinets and appliances and an island with a stove top.

The bedroom does not appear to have full walls but it does have some natural light (bubble glass window?).

There’s a spiral staircase to the rooftop where there is a “personal rooftop oasis” where you could host “soirees under the stars.”

It has all the features that buyers look for including washer/dryer in the unit, “new” heat and central air and one deeded garage space is included.

The loft even has a large storage room.

This building is near the shops and restaurants of the West Loop including Greektown and Randolph Street and is near the Whole Foods and Mariano’s.

This loft last sold in 1996 for $174,500. It is listed at $525,000.

Will the popular West Loop location make the sale?

Allison McGowan at @properties Christie’s has the listing. see the pictures and floor plan here.

Unit #4C: 1 bedroom, 1 bath, 1200 square feet, loft

• Sold in January 1996 for $174,500
• Currently listed at $525,000
• Assessments of $361 a month (includes Internet, snow removal, exterior maintenance, security, scavenger)
• Taxes of $8953
• Central Air
• Washer/dryer in the unit
• Deeded garage parking included
• Wood burning fireplace
• Bedroom: 11×15
• Living/dining room: 16×32
• Kitchen: 7×10
• Laundry room: 6×6
• Rooftop Terrace: 18×20 (second floor)
• Separate storage room: 15×20

This 3-bedroom cottage at 1338 W. Grace in Lakeview’s Southport corridor came on the market in December 2023.

Built in 1891, the house is on a smaller than standard lot measuring 58×40. It has no back alley but instead, has a side driveway which is accessed from the street.

If this house looks familiar, that’s because we last chattered about it last year, in November 2022 and, prior to that, in February 2020, just as the coronavirus pandemic was about to hit.

Back in 2020, the house came on the market in February and was under contract within just 5 days.

See our 2020 chatter here.

In 2022, it came on the market when rates were around 7%. It did not sell and was withdrawn from the market just one month later, in December 2022.

See our 2022 chatter here.

This house has hardwood floors on both the first and second floors.

The first floor has the kitchen, the living and dining rooms, a family room and a full bathroom.

If you recall, the kitchen has wood cabinets, white quartz counter tops, a breakfast bar, a white subway tile backsplash and stainless steel appliances.

There’s an enclosed porch off the kitchen that can be used as a mudroom.

The family room has a wood burning fireplace.

All three bedrooms are on the second floor along with one full bath.

The primary suite has a walk-in-closet and the front guest bath has a closet which has been converted into a work-from-home space with a desk.

The house has an unfinished basement with the “possibility” to add another full bathroom. There are architectural and engineering plans already drawn up and are “happy to be shared.”

The house has central air.

The listing also says a carport, or similar structure, could be added by the next owner. There are 3 off-street parking spaces available. In the 2020 listing, it said that you could make as much as $3,000 from renting out the spaces for Cubs games. In this new listing it says “earn some bonus cash renting any of your three parking spots for 80+ Wrigley events a year.”

The house is in the Blaine school system, which is just down the street.

It’s near all the shops and restaurants (Dairy Queen) of Southport and is just a few blocks from Wrigley Field.

The house is now listed at $899,000, which is $20,000 more than last year when it was listed at $879,000.

The inventory in Southport is extremely low. There are no other single family homes priced under $1 million in the neighborhood.

You CAN get a new construction 3-bedroom condo just a few blocks away on Byron, which is the same 2300 square feet.

1511 W. Byron is on the market for $1,099,500. You can see that listing here.

Rates are still over 7% one year later but inventory is even lower.

Will this sell quickly this month?

Brad Zibung at Compass has the listing again. See the pictures and floor plan here.

Or see it at the Open House this weekend on Saturday, December 9, from 1 to 2 PM.

1338 W. Grace: 3 bedrooms, 2 baths, 2300 square feet, single family home

• Sold in April 1993 for $206,500
• Sold in September 2001 for $547,000
• Sold in August 2016 for $630,000
• Was listed on Feb 19, 2020 for $825,000
• Under contract on Feb 24, 2020
• Sold in March 2020 for $795,000
• Was listed in November 2022 at $879,000
• Withdrawn in December 2022
• Currently listed at $899,000
• Taxes are now $12,254 (they were $13,492 last year and $12,992 in February 2020)
• 3-car driveway (no garage)
• Central Air
• Wood burning fireplace
• Bedroom #1: 16×12 (second floor)
• Bedroom #2: 17×11 (second floor)
• Bedroom #3: 15×12 (second floor)
• Den: 12×11 (main floor)
• Living room: 14×13 (main floor)
• Dining room: 16×14 (main floor)
• Kitchen: 13×11 (main floor)
• Family room: 26×13 (basement)
• Storage: 10×6 (basement)
• Walk-in-closet: 9×8 (second floor)
• Mudroom: 12×6 (main floor)

This 2-bedroom townhouse at 205 W. Eugenie in the Old Town neighborhood in Lincoln Park came on the market in July 2023.

Built in 1978, the complex has 10 units and exterior parking. It’s only amenity appears to be bike storage.

The listing says this is an “updated” townhouse with “modernized” floors and “renovated” bathrooms.

There’s a private entrance off the courtyard.

It has a three story spiral staircase.

The first floor has the living and dining room along with the kitchen and a half bath.

There’s a wood burning fireplace in the living room which the listing says encapsulates “coziness at its finest.”

It also appears like there are exposed brick walls in the living/dining room.

The contemporary kitchen has white and gray cabinets, stone countertops, a breakfast bar with seating for two, a subway tile backsplash and stainless steel appliances.

The second floor has two bedrooms and a full bathroom.

The third floor has a bonus space which can be a third bedroom, den or office. There’s also a half bath which the listing says is a “potential full bathroom expansion.”

This townhouse has two outdoor spaces: a terrace on the main floor and one on the third floor, off the bonus room.

It has the features buyers look for including central air, washer/dryer in the unit and one exterior parking space.

This townhouse is located in the heart of Old Town’s shopping and restaurant district, on the corner of Wells and Eugenie. It’s near Lincoln Park, the zoo, and various bus routes.

The listing says its in the Lincoln Elementary school district.

Listed in July 2023 for $645,000, it has been reduced $5,000 to $640,000.

What will it take to get this sold in 2023?

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

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

• Sold in March 1992 for $202,000
• Sold in March 2001 for $400,000
• Sold in April 2005 for $415,000
• Sold in June 2008 for $487,500
• Sold in February 2014 for $511,000
• Sold in October 2017 for $585,000
• Originally listed in July 2023 for $645,000
• Reduced
• Currently listed at $640,000
• Assessments of $397 a month (includes exterior maintenance, scavenger, snow removal)
• Taxes of $11,207
• Central Air
• Washer/dryer in the townhouse
• Exterior parking included
• Wood burning fireplace
• Bedroom #1: 15×11 (second floor)
• Bedroom #2: 15×11 (second floor)
• Living/dining room: 21×17 (main floor)
• Kitchen: 11×10 (main floor)
• Bonus room: 17×12 (third floor)
• 2 terraces