Crib Chatter

I missed the release of the February home sales which was out yesterday from the Illinois Association of Realtors.

We’re seeing the same trends as were apparent in January, as sales have risen year over year but the median price continues to be weak. I wish the IAR would break out the sales according to distressed sales versus those that were not- but they don’t.

From the Illinois Association of Realtors:

In the city of Chicago, January total home sales (single-family and condominiums) were up 31.1 percent to 1,202 sales compared to 917 homes sold in January 2009. The city of Chicago median price in January 2010 was $195,000 down 4.9 percent compared to $205,000 a year ago in January 2009.

“2010 has started off with an increase in the number of units sold in January over the same period in 2009. We remain hopeful that while distressed properties are being absorbed, homebuyers on the fence will take advantage of the extended and expanded homebuyer tax credit, and consider this a great time to buy a home,” said REALTOR® Genie Birch, president of the Chicago Association of REALTORS® and a broker associate with Koenig & Strey GMAC, Chicago. “While the greatest hurdle is still securing financing, the current market has tremendous opportunities for homebuyers and investors looking to expand their portfolios.”

Sales also rose 29.2% in the Chicagoland area.

January sales in Chicago were also 3.5% higher than January 2008. Here’s the breakdown of sales of condos and single family homes in Chicago the past 3 years:

1. January 2008 sales: 1161
2. January 2009 sales: 917
3. January 2010 sales: 1202

Illinois Home Sales Increase 14 Percent in January from a Year Ago; Statewide Median Price Up 0.2 Percent to $145,300 [Illinois Association of Realtors, Press Release, February 26, 2010]

This vintage greystone 2-flat at 1431 W. Argyle in Uptown has a couple of unique features you don’t see every day. 

It has parking for 5 cars and a wide 50×116.55 foot lot.

The two units consist of:

1. Unit #1: 2 bedrooms, 1 bath, currently rent for $1200 a month
2. Unit #2: 2 bedrooms, 1 bath, owners unit

The listing says rental income is $14,400 a year.

There is individual heat and gas. It looks like there isn’t central air.

The property has maintained much of its vintage character with crown molding and hardwood floors.  There are also large pantries off of both kitchens. 

From the pictures, it appears that the owner’s unit kitchen has been updated with white appliances and newer cabinets.

Given its price under $425,000, is this 2-flat a deal?

Suzanne Cimino at Koenig & Strey has the listing. See the pictures here.

1431 W. Argyle: 4 bedrooms, 2 baths, 5 car parking

• Sold before 1993 (I couldn’t find an original price)
• Currently listed for $424,000
• Taxes of $6629

We’ve chattered about lofts in the Donohue, one of the first warehouse-to-loft conversions in the city, at 711 S. Dearborn in Printers Row numerous times.

This 2-bedroom unit has been on the market since last June.

It is now listed for $43,500 under the 2007 purchase price and $6,000 under the 2002 purchase price.

Drywall has been put up over the timber ceilings, which helps with sound proofing in this building, but the timber beams and brick have been left exposed.

The unit faces the preferred west side, towards Dearborn Street.

It doesn’t have central air but there is an in-unit washer/dryer.

The bathrooms have also been updated and the listing says there is a spa master bath.

M. Lou Hamilton at Hamilton Realty Group has the listing. See the interior pictures here.

Unit #504: 2 bedrooms, 1.5 baths, 1450 square feet

• Sold in September 1990 for $130,000
• Sold in November 1992 for $295,000
• Sold in April 1994 for $245,000
• Sold in February 1999 for $215,000
• Sold in September 2002 for $345,000
• Sold in January 2007 for $382,500
• Originally listed in June 2009
• Reduced several times
• Currently listed for $339,000
• Assessments of $685 a month (includes heat)
• Taxes of $4257
• Washer/Dryer in the unit
• No Central Air
• No parking

We’ve chattered about this 2-bedroom unit in the mid-century modern building at 235 W. Eugenie in Old Town several times.

See our June 2009 chatter here.

Originally listed 2 years ago, it has returned to the market again.

It is now listed for $17,000 under the 2004 purchase price and has been reduced by $41,900 from its original listing price 2 years ago.

While it doesn’t have central air, the unit does have an in-unit washer/dryer and the very prime, for Old Town, outdoor parking space (which is included in the price.)

Nick Patterson at Kale Realty still has the listing. See the pictures here.

Unit #T-4: 2 bedrooms, 1.5 baths, no square footage listed

• Sold in August 2004 for $385,000
• Was listed in March 2008 for $409,900 (included a parking spot)
• Reduced
• Was listed in July 2008 for $404,900
• Withdrawn
• Was listed in June 2009 at $384,000 (parking spot included)
• Withdrawn
• Currently listed at $368,000 (parking spot included)
• Assessments of $194 a month
• Taxes of $3,850
• No Central Air- window units
• Washer/Dryer in the unit
• Living room: 21×13
• Kitchen: 16×9
• Bedroom #1: 15×13
• Bedroom #2: 10×8

We’ve chattered about Plaza 440, the conversion high rise at 440 N. Wabash in River North, several times in the past.

Distress sales continue to work their way through the building.

This 2-bedroom short sale is listed for $149,500 under the 2005 purchase price.

It has a split floor plan with 1324 square feet.

The north facing unit has an in-unit washer/dryer, central air and parking is included.

It also has carpeted rooms and an all-white kitchen (both cabinets and appliances.)

Compared with Trump right next door, is Plaza 440 now a deal?

Sharon Rizzo at Koenig & Strey has the listing. See the pictures here.

Unit #1606: 2 bedrooms, 2 baths, 1364 square feet

• Sold in January 2005 for $469,500
• Originally listed as a “short sale” in December 2009 for $325,000
• Reduced
• Currently listed as a “short sale” for $320,000 (parking included)
• Assessments of $666 a month (includes heat, a/c, cable, pool, doorman)
• Taxes of $5589
• Bedroom #1: 18×11
• Bedroom #2: 15×11

Some Cubs fans dream of living within walking distance of Wrigley Field so they can hear the roar of the crowd from their open windows.

This 2-bedroom unit at 3520 N. Reta is about 3.5 blocks from the Friendly Confines.

It was new construction in 2006 so it has all the bells and whistles of new construction of that era along with some luxury finishes including a wine fridge.

The kitchen has upgraded appliances with a stainless steel Viking stove.

For those of you who are clothes horses, you’ll love the 12×10 master bedroom closet.

It’s already listed $20,000 below the 2007 purchase price.

Nick Kluding at Baird & Warner has the listing. See more pictures here.

You can also see it in person this weekend at the Open House on Sun, Feb 28: 11 AM – 1 PM.

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

• Sold in April 2006 for $489,000
• Sold in September 2007 for $515,000
• Currently listed for $495,000 (includes the parking)
• Assessments of $183 a month
• Taxes of $6649
• Central Air
• Bedroom #1: 16×14
• Bedroom #2: 11×11
• Master Bedroom closet: 12×10

This 2-bedroom unit at 227 E. Walton is on a quiet street in the Gold Coast.

The building was built in 1958 and some units have peekaboo lake views (although this particular unit has downtown views.)

The unit has in-unit washer/dryer and central air. There is also rental parking available in the building for $175-$200 a month.

The property has carpeted rooms (no hardwood) and black appliances and white cabinets in the kitchen.

Does the location make this an attractive space for the price?

Leigh Marcus at Keller Williams Lincoln Park has the listing. See the pictures here.

Unit #7W: 2 bedrooms, 2 baths

• Sold in August 1987 (no price listed)
• Sold in February 2008 for $282,000
• Originally listed in April 2009
• Currently listed for $320,000
• Assessments of $717 a month (includes heat, a/c, gas, cable)
• Parking $175 to $200 a month
• Central Air
• In-Unit washer/dryer
• Bedroom #1: 17×12
• Bedroom #2: 13×10
• Living room: 20×15
• Dining room: 11×9
• Kitchen: 12×7

Remember this 1-bedroom unit at 600 N. Kingsbury in River North from the fall of 2009?

The unit was originally bank owned and then bought and re-listed only two months later for $78,900 more.

See our October 2009 chatter here.

It’s now 4 months later and the price is still the same.

It is no longer the cheapest 1-bedroom for sale in the building (even though the listing says it is).

Unit #1104, a 750 square foot east facing unit, recently came on the market for $199,900 (plus $30,000 for parking.)

Jason Palermo at Re/Max Vision 212 still has the latest listing. See the pictures here.

Unit #814: 1 bedroom, 1 bath, 705 square feet

• Sold in December 2002 for $215,000
• Lis pendens filed in February 2006
• Lis pendens filed in August 2008
• Bank owned in June 2009
• Was listed in July 2009 for $178,200 (parking included)
• Sold in August 2009 for $200,000 (parking included)
• Re-listed in October 2009 for $249,900 (parking $29,000)
• Reduced
• Was listed in October 2009 for $238,900 (parking $29,000)
• Currently still listed for $238,900 (parking $27,000)
• Assessments of $341 a month (they were $406 a month when it was bank owned)
• Taxes of $3511
• Central Air
• Washer/Dryer in the unit

This 2-bedroom unit at 1530 S. State in the South Loop is one of those condos that has an extra large terrace.

The listing says the terrace is 40×25 which would give the owners a whole other living space in the summer months.

On the market for 11 months, the unit has been reduced $70,000.

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

There is also a granite fireplace with built-ins on each side of the fireplace.

Colleen Harper at @Properties has the listing. See the pictures here.

Unit #12O: 2 bedrooms, 2 baths, listing says 1700 square feet (does this include the terrace?)

• Sold in September 2001 for $350,000
• Sold in January 2003 for $345,000
• Sold in March 2006 for $398,000
• Originally listed in March 2009 for $469,000
• Reduced several times
• Currently listed for $399,000 (plus $30,000 for parking)
• Assessments of $619 a month (includes heat, A/C, gas, cable, doorman)
• Taxes of $4643
• Bedroom #1: 14×12
• Bedroom #2: 12×11
• Living room: 15×15
• Dining room: 6×10
• Kitchen: 15×10
• Terrace: 40×25
• Central Air
• Washer/Dryer in the unit

Normally I don’t post on the Case Shiller home price index numbers but December’s numbers showed a third straight decline for Chicago area single family home prices and the sharpest decline, of 1.6%, of any of the 20 cities from November to December. (Seasonally adjusted, it was still down 0.6%.)

On the condo end of the spectrum, prices also continued to fall.

Prices are now down 17% from the peak, which isn’t the worst compared to other cities which have fallen over 20%. However, Chicago condo prices have shown a definite trend lower in the last few months whereas other cities have flatlined or are rising.

You can see the graph comparing NY, SF, LA and Chicago condo prices on the Case Shiller index on Socket Site here.

Chicago Public Radio interviewed Gary Lucido from Lucid Realty about the reasons behind the weak numbers.

One reason may be how many people are out of work in the Chicago metro area. In December – the number of people with jobs reached an almost 14-year low. Chicago-based realtor Gary Lucido says that’s troubling.

LUCIDO: So you have to ask yourself, how can we sustain the housing prices that we have with such low employment levels?

People aren’t in the market to buy when they’re out of work, and when people lose their homes to foreclosure, prices drop even more. But Lucido says he’s seeing some clients decide to stay put or rent their place out rather than sell and lose a lot of money. So he says he’s hopeful prices don’t have that much further to fall.

I also saw one article muse that maybe it was the “bad weather” in Chicago (and also New York) that caused the weakness in December.

Maybe I’m missing something, but I don’t remember the weather being all that bad in December in Chicago (or NY). Neither city had a major winter storm that month. The “bad” weather was only in recent weeks.

What’s the story behind Chicago’s continued falling prices?

Chicago home prices fell again in December [Chicago Public Radio, Ashley Gross, February 23, 2010]