Crib Chatter

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

This vintage 2-bedroom at 164 W. Huron in River North came on the market in January 2023.

Built in 1921, this building has 3 units.

This unit has a southwest exposure and dark hardwood floors throughout.

It has some original features such as a wood burning brick fireplace in the primary bedroom and a brick wall, which looks to have been painted, that spans the entire home.

The kitchen has gray cabinets, stainless steel appliances and granite counter tops with a breakfast bar.

While the primary bedroom has two walls of windows, I can’t tell from the pictures if the second bedroom has any windows. If anyone can figure out the floor plan, based on looking at the pictures from the 2019 sale, let me know.

It has some of the features that buyers look for including central air and washer/dryer in the unit. However, there’s no parking with the unit. You can get rental parking in the neighborhood and the brown/purple line is just 2 blocks away.

It’s rare to find vintage condo buildings in River North as many haven’t survived through the years.

This one is in the middle of shops and restaurants of the neighborhood.

Listed at $460,000, is this a unit for those who love River North but don’t want to live in a mid or high rise?

Tim Stassi at Dwell One Realty has the listing. See the pictures here (sorry, no floor plan.)

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

• Sold in June 1990 for $115,000
• Sold in July 1996 for $139,500
• Sold in October 1997 for $151,000
• Sold in February 2002 for $250,000
• Sold in June 2006 for $342,500
• Sold in January 2019 for $395,000
• Listed in January 2023 for $460,000
• Assessments of $322 a month (includes exterior maintenance, scavenger, snow removal)
• Taxes of $7809
• Central Air
• Washer/dryer in the unit
• No parking
• Wood burning fireplace
• Bedroom #1: 10×13
• Bedroom #2: 9×12
• Living/dining combo: 15×17
• Kitchen: 8×10

This 2-bedroom in 257 E. Delaware in Streeterville came on the market in January 2023.

Built in 1917, 257 E. Delaware is a condo building which only has 13 units (although this listing says it’s 12.)

It does not have a doorman nor parking. The elevator opens by key on each floor.

The listing says the owners of this unit “spared no expense” in renovating it. Yet it still retains many of its vintage features.

It has French oak floors in the Chevron pattern throughout, plaster ceiling medallions and custom moldings.

There’s a wood burning fireplace in the living room along with a custom built-in dry bar.

The Chef’s kitchen has blue(?) designer cabinets, imported European hardware, stainless steel appliances, open shelving, Brizo faucets, and Calacatta Borghini marble on every surface.

There’s a separate dining room.

Both bedrooms have custom designed built-ins and wardrobes. The second bedroom is currently being used as an office.

The primary bedroom has the full bathroom with an “enormous” 67 inch soaking tub and oversized waterfall shower along with a Calacatta Gold marble sink honed from one solid piece of stone.

The listing says the half bath has “an Art Deco-styled classic sink in Nero Marquina marble, Lefroy Brooks hardware, an Audubon Society floor to ceiling mural (imported from London), custom Kelly Wearstler lighting and an intricate mosaic pattern by Artistic Tiles cover heated floors.”

The unit has the features buyers look for including Space Pak cooling and Aprilaire whole home humidifier system which are all controlled via a Google Nest smart home system.

It has a family sized washer/dryer but there’s no parking.

If you are marveling at the windows in the living room, that’s because they have been restored along stringent requirements:

The entire home is insulated, and every window and door has been upgraded to new, fire-rated glass and hardware. The five large windows along the northern exposure, along with the exterior north facade are protected and subject to the Landmarks preservation review board.

Restoration Works’ skilled craftsmen fitted the windows to incorporate double-glazing on each individual pane, matching the exacting standards of the Landmarks Preservation board.

All of the windows are operational, tightly weather sealed and offer great soundproofing.

Additionally, all window and exterior door hardware is polished nickel, in keeping with the custom brass and nickel hardware throughout the home.

This building is near the shops and restaurants of Streeterville and the Mag Mile.

Listed at $1.125 million, is this a dream home for vintage lovers?

Carrie McCormick at @Properties Christie’s has the listing. See the pictures here (sorry, no floor plan).

Unit #2BD: 2 bedrooms, 1.5 baths. 1800 square feet

• Sold in March 1988
• Bank owned in July 2008
• Sold in December 2008 for $375,000
• Sold in April 2009 for $395,000
• Sold in April 2015 for $510,000
• Sold in July 2019 for $471,000
• Currently listed at $1.125 million
• Assessments of $1337 a month (includes heat, gas, cable, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $8790
• Space Pak cooling
• Washer/dryer in the unit
• No parking- but it’s available in the neighborhood
• Wood burning fireplace
• Bedroom #1: 15×15
• Bedroom #2: 16×12
• Living room: 21×20
• Dining room: 13×13
• Kitchen: 12×9
• Walk-in-closet: 3×6

This 6-bedroom Italianate row house at 1928 N. Lincoln in East Lincoln Park came on the market in November 2022.

We last chattered about it in November, when it was first listed as a single family home.

You can see our chatter here.

Built in 1875, the listing says it was built by Andrew McNally with large blocks of Joliet limestone. The prior listing from last year says that they used limestone because of the Great Chicago Fire in 1871. It also said that just 3 families had lived in the house until the prior sale.

It’s on a corner lot measuring 25×100 and has a 1-car garage.

You may recall, the row house has some of its vintage features including the grand staircase with the original wood restored and 12 foot ceilings.

It’s being marketed as a multi-unit building now. The main unit is a 4 bedroom, 2.5 bath duplex up and the second unit is a 2 bedroom, 1 bath in the lower level.

The duplex has plaster walls and picture moldings.

The kitchen has gray cabinets and stainless steel appliances with a breakfast bar that opens into the dining room.

It appears there are two fireplaces in the living/dining room.

The room in the front of the unit is now called a sunroom on the floor plan, but was a bedroom in November.

There are now 4 bedrooms on the second floor floor plan. The primary bedroom has an en suite full bath.

There’s also a second bathroom on that level.

The lower level unit has 2 bedrooms and a full bath. The prior listing said it had been “rehabbed.”

It has a separate entrance, a full kitchen and laundry.

The prior listing said the house was repainted, the bathrooms remodeled and the staircase restored since the prior sale.

It has central air and a wood deck. The prior listing said it had a “California patio.”

Here’s the breakdown for each unit:

• Unit 1: 2 bedrooms, 1 bath, rents on Airbnb for $4,000 a month
• Unit 2: 4 bedrooms, 2.5 baths, rents on Airbnb for $8,000 a month

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

Listed in November 2022 for  $1.295 million, it has come back on the market, reduced $10,000, at $1.285 million.

Will the spring season help move this property?

Matthew Liss and Blazena Bilic at Mark Allen Realty now have the listing. See the pictures and floor plan here.

1928 N. Lincoln: 6 bedrooms, 3.5 baths, no square footage listed but it had 3309 square feet in the last listing, multi-unit row house

• No prior sales price as prior listing said the same family owned it for 70 years
• Sold in January 2022 for $1.129 million
• Originally listed in November 2022 for $1.295 million
• Withdrawn
• Re-listed in January 2023 for $1.285 million
• Taxes are now $17,943 (they were $21,631 in November 2022)
• Central Air
• 1 (or 2?) wood burning fireplaces
• 1 car garage
• 25×100 lot
• Unit #1: monthly Airbnb rent $4,000
• Unit #2: monthly Airbnb rent $8,000
• Bedroom #1: 13×12 (third floor)
• Bedroom #2: 14×10 (third floor)
• Bedroom #3: 10×10 (third floor)
• Bedroom #4: 13×11 (third floor)
• Living room: 18×13 (second floor)
• Dining room: 13×12 (second floor)
• Sunroom: 12×8 (second floor)
• Kitchen: 13×7 (second floor)
• LL Bedroom #1: 12×11
• LL Bedroom #2: 11×7
• LL Kitchen: 9×8
• LL Living room: 13×11
• Deck