Crib Chatter

Sorry about the delay in posting the latest sales data but I had the wrong date for the release so I missed it by a day. (whoops!)

As expected, March homes sales slid 20.1% compared to 2010 which was boosted by the home buyer tax credit. The median home price also fell.

From the Illinois Association of Realtors:

In the city of Chicago, March home sales (single family and condominiums) totaled 1,450, up 37.3 percent from 1,056 sales in the previous month and down 20.1 percent from 1,814 homes sold in March 2010.

The city of Chicago median price in March 2011 was $191,000 up 7.6 percent compared to $177,500 in February 2011 and down 8.6 percent from a year ago in March when it was $209,000.

Here’s a breakdown of the March statistics since 2007:

• March 2011: 1450 sales
• March 2010: 1814  (tax credit boost)
• March 2009: 1212
• March 2008: 2044
• March 2007: 2311

The median price continues to fall.

• March 2011: Median price of $191,000
• March 2010: $209,000
• March 2009: $219,000
• March 2008: $300,000
• March 2007: $285,000

It was the 9th straight monthly sales decline.

“Comparing the housing market in 2011 with 2010 and 2009, the sales volume is recovering; however, the housing prices remain well below prior year levels although the trend suggests some modest price recovery. The removal of foreclosed properties from the inventory will have long-term positive benefits to the housing market. However, in the near-term the presence of these properties serves as a significant break on any upward trend in prices,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois.

This was the first month the IAR highlighted the median condo sales price in Chicago in its press release, which actually rose year over year.

“In March 2011 over the same period in 2010, the city of Chicago saw an increase in the Chicago condo median price to $275,000 from $267,500 in March 2010. If activity remains steady, we will continue to see absorption of inventory in the traditional market, given more lending options become consumer-friendly to qualified buyers,” said Mabel Guzman, president of the Chicago Association of REALTORS® and a REALTOR® with Envision Real Estate LLC, Chicago.

“We remain highly engaged in the issues relating to government sponsored enterprise (GSE) reform, as any changes can hinder borrowers from being able to purchase a home. We are closely monitoring current trends and the distressed marketplace, along with appraisals, to determine their collective impact on values and housing affordability in the city of Chicago.”

March Illinois Home Sales Show Momentum Heading into Spring Market [Illinois Association of Realtors, Press Release, April 20, 2011]

This 3-bedroom triplex unit at 2300 W. Armitage in Bucktown recently came on the market.

You enter this unit from the center courtyard.

You wouldn’t call it a loft but it has some of the lofty features including high ceiling.

The kitchen has unique Italian cabinetry with blue cabinets and stainless steel appliances.

The south facing unit has 2 bedrooms on the second floor and the third on the third floor along with a rooftop deck.

It has a glass staircase.

Confused? Check out the floorplan.

The unit also has central air, in-unit washer/dryer and parking.

Priced $24,000 over the 2008 purchase price, will it get the premium price?

Anne Coleman at LivingRoom Realty has the listing. See the pictures and floorplan here.

Unit #1: 3 bedrooms, 3.5 baths, triplex, no square footage listed (but the prior listing said it was 2500 square feet)

• Sold in July 2001 for $560,000
• Sold in June 2008 for $675,000
• Currently listed for $699,000 (parking included)
• Assessments of $279 a month
• Taxes of $7823
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 16×14 (second level)
• Bedroom #2: 12×10 (second level)
• Bedroom #3: 10×15 (third level)

This 3-bedroom at 2115 N. Cleveland in Lincoln Park was listed in February 2011.

In that time, it has been reduced $126,000 and is now listed $96,000 under the 2006 purchase price.

Even though it was built in 1891, it appears to have all the things buyers look for including central air, washer/dryer in the unit and on-site parking.

The unit still has some vintage features including a wood burning fireplace, high ceilings, crown molding and built-in bookshelves.

The kitchen has stainless steel appliances and granite counter tops.

The master suite has a marble bath.

Is this a deal?

Clare Zaro at Coldwell Banker has the listing. See the pictures here.

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

• Sold in October 1988 for $162,000
• Sold in January 2000 for $365,000
• Sold in August 2001 for $415,000
• Sold in August 2005 for $545,000
• Sold in May 2006 for $570,000
• Originally listed in February 2011 for $600,000
• Reduced
• Currently listed for $474,000
• Assessments of $299 a month
• Taxes of $7824
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 18×23
• Bedroom #2: 10×10
• Bedroom #3: 10×11

In February 2011, we chattered about this 4-bedroom frame house at 1019 W. George  in Lakeview which came on the market as a “pre-foreclosure.”

See our prior chatter here.

It went under contract in one day as a “cash only” deal.

It previously sold for $1.2 million in 2007 and was listed at $399,900.

The listing said “rehab work required” and showed a picture of the kitchen, which was intact, with a hole in the ceiling.

Some of you cried foul and declared this an “insider” deal.

A couple of days ago, the property came back on the market and was reduced $50,000.

It is, once again, under contract.

But the listing has quite a few, shall we say, different looking pictures than the one in February.

Do the new listing pictures change your mind about whether this is a deal?

George Cuevas at Exit Strategy Realty has the listing. See the pictures here.

1019 W. George: 4 bedrooms, 3.5 baths, 4200 square feet, 2 car garage

• Sold in May 1991 for $450,000
• Sold in August 2004 for $1.18 million
• Sold in July 2007 for $1.23 million
• Originally listed in August 2008 for $1.299 million
• Reduced several times
• Was listed in October 2009 for $979,000
• Withdrawn
• Was listed in February 2011 as a “pre-foreclosure” at $399,900
• Under Contract the first day it was listed
• Fell out of contract
• Reduced
• Re-listed on April 14, 2011 as a “pre-foreclosure” for $349,900
• Under Contract
• Cash Only
• Subject to 3rd party approval
• Taxes of $16,117
• Central Air
• Bedroom #1: 18×13 (second floor)
• Bedroom #2: 18×14 (second floor)
• Bedroom #3: 15×13 (second floor)
• Bedroom #4: 16×11 (lower level)

We last chattered about this 5-bedroom contemporary house at 838 W. Webster in September 2010.

See our prior chatter here.

It was withdrawn from the market in January 2010 but has now returned and has been reduced $550,000.

If you remember, the house is an AIA design interior architecture award winner.

Built in 2004 on an oversized 48×115 lot, the living room has 20 foot high ceilings and a wall of windows which opens onto the 22×40 courtyard.

In all, the house has 2400 square feet of outdoor space in 7 locations.

The finishes are what you would expect from a luxury home.

There is a Poliform kitchen with stainless steel appliances and black granite counter tops.

The house also has a rare attached 3-car garage which is accessed through the kitchen.

With the upper bracket market showing some signs of life (a $4+ million single family home just sold in Lincoln Park last week), will this home now find a buyer?

Millie Rosenbloom at Baird & Warner now has the listing. See the pictures here.

838 W. Webster: 5 bedrooms, 3.5 baths, 3 car garage, no square footage listed

• Sold in October 2001 for $1.615 million (the prior house)
• Was listed in September 2010 for $4.95 million
• Withdrawn in January 2011
• Reduced
• Currently listed for $4.4 million
• Taxes now are $42123
• Central Air through 4 HVAC units
• Basement rec room
• Bedroom #1: 19×14 (second level)
• Bedroom #2: 19×15 (second level)
• Bedroom #3: 15×15 (third level)
• Bedroom #4: 15×15 (third level)
• Bedroom #5: 11×13 (third level)

This 2-bedroom in the John Hancock at 175 E. Delaware in the Gold Coast recently came on the market.

Built in 1969 with over 700 units, the John Hancock boasts many residences that have not been updated in decades.

This unit was bought in August 2010 and has been completely renovated with contemporary kitchen and bath finishes.

The oak herringbone floors are among the only original features remaining.

The kitchen has brown and white euro-style cabinets with Wolf and Subzero appliances.

This unit has a sky terrace (a built-in “terrace”) measuring 8×9 and several windows that actually open.

While there is no central air, there are wall units.

Until a few years ago, in-unit washer/dryers were not allowed but this unit now has the hook-ups.

Parking is leased in the building.

And don’t forget, the building has its own grocery store.

KITCHEN BEFORE:

KITCHEN AFTER:

BATHROOM BEFORE:

BATHROOM AFTER:

Andrew Glatz at Crown Heights Realty has the listing. See more pictures here.

Unit #6910: 2 bedrooms, 2 baths, 1500 square feet

• Bought in May 1987 (no sales price listed)
• Lis pendens filed in February 2008
• Bank owned in January 2009
• Sold in August 2010 for $390,000
• Originally listed in March 2011 for $649,770
• Currently still listed for $649,770
• Assessments of $1117 a month (includes doorman)
• Taxes of $6423
• No central air- wall units
• Washer/Dryer hook-ups in the unit
• Parking is leased
• Bedroom #1: 12×22
• Bedroom #2: 14×11
• Sky terrace: 8×9

The Chicago Tribune’s Mary Umberger recently interviewd Barbara Corcoran, the NY real estate mogul who started her own real estate brokerage with $1,000 and sold it for $70 million. She is now the Today Show’s real estate contributor.

While she didn’t talk directly about the Chicago market, I thought some of her comments were interesting given the recent discussion about how “hot” Chicago’s housing market apparently is this spring.

Q. Do you think the real estate industry should shoulder the blame for the buildup and eventual collapse of the housing bubble?

A. Everyone was guilty. First off, no one saw the bubble popping. Everybody helped fuel the bubble — most importantly the buyers. They had a fear of being left behind.

Then, I would put “easy money” on the list. And then the brokers, who were happy to accommodate what was fueling their business.

Q. What’s it going to take put momentum back into the housing market, to stimulate sales again?

A. People aren’t comfortable buying in a market that has a lot of negative chitchat going on. The only reports they hear are the negative ones, the ones that say you have to be foolish to jump out there. The majority of people like buying in a pack, they like waiting in line for a restaurant. If they’re the only ones visiting an open house, they’re nervous.

What’s it going to take? It’s going to take people losing a few houses that they bid on. That’s what turns every market around.

Look at San Francisco, where prices have been going up for about nine months. My stepdaughter wanted to buy a house. She’s smart and rational, she’s traded real estate all her life, and she’s having a baby and needs to buy a bigger house.

But she wouldn’t do it until she went house-shopping and found out that the two houses she liked had already been taken. There’s no better medicine for the shakes than to lose to the next buyer. So she went out and bought a house.

The No. 1 rule in real estate is, everybody wants what everybody wants, and nobody wants what nobody wants.

Some of you were calling a “bottom” in the Chicago housing market in a prior thread.

Milkster actually named the date.

I’m calling a bottom. It was December 31st 2010.

When I first started my search in the summer of 2009, my agent asked me what I wanted. I said I wanted a studio in Lincoln Park for 50K. (The best, most desirable area at a cheap price.) This never happened. Pricing in the GZ has gone down a little, but I’m not seeing any steals.

As a contrast, there are some really cheap properties in the outer neighborhoods, but they often come with a host of problems, so even though they’re cheap, they’re not a steal (i.e. homes in gangland or in need of gut renovation or condos with disintegrated HOAs). I think you need a lot of luck to find your unicorn criteria at a good price.

We’ve been bouncing around the bottom since summer 2009. Back then, there were some cheap things which sat on the MLS for a long time with no takers. Now it’s like if something cheap hits, if you don’t get a bid in at full asking price or higher that same day, you’re cut out of the process.

Chris M hedged his bets about the bottom.

Milkster – I’m not going to call a bottom on prices, but I’m willing to call a bottom on affordability…I believe housing affordability (considering both prices and mortgage rates) may have hit bottom in October 2010. I wouldn’t be surprised if prices fall some more, but I don’t think that monthly mortgage payment will fall below what it was in late fall of last year.

Even Dan, who has been bearish, is reconsidering whether or not this is the bottom.

I am starting to think we’ve bottomed (in the good locations) and that inflation will roar. I think the stock market is maxed out, so I could see someone with financial assets plowing some of that instead into more equity for a well-located house, second home, or something like that. I used to totally agree with HD about the market, but have shifted somewhat due to thinking through the scenario above. What do you think of the rationale?

Has the Chicago market bottomed?

(FYI: We’ll get the March sales data later this week.)

Barbara Corcoran: Turning a negative market into a positive one [Chicago Tribune, Mary Umberger, April 15, 2011]

We haven’t chattered about Rogers Park in awhile.

This 2-bedroom unit at 7625 N. Eastlake Terrace recently came on the market.

It is bank owned.

The unit is listed $92,200 under the 2005 purchase price but is still priced above the 2004 purchase price.

The 40-unit building was constructed in 1997.

It has hardwood floors throughout.

The listing says it has lake views from the balcony.

The kitchen has white cabinet and white appliances.

The 1160 square foot unit also has the amenities buyers look for including parking, central air and washer/dryer in the unit.

On a side note: you’ll notice it took the bank 2 years to take possession after it filed the lis pendens foreclosure notice.

Is this unit a deal?

John Federici at Krain has the listing. See the pictures here.

Unit #302: 2 bedrooms, 2 baths, 1160 square feet

• Sold in March 1997 for $175,000
• Sold in September 2004 for $158,000
• Sold in October 2005 for $274,000
• Lis pendens foreclosure filed in February 2009
• Bank owned in February 2011
• Originally listed in March 2011 for $181,800
• Currently still listed for $181,800 (includes parking)
• Assessments of $336 a month (includes cable)
• Taxes of $3467
• Bedroom #1: 15×11
• Bedroom #2: 11×11

This 3-bedroom townhouse at 1756 W. Pierce in Wicker Park has been on the market since November 2009.

In that time, it has been reduced $108,000.

It is now listed not only under the 2005 purchase price, but it appears under the 1999 purchase price as well.

The townhouse, part of a 2-unit association (it is the one on the right in the picture above), has all 3 three bedrooms on the second and third levels.

There is a lower level family room.

The kitchen has maple cabinets, stainless steel appliances, and granite counter tops.

The townhouse has central air, a garage and a rooftop deck.

Is this a steal for the location?

Ian Schwartz at Coldwell Banker has the listing. See the pictures here.

1756 W. Pierce: 3 bedrooms, 2.5 baths, no square footage listed

• Sold in May 1999 for $340,000
• Sold in March 2002 for $415,000
• Sold in August 2005 for $450,000
• Originally listed in November 2009 for $447,000
• Reduced numerous times
• Currently listed at $339,000
• No assessments
• Taxes of $7976
• Central Air
• Bedroom #1: 13×13 (second level)
• Bedroom #2: 12×10 (second level)
• Bedroom #4: 10×11 (third level)
• Family room: 19×11 (lower level)

This 4-bedroom vintage greystone at 932 W. Wolfram in Lakeview has been on and off the market for 2 1/2 years.

In that time period it has been reduced $340,000.

The house is now listed $75,000 under the 2006 purchase price.

Built in 1888, the greystone still has many of its vintage features intact including original Fret woodwork, built-ins and stained glass.

There are 2 woodburning fireplaces.

The listing says the kitchen is “new” with stainless steel appliances and silestone counters.

3 out of the 4 bedrooms are on the second level with the fourth in the lower level along with a family room and a second kitchen.

Built on a 25×124 lot, it has central air and a 2-car garage.

It is, however, located just a few houses away from the Brown/Red/Purple El lines.

What price will it take to finally sell this house?

Joseph Metzger at Prudential Rubloff has the listing. See the pictures here.

932 W. Wolfram: 4 bedrooms, 4 baths, 2 car garage, no square footage listed

• Sold in December 1993 for $265,500
• Sold in May 2006 for $960,000
• Originally listed in October 2008 for $1.225 million
• Reduced numerous times
• Currently listed for $885,000
• Taxes of $11,329
• Central Air
• Bedroom #1: 19×12 (second level)
• Bedroom #2: 14×10 (second level)
• Bedroom #3: 10×8 (second level)
• Bedroom #4: 11×8 (lower level)
• Family room: 50×11 (lower level)
• 2nd kitchen: 10×9 (lower level)