Crib Chatter

Redfin recently put out data indicating which housing markets are cooling the most, and the least.

Seattle, as you might imagine, is one of those cooling the most now that rates have hit 7%. Seattle’s median price is high and many buyers are now priced out.

But in Chicago, and the Midwest, in general, housing is more affordable. That means, in these metro areas, home prices aren’t cooling as much.

Chicago, and two suburban areas, made the top ten list of those holding up better.

From Redfin:

Lake County, IL–located about 45 miles north of Chicago–is holding up better than any other metro in this analysis. It’s followed by Albany, NY and Chicago. Rounding out the top 10 are New Haven, CT, Milwaukee, New Brunswick, NJ, Elgin, IL, Bridgeport, CT, Pittsburgh and El Paso, TX.

That’s according to a Redfin analysis that ranks the 100 most populous U.S. metropolitan areas based on how quickly or slowly they’re cooling, according to changes in numerous metrics from February 2022 to August 2022. Those metrics are prices, price drops, supply, pending sales, sale-to-list ratio and speed of home sales. The housing markets holding up best are those that are cooling slowest.

It helps that the Midwest has a bunch of affordable housing. Many cities don’t have homes for sale under $300,000 anymore.

The lower the home price, the lower the dollar impact on monthly mortgage payments. With today’s 6% mortgage rates, the typical monthly payment on a $310,000 home–Chicago’s median sale price–is $2,000. That’s up from about $1,600 with the 3% rates common at the beginning of the year–a sizable increase, but smaller than the $1,100 monthly-payment uptick on the typical home in Seattle, where the housing market is cooling quicker than any other U.S. metro.

Interestingly, even with higher mortgage rates, demand hasn’t dropped as much in the Chicago metro area but it has ground to a halt in other cities. There are still some buyers looking.

Is it our affordability?

Is it a strong job market?

Crain’s recently had an article about the sale of the house in Hyde Park that was owned by Bill and Melinda Gates. It went under contract in just 9 days and sold for more than they paid for it when their son started college at the University (he has now graduated so they sold.)

Inventory is still low in many neighborhoods and for certain types of housing, such as single family homes.

Here are some current inventory levels. These are homes on the market and NOT under contract/pending per Redfin.

• Lakeview: 407
• Wicker Park: 84
• Logan Square: 120
• Lincoln Park: 346
• Hyde Park: 96

We’ve chattered about how inventory is much higher in downtown neighborhoods, especially the Gold Coast.

But even with rates at 7%, inventory is not surging. Many properties are selling quickly because there isn’t enough on the market and some buyers ARE looking.

The South Loop was the epicenter of the housing bubble in Chicago, with thousands of new condos built. The national press called the South Loop the hottest neighborhood in the country during that time as condo tower after condo tower went up.

In September 2022, there are just 380 properties on the market.

Chicago didn’t see the huge price appreciation and boom like cities in Florida, Texas, Nevada and the Carolinas saw during the pandemic.

Will this be a blessing in disguise with 7% mortgage rates?

Affordable Midwest and East Coast Markets are Holding Up Best as the US Housing Market Cools [Redfin News, by Dana Anderson and Sheharyar Bokhari, September 27, 2022]

This 3-bedroom duplex up penthouse loft in River North Commons at 520 W. Huron in River North came on the market in September 2022.

Built in 1912, it has 197 units and attached garage parking. It was converted into lofts in 2000.

It has 24-hour doorstaff, on-site management, a bike room and an exercise room.

This loft has authentic loft features including exposed brick walls, timber beams and a timber 12-13 foot ceiling on the main level. The listing says the second level has 10 foot ceilings.

It’s a northeast corner unit with windows along both walls.

There are hardwood floors throughout the main level.

The listing says the walls have been “freshly painted” along with the kitchen cabinets and vanities.

The kitchen has white cabinets, granite counter tops and stainless steel appliances along with a peninsula that seats 3.

2 bedrooms and 2 bathrooms are located on the main floor, including the primary.

It appears that both bedrooms are fully enclosed with walls to the ceiling.  The primary suite has a walk-in-closet and an en suite bath with a double vanity, a tub and separate shower.

The second bedroom has a window.

The third bedroom is on the second floor which the listing calls “flex space.”

The third bathroom and laundry room are also on the second floor, along with a rooftop wraparound deck with “protected” city views.

The loft comes with 2 deeded heated garage spaces included in the price.

It has central air and the listing says it got a new furnace in 2022.

The listing also says there is no rental cap in the building and it has $1 million in reserves.

If you are a pet lover, the listing states:

“Residents are limited to two pets (dog/cat) per unit OR two fish tanks per unit. Each dog cannot exceed 100lbs and each fish tank cannot exceed a total of 50 gallons.”

This building is near the Chicago River and the restaurants of West River North.

Listed in September 2022 for $850,000, it has been reduced $51,000 to $799,000.

At 2,040 square feet and 2-car parking, is this a deal?

Elizabeth Ballis and Nicole Niermeyer at Compass have the listing. See the pictures and floor plan here.

Unit #610: 3 bedrooms, 3 baths, duplex up, penthouse, 2040 square feet, loft

• Sold in June 2000 for $550,000
• Sold in December 2001– but can’t tell at what price. CCRD just says $70,000- but maybe $570,000?
• Originally listed in September 2022 for $850,000
• Reduced
• Currently listed at $799,000
• Assessments of $1275 a month (includes doorman, parking, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $16,158 (includes 2 parking spaces)
• Central Air
• Washer/dryer in the unit
• 2 deeded heated garage spaces included
• Bedroom #1: 18×15 (main level)
• Bedroom #2: 12×11 (main level)
• Bedroom #3: 18×15 (second level)
• Living/dining combo: 23×21 (main level)
• Kitchen: 17×8 (main level)
• Foyer: 14×11 (main level)
• Walk-in-closet: 8×5 (main level)
• Laundry: 9×7 (second floor)
• Balcony: 13×5 (main level)
• Deck: 30×28 (second level)

I’m going to the beach again. Thank goodness I didn’t book in the Caribbean as the hurricane season is finally picking up steam.

Of course, no beach location is guaranteed this time of the year. Lol.

The Illinois Association of Realtors is out with the August sales report this week. I’ll have coverage of that when I return.

The market is still slow. Sales have fallen off a cliff. Mortgage rates fell into the 5s in August but are now back over 6%. I’m expecting the Chicago market to remain slow for the next 6 months.

There was a burst of inventory over the summer as sales slowed but inventory has stabilized and remains low. Seems like sellers don’t want to list right now either.

I’ll see you on the 26th.

Play nice,

Sabrina

This 2-bedroom loft in Union Square Loft at 333 W. Hubbard in River North came on the market in July 2022.

Union Square Lofts were built in 1962 and converted into residential lofts in 1998. There are 217 units and attached garage parking.

The building has 24/7 door staff, an on-site engineer, storage, a bike room and a dry cleaners.

The listing says this unit has had a “full gut rehab” with new hardwood floors throughout.

The loft has high ceilings with some exposed brick on the wall with windows.

It has a new kitchen with custom wood contemporary Omega &* Allure white and gray cabinets with Vadara countertops, high end appliances including Viking Pro, Fisher Paykel, a microwave drawer, Best hood and a Panel refrigerator. The island seats 4.

There’s also a dry bar with a 44 bottle wine refrigerator with a built-in espresso machine.

The primary suite has a custom walk-in-closet with a spa-like steam shower, double custom vanity, Graff faucets, heated floors and smart toilet. It has a window.

The second bedroom has oversized custom built closet but doesn’t have a window.

The loft has a brand new washer/dryer, central air, and garage parking is included.

There’s a west facing balcony off the living room.

This building is near the East Bank Club and shops and restaurants of River North and the River Walk.

Originally listed in July 2022 for $849,900, it has been reduced $99,900 to $750,000.

Will the price cuts get the deal done?

Ariel Marini at Continuum Real Estate Brokers has the listing. See the pictures and floor plan here.

Unit #523: 2 bedrooms, 2 baths, 1600 square feet

• Sold in September 1998 for $279,500
• Sold in September 2000 for $416,000
• Sold in March 2002 for $27,000 (assuming this was the parking space)
• Sold in October 2006 for $485,000
• Sold in April 2019 for $440,000
• Originally listed in July 2022 for $849,900
• Reduced
• Currently listed at $750,000
• Assessments of $1057 a month (includes heat, a/c, gas, doorman, cable, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $9087
• Central Air
• Washer/dryer in the unit
• Garage parking included
• Bedroom #1: 16×10
• Bedroom #2: 12×10
• Living room: 19×20
• Dining room: 11×10
• Kitchen: 14×10

This 3-bedroom duplex up in 1120 N. Lake Shore Drive came on the market in May 2021.

1120 N. Lake Shore Drive was built in 1924-25 by Robert S. De Golyer.

According to Chicago Apartments: A Century of Lakefront Luxury, it was Chicago’s tallest co-op at the time it was completed in 1925, at 18 stories.

The upper floors have duplexes.

Originally planned to have 58 apartments, the book says there are 40 apartments today. It also remains a co-op today.

It’s a full service building with a 24-hour doorman, live-in engineer, on-site property manager, dog washing station, fully equipped gym and courtyard with outdoor grilling area to be designed this fall.

Dogs and cats are allowed.

There’s no parking with the building but it’s apparently available in the neighborhood.

The listing says this unit is a “designer’s dream blank slate” and it “feels like a house inside a fine Gold Coast pre-war co-op building.”

The main level has the living room, kitchen, a powder room and a dining room turned into a library.

There is a wall of bookcases, some double deep, in the north facing living room. It also has a vented gas log fireplace and hardwood floors.

Adjoining the living room is the library, which used to be the dining room, with its built-in bookcases. The listing says it can be converted back to a dining room.

The kitchen has white cabinets, stainless steel appliances, what looks like wood countertops and 2 south facing window seats.

The second floor has all three bedrooms and two bathrooms.

The listing says a washer/dryer can be installed in the unit. It doesn’t have central air, but just window units. There’s no garage with the building but it’s available to rent in the neighborhood.

Originally listed in May 2021 at $635,000, it has been reduced $140,000 to $495,000.

Is this a deal?

Monique Crossan at Berkshire Hathaway HomeServices has the listing. See the pictures and floor plan here.

Unit #6-7D: 3 bedrooms, 2.5 baths, duplex up, co-op

• I couldn’t find a former price as it’s a co-op
• Originally listed in May 2021 for $635,000
• Reduced several times
• Currently listed at $495,000
• Assessments of $2766 a month (includes heat, electricity, doorman, cable, exercise room, lawn care, scavenger, snow removal- not sure about taxes. They aren’t listed and there are taxes listed separately.)
• Taxes of $8865
• No central air- window units
• Steam/radiators
• No washer/dryer in the unit but listing says it can be installed. Coin laundry in the building.
• Gas log fireplace
• Bedroom #1: 19×12 (second floor)
• Bedroom #2: 17×13 (second floor)
• Bedroom #3: 15×13 (second floor)
• Living room: 24×15 (main floor)
• Library: 24×15 (main floor)
• Kitchen: 15×14 (main floor)
• Foyer: 9×4 (main floor)
• Walk-in-closet: 6×5 (second floor)

This 3-bedroom at 236 S. Racine in the West Loop came on the market in June 2022.

Built in 2017, this building has 20 units and attached garage parking. It’s an elevator building.

The listing says it was built solid with concrete between all units.

This is a Southeast corner unit with skyline views and a huge wraparound balcony that is 48×5 and 22×5.

It has the modern styling of open concept living/dining room and kitchen.

There are hardwoods throughout.

The kitchen has custom modern cabinets in white and wood, Viking stainless steel appliances, a wine fridge, and a 12 foot quartz island.

The primary suite has a walk-in-closet and a “spa-inspired” bath with rain shower, double sink quartz vanity and heated floors. It walks out to the wraparound balcony.

It has the features buyers look for including central air and washer/dryer in the unit and says that there is heated garage parking available for additional (but doesn’t say how much).

This building is near shops, such as the Target, and restaurants of the West Loop.  It’s near United Center and UIC.

The listing says it’s in the Skinner School District.

Listed in June 2022 for $890,000, it has been reduced $11,000 to $879,000.

But that is still $159,000 above the 2019 sales price of $720,000.

Will they get the premium?

Vicki Vranas at Berkshire Hathaway HomeServices has the listing. See the pictures and floor plan here.

Unit #201: 3 bedrooms, 2.5 baths, 1774 square feet

• Sold in February 2019 for $720,000 (no parking listed)
• Originally listed in June 2022 for $890,000
• Reduced
• Currently listed at $879,000
• Assessments of $349 a month (includes exterior maintenance, scavenger, snow removal)
• Taxes of $16,369
• Central Air
• Washer/dryer in the unit
• Heated garage parking is “additional”
• Bedroom #1: 12×16
• Bedroom #2: 12×11
• Bedroom #3: 12×11
• Living/dining combo: 37×17
• Kitchen: 12×9
• Deck: 5×48
• Deck: 5×22

This corner 2-bedroom duplex up loft in the Paulina Lofts at 1737 N. Paulina in Bucktown came on the market in September 2022.

Built in 1904, the Paulina Lofts have 27 units and exterior gated parking.  There’s no doorman or amenities.

This is a top floor corner unit with exposed brick and 14 foot timber ceilings that are painted white.

It has skylights.

The listing says the unit has had a “full renovation and custom redesign in 2020.”

The fully renovated kitchen has “all new” gray (black?) cabinets, an island that seats three, stainless steel appliances, white countertops, and open shelving.

The hardwood floors have been “refinished” and there are now hardwoods in both bedrooms.

The listing says the unit has new doors, trim, hardware and lighting throughout.

The primary bedroom appears to have an en suite bath.

There’s also a spiral staircase that leads up to an office with an indoor doghouse with dry bar and double sliding doors that lead to a new composite rooftop deck with black steel railing that has views of the city skyline.

This loft has the features buyers look for including central air, washer/dryer in the unit and 1 gated exterior parking spot which is included.

This building is near the 606 and the shops and restaurants of North and Damen.

Buyers love “new.”

Listed at $675,000, will this loft get the premium?

Brittany Bussell and Mike Rasmussen at @Properties Christie’s have the listing. See the pictures here (sorry, no floor plan).

Unit #305: 2 bedrooms, 2 baths, 1626 square feet, loft

• Sold in September 1992 for $221,500
• Sold in December 1994 for $225,000
• Sold in August 2004 for $352,000
• Sold in February 2012 for $345,000
• Sold in February 2020 for $440,000
• Currently listed at $675,000
• Assessments of $515 a month (includes security, exterior maintenance, scavenger, snow removal)
• Taxes of $10,560
• Central Air
• Washer/dryer in the unit
• 1 gated exterior parking space included
• A double sided wood burning fireplace
• Bedroom #1: 12×11
• Bedroom #2: 14×12
• Living room: 18×18
• Dining room: 13×10
• Kitchen: 13×11
• Office: 14×8 (second floor)
• Foyer: 19×4
• Deck: 19×15 (second floor)

This corner 4-bedroom row house at 358 W. Wisconsin in Old Town came on the market in September 2022.

Built in 1890, the rowhouse is on a 20×80 lot and has a 2-car garage.

For those old-timers on this site who have a keen eye, we have chattered about this row house before, 11 years ago, in 2011.

In 2011, it was listed as a 2-flat, with the first floor space acting as a 1-bedroom apartment.

See that chatter here.

It has 11 foot ceilings on the second floor and hardwood floors throughout.

There aren’t many vintage features remaining on the interior but it does have 3 working fireplaces including one in the living room, one in the dining room/kitchen and one in the main floor family room/living room.

It has skylights.

The second floor is the main living space with the living room, dining room, kitchen and a half bath.

The kitchen has wood cabinets with stainless steel appliances and an island that is open to the dining room.

It also leads to a grilling deck.

There are 3 bedrooms on the third floor, the washer/dryer and one full bath that is a jack-and-jill bathroom between two of the bedrooms.

The main level has the fourth bedroom, a second full bathroom, a small kitchen with stainless steel appliances and white cabinets and a living/family room. The listing says this level could be a nanny or in-law suite.

The row house also has a large deck on top of the 2-car garage.

There’s no central air, just window units.

This row house is near the Lincoln Park Zoo and the shops and restaurants of Old Town.

In 2011, it was originally listed at $950,000 and was reduced but never sold and was withdrawn from the market.

In 2022, it has come on at $1.25 million.

Will it have more success this time around?

Linda Broznowski and Kimberly Broznowski Powers at @Properties Christie’s have the listing again (it is agent owned). See the pictures and floor plan here.

358 W. Wisconsin: 4 bedrooms, 2.5 baths, no square footage listed, row house

• Sold in August 1994 for $312,000
• Sold in January 1997 for $380,000
• Originally listed in July 2011 for $950,000
• Withdrawn in 2011
• Currently listed at $1.25 million
• Taxes are now $12,835 (they were $10,877 in 2011)
• Window unit cooling
• 2-car garage
• 3 fireplaces
• Bedroom #1: 17×14 (third floor)
• Bedroom #2: 13×11 (third floor)
• Bedroom #3: 7×10 (third floor)
• Bedroom #4: 12×14 (main level)
• Living room: 19×20 (second floor)
• Dining room: 9×14 (second floor)
• Kitchen: 10×14 (second floor)
• Family room: 11×20 (main floor)
• Second kitchen: (isn’t listed) (main floor)
• Deck: 11×18 (second floor)
• Terrace: 21×24 (second floor)

This 2-bedroom loft in Erie Center Lofts at 375 W. Erie in River North came on the market in September 2022.

Erie Center Lofts is an authentic brick and timber loft building with 106 units and heated garage parking.

It has an exercise room, party room and 2 large common rooftop decks as well as 24-hour door staff.

The listing says this brick and timber loft has been “completely renovated.”

It has south facing windows, exposed brick walls and timber beamed ceilings.

The loft has reclaimed barn wood throughout with custom barn doors on the second bedroom which has been fully enclosed.

Both bedrooms have walls to the ceiling and have internal windows but it looks like the primary bedroom may not have a door.

There are white stained hardwood floors in the main living space and foyer.

The chef’s kitchen has been “fully remodeled” with custom cabinets, quartz counter tops, an island with cabinets and seating for 3, and new stainless steel appliances including a Zephyr hood fan.

The loft has a stone fireplace with a a custom mantle and reclaimed wood.

The primary suite has a south facing balcony, a reclaimed wood wall, an 11 x 11 organized walk-in-closet, and a new spa bath with oversized shower with Carrera marble herringbone tile, bench and designer Kohler fixtures, custom cabinets, mirrors and lighting.

It has the features that buyers look for including central air, washer/dryer in the unit and one heated garage parking space is including the price and there is a second one on the same floor available for $30,000.

Erie Center Lofts is near the River Walk, dog parks, the East Bank Club and shops and restaurants of River North.

The loft has been listed at $635,000, or $135,000 above the 2018 sales price of $500,000.

Buyers love “new”.

Will this renovated loft sell quickly?

Karen Ranquist at Berkshire Hathaway HomeServices has the listing. See the pictures, video tour and 3D Walkthrough here.

Or see it in person at the Open House on Sunday, September 11, from 11 AM to 1 PM.

Unit #523: 2 bedrooms, 2 baths, no square footage listed, loft

• Sold in September 2000 for $350,000
• Sold in October 2001 for $355,000
• Sold in February 2002 for $350,000
• Sold in August 2005 for $399,000
• Sold in May 2015 for $475,000
• Sold in February 2018 for $500,000 (included one car parking)
• Currently listed at $635,000 (includes one car parking)
• Assessments of $603 a month (includes doorman, cable, exercise room, exterior maintenance, scavenger, snow removal)
• Taxes of $9947
• Central Air
• Washer/dryer in the unit
• One car garage parking included, second available for $30,000 extra
• Fireplace
• Bedroom #1: 14×11
• Bedroom #2: 14×11
• Living/dining combo: 24×16
• Kitchen: 14×11
• Walk-in-closet: 11×11
• Foyer: 23×4
• Balcony: 11×5

This multi-unit vintage property at 1708 N. Sedgwick in Old Town came on the market in August 2022.

The main house was built in 1888 and the listing says it’s a Victorian. It’s on a bigger than average Chicago lot measuring 25×144.

The coach house is above the 2-car garage and fronts on cute Fern Court. The coach house has a private entrance on Fern (see the street below).

The listing says the main house has been “completely redesigned.”

It has some vintage features including the original staircase, crown moldings and hardwood floors.

The house has arched windows and a painted brick fireplace in the living room as well as a separate dining room.

The chef’s kitchen is “custom designed” with black and white cabinets, a white subway tile backsplash, stainless steel appliances, quartz countertops and an island that seats 3.

There’s a family room on the second floor as well as the primary suite which has a walk-in-closet and a luxury bath with double vanity, separate tub and shower.

The third floor has two more bedrooms, a hall bath and the laundry center.

The house has central air, skylights and a 2-car garage as well as a private landscaped backyard and patio.

The coach house has 2 units above the garage.

• Unit 2 is an open studio space, with a bath, a back porch, washer/dryer and central air. The listing says that estimated rent is $1500 a month.
• Unit 3 is 3 bedrooms duplex up with 1.5 baths. It has an open kitchen with stone countertops, stainless steel appliances, hardwood floors, washer/dryer and central air. The listing says that estimated rent is $4000 a month.

This multi-unit property is near the shops and restaurants of Old Town and not far from Lincoln Park and the Zoo.

Originally listed at $2.399 million in August 2022, it went under contract in August, but has come back on the market.

Is this a great set-up if you want to be a landlord?

Jeffrey Lowe and Harry Pfaff at Compass have the listing. See the pictures here.

1708 N. Sedgwick: 6 bedrooms, 5 baths, main house and coach house

• Sold in November 2007 for $1.15 million
• Sold in June 2015 for $1.7 million
• Originally listed in August 2022 for $2.399 million
• Under contract
• Re-listed at $2.399 million
• Taxes of $35,097
• Central Air
• 2-car garage
• Fireplace
• Unit #1: Main house: 3 bedrooms, 2.5 baths
• Unit #2: Studio with estimated rent of $1500 a month
• Unit #3: 3 bedrooms, 1.5 baths with estimated rent of $4000 a month