Crib Chatter

In September, home sales fell again as rates rose. It was the lowest number of sales since 2011.

From the Illinois Association of Realtors:

The city of Chicago saw a 11.3 percent year-over-year home sales decrease in September 2023 with 1,830 sales, down from 2,064 in September 2022.

The median price of a home in the city of Chicago in September 2023 was $324,450, up 1.4 percent compared to September 2022 when it was $320,000.

September sales for the last 17 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: 2064 sales
• 2023: 1830 sales

Median prices for the last 17 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
• 2023: $324,450

“In September, closed sales decreased while days on market remained consistent. The combination of these points shows there is still buyer demand in the market,” said Drussy Hernandez, president of the Chicago Association of REALTORS® and vice president of brokerage services for Coldwell Banker Realty in Chicago.

Both single family homes and condo sales fell double digits. Single family home sales fell 12.8% to 703 while condos declined 10.4% to 1127.

Statewide, inventory plunged again, falling 28.5% to 21,256 from 29,717. For comparison purposes, inventory was 33,676 in September 2021. Average days on the market was 24 days, down from 26 last year.

Chicago inventory also fell 27.9% to 5885 from 8163 last year. For comparison, it was 9478 properties in September 2021. Average days on the market was 30 days, which was the same as last year.

“Prices continued their usual seasonal decline from their peak in June for both Illinois and the Chicago area,” said Dr. Daniel McMillen, professor of real estate and associate dean for faculty affairs at the University of Illinois Chicago College of Business Administration.

“However, they remain much higher than at this time last year. Our forecasts indicate that prices will continue to decline somewhat over the next three months, while remaining higher than at this time last year. The number of sales remains low and is forecast to decline further over the next three months.”

The average 30-year fixed rate mortgage was 7.2% up from 7.07% in August. It was 6.11% in September 2022 and just 2.9% 2 years ago, in September 2021.

The story in Chicago remains the same. Sales are down big again but median price is holding near the highs.

Inventory remains near record low.

Will sales eventually hit the 2010 and 2011 lows over the next several months as those mortgage rates hit 8% or has the sales bottom already been put in?

Illinois home inventory and sales fell in September [Illinois Association of Realtors, Press Release, by Bill Kozar, October 19, 2023]

This 2-bedroom triplex loft at 1140 W. Cornelia in Lakeview came on the market in October 2023.

Built in 1930, this building has 5 units and attached garage parking.

This unit has a private entry and is almost like a maisonette.

It faces south and the first floor has tall ceilings, exposed brick walls, timber ceilings and beams in an open concept living/dining room and kitchen along with a powder room.

The living room has a fireplace.

The kitchen has been “updated” and has white cabinets a large island with bar seating, quartz countertops, stainless steel appliances and a pantry.

The second floor is the primary suite with a “renovated” bath with has separate steam shower and tub and dual sinks.

Also on the second floor is a private south facing deck.

The lower level has the second bedroom which is en suite and a family room. It also has a walk-in-closet with the building’s original safe door.

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

This building is near Wrigley Field, the Alamo Drafthouse movie theater, the shops and restaurants of Wrigleyville and Southport as well as numerous bus lines and the red and brown lines El stops.

Listed at $725,000, that’s $95,000 above the 2016 sales price of $630,000.

Is this triplex loft, with its own entrance, a townhouse alternative?

Scott Curcio from Baird & Warner has the listing. See the pictures and floor plan here.

Unit #B: 2 bedrooms, 2.5 baths, no square footage listed, loft, triplex

• Sold in December 1994 for $273,000
• Sold in August 2007 for $600,000
• Sold in October 2016 for $630,000
• Currently listed at $725,000
• Assessments of $300 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $12,329
• Central Air
• Washer/dryer in the unit
• Garage parking included
• Fireplace
• Bedroom #1: 19×12 (second floor)
• Bedroom #2: 13×10 (lower level)
• Living room: 24×17 (main level)
• Kitchen: 13×9 (main level)
• Dining room: 14×13 (main level)
• Family room: 23×22 (lower level)
• Walk-in-closest: 10×8 (second level)
• Walk-in-closet: 9×8 (lower level)
• Deck: 24×14 (second level)

This 3-bedroom in The Caravel at 635 N. Dearborn in River North came on the market in October 2023 but it has been on, and off, the market since 2018.

The Caravel was built in 2003 and has 126 units and an attached parking garage.

The building has full time door staff and an exercise room.

This unit is a corner unit with a split floor plan.

It has “newer” floors throughout.

The kitchen is “gourmet” and has Scavolini cabinets, granite counter tops and “newer” stainless steel appliances.

There’s an oversized primary suite with a custom fitted closet spanning the entire length of the room plus a walk-in-closet and a huge marble/granite bathroom with a separate whirlpool, shower, water closet and linen closet.

But the biggest feature of this unit is the 1200 square foot private patio which the listing shows the possibility of building a pickleball court on.

This unit has central air, washer/dryer in the unit and 2 car parking is available for $30,000 each.

The Caravel is in the heart of River North, near numerous shops, restaurants, grocery stores and the new temporary Bally’s casino.

Listed at $599,000, that’s $36,000 under the 2016 sales price of $635,000.

Will pickleball dreams make this sale?

Bo Xu at Corcoran has the listing. See the pictures here. Sorry, no floor plan.

Unit #705: 3 bedrooms, 2 baths, 1622 square feet

• Sold in December 2004 for $575,000
• Sold in November 2007 for $651,000
• Sold in January 2016 for $635,000
• Currently listed at $599,000
• Assessments of $1383 a month (includes heat, a/c, gas, doorman, exercise room, exterior maintenance, scavenger, snow removal)
• Taxes of $13,464
• Central Air
• Washer/dryer in the unit
• 2 car parking available for $30,000 each
• Was listed for rent in July 2023 for $5200 a month
• Reduced
• Withdrawn in September 2023 at $4200 a month
• Bedroom #1: 15×13
• Bedroom #2: 14×12
• Bedroom #3: 11×11
• Living room: 16×15
• Kitchen: 8×16
• Dining room: 12×8
• Walk-in-closet: 8×5
• Terrace: 58×26

This 2-bedroom in the Fulton House at 345 N. Canal on the Near West Side recently sold.

Built in 1903, Fulton House was original an old cold storage warehouse.

It was converted to apartments in the 1970s by star architect Harry Weese and then was converted into condos in the 1990s. There are 104 units.  However, it’s also a live-work building where businesses can operate.

It has 24/7 door staff but no garage parking and a common deck overlooking the Chicago River. There is valet parking across the street at the River Bend building. It does not have other amenities like an exercise room.

This unit had a “complete gut” in 2010 and “updates” in 2023.

It has new high end vinyl flooring throughout, new paint, including on the barrel vaulted ceilings, 2 new HVAC wall units with high efficiency pumps, and a Miele washer/dryer circa 2022.

The kitchen has white modern cabinets, stainless steel appliances including a stove hood, a Franke stainless sink, pure white Corian countertops, and an island with a waterfall edge and seating for 3-4.

It has a separate dining room space.

There’s a built-in media center in the living room.

The primary bedroom has custom closets. The second bedroom is fully enclosed and has a window.

There’s only one bath but the listing says “no expense was spared” in the dreamy, spa bath with oversized shower with Jado thermostatic shower system, Grohe fixtures, and Duravit floating vanity, sink, commode and shower pan. It also has a Robern mirror.

This unit has a utility room with storage and an in-unit washer/dryer.

It is a corner unit with south and west facing views with a balcony with river and city views.

There’s no parking with this building but you can pay for valet across the street.

This unit came on the market on October 2, 2023 at $330,000 and recently closed, on October 20, 2023 for $340,000.

Are bidding wars still happening on some properties this fall?

Jennifer Cummings at Jameson Sotheby’s had the listing. See the pictures and floor plan here.

Unit #501: 2 bedrooms, 1 bath, no square footage listed

• Sold in May 1990 for $103,000
• Sold in September 1997 for $114,000
• Sold in October 2019 for $165,000
• Originally listed on October 2, 2023 for $330,000
• Sold on October 20, 2023 for $340,000
• Assessments of $690 a month (includes doorman, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $4105
• No central air. Wall units.
• Washer/dryer in the unit
• Bedroom #1: 12×14
• Bedroom #2: 9×13
• Living room: 13×19
• Dining room: 10×10
• Kitchen: 8×10
• Utility/laundry: 5×8
• Foyer: 3×8
• Balcony: 5×8

This 3-bedroom penthouse loft in the Metalworks Condominiums at 2804 N. Lakewood in West Lakeview came on the market in October 2023.

A prior chatter said this building was built in 1945. It has 19 loft units and attached garage parking.

I don’t believe there are any amenities.

This loft is an authentic open space, brick and timber loft with 12 foot ceilings and industrial windows mostly.

The listing says you can “create your own private haven.”

There are two staircases in the pictures, a regular staircase and a spiral which lead to the second floor which has a sunroom with exposed brick walls and tile floors and 3,000 square feet of private roof rights.

The listing says there are architectural plans included (and there are drawings showing the roofdeck in the listing.)

It has oak hardwood floors in much of the space and a gas fireplace.

There is not just one kitchen, but two.

They both have modern European style cabinets. One appears to have gray and white cabinets and the other one has white cabinets and an island. Both kitchens have stainless steel appliances and tile backsplashes.

There are 4 bathrooms.

This loft has the features buyers look for including central air, washer/dryer in the unit in a large laundry room and 2 car garage parking spaces at $25,000 each. One of the spaces must be purchased with the unit.

This building is near the shops and restaurants of West Lakeview/West Lincoln Park and the Diversey bus and Brown line stop.

At 3500 square feet, this loft has more square footage than many single family homes in the neighborhood.

Listed at $1.35 million, will it get a single family home price for its single family home square footage?

Randee Wheeler at @properties Christie’s has the listing. See the pictures here (sorry no floor plan, but it does have some drawings of the rooftop deck.)

I’m not certain of the property’s sale history as it looks like there may be two PIN numbers. I’m sure some of you will let us know.

Unit #208: 3 bedrooms, 4 baths, 3500 square feet, penthouse loft

• Sold in September 1993 for $215,000
• Sold in March 2002 for $368,000
• Sold in February 2018 for $530,000
• Currently listed at $1.35 million 
• Assessments of $714 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $15,486
• Central Air
• Washer/dryer in the unit
• 2 garage parking spaces available at $25,000 each. At least one must be purchased with the unit
• Gas fireplace
• Architectural plans for 3,000 sq foot rooftop deck included
• Bedroom #1: 18×12
• Bedroom #2: 21×14
• Bedroom #3: 12×12
• Kitchen #1: 13×8
• Kitchen #2: 13×8
• Foyer: 18×12
• Family room: 37×14
• Living room: 25×21
• Dining room: 21×21
• Office: 9×7
• Other: 12×6
• Sunroom: 15×8 (second floor)
• Laundry room: 14×8

This 3-bedroom townhouse at 3020 N. Waterloo in East Lakeview came on the market in October 2023.

Built in 1979, this complex has 25 townhouses and outdoor assigned parking.

It has a landscaped shared courtyard.

The picture above is of several of the townhouses but not the specific one in this listing.

It has hardwood floors throughout and some exposed brick walls with floor to ceiling windows.

The first floor has the kitchen which is open to the living and dining rooms. There’s also a fireplace and a beamed, painted wood ceiling.

The kitchen has white cabinets, granite counter tops, a peninsula, stainless steel appliances and a separate dining room. In the listing, the dining room table is in the living room.

There is a private brick patio off the kitchen.

The second floor has a family room and the primary bedroom along with a full bathroom.

The third floor has two more bedrooms and another full bath.

The listing says the marble baths have been “updated” and the primary bathroom has a double sink, rain head shower, Grohe fixtures and whirlpool tub.

This townhouse has the features buyers look for including central air and a parking space is included. The listing says the mechanicals have been “updated.”

This complex is in the middle of the East Lakeview restaurant and shopping scene, yet remains tucked out of the way.

Listed at $585,000, and with mortgage rates at 8%, what are the calculations to listing now, or waiting until rates fall?

Matt Silver at Corcoran has the listing. See the pictures and floor plan here.

Unit #10: 3 bedrooms, 2 baths, 1630 square feet, townhouse

• Sold in April 2000 for $284,500
• Sold in August 2000 for $305,000
• Sold in January 2001 for $310,000
• Sold in July 2004 for $407,000
• Sold in April 2010 for $471,000
• Sold in July 2018 for $500,000
• Currently listed at $585,000
• Assessments of $249 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $9183
• Central Air
• Washer/dryer
• One outdoor parking space included
• Wood burning fireplace
• Skylights
• Bedroom #1: 15×15 (second floor)
• Bedroom #2: 15×14 (third floor)
• Bedroom #3: 13×11 (third floor)
• Loft: 15×11 (second floor)
• Living room: 19×12 (main floor)
• Dining room: 11×8 (main floor)
• Kitchen: 12×8 (main floor)
• Private patio

This 2-bedroom in The New York Private Residences at 3660 N. Lake Shore Drive in East Lakeview came on the market in October 2023.

Built in 1987, the New York Private Residences was originally an apartment building. It has 594 units and attached garage parking. It was converted into condos in 2000.

It’s a full amenity building with 24 hour door and maintenance staff, on-site management, a roof deck with city and lake views, a roof top party room, a game room, bike room, a convenience store and a FFC gym on site.

This unit is on the 42nd floor, which is a penthouse level. The listing says units on the penthouse levels, above the 40th floor, rarely come on the market.

It has been “beautifully renovated” and has hardwood floors throughout.

Both bathrooms have been “upgraded” with natural stone, glass and ceramic and have Kohler systems.

The kitchen has new tall crisp white shaker cabinets, Carrera quartz countertops with a breakfast bar, a glass backsplash and stainless steel appliances.

The listing says the primary bedroom fits a king bed, has a walk-in-closet and an en suite bathroom with a walk-in-shower.

There is an Elfa closet system and quartz window ledges.

The unit has “never to be obstructed” views of the Lake, harbor and city.

It also has two balconies with lake views, including one from the second bedroom.

The unit has some of the features buyers look for including central air and deeded parking and storage are included. However, there is no washer/dryer in the unit but the listing indicated that a washer/dryer is permitted in this floor plan.

The listing says the building has $2.4 million in reserves, with no specials pending or planned.

This building is near the shops and restaurants of East Lakeview and Uptown and is across the street from the Marovitz Golf Course and the Bill Jarvis Migratory Bird Sanctuary. There are numerous bus lines and public transportation nearby.

Listed at $548,000, that’s $135,500 above the 2019 sales price of $412,500.

Buyers love “new.”

Will these sellers get their price?

Cathryn Browne at CB Real Estate has the listing. See the pictures and floor plan here.

Unit #4202: 2 bedrooms, 2 baths, no square footage listed, penthouse level

• Sold in December 2000 for $352,500
• Sold in August 2014 for $330,000
• Sold in August 2019 for $412,500
• Currently listed at $548,000
• Assessments of $870 a month (includes heat, a/c, doorman, cable, clubhouse, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $7946
• Central Air
• No washer/dryer in the unit. Coin laundry in the building. Listing says W/D can be added in this floor plan
• Deeded parking and storage included
• Bedroom #1: 12×14
• Bedroom #2: 13×12
• Living room: 17×13
• Dining room: 11×11
• Kitchen: 9×10
• Walk-in-closet: 7×10
• Foyer: 5×12
• Balcony: 6×8
• Balcony: 6×8

This 3-bedroom in 416 W. Deming in East Lincoln Park came on the market in October 2023. (It consists of 2 buildings 416 and 422.)

This building is a Booth Hansen designed complex with 13 units and garage parking.

It has fob access and an elevator. There are no amenities.

This is a full-floor home where the elevator opens into a a private entry foyer.

It has 10 foot ceilings, light oak floors and motorized shades on the 50 feet of south facing windows that overlook the lush gardens across the street at 2550 N. Lakeview.

The listing says this unit has “sophisticated entertaining space” with two seating areas flanking the dining room.

The unit has built-ins, a gas fireplace, a built-in dry bar and separate wet bar along with a beverage refrigerator.

The kitchen is a “chef’s kitchen” with custom white cabinets, a large quartz island with waterfall edge and seating for three, and luxury appliances including Wolf, Bosch and Subzero.

The primary suite has a spa-like bath with heated floors, large steam shower and a double vanity, a walk-in-closet, built-ins and balcony access.

The second bedroom also has access to the balcony and a spa-like bath. The third bedroom is currently being used as an office.

The unit has the features that buyers look for including central air, a washer/dryer in the unit and 2 side-by-side garage parking spaces are included.

There’s a mudroom and storage room with a built-in desk.

It has the Control4 smart home system with built-in speakers.

The building allows pets and up to 2 dogs for each unit.

It is located just steps from Lincoln Park, including the North Pond restaurant. It’s also near the shops and restaurants on Clark and several bus lines.

Listed at $2.5 million, with 3430 square feet, is this condo a single family home alternative?

Emily Sachs Wong and Lisa Madonia at @properties Christie’s have the listing. See the pictures here (sorry, no floor plan).

Unit #3: 3 bedrooms, 3.5 baths, 3430 square feet

• Sold in February 2015 for $1.78 million
• Currently listed at $2.5 million
• Assessments of $1147 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $39,347
• Central Air
• Washer/dryer in the unit
• 2-car side-by-side garage parking
• Gas fireplace
• Control4 smart home
• Bedroom #1: 23×13
• Bedroom #2: 13×19
• Bedroom #3: 10×14
• Living room: 27×20
• Kitchen: 15×16
• Dining room: 13×14
• Family room: 20×15
• Storage: 6×15
• Laundry room: 16×6
• Balcony

This 1-bedroom in the Drake Tower at 179 E. Lake Shore Drive came on the market in October 2023.

Built in 1928, the Drake Tower is a co-op with just 68 units. It shares amenities with the Drake Hotel.

The building has door staff, an exercise room, a private patio for residents and on-site valet parking.

This unit is north facing and has views of the Lake and park from large corner windows.

It has 9’6″ ceilings, wood floors throughout, upgraded additional millwork, linen window treatments and Farrow & Ball paint.

Like many vintage units, it has a foyer and a gallery, but there’s no formal dining room.

The bathroom is en suite to the bedroom and has a double vanity.

The bedroom also has a walk-in-closet.

The kitchen is “updated” and has wood cabinets, what looks like stone counter tops, stainless steel appliances and a breakfast bar with seating for 2.

The unit has space pak cooling and valet parking is available for $100 a month. The listing doesn’t mention in-unit laundry but other units in the building have it in the unit. (Is that laundry in the WIC?)

Drake Tower is on landmarked East Lake Shore Drive. It is near the Mag Mile and all the restaurants and shops of Oak Street, Rush Street and the Gold Coast.

Oak Street Beach is across the street and it’s near several bus lines.

There are 9 units for sale in the building, out of 68 units. This unit is the cheapest 1-bedroom on the market, however, there is a 1530 square foot 2/2 listed for just $209,000 which is now under contract.

The most expensive unit on the market is a 3/3.5 with 3000 square feet which has been featured in Architectural Digest and Chicago design magazines and is listed at $2.299 million.

Listed at $325,000, Redfin says it last sold in 2014 for $420,000.

Is this a deal?

Linda Shaughnessy at Jameson Sotheby’s has the listing. See the pictures and floor plan here.

Unit #303: 1 bedroom, 1 bath, 1184 square feet, co-op

• Sold in November 2014 for $420,000 (per Redfin)
• Currently listed at $325,000
• Assessments of $2630 a month (includes heat, electric, taxes, doorman, cable, exercise room, exterior maintenance, scavenger, snow removal)
• Taxes are included in assessment
• Space pak cooling
• Washer/dryer in the unit??? (unclear)
• On-site valet parking for $100 a month
• Bedroom: 13×16 (going off the floor plan)
• Living/dining combo: 19×20
• Kitchen: 7×14 (going off the floor plan)
• Gallery: 6×14
• Foyer: 7×5
• Walk-in-closet: 8×7

This 3-bedroom in 415 W. Aldine in East Lakeview came on the market in October 2023.

Built in 1926, 415 W. Aldine has 60 units and some parking which is leased through a lottery.

It has a party room, children’s playroom, bike room, library, live-in engineer and coin laundry. The building also has a landscaped side yard with bistro seating and stone benches.

This unit has a semi-private entrance with 2 units per elevator bank.

It has pre-war vintage features like a foyer/gallery with a barrel vaulted ceiling, high ceilings and crown molding.

The unit has north and east views, including views of Lake Michigan and Belmont Harbor from the primary suite, and blonde oak hardwood floors.

It has a formal dining room.

There are custom designed bookshelves in the living room.

The chef’s kitchen has red and gray cabinets, a Viking 6-burner stove, granite counter tops, a new sink and Whirlpool refrigerator. It also has a butler’s pantry with white cabinets.

The primary bedroom and the smallest, third bedroom, have en suite bathrooms.

The unit does not have a washer/dryer in the unit nor central air. There are window units for cooling.

There is rental parking in the neighborhood and leased parking in the building is done through lottery.

This unit also has a 9x9x9 storage unit in the basement.

This building is near Nettelhorst and Our Lady of Mt Carmel Academy as well as the shops and restaurants in East Lakeview. It’s near numerous bus lines.

Listed at $425,000, that’s just $5,000 above the housing bubble price in 2007 of $420,000.

Is this a deal now for a 3/3 with 2200 square feet in this neighborhood?

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

Unit #6B: 3 bedrooms, 3 baths, 2200 square feet

• Sold in October 1988 for $145,000
• Sold in February 1991 for $190,000
• Sold in April 1999 for $223,000
• Sold in July 2007 for $420,000
• Currently listed at $425,000
• Assessments of $1461 a month (heat, cable, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $7078
• No central air. Window units.
• No washer/dryer in the unit
• No parking. Rental in the neighborhood.
• Bedroom #1: 15×13
• Bedroom #2: 16×12
• Bedroom #3: 12×9
• Kitchen: 14×8
• Living room: 23×15
• Dining room: 20×14
• Foyer: 17×8