Get a 1-Bedroom Coach House in the Gold Coast for $479,000: 1226 N. Dearborn Parkway

This 1-bedroom 2-story coach house at 1226 N. Dearborn Parkway in the Gold Coast came on the market in April 2023.

Built in 1901, this coach house is part of a 13 unit condo association which includes the building in front of it, as seen above, and several other coach houses surrounding a shared interior courtyard with landscaping and seating.

It does not have parking.

This coach house faces east into the courtyard and has a private entrance.

The listing says this property has had a 2018 renovation.

The first floor is the living room, the kitchen and a powder room.

The kitchen has white cabinets and some wood open shelving with Bosch, a Liebherr refrigerator/freezer and vented Bosch hood. It has black granite counter tops, Island Bar seating and a built-in pantry.

The second floor has the primary suite. It has vaulted ceilings and exposed brick and the listing says it has room for a work-from-home office.

There’s a Juliet balcony overlooking the courtyard.

It has an en suite full bath with subway tiles and a washer/dryer.

It does not have parking but it’s available to lease in the neighborhood. It also does not have central air, but it does have a window unit.

The listing says this coach house “lives like a private home.”

It is near the shops and restaurants of Division Street and Rush Street in the Gold Coast and close to all the options in Old Town.

The coach house last sold in 2018 for $395,000. Listed at $479,000, is this unit the perfect in-town?

Jeanine McShea and Erin McShea at @properties Christie’s have the listing. See the pictures and floor plan here.

Unit #C: 1 bedroom, 1.5 baths, 1100 square feet, coach house

  • Sold in May 1997 for $123,500
  • Sold in May 1998 for $184,000
  • Sold in July 2015 for $330,000
  • Sold in August 2018 for $395,000
  • Currently listed at $479,000
  • No central air- but window units
  • No parking
  • In-unit washer/dryer
  • Bedroom: 18×17 (second floor)
  • Living room: 17×11 (main level)
  • Loft: 12×10 (second floor)
  • Kitchen: 14×8 (main level)

 

A Vintage 2-Bedroom Duplex Down for $599,000 in Lincoln Park: 838 W. Wrightwood

This 2-bedroom duplex down at 838 W. Wrightwood in Lincoln Park came on the market in April 2023.

Built in 1894, this building has 15 units and outdoor parking behind the building.

This unit has some of its vintage features including custom millwork and exposed brick. It has two fireplaces including in the living room and in the lower level family room.

It has south facing windows and hardwood floors.

The kitchen is open to the living and dining rooms and has gray cabinets, a marble backsplash, quartz counter tops, stainless steel appliances and an island, with seating for two, with what looks like a wood counter top.

The listing says there is enough space for a dining table.

The primary bedroom is on the main level and has a walk-in-closet and renovated bathroom.

The second bedroom is in the lower level and doesn’t appear to have any windows. There’s also a family room, with built-in bookcases, and a laundry room along with a second full bath.

This unit has the features buyers look for including central air and “on site parking.”

It also has a large outdoor deck off the back of the unit.

This building is in central Lincoln Park near all the shops and restaurants of the neighborhood, near DePaul and near several subway stops and bus lines.

Listed at $599,000, will this sell quickly?

Sam Shaffer and Arlette Quinones at Chicago Properties Firm have the listing. See the pictures and floor plan here.

Unit #1: 2 bedrooms, 2 baths, 1500 square feet, duplex down

  • Sold in October 1992 for $240,000
  • Sold in March 1994 for $219,000
  • Sold in June 2001 for $399,000
  • Sold in April 2004 for $455,000
  • Sold in October 2017 for $494,000
  • Currently listed at $599,000
  • Assessments of $336 a month (includes scavenger, snow removal)
  • Taxes of $6569
  • Central Air
  • Washer/dryer in the unit
  • 2 fireplaces
  • On-site outdoor parking
  • Bedroom #1: 13×18 (main level)
  • Bedroom #2: 18×9 (lower level)
  • Living/dining room: 18×18 (main level)
  • Kitchen: 9×15 (main level)
  • Family room: 27×17 (lower level)
  • Laundry room: 15×6 (lower level)
  • Walk-in-closet: 7×5 (main level)
  • Deck: 22×8 (main level)

 

East Lakeview Vintage Opulence: A 3-Bedroom Penthouse at 3606 N. Pine Grove

This 3-bedroom penthouse at 3606-08 N. Pine Grove in East Lakeview came on the market in April 2023.

I thought I had a picture of this building and looked through thousands of pictures last night, but, alas, I was wrong. However, I stumbled across these flowers I snapped 11 years ago, in April 2012, just as the plants were springing forth as they are now.

This courtyard building on Pine Grove was built in 1920 and has 54 units. It has no garage parking and there is a common laundry room.

The building is professionally managed and the listing says it spent $100,000 to tuckpoint in 2022 and the roof goes back to 2014. It also says there are no current or forthcoming special assessments. It is pet friendly. It does not have an elevator.

This unit is a “one-of-a-kind” unit in the building as it is a combination of 3 units: a 2 bedroom, 2 bath and 2 studios.

All three units were sold together in 2016 and the listing says it saw a renovation in 2019 including a complete gut rehab of the kitchen and 3 full baths.

This unit still has some of its original features including crown moldings, detailed carved moldings in the dining room, medallions, wall moldings and a wood burning fireplace in the living room, with a custom surround.

The second fireplace, with built in bookcases, in the third bedroom/sitting room, looks to be decorative.

Are those the original wood floors in the living/dining/foyer? They are unique in a checkerboard/diamond pattern (?).

The kitchen has gray (?) cabinets, custom professional appliances, an island with seating for 3, checkerboard floors, and a wine fridge which is open to the family room.

The primary suite has a walk-in-closet, an en suite bath, and a small office, which leads to the laundry room.

There are no pictures of the third bathroom in the listing but you can see a tidbit of it in the open door in the third bedroom/sitting room. On the floor plan it looks like it has the only bath tub in the unit.

This unit is also unusual in that it actually has private outdoor space in the form of a rooftop deck with city views.

It has space pac cooling but there’s no parking with the unit. Parking is available to rent in the neighborhood, but the Belmont el stop is just a few blocks away.

The listing says there is concrete between floors and there is a keyed storage unit.

This building is near Wrigley Field, the shops and restaurants of East Lakeview as well as the lake front.

It has come on the market at $825,000 for 2092 square feet.

Buyers love “new” properties. Will this one sell this week?

Leigh Marcus at @properties Christie’s has the listing. See the pictures and floor plan (it has one) here.

Unit 4KLM: 3 bedrooms, 3 baths, 2092 square feet, penthouse

  • I can’t tell when the units were combined
  • Sold as a combined unit in June 2017 for $610,000
  • Currently listed at $825,000
  • Assessments of $1050 a month (includes heat, gas, cable, exterior maintenance, lawn care, scavenger, snow removal, Internet)
  • Taxes of $7640
  • Space pac cooling
  • Washer/dryer in the unit
  • No parking- rental in the neighborhood
  • 1 wood burning fireplace
  • Bedroom #1: 19×12
  • Bedroom #2: 16×14
  • Bedroom #3: 14×14
  • Living room: 19×15
  • Dining room: 16×11
  • Kitchen: 15×15
  • Family room: 15×12
  • Office: 7×7
  • Laundry room: 7×5
  • Walk-in-closet: 15×5
  • Foyer: 8×7
  • Private rooftop deck

 

 

 

Get a 2/2 Corner Duplex Penthouse for $465,000: 400 W. Ontario in River North

This 2-bedroom corner duplex penthouse in 400 W. Ontario in River North came on the market in April 2023, but it has been on, and off, the market since September 2019.

We actually chattered about this unit when it was last on the market in February 2018. See our chatter here.

400 W. Ontario was built in 1923 and has 117 units and an attached parking garage.

The building has door staff, on-site management, a package room and an exercise room.

You may recall that this unit is marketed as a “penthouse” but it is on the top floor of the base of this building. That’s the part that was built in 1923. A tower was added in the recent decades on top of that older base.

This unit has loft features including exposed concrete ceilings, industrial windows and exposed brick walls.

It has north and west views.

It appears that both bedrooms have a window. The primary bedroom has a walk-in-closet.

One of the bathrooms has a double vanity (primary?).

The kitchen has gray cabinets, stainless steel appliances, granite counter tops and a breakfast bar or peninsula which may have room for seating.

This unit has the features that buyers look for including central air, washer/dryer in the unit and 2-car tandem parking is included.

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

Originally listed in September 2019 for $580,000, it was on and off the market for nearly 4 years and was withdrawn in April of last year.

Re-listed this April for $465,000, that is $55,000 under the 2018 sales price of $520,000.

Is this a deal?

Alberto Canaveral and Rosalba Salinas at A&R Realty have the listing. See the pictures here. Sorry no floor plan.

Unit #701: 2 bedrooms, 2 baths, 1550 square feet, duplex up

  • Sold in July 2000 for $252,500 (included parking)
  • Sold in April 2001 (no price listed)
  • Sold in October 2012 for $380,000 (included parking)
  • Sold in June 2015 for $410,000 (included parking)
  • Sold in April 2018 for $520,000 (included parking)
  • Originally listed in September 2019 for $580,000 (per Zillow)
  • Withdrawn in April 2022
  • Re-listed in April 2023 for $465,000 (includes tandem parking)
  • Assessments are now $840 a month (they were $691 a month in February 2018) (includes doorman, cable, Internet, exercise room, exterior maintenance, lawn care, scavenger and snow removal)
  • Taxes are now $9107 (they were $6527 in 2018)
  • Central Air
  • Washer/dryer in the unit
  • Bedroom #1: 13×11 (main level)
  • Bedroom #2: 14×10 (main level)
  • Living room/dining room combo: 18×14 (main level)
  • Kitchen: 15×8 (main level)
  • Den: 14×12 (second level)
  • Terrace: 14×12 (second level)

A 3700 Sq Ft River North Duplex Loft Instead of a SFH? 550 N. Kingsbury

This 4-bedroom penthouse loft at River Bank Lofts at 550 N. Kingsbury in River North came on the market in April 2023.

Built in 1910, River Bank Lofts has 150 units and an attached parking garage. It was converted into condos in 1995.

The building has door staff, an exercise room and a common shared rooftop deck.

This loft is a corner unit with east facing city views.

It has authentic loft features including 12 foot timber ceilings and timber beams and exposed brick walls.

The main floor has three bedrooms, a family room, the living room, dining room and kitchen, an office and laundry room and 2 full baths, including one with dual vanity jacuzzi tub and heated floors.

The loft has skylights and soundproofing windows.

The gourmet kitchen has 42 inch custom cabinets in white and wood, quartz countertops, a central island with waterfall edge and seating for 3, a smart 6-burner gas double oven cooktop with electric griddle, a breakfast nook with a climate controlled glass enclosed wine cellar.

The main floor has two gas fireplaces, one in the living room and one in the family room.

The second floor has the primary suite with a gas fireplace, a custom wet bar with a mini wine fridge, a bathroom with 2 sinks, dual shower and whirlpool tub, a walk-in-closet and a sun room with access to a roofdeck.

The loft has 3 outdoor spaces including 2 private balconies on the main floor and the rooftop deck on the second floor.

The listing says the rooftop deck: “includes a gas grill, beverage fridge, gas fire pit, water, irrigation, electric and gas hookups and built in storage.”

Speaking of storage, the listing says this unit also comes with two big storage units measuring 14’7″ x 19’5″ and 10’5″ x 19’4″.

It has the features buyers look for including central air, washer/dryer in the unit and one garage parking space is included with a second available.

This building is just steps away from 2 dog parks, the East Bank Club and all the shops and restaurants of west River North.

Listed at $1.5 million, this loft, at 3700 square feet, is as big as many single family homes.

Could this be a single family home alternative?

Benyamin Lalez and Rebecca Snyder at Compass have the listing. See the pictures here (sorry, no floor plan).

Unit #619: 4 bedrooms, 3 baths, 3700 square feet, duplex up, penthouse loft

  • Sold in November 2013 for $1.42 million
  • Currently listed at $1.5 million
  • Assessments of $1798 a month (includes doorman, exercise room, exterior maintenance, lawn care, snow removal, Internet, cable)
  • Taxes of $27,362
  • Central Air
  • Washer/dryer in the unit
  • 3 fireplaces
  • Wine cellar
  • Wine fridge
  • Bedroom #1: 17×15 (second floor)
  • Bedroom #2: 15×12 (main floor)
  • Bedroom #3: 15×11 (main floor)
  • Bedroom #4: 13×12 (main floor)
  • Living room: 19×15 (main floor)
  • Dining room: 19×13 (main floor)
  • Kitchen: 18×16 (main floor)
  • Office: 11×11 (main floor)
  • Laundry: 13×7 (main floor)
  • Breakfast room: 9×9 (main floor)
  • Family room: 17×15 (main floor)
  • Bonus room: 13×12 (second floor)
  • Walk-in-closet: 12×8 (second floor)
  • Rooftop deck: 45×23 (second floor)
  • 2 balconies: 12×5
  • 2 storage units

A 4-Bedroom Gold Coast Triplex Maisonette for $1.95 Million at 210 E. Walton

This 4-bedroom triplex maisonette at 210 E. Walton in the Gold Coast came on the market in April 2023.

Built in 1929, 210 E. Walton has 5 units. It was converted into condos in 1994. The building has an elevator and a shared courtyard.

This unit has it’s own private front entrance with a foyer.

The listing says it has been “redesigned” by Adina Hall, a top architect. It has many built-ins including televisions, a sound system and bookcases.

The first floor has two of the bedrooms, an office, the laundry room and “flex space” which is being used for an exercise room.

There’s a full bath on this floor.

The second floor has the living room, dining room, kitchen and a family room along with a powder room. The dining room has an RH light fixture.

There’s a gas fireplace in the living room.

The gourmet kitchen has white modern cabinets, high end stainless steel appliances including a beverage fridge, a backsplash and an island with seating.

The primary suite is on the third floor with an accent wall of 3D effect sculptural flowers, a sitting room, a walk-in-closet with custom built-ins and a spa-like marble bath with dual vanities, a jacuzzi tub, a steam shower with overhead rain shower head and body sprays.

There is also a second bedroom on the third floor with a moss wall with rustic wood design.

The third floor also leads to a private walk-out terrace which overlooks the central manicured shared courtyard.

This home has central air and a mudroom which the listing says “leads to an attached heated garage space.” But is this with the building or in a building next door?

The listing says this home “lives like a single family home.”

It is near Oak Street Beach, the shops and restaurants of Streeterville, the Mag Mile and the Gold Coast.

Listed at $1.95 million, is this a good single family home alternative in this neighborhood?

Tommy Choi and Joshua Weinberg at Keller Williams OneChicago have the listing. See the pictures, 3D tour and floor plan here.

Unit #C: 4 bedrooms, 4.5 baths, 4400 square feet, triplex

  • Sold in September 2008 for $2,009,500
  • Sold in September 2016 for $1.968 million
  • Sold in October 2021 for $1.76 million
  • Parking space at 180-190 E Walton also sold in August 2021 for $28,000
  • Currently listed at $1.95 million (includes attached heated garage space)
  • Assessments of $2020 a month (inclues exterior maintenance, lawn care, scavenger, parking, snow removal)
  • Taxes of $32,268
  • Central Air
  • Washer/dryer in the unit
  • 1 gas fireplace
  • Bedroom #1: 16×14 (third floor)
  • Bedroom #2: 14×14 (third floor)
  • Bedroom #3: 15×15 (main floor)
  • Bedroom #4: 12×8 (main floor)
  • Living room: 19×18 (second floor)
  • Dining room: 16×17 (second floor)
  • Family room: 18×15 (second floor)
  • Kitchen: 22×14 (second floor)
  • Mudroom: 14×14 (main floor)
  • Exercise room: 20×12 (main floor)
  • Foyer: 15×15 (main floor)
  • Laundry: 12×9 (main floor)
  • Office: 14×11 (main floor)
  • Walk-in-closet: 14×6 (third floor)
  • Terrace (third floor)

 

 

Feels like a SFH in the Heart of the West Loop: A 3-Bedroom at 1109 W. Washington

This 3-bedroom in The Hayden at 1109 W. Washington in the West Loop came on the market in March 2023.

Built in 2019, The Hayden is a boutique elevator building designed by Booth Hansen Architects with 28 units and attached garage parking.

It does not appear to have any amenities other than door staff and a receiving room.

The listing says this 3163 square foot condo “feels like a single family home in the heart of the West Loop.”

It has private in-unit elevator access and a foyer.

There are hardwood floors throughout.

The kitchen has white Bentwood cabinetry, a 60″ Subzero fridge with a Subzero wine tower, a 48″ Wolf range, a built-in Wolf Espresso machine and a 10’4″ gray island finished with a Bianca Perla Quartzite countertop.

There are built-ins in the living room and a gas fireplace. The main living area also has a unique room with 3 walls of windows that is just labeled “other room” in the listing but is called a billiard room on the floor plan.

There is a nano wall which opens to a private covered terrace.

Each bedroom is en suite.

The primary bedroom is a suite with a walk-in-closet and a bathroom with a separate shower and spa style soaking tub.

The unit has an extensive tech package including Lutron shades and Creston Home Automation.

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

The listing says that the unit has “all custom built furnishings and design” and that the unit can be purchased with or without the furnishings.

Additionally, if you don’t want to purchase the unit, it appears to be available for rent at $13,900 per month.

Listed at $2.59 million, that’s $390,000 above the 2019 purchase price of $2.2 million.

The Hayden sold out quickly in 2018-2019. All the units are larger, family size units with 3 and 4 bedrooms. The building is also near the shops and restaurants of the West Loop, Randolph Street, Fulton Market and Greektown.

Is this unit a single family home alternative for those who want to live in the West Loop?

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

Unit #3B: 3 bedrooms, 3.5 baths, 3163 square feet

  • Sold in August 2019 for $2.2 million
  • Listed in March 2023 for $2.59 million
  • Currently still listed at $2.59 million
  • Assessments of $1689 a month plus $49.69 a month for each garage space
  • Taxes are $37,359
  • Or you can rent it for $13,900 a month
  • Central Air
  • Washer/dryer in the unit
  • 1 fireplace
  • Bedroom #1: 16×12
  • Bedroom #2: 12×10
  • Bedroom #3: 12×11
  • Living room: 28×26
  • Dining room: 14×11
  • Kitchen: 15×14
  • Foyer: 13×7
  • Bar: 11×8
  • Laundry room: 11×9
  • “Other room”: 16×11
  • Terrace: 16×14

 

 

 

Rehabbed Greystone Still Available 13 Years Later in East Lakeview: 550 W. Oakdale

This 6-bedroom single family home at 550 W. Oakdale in East Lakeview first came on the market in May 2010.

We’ve chattered about it several times over the years, with the last time in April 2018.

You can read our 2018 chatter here.

If you recall, this is a rehabbed greystone which was built in 1900. It is on a 25×140 lot and has a heated brick 2-car garage which has “a commercial 8-foot entry door, and 15-foot inside height allowing lifts for two additional parking spaces.” It also has an EV charging port.

The house no longer appears to have any of its interior historic features. It doesn’t even have crown molding. A prior listing said the house had 12 foot ceilings and 8 foot doors.

It has skylights.

The most unique feature in the 7000 square foot home, however, is the custom atrium staircase with a 53 foot view, topped by a custom fitted dimming Lightology chandelier that spans 35 feet in length.

The kitchen has wood cabinets, luxury appliances by Viking, Zephyr, Subzero and Wolf. It does not have an island but has a breakfast bar and a separate dining area.

Four bedrooms are on the second floor along with 2 full baths, the laundry room and a gas fireplace.

The primary suite is on the third floor and has an en suite bath, a walk-in-closet and a long composite closets along the hallway.

The third floor also has a family room/party room which opens onto a 240 square foot deck with a outdoor fireplace and a powder room. It appears to be a street facing deck as you can see the bricked fireplace in the picture above.

The house has a finished basement which has the sixth bedroom, a full bath and a powder room.

The listing also says it is “one of the rare homes that has never flooded since it has been rehabbed.”

Other features of this home include: “Radiant heated tile floors and Brazilian Cherry floors throughout, oversized water heater, 4 air handlers, 4 roof mounted AC units, and 4 separate thermostats and 8 floor heating zones, heated out door walkway/staircase, triple vented gas sealed windows, spray foam insulation throughout, central vacuum, 600 amp service (which is triple of what most homes this size have), and wired for smart house technology.”

It is also fully sprinkled.

The listing says this home is in the Nettlehorst school district. It is near the shops and restaurants of East Lakeview, numerous bus lines, the Landmark movie theater and several grocery stores.

It was listed at $3 million in 2010 and has been reduced to $2.195 million. When we last chattered about it, in 2018, it was listed at $2.199 million.

Should the seller:

  • Stage it with furniture, plants, artwork?
  • Rent it out so that it comes off the market and has some humans living in it?
  • Lower the price until it finds a buyer?
  • Update the kitchen and baths with new finishes?
  • Build a pergola?

Inventory is at record lows. There are just 7 homes on the market in Lakeview priced between $1.8 million and $2.5 million, including 579 W. Hawthorne that we recently chattered about. See that house here.

Is this the year it will finally sell?

Myroslava Dysko at Core Realty & Investments now has the listing. See the pictures here (sorry, no floor plan)

550 W. Oakdale: 6 bedrooms, 4 baths, 3 half baths, 7000 square feet, 2 car parking

  • Original property sold in June 2007 for $907,500
  • Originally listed in May 2010
  • Was listed in June 2012 for $3.2 million
  • Reduced
  • Was listed in April 2018 at $2.199 million
  • Currently listed in April 2023 at $2.95 million
  • Taxes are now $23,929 (they were $29,859 in 2018 and $37,897 in 2013)
  • Central Air
  • 4 Decks
  • 2 fireplaces
  • 2 car heated brick garage with EV charging port and space for 4 cars
  • Bedroom #1: 19×15 (third floor)
  • Bedroom #2: 18×12 (second floor)
  • Bedroom #3: 15×12 (second floor)
  • Bedroom #4: 13×13 (second floor)
  • Bedroom #5: 10×12 (second floor)
  • Bedroom #6: 18×11 (basement)
  • Laundry room: 8×10 (second floor)
  • Living room: 16×13 (main floor)
  • Dining room: 13×13 (main floor)
  • Kitchen: 27×18 (main floor)
  • Family room: 20×15 (third floor)
  • Recreation room: 31×12 (lower level)
  • Storage: 17×8 (lower level)

 

 

 

Market Conditions: February 2023 Sales Plunge 37.3% from 17-Year High Last Year

Sales continue to be anemic in 2023 as 30-year mortgage rates remain over 6%. Sales were the lowest in February since 2011, which was, gulp, during the housing bust.

From the Illinois Association of Realtors:

The city of Chicago saw a 37.3 percent year-over-year home sales decrease in February 2023 with 1,207 sales, down from 1,924 in February 2022.

The median price of a home in the city of Chicago in February 2023 was $312,500, down 2.3 percent compared to February 2022 when it was $320,000.

Here is the sales data for February going back to 1997 (courtesy of G):

  • 1997: 881 sales
  • 1998: 991
  • 2000: 1383
  • 2001: 1151
  • 2002: 1677
  • 2003: 1566
  • 2004: 1814
  • 2005: 2228
  • 2006: 1855
  • 2007: 1703
  • 2008: 1454
  • 2009: 870
  • 2010: 1257
  • 2011: 1092
  • 2012: 1250
  • 2013: 1411
  • 2014: 1361
  • 2015: 1497
  • 2016: 1567
  • 2017: 1529
  • 2018: 1535
  • 2019: 1449
  • 2020: 1496
  • 2021: 1658
  • 2022: 1924
  • 2023: 1207

Here is the Median Price Data also going back to 1997 (thanks G!):

  • 1997: $117,000
  • 1998: $132,000
  • 1999: $143,750
  • 2000: $161,500
  • 2001: $180,200
  • 2002: $212,000
  • 2003: $215,000
  • 2004: $229,900
  • 2005: $268,900
  • 2006: $267,500
  • 2007: $270,000
  • 2008: $290,000
  • 2009: $218,125 (with 31% being REO/Short Sales)
  • 2010: $176,000 (with 46% being REO/Short Sales)
  • 2011: $150,250 (with 50% being REO/Short Sales)
  • 2012: $140,300 (with 52% being REO/Short Sales)
  • 2013: $158,000
  • 2014 $175,000
  • 2015: $212,000
  • 2016: $236,000
  • 2017: $246,000
  • 2018: $272,000
  • 2019: $272,500
  • 2020: $290,000
  • 2021: $320,000
  • 2022: $320,000
  • 2023: $312,500

“Based on the February data, interest rates continue to impact the volume of transactions in the market,” said Sarah Ware, president of the Chicago Association of REALTORS® and principal and designated managing broker for Ware Realty Group in Chicago. “Still, we’re seeing a lot of negotiations happening, and days on the market and median sales price are steady.”

Statewide inventory fell 11.4% year-over-year to 17,684 from 19,956 last year. For comparison purposes about just how low inventory is, in February 2021, statewide inventory was 26,791.

In Chicago, inventory also fell 18.3% to 5084 from 6225 last year. In February 2021, it was 8055.

Days on the market fell to 47 days from 49 last year.

“Prices and sales increased month-over-month in both Illinois and the Chicago PMSA,” 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.

“Although the number of year-over-year sales is lower than at this time last year, the housing market appears to have begun its rebound from the winter downturn somewhat early. Our forecast is that the number of sales and the median price will continue to rise through May in both Illinois and the Chicago PMSA, and we expect the monthly sales growth rate to be higher this year than in 2022 in both locations.”

The 30-year fixed rate mortgage averaged 6.26% in February down from 6.27% in January. But in February 2022, it was 3.76%.

The Chicago market remains in a deep freeze but prices aren’t doing much, either up or down.

Is this going to be the norm for as long as rates are over 6%?

Are we in a low inventory market for the foreseeable future?

Illinois median home prices stayed the same in February while sales decline [Illinois Association of Realtors, Press Release, by Bill Kozar, March 21, 2023]

Skyline and Lake Views from this 2-Bedroom Gold Coast Penthouse: 1300 N. Astor

This 2-bedroom penthouse in Astor Tower at 1300 N. Astor in the Gold Coast came on the market in March 2023.

Astor Tower Condos was built in 1962 by Bertrand Goldberg. It was originally the Astor Tower Hotel and had some famous customers including the Beatles.

It now has 74 condo units and garage parking. It has 24-hour door staff, on-site maintenance and management, a fitness center and a rooftop 360-degree deck.

Apparently, the building is not on the historic register nor landmarked. Block Club Chicago has more on how it was built:

In 1959, Bertrand Goldberg began designing a strikingly modern high rise for Astor Street, juxtaposed by the surrounding classical revival townhouses and apartments. The Astor Tower featured a structural center core of poured concrete upon which twenty-four residential floors were hung, and further supported by twelve parameter columns. The core and columns rise for a full five stories before the residential floors begin, giving the building the shape of an “ice pop.”

This innovative design required Bertrand Goldberg Associates structural engineer Bert Weinberg to revise the building’s structural calculations, requiring three more stories to be added to the design, delaying the start of construction. Meanwhile, Marina City had broken ground beside the Chicago River in 1960 and was constructed as scheduled, with its first residents moving in to the finished first tower in 1962, a year prior to the opening of the Astor Tower Hotel.

This penthouse is a half floor unit with skyline and lake views from floor-to-ceiling windows facing south, east and west.

It has limestone floors and unique features such as a ceiling mounted wood sliding door that can be shut to close off the second bedroom from the living room.

The second bedroom has an integrated desk, a hidden television and a built-in floating settee, which is also a hideaway sleeper.

The primary suite has south and west views with a laurel wood bed wall with built-in floating night stand and an en suite bath with a soaking tube with skyline views and a marble walk-in shower.

The kitchen has chestnut hued cabinets, Carrara marble countertops and backsplash and high end appliances from Subzero, Gaggenau and Miele along with a concealed pantry.

This unit has the features buyers look for including central air, washer/dryer in the unit, a built-in sound system, and garage parking is included.

Astor Tower is in the heart of the Gold Coast with restaurants and shops nearby on Rush and Division and in Old Town, along with a smattering within the Gold Coast itself.

Originally listed in March 2023 for $1.2 million, it has been reduced $100,000 to $1.1 million.

If you love views, is this mid-century penthouse a dream home?

Jonathon Spradling and Jason Roberts at @properties Christie’s have the listing. See the pictures and floor plan here.

Unit #28A: 2 bedrooms, 2 baths, 1600 square feet, penthouse

  • Sold in May 1986 (no price listed)
  • Sold in September 1999 for $370,000
  • Sold in January 2003 for $435,000
  • Sold in April 2007 for $1 million
  • Sold in July 2012 for $700,000
  • Sold in July 2015 for $816,000
  • Originally listed in March 2023 for $1.2 million
  • Reduced
  • Currently listed at $1.1 million
  • Assessments of $2299 a month (includes heat, doorman, cable, exercise room, exterior maintenance, scavenger, snow removal)
  • Taxes of $11,935
  • Central Air
  • Washer/dryer in the unit
  • Built-in sound system
  • Garage parking included
  • Bedroom #1: 14×19
  • Bedroom #2: 17×15
  • Kitchen: 12×9
  • Foyer: 6×8
  • Dining room: 14×19
  • Living room: 15×15