Crib Chatter

Anyone who is out looking to buy a home in the Chicagoland area knows just how low the inventory is.

Meanwhile, prices continue to hold up even as sales declined again year-over-year in October. It was the lowest October for sales since 2011, which was during the housing bust.

From the Illinois Association of Realtors:

The city of Chicago saw a 7.5 percent year-over-year home sales decrease in October 2023 with 1,610 sales, down from 1,740 in October 2022.

The median price of a home in the city of Chicago in October 2023 was $320,000, the same as in October 2022 when it was $320,000.

Thanks to G for all the data on October sales going back to 1997:

October Chicago sfh/condo/th sales and median

• 1997 1,731 $129,900
• 1998 1,855 $138,000
• 1999 1,978 $159,500
• 2000 2,106 $174,710
• 2001 2,177 $200,000
• 2002 2,503 $215,000
• 2003 2,996 $236,000
• 2004 2,651 $241,000
• 2005 2,846 $268,500
• 2006 2,630 $278,000
• 2007 2,007 $285,000
• 2008 1,564 $261,000
• 2009 2,068 $215,000
• 2010 1,225 $183,000
• 2011 1,324 $162,000 (44% short/REO sales)
• 2012 2,009 $175,000
• 2013: 2,231 $218,500
• 2014: 2,128 $236,000
• 2015: 2,173 $240,000
• 2016: 2,046 $260,100
• 2017: 2,109 $260,000
• 2018: 2,108 $271,500
• 2019: 2,084 $275,000
• 2020: 2,568 $315,000
• 2021: 2,469 $313,000
• 2022: 1,740 $320,000
• 2023: 1,610 $320,000

“In October, median sales price remained steady and market time nominally decreased,” said Drussy Hernandez, president of the Chicago Association of REALTORS® and vice president of brokerage services for Coldwell Banker Realty in Chicago. “This shows that, at the core of our market, there is a steady stream of people who need to buy and sellers who are motivated to sell. Inventory shortages continue to be one of the biggest challenges for buyers in the market.”

Statewide inventory plunged 25.5% to 21,287 from 28,564. By comparison, statewide inventory was 31,445 in October 2021.

In Chicago, inventory looked similarly challenged. Inventory fell 24% year-over-year to 5785 from 7609. It was at 8898 in October 2021.

Days on the market, in Chicago, fell 2 days to 32 from 34 last year and 35 days in 2021.

In Chicago sales, single family homes were down 4.4% to 695 while condos fell 9.7% to 915.

The average 30 year fixed rate mortgage was 7.62% up from 7.2% in September. Last year, in October 2022, the average was 6.9% and we all thought that was high.

“The number of sales continues to decline throughout Illinois while prices continue to increase,” said Dr. Daniel McMillen, professor of real estate and associate dean for faculty affairs at the University of Illinois Chicago College of Business Administration. “Our forecasts indicate that these trends will continue over the next three months throughout the state.”

Are high mortgage rates the problem in the Chicago housing market or is it the lack of inventory?

October home sales and inventory continue to fall in Illinois [Illinois Association of Realtors, Press Release, by Bill Kozar, November 21, 2023]

This vintage 2-bedroom at 1500 N. LaSalle in Old Town came on the market in September 2023.

1500 N. LaSalle was designed by Edmund Krause (1859-1935) in 1892. He designed 61 buildings in his lifetime. He specialized in mid-rise apartment buildings such as this one and also designed The Commodore at Surf and Broadway in Lakeview.

Krause’s best known building is the Majestic Building at 22 W. Monroe in the Loop, better known as the Schubert Theater.

This building has 24-units with an elevator and a shared rooftop deck with city views.

It also has a daily on-site maintenance engineer, a bike room and storage lockers. There’s no parking lot with the building (although I do recall the possibility that there is one single parking space.)

This unit was recently featured in the New York Times in the “What You Get” column. Thanks to chichow for bringing it to my attention. In this case, What You Get featured 3 properties for $500,000: one in Massachusetts, one in Illinois and one in Virginia.

You can read the column here.

The vintage features do not remain with this unit, although it has high ceilings and a gas fireplace.

There are dark hardwood floors in the main living space. Many of those commenting in the NYT’s comment section on this article said they thought the hardwoods had been “painted” as they appear black in the pictures. Have they?

The kitchen has white cabinets, stainless steel appliances and what looks like black granite counter tops. There’s also a silver tile backsplash.

There’s a pass through in the kitchen that overlooks the separate dining room.

The unit also has a separate den, or “flex” space, that does not have a door and which could be used as an office.

The primary bedroom has an en suite bath with a walk-in-shower.

There’s no private outdoor space with the unit.

It does have some of the features that buyers look for including central air and washer/dryer in the unit. But there’s no parking although it’s available to rent in the neighborhood.

The New York Times gives this description of its location:

Walking to Chicago History Museum or the well-known Second City comedy club takes about five minutes. Oak Street Beach, on the banks of Lake Michigan, is about a five-minute drive; North Avenue Beach is 10 minutes away. Driving to Wrigley Field takes about 15 minutes. Chicago O’Hare International Airport is a half-hour drive.

Listed in September 2023 for $574,900, it has been reduced to $545,000.

The comments in the NY Times  (which I highly recommend checking out) seemed to be fairly bullish on Chicago. There were some complaints about the floor color and the backsplash, however. Some were surprised at how much you got for the price.

And, as usual, there was a lot of criticism (any chatterati posting comments over there??? Lol)

At $545,000, is this a deal for the location and square footage?

Giovanni Leopaldi at Compass has the listing. See the pictures and floor plan here.

Unit #4B: 2 bedrooms, 2 baths, 1500 square feet

• Sold in April 1996 for $165,000
• Sold in February 1999 for $247,000
• Sold in November 2006 for $370,000
• Sold in March 2011 for $355,000
• Sold in August 2014 for $436,000
• Sold in September 2015 for $440,000 (relocation sale?)
• Sold in November 2015 for $440,000
• Originally listed in September 2023 for $574,900
• Reduced
• Currently listed at $545,000
• Assessments of $584 a month (includes exterior maintenance, sun deck, elevator, bike room, scavenger)
• Taxes of $8847
• Central Air
• Washer/dryer in the unit
• No parking
• Gas fireplace
• Bedroom #1: 14×12
• Bedroom #2: 12×10
• Living room: 13×13
• Dining room: 18×13
• Kitchen: 14×10
• Den: 13×12

This vintage 4-bedroom brick bungalow at 3800 S. Union in Bridgeport came on the market on Thanksgiving, in November 2023. I don’t have a picture of it but I wanted to crib on it while it was newly on the market.

Built in 1890, 3800 S. Union is a brick bungalow on a 22×124 lot. It has a “new” oversized 2-car garage and the backyard is fenced.

The listing says the house has been “renovated” and has new electrical service and high ceilings with dimmable recessed lighting.

The listing doesn’t say what the floors on the main level are, but from the pictures they appear to be a neutral wideplank hardwood of some kind (luxury vinyl?).

The kitchen has white modern cabinets with black finishes along with with white quartz countertops, a tiled backsplash and stainless steel appliances.

There are 3 bedrooms on the main floor and one bathroom with a dual vanity.

The lower level has a family room, another full bathroom, a “bonus room” and the fourth bedroom. The lower level is carpeted.

This house has central air.

It’s centrally located in Bridgeport, near coffee shops and restaurants and within a few blocks of Guaranteed Rate Field. There is also a Red line stop and bus lines nearby.

The house last sold in 2022 for $185,000 and has been renovated and re-listed for $550,000.

With inventory so low, and buyers loving “new”, will the renovators get their price?

Kim Caton at Kale Realty has the listing. See the pictures here (there’s a 3D walkthrough on the Redfin site).

3800 S Union: 4 bedrooms, 2 baths, 2574 square feet, bungalow

• Sold in October 1990 for $41,345
• Sold in July 2022 for $185,000
• Listed in November 2023 for $550,000
• Taxes of $3207
• Central Air
• 2-car garage
• 22×124 lot
• Bedroom #1: 12×12 (main level)
• Bedroom #2: 12×10 (main level)
• Bedroom #3: 12×10 (main level)
• Bedroom #4: 12×15 (lower level)
• Living room: 17×10 (main level)
• Dining room: 10×10 (main level)
• Kitchen: 8×18 (main level)
• Family room: 12×24 (lower level)
• Bonus: 13×10 (lower level)

This 2-bedroom duplex up in the St Michael’s High School Lofts at 1660 N. Hudson in Old Town came on the market in September 2023.

St Michael’s High School Lofts was built in 1928 and converted into 41 condos in 1988.

Here’s more from the Chicago Tribune talking about all the development at the St. Michael’s church site in the 1980s:

Chicago Landmark has already begun renovation of the high school, where the last class graduated in 1978, into 42 condominium units priced from $150,000 to $550,000. The largest of those units is 3,800 square feet.

Some of the units are two-story townhouses, while the remainder have lofts. Badner said the ceilings in the school are so high, 14 to 20 feet, that lofts can be added to most units to create an added story.

”There are lots of ideas and lots of views in the building. Nothing is the same,” said Badner. ”Believe it or not, there was even a bowling alley in the old school that we converted to private parking for the six largest end units.”

It does not have a doorman but has an underground attached heated garage and storage.

This building has loft-like features but not the authentic loft finishes like exposed brick, timber ceilings, and beams.

This unit has been “rehabbed by a live-in designer” and has soaring ceilings and white gallery walls.

It faces east and has tree top views along with “warm acacia wood floors” throughout.

The unit has a floor-to-ceiling porcelain tile gas fireplace flanked by built-in bookcases in the living/dining room.

The kitchen is open to the living space and has dark cabinets with gold accents, dark stone counter tops, an island, and a dark tile backsplash.

The primary suite is on the main level has 2 walk-in-closets and a large bathroom with a double vanity and separate shower and soaking tub.

The second bedroom is lofted and has custom-fabricated industrial style black windows overlooking the living space below.

It also has an attached bath and the laundry room.

There’s no private outdoor space but this building has a large shared rooftop deck with an outdoor kitchen as well as a private garden.

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

The St Michael’s High School Lofts are surrounded by shops and restaurants of Old Town and Lincoln Park as well as numerous bus lines and the brown line subway.

This loft was last purchased during the height of the pandemic boom in real estate, in 2021, for $540,000. It has come back on the market “thoroughly rehabbed” for $695,000.

Will this seller get the premium in this low inventory market?

Lucas Blahnik and Anthony Flora at @properties Christie’s has the listing. See the pictures and floor plan here.

Unit #2M: 2 bedrooms, 2 baths, duplex up, no square footage listed, loft

• Sold in October 1988 for $236,000
• Sold in July 2015 for $437,000
• Sold in July 2018 for $483,000
• Sold in March 2021 for $540,000
• Originally listed in September 2023 for $695,000
• Currently still listed at $695,000
• Assessments of $876 a month (includes exterior maintenance and Internet)
• Taxes of $10,585
• Central Air
• Washer/dryer in the unit
• Heated garage parking included
• Gas fireplace
• Bedroom #1: 13×17 (main level)
• Bedroom #2: 14×11 (second floor)
• Living/dining room: 18×23 (main level)
• Kitchen: 12×11 (main level)
• Foyer: 8×12 (main level)
• Laundry: 5×8 (second floor)

This 3-bedroom in The Seng at Wendelin Park at 869 W. Blackhawk in West Lincoln Park came on the market in February 2023 as new construction but was listed on the MLS in July 2023.

The Seng at Wendelin Park is a new construction 34-unit condo building by Structured Development. It has attached garage parking.

There is no doorstaff but it has an elevator, a rooftop terrace with city views, bike storage and an exercise room.

It is part of a 3-building development overlooking Wendelin Park which is a public space right next to the building.

The Seng is the first large all-affordable condo building in the city.

From Urbanize Chicago:

The Seng offers two-, three- and four-bedroom units for income-qualified households earning up to 120% of the Area Median Income (AMI). Buyers also must be preapproved for a traditional, FHA or VA loan and be certified through a homeownership program administered by the Chicago Housing Trust.

The units originally came to the market in February 2023 and it appears there was high demand for the 2/2 units. Here’s what Block Club said happened in February.

• Two-bedroom applications are accepted Feb. 27-March 10. Due to high demand, a lottery drawing will decide buyers March 16.
• Three-bedroom condo applications will be accepted on a first-come, first-served bases starting Feb. 27. At least three people must be in a household to apply.
• Four-bedroom applications require four or more people people in a household and are also accepted on a first-come, first-served basis beginning Feb. 27.

In October 2023, Urbanize Chicago announced that 20 out of the 34 units had sold or were under contract, which is more than 50% of the units.

The prices are as follows:

1. Two-bedroom floor plans range from 824-868 square feet and are priced from $285,134;
2. Three-bedroom residences range from 988-1,186 square feet and are priced from $333,734;
3. Four-bedroom homes range from 1,153-1,378 square feet and are priced from $374,696.

This 3-bedroom on the 5th floor is still on the market.

The unit has 9 foot ceilings and exposed ductwork.

There are laminate wood floors in the living/dining room and kitchen. The bedrooms have carpet.

The kitchen has two-toned modern cabinets, quartzite countertops, a Kohler chrome faucet, and GE stainless steel appliances.

According to the floor plan, all 3 bedrooms have windows. None of the bedrooms are en suite.

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

There’s no balcony or private outdoor space.

This building is near the shops and restaurants of North and Clybourn, including the Whole Foods, the Mariano’s and the AMC at New City. The Red Line and multiple bus lines are nearby.

Listed at $333,734, is this a good city home for a small family?

Jordan Euson and Christine Glass at Compass are handling the sales. See the pictures and floor plan here.

Unit #501: 3 bedrooms, 2 baths, no square footage listed

• New construction
• Listed on the MLS in July 2023 for $333,734
• Currently still listed at $333,734
• Assessments of $375 a month (includes parking, security, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes are “new”
• Central Air
• Washer/dryer in the unit
• Deeded garage parking included
• Bedroom #1: 13×10
• Bedroom #2: 13×10
• Bedroom #3: 11×10
• Living room: 12×9
• Kitchen: 13×10
• Dining room: 12×5

This 3-bedroom in the Clock Tower Lofts at 2300 W. Wabansia in Bucktown came on the market in November 2023.

Built in 1916, Clock Tower Lofts was originally the Kling Brothers wholesale clothing business. It was converted into residential lofts in 1996.

The building has an exercise room, a shared rooftop deck, an elevator, and heated garage parking.

This loft has 13 foot timber ceilings and exposed brick walls.

There are diagonal hardwood floors throughout.

The listing says there has been “numerous recent improvements.”

It has a “newer” kitchen with wood cabinets, stainless steel appliances and an island with a breakfast bar with seating for 4.

The loft has a “redone” second bath and a “newer” HVAC and A/C compressor and a new wine fridge.

There’s a wood burning fireplace with built-ins.

Leading to the primary bedroom is a unique set of antique double doors. One of the bathrooms also appears to have a built-in television.

It’s unclear if the other bedrooms have doors or windows.

This loft also has a large balcony overlooking tree-lined Wabansia street.

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

This building is near the shops and restaurants of Bucktown and the 606.

Listed at $549,000, is that a deal for 3-bedrooms?

Scott Green at Berkshire Hathaway HomeServices has the listing. See the pictures here (sorry, no floor plan on Redfin).

Or see it in person, in the Open House, on Sunday, November 19, 2023 from 11 AM to 1 PM.

Unit #214: 3 bedrooms, 2 baths, 1425 square feet, loft

• Sold in March 1999 for $242,000
• Sold in February 2004 for $347,500
• Sold in March 2009 for $474,500
• Sold in April 2017 for $507,500
• Currently listed at $549,000
• Assessments of $565 a month (includes cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $9685
• Central Air
• Washer/dryer in the unit
• Heated garage parking included
• Wood burning fireplace
• Bedroom #1: 13×11
• Bedroom #2: 11×10
• Bedroom #3: 12×11
• Living room: 17×16
• Dining room: 12×11
• Kitchen: 17×15

This 2-bedroom at 4536 N. Sheridan in Uptown came on the market in November 2023.

I don’t have a picture of this building, but I wanted to crib on it anyway.

Built in 1889, 4536 N. Sheridan has 15 units and gated outdoor parking. There’s also additional storage.

There’s no elevator in the building.

This unit has many vintage details including turreted windows, custom moldings, and wainscotting in the hallways.

The front entry has a custom bench with seating/built-ins.

The kitchen has been opened to the living room which has a gas fireplace with a tile surround and custom built-in bookcases.

The chef’s kitchen has white cabinets, granite counter tops, stainless steel appliances, a herringbone backsplash and a matching white island that seats three.

There’s no dining room.

However, there are French doors to the second bedroom which has a beamed ceiling and a built-in Murphy bed.

The primary bedroom has an en suite bathroom with a double vanity and walk-in-shower along with shiplap walls.

The listing says both bathrooms have been updated.

The unit also has a large deck that overlooks the front yard with enough space for dining and a grill.

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

This building is near shops and restaurants of Uptown, as well as the Wilson red line stop and various bus lines.

Listed at $423,955, it last sold during the pandemic, in August 2020 for $379,000.

With inventory so low, will this get an offer this week?

Stacey Dombar at Redfin has the listing. See the pictures and floor plan here.

Unit #203: 2 bedrooms, 2 baths, 1300 square feet

• Sold in December 1997 for $107,000
• Sold in April 1999 for $180,000
• Sold in April 2000 for $192,000
• Sold in December 2008 for $251,000
• Sold in August 2020 for $379,000
• Currently listed at $423,955 (gated outdoor parking space included)
• Assessments of $322 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $5235
• Central Air
• Washer/dryer in the unit
• Gas fireplace
• Bedroom #1: 15×13
• Bedroom #2: 14×13
• Living room: 20×15
• Kitchen: 16×12
• Foyer: 10×6
• Front deck

This 2-bedroom in River Plaza at 405 N. Wabash in River North came on the market in September 2023.

Built in 1977, River Plaza is a massive building with 678 units and attached garage parking. It was converted to condos in 1994.

It’s a full amenity building with an indoor pool, 24-hour door staff, a meeting room, a business center, a sun deck, a fitness center, on-site management, and a grocery store.

This unit has “breathtaking” south and east exposures with both skyline and Chicago River views from the 41st floor.

The kitchen has wood cabinets, granite counter tops, stainless steel appliances and a breakfast bar.

There’s a separate dining room space.

The unit has a primary suite with a walk-in-closet and en suite bathroom.

It has some of the features buyers look for including central air and deeded garage parking is $35,000 extra.

It doesn’t have washer/dryer in the unit, but some of the other units DO have it so it appears you can add it. Does anyone know? Or are the washer/dryers left over from the apartment conversion?

This building is next to Trump Tower and the Wrigley Building. You have access to the water taxi, Wendella boats, endless buses and subway lines. The shops and restaurants of Michigan Avenue and River North as well as the Riverwalk are steps away.

Listed in September 2023 for $474,900, it has been reduced to $425,000 plus $35,000 for the parking.

Is this the perfect property for those who love skyline views?

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

Unit #4109: 2 bedrooms, 2 baths, 1250 square feet

• Sold in July 1995 for $301,000
• Sold in September 1999 for $305,000
• Sold in March 2000 for $345,000
• Listed in September 2023 for $474,900
• Reduced
• Currently listed at $425,000 (plus $35,000 for parking)
• Assessments of $1401 a month (includes heat, a/c, doorman, cable, exterior maintenance, scavenger, snow removal and Internet)
• Taxes of $12,468
• Central Air
• No washer/dryer in the unit- laundry room in the building
• Bedroom #1: 33×35
• Bedroom #2: 17×15
• Living/dining room: 36×41
• Kitchen: 12×9

This top floor corner duplex up at 1700 W. Chicago in West Town came on the market in November 2023.

1700 W. Chicago has 15 units and attached garage parking. It was converted into condos in 2002.

This unit has south and east facing windows (replaced in 2021).

The first floor is the kitchen, living/dining room, two bedrooms and a full bathroom.

The kitchen is open to the living room and dining nook which is in the historic turret.

It has white cabinets, jet black granite countertops with a breakfast bar, stainless steel appliances, and a white subway tile backsplash.

The guest bathroom on the first floor has a marble dual vanity.

The second floor has the primary suite which has an en suite bathroom with marble throughout, a dual vanity, walk-in-shower and linen closet along with a walk-in-closet.

This unit has 3 outdoor spaces. One deck on the first floor and two on the second floor. One deck is off the primary suite and faces south and one is off the hallway which faces north and the listing says could be used for entertaining. Both decks have skyline views.

It has the features buyers look for including central air (2021), side-by-side washer/dryer (2018) and one car garage parking with an additional tandem exterior spot.

The listing says this building is near “dozens of restaurants (Beatnik, Yuzu Sushi, & Forbidden Root are all a stone’s throw away!) & bars, coffee shops, the Kennedy, & tons of public transportation options.”

Listed at $589,000, is this duplex a townhouse alternative?

Melanie Everett and Courtney Funkhouser at Melanie Everett & Company has the listing. See the pictures and floor plan here.

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

• Sold in December 2002 for $340,500
• Sold in August 2005 for $432,000
• Sold in May 2011 for $377,500
• Sold in November 2015 for $460,000
• Sold in June 2018 for $521,000
• Currently listed at $589,000
• Assessments of $375 a month (includes exterior maintenance, scavenger, snow removal)
• Taxes of $9696
• Central Air
• Side-by-side washer/dryer
• Garage parking included (with one tandem exterior spot)
• Bedroom #1: 15×15 (second floor)
• Bedroom #2: 15×12 (main floor)
• Bedroom #3: 14×11 (main floor)
• Living room: 20×17 (main floor)
• Kitchen: 11×9 (main floor)
• Breakfast room: 7×7 (main floor)
• 3 decks (one on main floor, two on second floor)

This 2-bedroom loft in the Florsheim Shoe Company Lofts at 3963 W. Belmont in Avondale came on the market in November 2023. (Sorry, I don’t have a current photo.)

Built in 1924-26, the Florsheim Shoe Company was one of the world’s largest shoe manufacturers. This building was designed by Alfred Alschuler.

It was converted into 100 loft condos at the height of the bubble, in 2007. There is also an attached heated garage.

The building has door staff and an exercise room.

This loft is a corner with 1200 square feet.

It is an authentic loft with exposed brick walls and two walls of industrial windows. It has tall concrete ceilings and exposed ductwork.

Both bedrooms appear to have full walls and windows.

The kitchen has wood cabinets, stone countertops, a breakfast bar and the listing says “all new kitchen appliances” which are stainless steel.

The unit also has a balcony.

The loft has features buyers look for including central air, washer/dryer in the unit (2021) and one heated garage space.

The listing says there are no special assessments and the unit can be rented.

This building is on Belmont and surrounded by the shops and restaurants of Avondale. It is near the Belmont blue line stop and multiple bus lines.

Listed at $385,000, is Avondale still a hot neighborhood after covid?

Andrew Albright at Baird & Warner has the listing. See the pictures and floor plan here.

Unit #413: 2 bedrooms, 2 baths, 1200 square feet, loft

• Sold in April 2007 for $354,500
• Currently listed at $385,000
• Assessments of $550 a month (includes doorman, exercise room, exterior maintenance, scavenger, snow removal)
• Taxes of $6500
• Central Air
• Washer/dryer in the unit
• One heated garage parking space included
• Bedroom #1: 11×16
• Bedroom #2: 13×13
• Kitchen: 11×15
• Living room: (no square footage listed)
• Balcony (no square footage listed)