Crib Chatter

By popular demand, we’re chattering about this 2-bedroom at 1555 N. Astor in the Gold Coast. It came on the market in January 2023.

Built in 1973, 1555 N. Astor has 104 units and an attached private garage which is “fully staffed” and which costs $200 a month, has guest parking and detailed car wash for $10.

This is a full amenity building which the listing calls a “white glove building” with 24 hour door staff, tennis courts, indoor pool, gym, sauna, sundeck with grills and lounge chairs plus a basketball hoop. It also has an on-site building manager.

This unit is a Southeast facing corner unit with city and lake views. The building only has 2 to 3 units per floor.

The listing says it is “ready to be fully customized.”

The kitchen has white cabinets and terracotta floors along with white appliances that look like they are the originals.

It does have a washer/dryer hook-up in unit and central air.

The building is pet friendly with 1 dog up to 80 pounds or 2 dogs of 40 pounds each. The unit comes with a storage locker.

This building is on the border of Lincoln Park and is close to the shops and restaurants of Old Town.

Listed at $495,000, is it priced for a full renovation?

Juliana Yeager and Benjamin Yeager at @Properties Christie’s has the listing. See the pictures and floor plan here.

Unit #10SE: 2 bedrooms, 2 baths, 1549 square feet

• No prior sales price back to 1994
• Originally listed in January 2023 for $495,000
• Currently still listed at $495,000
• Assessments of $1349 a month (includes doorman, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $11,655
• Central Air
• Washer/dryer hook-up in the unit
• Attached garage available for $200 a month
• Bedroom #1: 15×12
• Bedroom #2: 13×1
• Living room: 19×15
• Dining room: 14×12
• Kitchen: 12×11
• Walk-in-closet: 7×6
• Foyer: 8×6

This 2-bedroom in The Whitney at 1301 N. Dearborn in the Gold Coast came on the market in January 2023.

Built in 1998, The Whitney has just 88 units and attached garage parking along with a rooftop deck.

It has 24-hour door staff, an exercise room and a live-in engineer.

The listing says this unit has been “completely renovated by one of the city’s top designers.”

It has a foyer along with a living/dining room combination.

The kitchen has white cabinets and an island with what looks like wood cabinets that seats three. The listing says it has “all new appliances” including a double door refrigerator, a Bosch dishwasher, Quartz counter tops and backsplash.

The primary bedroom has a walk-in-closet and en suite bathroom, dual sinks, a large shower and separate tub.

The second bathroom is “new.”

The unit also has a private terrace which overlooks the terraced deck at the RH across the street.

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

This building is in the heart of the Gold Coast, across the street from the RH but near the shops and restaurants of the Rush Street corridor.

Buyers love new, or renovated, properties.

Will the renovations help it find a buyer quickly?

Emily Sachs Wong at @Properties Christie’s has the listing. See the pictures and floor plan here.

• Sold in January 1998 for $343,500
• Sold in July 2008 for $690,000
• Currently listed at $979,000
• Assessments of $1329 a month (includes doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $14,054
• Central Air
• Washer/dryer in the unit
• Garage parking included
• Bedroom #1: 17×13
• Bedroom #2: 12×14
• Living/dining combo: 31×15
• Kitchen: 12×12
• Terrace

This 3-bedroom co-op at 1321 E. 56th in Hyde Park was listed in June 2022 (sorry, I don’t have a picture so I’m including one of the Gold Coast.)

Built in 1929, this building was designed by Henry Holsman and has just 12 units.

The building has parking, a yard and garden.

This unit is a full-floor unit which is one flight up.

It has some of its vintage features including crown moldings, an entry foyer, a separate dining room and a wood burning fireplace.

It has herringbone hardwood floors.

The listing says the unit has seen “modernization” including wiring, plumbing, central air and updated Pella windows.

The kitchen has black cabinets, what looks like wood counter tops, luxury appliances including Viking and Subzero and a breakfast bar with seating for 2.

The listing says there is an updated primary bath and shower.

The third bedroom has been “redone” and is opened as a den.

But the big feature is the private 50×10 private outdoor terrace with remote powered awnings and automatic irrigation.

This unit has the features buyers look for including central air and a parking space but there’s no washer/dryer in the unit. It appears there is coin laundry in the building.

This building is just steps from the University of Chicago, Metra and the shops and restaurants of Hyde Park.

This unit came on the market in June 2022 for $595,000 and has been reduced to $529,000.

That is still above the recent Sep 2021 sale at $465,000.

This unit is also being offered furnished.

Will the seller get the premium over the 2021 sale?

Timothy Salm and Donald Benson at Jameson Sotheby’s have the listing. See the pictures here. Sorry, no floor plan but it’s listed in the prior listing pictures.

Unit #1: 3 bedrooms, 2.5 baths, no square footage listed, co-op

• Co-op makes it difficult to get prior sales price
• Sold in September 2021 for $465,000
• Originally listed in June 2022 for $595,000
• Reduced
• Currently listed at $529,000
• Assessments of $1342 a month (includes heat, gas, parking, exterior maintenance, snow removal, lawn care, scavenger)
• Taxes of $6072
• Central Air
• No washer/dryer in the unit. Coin laundry in the building
• On-site parking space included
• Wood burning fireplace
• Bedroom #1: 14×10
• Bedroom #2: 16×12
• Bedroom #3: 14×10
• Kitchen: 17×10
• Living room: 22×15
• Dining room: 14×12
• Walk-in-closet: 6×3
• Foyer: 9×6

The Illinois Association of Realtors is out with the December data. We already know that it was another slow month from Gary’s monthly updates.

From the Illinois Association of Realtors:

The city of Chicago saw a 41.2 percent year-over-year home sales decrease in December 2022 with 1,425 sales, down from 2,422 in December 2021. Annual home sales totaled 28,265, a 15.0 percent decrease compared to 33,246 in 2021.

The median price of a home in the city of Chicago in December 2022 was $288,000, down 8.1 percent compared to December 2021 when it was $313,500. The annual 2022 median price reached $335,000, the same as in 2021.

Reminder, last year was the highest number of sales since the housing boom year of 2005.

• December 2004: 3719 sales and median price of $267,000
• December 2005: 2847 sales and median price of $283,000
• December 2006: 2241 sales and median price of $279,000
• December 2007: 1629 sales and median price of $287,000
• December 2008: 1263 sales and median price of $235,000
• December 2009: 1820 sales and median price of $208,000 (34% short/REO sales)
• December 2010: 1475 sales and median price of $166,000 (43% short/REO sales)
• December 2011: 1536 sales and median price of $156,000 (44% short/REO sales)
• December 2012: 1806 sales and median price of $185,000 (39.7% short/REO sales- according to Gary Lucido’s data)
• December 2013: 2137 sales and median price of $210,000
• December 2014: 2020 sales and median price of $228,000
• December 2015: 2077 sales and median price of $242,000
• December 2016: 1974 sales and median price of $260,000
• December 2017: 2058 sales and median price of $265,500
• December 2018: 1708 sales and median price of $251,500
• December 2019: 1892 sales and median price of $276,000
• December 2020: 2267 sales and median price of $305,000
• December 2021: 2422 sales and median price of $313,500
• December 2022: 1425 sales and median price of $288,000

This was the lowest number of sales since the awful December of 2008 when millions were being laid off, the stock market was crashing and the economy was spiraling downward.

“In December, closed sales, inventory and median sales price decreased, likely because of a few factors: seasonality and inflation, combined with the hope that mortgage rates will taper off soon,” said Sarah Ware, president of the Chicago Association of REALTORS® and principal and designated managing broker for Ware Realty Group in Chicago. “Buyers and sellers should approach their home pricing and offer strategies with this in mind.”

Statewide, inventory fell 9.7% to 20,671 from 22,896 in December 2021.

Meanwhile, Chicago saw a sharper inventory decline, falling 15.5% to 5,310 properties from 6,281 last year. The inventory remained at multi-year lows in December.

• December 2020: 8254
• December 2021: 6281
• December 2022: 5310

“Although the housing market in Illinois has slowed since its peak in June, the decline is largely due to the usual seasonality in house prices and sales,” 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.

“However, the median home price and the number of sales are currently lower than at this time last year. The number of foreclosures has declined over the last year and is not high by historical standards. Although consumer sentiment has become more positive recently, there still is significant uncertainty about the outlook for the housing market. Our forecasts indicate that house prices and the number of sales will increase as the housing market picks up during spring.”

The average 30-year fixed rate mortgage came down  to 6.36% from 6.81% in November. It was still over double that of last December, when it was 3.1%.

Chicago average time on the market stayed the same year-over-year at 38 days. It actually fell 15.2% statewide to 28 days from 33 days a year ago.

In Chicago both single family homes and condo sales were hit equally as hard. Single family home closings were down 41.4% year-over-year to 630 while condos fell 41% to 795.

There’s no doubt both buyers and sellers retreated to the sidelines in December. This is why inventory remains near record lows.

However, the market is showing some signs of life in January. Will December be the low in sales for this cycle?

Is the worst already behind the housing market?

Despite dip in December 2022, annual median price of Illinois homes rose as economy seesawed and inventory tightened [Illinois Association of Realtors, Press Release, by Bill Kozar, January 20, 2023]

This 3-bedroom in Malibu Condominiums at 6007 N. Sheridan in Edgewater came on the market in January 2023.

Sorry, I don’t have a picture of this building but I will get one by this summer.

Built in 1969, Malibu Condominiums has 356 units and attached valet parking.

It’s a full service building with 24/7 door staff, an outdoor pool, sundeck, sauna, party room, dry cleaners, bike room, exercise room and on-site manager and engineer.  The listing also says that a new gym, locker rooms and sauna are in future plans.

The listing says the building has “never had a special assessment.”

This unit has been renovated with “luxury and elegance.”

It has floor-to-ceiling windows with views of the beach and Lake Michigan.

It has hardwood floors through the living and dining rooms as well as the bedrooms. The listing doesn’t say if they are oak or luxury vinyl.

The chef’s kitchen has been opened to the living/dining space and has an island with seating for 2, gray cabinets with bright quartz countertops and gold finishes including the faucet, stainless steel appliances, an extra built-in oven/microwave, a range hood and custom lighting.

There appears to be two walk-in showers and no bathtubs.

The listing says the AC unit, furnace and water heater are brand new.

The unit has some of the features buyers look for including central air and valet garage parking but there’s no washer/dryer in the unit. There’s coin laundry in the building.

This building is near Mariano’s, Whole Foods, beaches, coffee shops, restaurants and shops of Edgewater and Andersonville. It’s also near Red Line stops and express buses.

Bought in September 2022 for $211,500, it has come back on the market renovated for $459,900.

Should buyers who love beaches and views set their sights on the Malibu?

Ada Belson at @Properties Christie’s has the listing. See the pictures here. Sorry no floor plan.

Or you can see it in person this weekend at the Open House, on January 29 from 12 – 2 PM.

Unit #9J: 3 bedrooms, 2 baths, 1656 square feet

• Sold in October 1994 for $115,000
• Sold in September 2022 for $211,500
• Currently listed at $459,900
• Assessments of $822 a month (includes doorman, cable, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $5076
• Central Air
• No washer/dryer in the unit. Coin laundry in the building.
• Valet attached garage parking
• Bedroom #1: 14×13
• Bedroom #2: 11×13
• Bedroom #3: 11×10
• Living/dining combo: 23×14
• Kitchen: 8×15
• Foyer: 5×9
• 3 Balconies

This 3-bedroom duplex in 1100 N. Lake Shore Drive in the Gold Coast came on the market in March 2022.

Built in 1980, 1100 N. Lake Shore Drive was designed by Harry Weese and has just 76 units, with many of them being duplexed units.

It’s a full amenity building with 24/7 door staff, bike storage, fitness center, party room, sun deck and on-site management.

The building has an attached garage with valet parking for both owners and guests.

This duplex unit has an “architectural” staircase with the living/dining rooms and kitchen on the first floor, along with a half bath and “secret” bar, while the 3 bedrooms and 2 full baths are on the second floor.

This unit has 9 foot ceiling and hardwood floors on the first floor.

The kitchen has wood cabinets, granite counter tops and white appliances. There’s a window over the sink in the kitchen, a rare feature in a highrise.

The primary bedroom is en suite and that bathroom has a soaking tub, a walk-in-shower and heated floors. Is that a window in the bathroom above the sinks?

It has in-unit washer/dryer which is on the second floor.

The unit does not have central air but it has wall unit heating and cooling. Valet garage parking is available.

This building is across the street from Oak Street Beach. The listing says the unit has western sunset and skyline views.

It’s near the shops and restaurants of the Rush Street corridor including the Ace Hardware and Foxtrot. It is surrounded by numerous bus lines and is just steps from the Mag Mile.

Listed in March 2022 at $615,000, it has been reduced to $535,000.

At 2160 square feet, is this a deal?

Matt Laricy at Americorp has the listing. See the pictures here. Sorry, no floor plan.

Unit #23C: 3 bedrooms, 2.5 baths, 2160 square feet, duplex

• Original owner? There’s no prior purchase listed in the CCRD back to 1988
• Originally listed in March 2022 for $615,000
• Reduced
• Currently listed at $535,000
• Assessments of $1857 a month (includes doorman, exercise room, exterior maintenance, Internet, cable, lawn care)
• Taxes of $12,398
• No central air. Wall unit heating/cooling.
• Washer/dryer in the unit
• Attached valet garage parking available
• Bedroom #1: 15×13 (second floor)
• Bedroom #2: 19×13 (second floor)
• Bedroom #3: 12×12 (second floor)
• Living room: 19×34 (first floor)
• Dining room: 12×14 (first floor)
• Kitchen: 10×14 (main floor)

This 3-bedroom full floor penthouse at 2521 N. Ashland in Lincoln Park came on the market in January 2023.

Built in 2012, 2521 N. Ashland is a brick building with 6 units and garage parking.

This unit has south facing floor-to-ceiling windows with 13-foot ceilings.

It has dark hardwood floors throughout, custom millwork in the living/dining room, tray ceilings, wainscoting and a fireplace in the living room.

The unit has a “gourmet” chef’s kitchen with full height white cabinets, marble counter tops and backsplash, a breakfast bar, high-end Dacor stainless steel appliances with double oven and new Bosch dishwasher and wine cooler.

The primary suite has a walk-in-closet and “spa-like” bath with steam shower with body sprays, soaking tub, double vanity and heated floors.

One of the other two bedrooms has its own private balcony.

The unit also has a newly finished, private 850 square foot deck where you can grill.

It also has a Nest thermostat, wet bar, and surround sound throughout the home and deck.

This unit has the features buyers look for including central air, washer/dryer in the unit and 2 heated garage parking spaces are included.

Listed at $965,000, that’s $55,000 higher than the 2021 sale.

Will this seller get the premium for this penthouse?

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

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

• Sold in January 2012 for $590,000
• Sold in July 2014 for $780,000
• Sold in May 2021 for $910,000
• Currently listed at $965,000
• Assessments of $209 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $10,993
• Central Air
• Washer/dryer in the unit
• 2-heated garage parking spaces included
• Fireplace
• Bedroom #1: 18×16
• Bedroom #2: 16×12
• Bedroom #3: 14×11
• Living/dining room: 24×16
• Kitchen: 16×11
• Walk-in-closet: 9×6
• Walk-in-closet: 8×5
• Balcony: 14×6
• Deck: 40×21

This 2-bedroom at 1169 W. Eddy in Lakeview came on the market in January 2023.

Built in 2007, the listing says 1169 W. Eddy is an all brick building with 3 units and garage parking behind the building.

We last chattered about this building in July 2012. Apparently, the developer got caught in the housing bust and could not sell some of these units. According to the prior chatter, Unit #3, the top floor unit, had been rented.

You can see that chatter here.

This unit also didn’t sell until 2012.

The listing says it has “luxurious quality” millwork, crown molding, tray ceiling, and chair rail trim.

There are “authentic” oak hardwood floors throughout and white decadent deep window casings.

It has a wood burning fireplace in the living room with a mantle and granite hearth and a dry bar with granite and a wine fridge.

The kitchen has custom dark cabinets with Subzero and Wolf appliances, granite counter tops, a tile backsplash and an extra tall breakfast bar.

The primary suite has a walk-in-closet and en suite bath with a “massive” natural stone shower with built-in bench, a jacuzzi tub and heated floors.

There is an attached private deck and basement storage.

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

This building is near Wrigley Field and the shops and restaurants of both Southport and Wrigleyville.

Listed in January 2023 for $559,900, it has been reduced $10,000 to $549,900.

This unit sold every two years for a higher price each time until 2016. Now, 7 years later, will the sellers get the premium again?

Elizabeth Amidon at Jameson Sotheby’s has the listing. See the pictures here. Sorry, no floor plan.

Unit #201: 2 bedrooms, 2 baths, no square footage

• Sold in May 2012 for $385,000
• Sold in March 2014 for $435,000
• Sold in April 2016 for $460,000
• Originally listed in January 2023 for $559,900
• Reduced
• Currently listed at $549,900
• Assessments of $185 a month (includes lawn care, scavenger, snow removal)
• Taxes of $11,059
• Central Air
• Washer/dryer in the unit
• Wood burning fireplace
• Bedroom #1: 13×14
• Bedroom #2: 10×11
• Living/dining combo: 24×17
• Kitchen: 9×11
• Deck

This 2-bedroom top floor duplex up at 644 W. Arlington in East Lincoln Park came on the market in January 2023.

644 W. Arlington was built in 1974 and has 44 units and assigned parking.

It’s an elevator building with a bike room and separate storage units.

Some of the units are duplexed, including this one.

The listing says it has been “fully renovated” including the kitchen and 2 bathrooms.

It has hardwood floors throughout and a wood burning fireplace in the living room along with a 2-story wall of windows and a timber loft ceiling.

The first floor has the living room, dining room and kitchen, along with a full bath and one bedroom.

The second floor has the second bedroom and second full bathroom, however the second bedroom is lofted and open to the space below.

It also has direct access to a large, deeded roof top terrace with skyline views.

The kitchen has wood cabinets and stainless steel appliances.

The unit has assigned parking, wall unit cooling but no washer/dryer in the unit. There is a shared laundry room in the building.

This building is in the middle of all of the shops and restaurants of East Lincoln Park.

Listed at $475,000, that’s double the 2010 purchase price but that was an “estate sale” and the listing said it was being sold “as-is.”

This is only the second sale of this unit since 1988.

Is this still a deal for the location?

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

Unit #5F: 2 bedroom, 2 baths, no square footage listed, duplex up

• There’s no original price listed in the CCRD
• Sold as an “estate sale” in February 2010 for $236,000
• Currently listed at $475,000
• Assessments of $636 a month (includes heat, gas, parking, cable, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $6517
• No central air, but wall units
• No washer/dryer in the unit. Shared laundry in the building
• Assigned parking space
• Wood burning fireplace
• Bedroom #1: 16×10 (main floor)
• Bedroom #2: 13×10 (second floor)
• Living room: 20×13 (main floor)
• Dining room: 10×8 (main floor)
• Kitchen: 10×8 (main floor)
• Deck: 15×25 (second floor)

This 2-bedroom in Millennium Centre at 33 W. Ontario in River North came on the market in January 2023 listed as a short sale.

Built in 2003, Millennium Centre has 363 units and attached garage parking.

It’s a full service building with 24-hour door staff, an outdoor pool, fitness center, package in-unit delivery service, bike room, and a party room.

This unit has a split floor plan with skyline views.

It appears there are hardwood floors throughout the main living space and the bedrooms.

The kitchen has wood cabinets, what looks like granite counter tops and black appliances.

It’s unclear if there is primary suite but there appears to be a walk-in-closet.

It has the features that buyers look for including central air and washer/dryer in the unit. There doesn’t appear to be parking with the unit but it’s available to rent in the neighborhood (and the building?).

This unit is in the heart of River North near Trader Joe’s, Jewel, shops and restaurants and will also be near the new temporary casino.

This unit has come on the market listed as a “short sale” at $425,000. A lis pendens foreclosure was filed on it in April 2022.

But the last sale, in 2010, was also a distress sale. The bank took back the unit in the housing bust, in 2009 and sold it for $309,000.

The 2010 listing said: “Great investment opportunity. Corp owned Property Sold “As-Is” Condition.”

Are short sales and distress sales about to take off in Chicago’s struggling downtown?

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

Unit #33F: 2 bedrooms, 2 baths, 1295 square feet

• Sold in November 2003 for $565,000
• Bank owned in April 2009
• Sold “as-is” in October 2010 for $309,000
• Lis pendens foreclosure filed in April 2022
• Listed as a “short sale” in January 2023 for $425,000
• Central Air
• Washer/dryer in the unit
• No Parking
• Bedroom #1: 14×11
• Bedroom #2: 12×10
• Living/dining room: 16×15
• Kitchen: 12×7