Crib Chatter

We’re finally seeing a cooling in the red hot Chicago housing market thanks to higher mortgage rates.

From the Illinois Association of Realtors:

The median price of a home in the city of Chicago in June 2022 was $367,000, a 4.7 percent increase from June 2021, when it was $350,500.

In Chicago, home sales (single-family and condominiums) in June 2022 totaled 3,293 homes sold, down 15.7 percent from June 2021 sales of 3,908 homes.

Reminder that last June was the hottest for June home sales since our data began in 1997.

Thanks to G for the historical sales data:

• June 1997: 1,817
• June 1998:  2,214
• June 1999:  2,435
• June 2000: 2,513
• June 2001: 2,451
• June 2002: 2,590
• June 2003: 2,891
• June 2004: 3,752
• June 2005: 3,850
• June 2006: 3,557
• June 2007: 3,127
• June 2008: 2282
• June 2009: 1981
• June 2010: 2526 (tax credit sales)
• June 2011: 1841
• June 2012: 2246
• June 2013: 2729
• June 2014: 2846
• June 2015: 3202
• June 2016: 3321
• June 2017: 3380
• June 2018: 3191
• June 2019: 2850
• June 2020: 2072
• June 2021: 3908
• June 2022: 3293

Here is the monthly median price data:

• June 2008: $309,945
• June 2009: $242,050
• June 2010: $234,250
• June 2011: $207,000
• June 2012: $216,700
• June 2013: $254,900
• June 2014: $275,000
• June 2015: $288,250
• June 2016: $299,900
• June 2017: $306,750
• June 2018: $314,900
• June 2019: $319,000
• June 2020: $329,000
• June 2021: $350,500
• June 2022: $367,000

“In June, the median sales price increased despite concerns about inflation and interest rates,” said Antje Gehrken, president of the Chicago Association of REALTORS® and president and designated managing broker of A.R.E. Partners. “This shows that there is still buyer demand this summer, although it’s restricted by inventory, impacting sales.”

Statewide inventory fell 18.9% in June to 25,781 homes from 31,807 homes last year. The average home sold in 21 days down from 27 last June.

Chicago mirrored the statewide trends. Chicago inventory fell 18.8% to 7,312 homes from 9,008 last year. Days on the market also fell to 26 from 32 days in 2021.

“Price growth has continued throughout Illinois while sales remain low,” 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. “Increases in interest rates and concerns about inflation have led consumers to become cautious about home purchases, which is likely to lead to declines in house price growth in the future. However, we do not foresee any major changes in the trends for prices or sales over the next three months.”

The average 30-year fixed rate mortgage was 5.52% in June 2022 up from 5.23% in May and up from 2.98% last year.

With sales slowing, inventory is rising.

But will it be enough to give buyers the advantage this summer and into the fall market?

Illinois homes continue to sell briskly in June [Illinois Association of Realtors, Press Release, by Bill Kozar, July 20, 2022]

This corner 3-bedroom loft in the Regal Lofts at 1735 W. Diversey in Lincoln Park came on the market in June 2022.

I don’t know when this building was built, but Regal Lofts was converted into condos in 2000. There are 107 units with both indoor and outdoor parking.

It’s an elevator building with no doorman. It has a fitness center, storage and a fenced dog park.

This is an authentic loft with 11 foot timber ceilings, timber structural beams and exposed brick walls.

It has diagonal hardwood floors in the main living/dining/kitchen and carpet in the bedrooms.

All 3 bedrooms are fully enclosed and have windows, which is rare for a loft.

The listing says the kitchen was renovated in 2018. It has white cabinets, a large island that can seat 5, quartz counter tops, custom backsplash and a double wall oven.

The primary suite has a walk-in-closet and a “spa-like” bath with separate shower and Jacuzzi tub.

This loft has the features buyers look for including central air and a full size front load washer/dryer in the unit. The listing says there is a new July 2022 HVAC.

One outdoor parking space is included in the price and there is an indoor garage space available for $30,000 extra. The listing indicates there are 107 units in the building but only 30 indoor garage spaces.

It has outdoor space with a large brick private patio with side yard off the living room.

This loft is located in West Lincoln Park, near the Ashland corridor and the Menards and Costco.

Listed in June 2022 at $519,900, it was under contract but has re-listed and reduced to $479,900.

Is this a deal for 3-bedrooms?

Mark Glusker and Jane Leslie Ehlert at Mark Allen Realty has the listing. See the pictures and floor plan here.

Unit #121: 3 bedrooms, 2 baths, 1600 square feet, loft

• Sold in April 2000 for $278,000
• Sold in September 2006 for $407,000
• Sold in September 2009 for $270,000
• Sold in October 2016 for $379,000
• Originally listed in June 2022 for $519,900
• Under contract
• Re-listed
• Reduced in July 2022 to $479,900 
• Assessments of $529 a month (includes exercise room, scavenger, snow removal)
• Taxes of $7807
• Central Air
• Washer/dryer in the unit
• One outdoor parking space included
• Indoor garage space available for $30,000
• Fireplace
• Bedroom #1: 22×12
• Bedroom #2: 15×10
• Bedroom #3: 14×10
• Living/dining room combo: 22×17
• Kitchen: 14×10
• Walk-in-closet: 6×5
• Deck: 28×8

This 2-bedroom in Fulton House at 345 N. Canal on the Near West Side came on the market in 2021 and was withdrawn and then was re-listed in May 2022.

Built in 1903, Fulton House was originally an old cold storage warehouse.

It was converted to apartments in the 1970s by Harry Weese and then was converted into condos in the 1990s. There are 104 units.  However, it’s also a live-work building where businesses can operate.

It has a doorman but no garage parking and a common deck overlooking the River.

This unit has been remodeled and has hardwood floors throughout and barrel vaulted ceilings.

Both bedrooms have walk-in-closets.

The kitchen is “gourmet” and has white cabinets, granite counter tops, with an island, stainless steel appliances and a new dishwasher and cooktop.

There is an extra vanity outside of the bathroom.

The unit has a walk-out balcony with city views.

It has washer/dryer in the unit, wall heat/ac units and valet parking is available for $225 a month next door.

This building is near the Metra, East Bank Club and stores and restaurants of Fulton Market.

Listed in May 2022 for $337,500, it has been reduced $22,500 to $315,000.

Is this a deal?

Angie Schneider at @Properties Christie’s has the listing. See the pictures and floor plan here.

Unit #902: 2 bedrooms, 1 bath, 1250 square feet

• Sold in July 1992 for $90,000
• Originally listed in May 2022 for $337,500
• Reduced
• Currently listed at $315,000
• Assessments of $781 a month (includes doorman, cable, exterior maintenance, scavenger, snow removal)
• Taxes of $4012
• No central air- wall unit heat/ac units
• Washer/dryer in the unit
• No parking but valet is available next door for $225 a month
• Bedroom #1: 14×14
• Bedroom #2: 14×11
• Living room: 25×19
• Kitchen: 13×8
• Balcony: 6×8

This 3-bedroom in Lake Point Tower at 505 N. Lake Shore Drive in Streeterville came on the market in March 2022.

Built in 1968, Lake Point Tower is the only condo building east of Lake Shore Drive. It has 750 units and attached garage parking.

It’s nearly a mini-city unto itself with the following amenities: “24-hour door staff, health club, pet friendly, business center, event spaces, mini-market, indoor and outdoor pool, and 2.5-acre park with manicured gardens, giant playground for kids, outdoor barbecue/kitchen area.”

This unit is on the 61st floor which the listing says is a “top 10” floor in the building. It has views of the city skyline, the River and the Lake.

The listing says it has been “COMPLETELY RENOVATED” and has hardwood floors throughout.

The chef’s kitchen is open to the living/dining room and has white Shaker cabinets, quartz countertops, SubZero and JennAir appliances and a breakfast bar.

French doors lead to the first and second bedrooms.

The primary suite can fit a king bed, has a walk-in-closet and the en suite bath has quartz counter tops, floor to ceiling marble-like tile, a double vanity, a luxury free standing tub and walk-in-shower.

The unit has electric wall heating/cooling units which were common in high rises of the 1960s and early 1970s era.

It has washer/dryer in the unit and garage parking is available to lease in the building.

Originally listed in March 2022 at $1,099,000, it has been reduced $159,001 to $939,999.

Buyers love “new.”

After the price reductions, is this a deal?

Ryan Cherney at Circle One Realty has the listing. See the pictures here.

Unit #6112: 3 bedrooms, 2 baths, 2200 square feet

• Sold in November 2004 for $680,500
• Originally listed in March 2022 for $1,099,000
• Reduced
• Currently listed at $939,999
• Assessments of $1550 a month (includes doorman, cable, exercise, pool, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $15,250
• No central air but wall heat/cooling units
• Washer/dryer in the unit
• Leased parking in the building
• Bedroom #1: 17×16
• Bedroom #2: 16×13
• Bedroom #3: 16×12
• Living/dining combo: 32×16
• Kitchen: 18×11
• Walk-in-closet: 13×13
• Foyer: 12×6

This 2-bedroom in 542 W. Brompton in East Lakeview came on the market in May 2022.

Built in 1922, this courtyard complex has 61 units built from terra cotta, brick and limestone. The picture above is of 544-552, which is the building next door but they look identical on the exterior.

The listing says the building was tuck pointed in 2020, has a new water heater in 2019, has a common patio and laundry in the building.

The listing calls this property the perfect blend of vintage details and modern upgrades.

This unit has east and west facing windows with hardwood floors and vintage millwork, including crown molding.

It has a foyer and a separate dining room.

The kitchen has modern dark wood cabinets with professional grade Viking, Bosch and LG Kitchen appliances.

The unit has “renovated/updated” baths.

It does not appear to have central air nor washer/dryer in the unit, but rental garage parking is available nearby.

Listed in May 2022 at $399,500, it has been reduced $10,000 to $389,500.

It’s near the lake front and shops and restaurants of East Lakeview.

For fans of Chicago’s vintage courtyard buildings, is this a must see?

Mario Greco at BerkshireHathaway HomeServices has the listing. See the pictures and floor plan here.

Unit #2S: 2 bedrooms, 1.5 baths, 1200 square feet

• Sold in July 1993 for $140,000
• Originally listed in May 2022 for $399,500
• Reduced
• Currently listed at $389,500
• Assessments of $408 a month (includes heat, cable, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $4207
• No central air?
• No washer/dryer in the unit but laundry in the building
• No garage parking but rental available in the neighborhood
• Bedroom #1: 16×10
• Bedroom #2: 12×11
• Living room: 19×13
• Dining room: 15×12
• Kitchen: 16×9
• Foyer: 8×7
• Walk-in-closet: 5×4

This top floor 3-bedroom in the Kilmer House at 1555 N. Sandburg Terrace in the Gold Coast (or Old Town) came on the market in June 2022.

Built in 1971, Kilmer House is part of Sandburg Village. It has 96 units and has a pool, sundeck, tennis courts and exercise room.

The building has a doorman and valet garage parking.

This unit is a southeast corner with a recessed balcony overlooking the east side.

At 1711 square feet, it has 3 bedrooms plus a flex office/den space.

The primary suite faces south and has a walk-in-closet and en suite bath with a separate shower and dual vanity.

The kitchen is “newer” with white cabinets, a white subway tile backsplash, silestone counter tops, stainless steel appliances and a dry bar with pantry cabinet storage.

The unit has a walk-in mud room/laundry closet with a full size stackable washer/dryer.

It also has central air.

Kilmer House is located on the edge of the Gold Coast and Old Town with access to both neighborhoods and Lincoln Park.

Listed at $619,000, is this a townhouse alternative for those who want space but also amenities?

Megan Tirpak at @Properties Christie’s has the listing. See the pictures and floor plan here.

Unit #602: 3 bedrooms, 2 baths, 1711 square feet

• Sold in August 1996 for $172,000
• Sold in March 2013 for $375,000
• Sold in November 2016 for $500,000
• Listed in June 2022 for $619,000
• Currently still listed at $619,000
• Taxes of $10,115
• Assessments of $1453 a month (includes heat, a/c, doorman, cable, exterior maintenance, lawn care, scavenger, snow removal)
• Association includes doorman, pool, exercise room, tennis courts
• Valet Parking (cost?)
• Washer/dryer in the unit
• Central Air
• Bedroom #1: 13×15
• Bedroom #2: 12×10
• Bedroom #3: 10×11
• Living room: 22×15
• Dining room: 11×19
• Kitchen: 11×8
• Laundry room: 5×7
• Walk-in-closet: 10×11
• Foyer: 4×11
• Balcony

This 2-bedroom in One Museum Park West (I thought they changed the name to The Grant???) at 1201 S. Prairie in the South Loop came on the market in March 2022.

Built in 2008, One Museum Park West (or The Grant) was built at the height of the housing boom. It has 298 units and attached garage parking.

The building is a full amenity building and has “24hr door staff, hospitality room with skyline views, fitness center, indoor pool, sauna, kid’s playroom, theater, business center, dog run & grooming, and patio w/grills & fire pit.”

This unit has Lake and city views from floor-to-ceiling windows with window treatments.

There are hardwood floors throughout.

It has a split bedroom floor plan along with a small “den” which isn’t listed in the rooms but you can see it on the 3D walk through if you walk to the second bedroom.

The primary suite has a marble bath, with a whirlpool tub, walk-in shower and double vanity, and a walk-in-closet.

The second bath has been “upgraded.”

The kitchen has white and wood modern cabinets, with stainless steel appliances including a Wolf stove, quartz counter tops and a backsplash.

The unit has a balcony off the living room.

It has the features buyers look for including central air, washer/dryer in the unit and garage parking which is $35,000 extra.

The listing says that the sellers will pay a “$1,500 credit to repaint the primary suite in buyer’s color choice.”

This building is near the shops and restaurants of the South Loop, the Museum Campus, Soldier Field, Grant Park and various bus and subway lines.

Listed in March 2022 at $784,900, it has been reduced $20,000 to $764,900.

Is this unit the dream for those who want lake and city views?

Jacqueline Colando at Redfin has the listing. See the pictures here (sorry no floor plan).

Unit #3005: 2 bedrooms, 2 baths, 1639 square feet

• Sold in June 2014 for $692,000 (per Redfin and Zillow- CCRD was “down”)
• Originally listed in March 2022 for $784,900
• Reduced
• Currently listed at $764,900
• Assessments of $817 a month (includes heat, a/c, gas, doorman, cable, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $13,240
• Central Air
• Washer/dryer in the unit
• Garage parking is $35,000 extra
• Bedroom #1: 12×24
• Bedroom #2: 11×13
• Living/dining combo: 23×17
• Kitchen: 12×11
• Den? – not listed
• Balcony

This 4-bedroom Sky 360 penthouse in the St Regis at 363 E. Wacker Drive in Lakeshore East came on the market in July 2022.

The St Regis is a condo/hotel tower built in 2020. Designed by Jeanne  Gang, it has 406 units in the condo tower along with self-park or valet parking.

It’s a full amenity building with an outdoor pool on the 47th floor along with a sky lounge, Zen garden terrace, hot tub and fire pit. It has a golf simulator, exercise room, wine tasting room and indoor dog exercise room.

This unit is a full floor penthouse on the 78th floor with 360 degree views of the Lake, Millennial and Grant Parks, the John Hancock and all other city views.

It has 11 foot ceilings with recessed lighting and ceiling speakers.

The listing says the interior have been crafted by design firm Hirsch Bedner Associates.

There are hardwood floors throughout and motorized Lutron window treatments on all of the floor-to-ceiling windows.

It has two terraces, east and west facing, and access to gas and electric lines.

The ultra luxury chef’s kitchen has Gaggenau and Thermador appliances and wine cooler, Snaidero cabinets, gas fireplace, natural stone countertops.

The bathrooms are “spa caliber” with walk-in showers and soaking tubs with Kallista fixtures. The primary bathroom has heated floors.

The primary suite also has 2 expansive walk-in-closets.

It has central air, washer/dryer in the unit and 2 self-park stalls, or optional valet parking.

This is actually a resale of this unit.

After selling for $8.19 million in December 2021, it has come back on the market at $9.35 million.

Is this the ultimate in Chicago high rise living?

James Qiu at Kale Realty has the listing. See the pictures here (no floor plan).

Unit #7801: 4 bedrooms, 4.5 baths, 6121 square feet, full floor penthouse

• Sold in December 2021 for $8.19 million
• Currently listed at $9.35 million
• Assessments of $5440 a month (includes heat, a/c, gas, doorman, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes are “new”
• Central Air
• Washer/dryer in the unit
• 2 car self-park or valet optional included
• Bedroom #1: 28×17
• Bedroom #2: 12×19
• Bedroom #3: 13×18
• Bedroom #4: 18×10
• Dining room: 19×11
• Living room: 28×19
• Kitchen: 20×15
• Family room: 23×20
• Den: 16×18
• 2 terraces facing east and west

This 3-bedroom penthouse at 1555 W. Pearson in the Noble Square neighborhood of West Town came on the market in July 2022.

Built in 2007, this building has 6 units with an elevator, attached garage parking, storage and a central shared courtyard with a fireplace.

This unit is a penthouse and has tall ceilings.

The main level has the living/dining combo and kitchen along with two bedrooms, one which is en suite.

All bedrooms have blackout shades.

The listing calls the kitchen a “chef’s dream.” It has a pantry, a giant island with waterfall edge, Subzero refrigerator, wine cooler, a Viking stove, and 2 Fisher & Paykel drawer dishwashers.

It has a marble fireplace and surround sound.

The second floor has the primary bedroom with an ensuite bath that has a Jacuzzi and a separate frameless glass steam shower and double vanity. It also has a walk-in-closet with custom shelving.

You can access a partially covered terrace from the primary bedroom.

The unit also has a massive private rooftop deck with an urban garden, firepit and 360 degree views.

Both patios have irrigation systems and flower gardens.

The unit has the features buyers look for including central air, washer/dryer in the unit and one car garage with a Tesla charger is included. There is also extra storage just behind the parking spot.

The listing says the unit has “newer” AC and furnace.

Listed at $779,000, is this a townhouse alternative?

Dave Stanton at KW Elite has the listing. See the pictures here (sorry, no floor plan).

Or you can see it in person at the Open House on Saturday, July 16 from 11 AM to 3 PM.

Unit #F: 3 bedrooms, 2.5 baths, penthouse duplex up, no square footage listed

• Sold in September 2007 for $647,000
• Sold in September 2014 for $660,000
• Currently listed at $779,000
• Assessments of $403 a month (includes security, exterior maintenance, scavenger, snow removal)
• Taxes of $15,058
• Central Air
• Washer/dryer in the unit
• Garage parking with a Tesla charger included
• Fireplace
• Bedroom #1: 18×16 (second floor)
• Bedroom #2: 11×12 (first floor)
• Bedroom #3: 11×12 (first floor)
• Living/dining combo: 18×25 (first floor)
• Kitchen: 18×9 (first floor)
• Walk-in-closet: 8×4 (second floor)
• 2 private terraces including a rooftop deck

This 2-bedroom duplex up at 1712 N. Wood in Bucktown came on the market in May 2022.

This is a vintage building but I don’t have a year that it was built. It has 6 units on a bigger than standard lot as it has a “half lot side yard and garden.” There are some garages.

The building was converted to condos in 2001.

This duplex-up is on the third and fourth floors. Both floors have hardwood floors.

The main floor has an open concept living room, dining room and kitchen along with a half bath and balcony.

The kitchen has what look like wood cabinets, granite countertops, a breakfast bar and stainless steel appliances.

The second floor has both bedrooms and 2 full baths, with one of them en suite. There are also skylights in one of the bathrooms.

This unit has the features that buyers look for including central air, washer/dryer in the unit (not sure which floor it’s on) and garage parking is included.

The listing says it’s on a street with million dollar homes and is near the 606 and shops and restaurants of Bucktown.

Listed in May 2022 at $575,000 it was reduced to $540,000 and then went under contract in June 2022.

It has since come back on the market and is now listed at $515,000.

Is this now a deal in this popular neighborhood?

Sabine Rolnick at Berkshire Hathaway HomeServices has the listing. See the pictures and floor plan here.

Unit #3E: 2 bedrooms, 2.5 baths, no square footage listed, duplex up

• Sold in August 2001 for $435,000
• Sold in June 2012 for $360,000
• Originally listed in May 2022 for $575,000
• Reduced to $540,000
• Under contract in June 2022
• Re-listed
• Currently listed at $515,000 
• Assessments of $354 a month (includes exterior maintenance)
• Taxes of $7632
• Central Air
• Washer/dryer in the unit
• Garage parking included
• Bedroom #1: 15×18 (second floor)
• Bedroom #2: 10×20 (second floor)
• Living room: 17×24 (main floor)
• Dining room: 12×14 (main floor)
• Kitchen: 9×14 (main floor)
• Balcony (main floor)