The Most Amazing Condo Terrace Ever? 1625 N. Burling in Lincoln Park

This 4-bedroom condo at 1625 N. Burling in Lincoln Park came on the market in April 2022.

Built in 2017, 1625 N. Burling has 13 units, an elevator and an attached heated garage.

This unit is on the first floor and has a completely built-out and landscaped terrace which the listing says was designed by Groundwork Design.

It has multiple levels of stone and teak terraces with numerous seating and entertaining options, along with a resistance pool, a custom pergola with limestone fireplace, built-in planters with irrigation and an outdoor kitchen.

3 of the 4 bedrooms have access to the terrace.

The primary suite is in its own, separated wing, has terrace access and has motorized window treatments, a custom walk-in-closet, a “resort-caliber” bathroom with separate soaking tub, an oversized shower, heated flooring, and a double vanity.

The other 3 bedrooms are in the other wing of the unit and 2 have terrace access.

The kitchen is “commercial grade” with “sleek” Zecchinon cabinetry, Wolf double ovens, a Subzero refrigerator, quartz countertops with waterfall edge, and a walk-in pantry with wine fridge.

There’s a wet bar in the living room and the dining room has a built-in banquette.

The unit has the features buyers look for including central air, washer/dryer in the unit and 2 heated parking spaces which are included.

It’s in the Oscar Meyer school district.

Listed at $2.795 million, is this the most amazing condo terrace ever featured on Crib Chatter?

Jeff Lowe at Compass has the listing. See the pictures here (sorry no floor plan).

Unit #104: 4 bedrooms, 3.5 baths, no square footage listed

  • I couldn’t find an original sales price
  • Currently listed at $2.795 million
  • Assessments of $1290 a month (includes exterior maintenance, lawn care, scavenger and snow removal)
  • Taxes of $43,013
  • Central Air
  • Washer/dryer in the unit
  • Gas fireplace
  • Bedroom #1: 21×20
  • Bedroom #2: 12×11
  • Bedroom #3: 13×12
  • Bedroom #4: 15×14
  • Living room: 27×17
  • Dining room: 23×16
  • Kitchen: 18×14
  • Laundry room: 8×5
  • Walk-in-closet: 12×7
  • Office: 6×5
  • Foyer: 19×5
  • Terrace

Fully Renovated 3-Bedroom with a 600 Sq Ft Terrace in River North: 635 N. Dearborn

This 3-bedroom in The Caravel at 635 N. Dearborn in River North came on the market in April 2022.

I had posted the listing in the comments as it went under contract almost immediately upon listing, but it has come back on the market so now we can chatter about it.

The Caravel was built in 2003 and has 126 units and an attached parking garage.

The building has full time door staff and an exercise room.

This corner unit is on the “penthouse level.”

The listing says it has been “fully renovated” and now has 7.75″ wide plank wood floors and Lightology lighting throughout.

The kitchen has Ernestomeda Luca Lanzetta cabinetry and a 2.5 inche waterfall mitred island along with Subzero and Miele appliances.

In the living/dining room there is also a pocket door custom bar with 2 Miele wine fridges.

The primary suite has a walk-in-closet, outfitted with California Closets, and a spa bathroom with Antoniolupi custom vanity and walk-in-shower.

The third bedroom has its own balcony and also a rotating wall bed (does that stay?).

The unit has the features buyers look for including central air, washer/dryer in the unit and 2 side-by-side parking spaces. (I can’t tell if the parking is included in the price or not.)

It also has a big 600 square foot private terrace with city views and new deck tiles.

This property is near the shops and restaurants of the Mag Mile, River North, the Riverwalk and is near Trader Joe’s and the new Whole Foods in the One Chicago development.

Listed at $1 million, is this the perfect city home?

Rafael Murillo at Compass has the listing. See the pictures and floor plan here.

Unit #2701: 3 bedrooms, 2 baths, no square footage listed

  • Sold in December 2003 for $825,000
  • Sold in April 2018 for $700,000
  • Listed in April 2022 at $1 million
  • Under contract 
  • Re-listed at $1 million 
  • Assessments of $1479 a month (includes heat, a/c, gas, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal, Internet)
  • Taxes of $14,479
  • Central Air
  • Washer/dryer in the unit
  • 2 side-by-side parking spaces (not sure if included in the price or not)
  • Bedroom #1: 12×15
  • Bedroom #2: 11×12
  • Bedroom #3: 12×8
  • Living room: 15×21
  • Dining room: 17×11
  • Kitchen: 15×9
  • Laundry room: 5×6
  • Terrace: 30×20
  • Balcony

 

A Luxury Pied-a-Terre in the Sky: A 2-Bedroom at 180 E. Pearson in the Gold Coast

This 2-bedroom in the Water Tower Residences at 180 E. Pearson in the Gold Coast came on the market in April 2022.

Water Tower Residences were built in 1974 and has 260 units. It has a Ritz Carlton Hotel in the building and residents get all the amenities of the hotel, along with staff services such as packages brought directly to the unit.

It has full-time door staff, an exercise room and leased parking in the building.

This unit, at 2754 square feet, was formerly a 3-bedroom which has been turned into a 1-bedroom with den.

The listing calls it a “luxury pied-a-terre.”

It’s a corner unit on the 71st floor with west city views and what looks like north views of the Hancock and the lake.

The listing says it has “luxe finishes.”

The kitchen has white cabinets and a peninsula with seating for 3 along with waterfall edge. It has stainless steel appliances.

The unit has a separate dining room.

It has a “massive” primary suite with lake views which includes a walk-in-closet and a bathroom that has an oversized quartz double vanity, a walk-in rain shower and a stand alone bathtub that “fills from above.” (see pictures)

The unit has the features buyers look for including central air, washer/dryer in the unit and 2 car leased parking.

Water Tower Residences is near the shops and restaurants of the Mag Mile and is a short stroll from Oak Street Beach.

Listed at $1,299,900, is this the ultimate in-town?

Matthew Rosenberg at Compass has the listing. See the pictures and floor plan here.

Unit #7101: 2 bedrooms, 1.5 baths, 2754 square feet

  • Sold in February 1992 for $785,000
  • Sold in August 2005 for $1.375 million
  • Sold in February 2008 for $1.5 million
  • Currently listed at $1,299,900
  • Assessments of $1928 a month (includes doorman, cable, exterior maintenance, lawn care, scavenger, snow removal, Internet, exercise room)
  • Taxes of $25,707
  • 2 car leased parking available
  • Central Air
  • Washer/dryer in the unit
  • Bedroom #1: 14×28
  • Bedroom #2/Den: 12×11
  • Living room: 28×17
  • Dining room: 17×13
  • Kitchen: 15×12
  • Laundry: 7×6

A Modern 3-Bedroom Penthouse in a Former Convent: 1849 N Hermitage in Bucktown

This 3-bedroom top floor unit in the Urban Treehouse at 1849 N. Hermitage in Bucktown came on the market in April 2022.

The Urban Treehouse is the former Sisters of the Resurrection Convent. It was converted into 7 luxury condos in 2013.

The old marketing materials for the development say it is a “century’s old” building.

I can’t determine if there is an elevator in the building.

This unit has 17 foot ceilings in the living/dining room and kitchen along with skylights, unique arched windows and exposed brick walls.

It has “stunning” views of the St. Mary’s of the Angels frieze across the street.

The unit has an Italian Archisesto kitchen with Subzero, Miele and Wolf appliances, a large island that seats 5, quartz counter tops and subway tile backsplash.

The listing says the primary bedroom fits a king size bed. It has an en suite bathroom with a modern floating vanity and walk-in-shower.

Both bathrooms have porcelain and natural stone finishes.

This unit has two outdoor spaces including a side deck that is 16×3 and a terrace off the back measuring 16×11.

It has the features that buyers look for including central air, side-by-side laundry in the unit and a coveted 2-car attached garage.

The property is near the 606, the shops and restaurants of Bucktown and Wicker Park and the Metra stop.

Listed at $1 million, will the unique views alone sell this unit?

Ivona Kutermankiewicz at Berkshire Hathaway HomeServices has the listing. See the pictures and floor plan here.

Unit #PH303: 3 bedrooms, 2 baths, 1900 square feet

  • Sold in January 2013 for $769,500
  • Currently listed at $1 million
  • Assessments of $463 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $17,285
  • Central Air
  • Side-by-side washer/dryer in the unit
  • 2-car attached garage
  • Bedroom #1: 14×11
  • Bedroom #2: 13×11
  • Bedroom #3: 12×11
  • Living room/dining room: 35×17
  • Kitchen: 17×9
  • Storage: 11×8
  • Porch: 16×3
  • Terrace: 16×11

 

Get a Renovated 3-Bedroom in Lincoln Park for $685,000: 2762 N. Lincoln

This 3-bedroom in The Delta at 2762 N. Lincoln in Lincoln Park came on the market in April 2022.

Built in 1997, the Delta is a boutique elevator building with 18 units and a gated parking lot behind the building.

We last chattered about this building 11 years ago. At that time, many of you loved the neighborhood with the option to walk to cafes, bars and restaurants but you didn’t care for the architecture style of the building.

You can see our comments here.

This unit is a top floor end unit with 11 foot ceilings.

The listing says it has “new windows, doors, HVAC, full gut rehab of both bathrooms, washer/dryer, gas fireplace, flooring, paint and lighting throughout.”

The kitchen has gray cabinets, granite counter tops, a backsplash and stainless steel appliances along with a peninsula that seats 2.

The primary bedroom is en suite and the bathroom has a double vanity with a separate walk-in-shower and tub.

There’s a walk-in-closet.

It has a private balcony which is not on Lincoln.

The unit has central air, washer/dryer in the unit and there’s a parking space included (it appears these are outdoor spaces).

Listed at $685,000, that’s $255,000 above the 2011 sales price of $430,000.

Will all the renovations, including 2 new bathrooms, pay off for this seller?

Daniel Straus at Dream Town has the listing. See the pictures here (sorry, no floor plan).

Unit #401: 3 bedrooms, 2 baths, 1700 square feet

  • Sold in June 2002 for $420,000
  • Sold in October 2011 for $430,000
  • Currently listed at $685,000
  • Assessments of $341 a month (includes snow removal, scavenger)
  • Taxes of $10,952
  • Central Air
  • Washer/dryer in the unit
  • 1 parking space included
  • Gas fireplace
  • Bedroom #1: 13×15
  • Bedroom #2: 12×10
  • Bedroom #3: 13×10
  • Living/dining combo: 24×22
  • Kitchen: 8×12
  • Deck: 15×5

 

Market Conditions: March Sales Fall 3.7% YOY As Inventory Falls Another 28.7%

The Illinois Association of Realtors is out with the March data. As we already know from Gary’s data, March sales did finally show a year-over-year decline, but last March was the hottest March of the last 25 years with the exception of 2006.

That means March 2022 was the third hottest March since 1997.

From the IAR:

In Chicago, home sales (single-family and condominiums) in March 2022 totaled 2,827 homes sold, down 3.7 percent from March 2021 sales of 2,937 homes.

Historic data courtesy of G:

City of Chicago condo/TH/SFH closed totals March
year/closed/median/% REO-Short Sales
Year Closed Median %REO/SS

1997 1,226 $126,875
1998 1,540 $137,003
1999 1,766 $152,125
2000 1,793 $167,500
2001 1,800 $195,000

2002 2,112 $210,000
2003 2,261 $225,000
2004 2,772 $244,950
2005 2,822 $271,125
2006 3,000 $275,862

2007 2,399 $285,000
2008 2,098 $300,000
2009 1,219 $217,000 37%
2010 1,860 $207,750 38%
2011 1,481 $163,763 49%

2012 1,630 $170,500 44%
2013 1,894 $187,500
2014 1,875 $235,000
2015 2,173 $260,000
2016 2,149 $269,000

2017 2,546 $295,000
2018 2,343 $310,500
2019 2,062 $290,700
2020 2,123 $319,950
2021 2,937 $345,000

2022 2,827 $345,000

“Despite ongoing inventory shortages, median sales prices held steady in March compared to the same time last year, which is at odds with the ongoing conversations regarding sales price increases,” said Antje Gehrken, president of the Chicago Association of REALTORS® and president and designated managing broker of A.R.E. Partners. “This is a sign of a healthy, steady Chicago market, with opportunities for both homebuyers and sellers in our city.”

In the sales mix, single family homes continue to be in strong demand. Condo sales fell 5.5% year-over-year to 1890 while single family homes were up 0.1% to 937.

Inventory continues to plunge.

Statewide inventory fell 32.1%. Here’s the last three years in March:

  • 2020: 49,946
  • 2021: 26,564
  • 2022: 18,027

In Chicago, inventory also sunk 28.7% year-over-year. Here’s the last three years in Chicago:

  • 2020: 8,521
  • 2021: 7,404
  • 2022: 5,829

In Chicago, days on the market fell 13.3% to 39 from 45.

The 30-year fixed mortgage rate is now on the rise. In March it averaged 4.17% up from 3.76% in February and also up from 3.08% last March.

“With mortgage interest rates inching up and fewer homes for sale than previous years, buyers are seizing opportunities rather than shopping around,” said Ezekiel “Zeke” Morris, president of Illinois REALTORS® and designated managing broker of EXIT Strategy Realty/EMA Management on the South Side of Chicago.

Will the dramatic rise in mortgage rates over the last 45 days light a fire under buyers this spring?

Could we see a record number of sales in April as buyers rush to close?

Sellers enjoy advantage in March as Illinois homes spend fewer days on the market [Illinois Association of Realtors Press Release, by Bill Kozar, April 20, 2022]

Buy a 2-Flat in Old Town with 2-Car Parking for $750,000: 304 W. Concord Place

This vintage 2-flat building at 304 W. Concord Place in Old Town came on the market in April 2022 but was also listed in 2021.

Built in 1881 on a smaller than standard Chicago lot of 24.1 x 94.22 lot, it still has room for 2-car parking.

The listing says it is one lot with 2 PINs and also says it “presents the opportunity to build an additional dwelling unit on rear portion of lot, please inquire for details.”

It’s also being marketed as being rented or rehabbed into a single family home.

Both units are 1 bedroom and 1 bath.

Unit 1 is a one bedroom with a loft with tall ceilings and hardwood floors. It’s kitchen has wood cabinets and stainless steel appliances.

Unit 2 is a junior one bedroom which has been “recently renovated” and is “generating an average of $2,333 a month.”

There’s no average rental price data given for Unit 1.

Laundry is in the rear of the building along with a sunroom.

The property has a “newer” fenced backyard with pavers and 2-car parking.

The listing says it’s in Lincoln Elementary and is near the shops and restaurants of Old Town.

Listed in January 2021 at $925,000, it was reduced to $799,000 by October 2021 before being removed. It has come back on the market at $750,000.

At this price, will someone take it on as a single family home conversion?

Katherine Waddell at Compass has the listing. See the pictures here.

304 W. Concord Place: 2 bedrooms, 2 baths, 2 unit building

  • Sold in February 1999 for $150,000
  • Sold in March 1999 for $199,000
  • Sold in May 2004 for $455,000
  • Sold in May 2005 for $407,500
  • Sold in June 2015 for $445,000
  • Sold in November 2016 for $589,000
  • Second Pin: sold in March 2012 for $30,000 (?)
  • Second Pin: sold in December 2016 for $191,000
  • Listed in January 2021 for $925,000
  • Reduced several times
  • Was listed in October 2021 for $799,000
  • Listing removed in 2021
  • Currently listed at $750,000
  • Taxes of $13,126 (not sure if there are taxes on the second PIN or if this includes both)
  • Central Air
  • 2-car outdoor parking
  • Laundry room in the building
  • Unit 1: 1 bedroom, 1 bath
  • Unit 2: 1 bedroom, 1 bath generating “on average” of $2,333 a month 

What Will 5% Mortgage Rates Mean? A 1-Bedroom at 1030 N. State in the Gold Coast

This 1-bedroom in Newberry Plaza at 1030 N. State in the Gold Coast came on the market in April 2022.

Newberry Plaza was built in 1971 and has 556 units and attached leased parking.

It is a full amenity building with 24/7 door staff, on site management and engineer, an outdoor pool, and an exercise room.

This 1-bedroom is on the 33rd floor and is a northeast corner unit with 1 1/2 baths.

The listing says it has lake, sunset and city views along with a 6×4 balcony.

The unit has wide plank hardwood floors throughout.

The kitchen has white and dark wood cabinets with a Subzero refrigerator, double Fisher oven and Paykel dishwasher, along with marble counter tops and a breakfast bar that seats four.

There are powered window treatments throughout.

The listing says both bathrooms have been “recently renovated” with modern finishes.

The bedroom has a walk-in-closet.

The unit has the features buyers look for including central air, a full size washer/dryer in the unit and leased parking is available in the building.

This unit last sold just last year, in June of 2021, for $584,500.

It has come back on the market at just $500 more, at $585,000.

For those wondering about comps, Unit 36B, which was newly renovated, just closed on Apr 15, 2022 for $590,000 but it had 2 full baths. You can see that listing here.

In 2021, 30-year fixed mortgage rates in April and May ranged from 2.96% to 3.06%.

Currently, they are around 5%.

According to the Redfin payment tracker, a buyer of this unit at full price with 20% down (or $117,000) would have the following payments:

  • 3% mortgage rate: $3409 a month
  • 5% mortgage rate: $3949 a month

There are only 2 units currently available in Newberry Plaza which aren’t under contract.

With inventory this low, will the 5% mortgage rate matter?

Ryan Preuett and David Mitria at Jameson Sotheby’s has the listing. See the pictures here.

Unit #33B: 1 bedroom, 1.5 baths, 1000 square feet

  • Sold in November 1986 for $110,000
  • Sold in September 2003 for $300,000
  • Sold in November 2006 for $320,500
  • Sold in March 2008 for $348,000
  • Sold in October 2014 for $412,000
  • Sold in June 2018 for $449,000
  • Sold in June 2021 for $584,500
  • Currently listed at $585,000
  • Assessments of $657 a month (includes heat, a/c, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal, Internet)
  • Taxes of $6486
  • Central Air
  • Washer/dryer in the unit
  • Parking is leased in the building
  • Bedroom: 16×12
  • Living room/dining room: 22×13
  • Kitchen: 16×12
  • Balcony: 6×4

 

A Mid-Century 4-Bedroom Townhouse for $765,000: 564 W. Stratford in East Lakeview

This 4-bedroom townhouse at 564 W. Stratford in East Lakeview came on the market in April 2022.

Built in 1954, this courtyard complex has 10 units.

This townhouse has mid-century features including floor to ceiling windows and skylights.

There are 2 fireplaces including a wood burning fireplace on the main level with a brick surround.

It has oak hardwood floors on the main floor with the living and dining room, a powder room, the kitchen and breakfast room.

There’s a private fenced patio off the dining room.

The kitchen has white cabinets, quartz counter tops, a custom backsplash and stainless steel appliances including a double convection oven.

The second floor has all 4 bedrooms, the preferred layout for families.

The primary suite has a walk-in-closet and en suite bath. There’s also a second full bath on the floor.

The basement is finished and has a recreation room along with the laundry/utility room.

The townhouse has space pak cooling and radiant heat including under the floors.

It doesn’t have parking but the listing says that there is garage parking across the street for $180 a month.

This townhouse is near Belmont Harbor and the shops and restaurants on Broadway and Clark in East Lakeview.

The listing says it’s in the Nettlehorst school district.

At $765,000 with 2628 square feet, is this townhouse a more affordable single family home alternative?

John Federici at Compass has the listing. See the pictures and floor plan here.

Unit #A: 4 bedrooms, 2.5 baths, 2628 square feet, townhouse

  • Sold in July 1992 for $182,500
  • Sold in October 1993 for $239,000
  • Sold in December 2003 for $632,000
  • Lis pendens foreclosure filed in August 2009
  • Sold in January 2012 for $391,000
  • Sold in July 2012 for $495,000
  • Currently listed at $765,000
  • Assessments are $125 a month (includes exterior maintenance, lawn care, scavenger)
  • Taxes of $13,461
  • Space Pak cooling
  • Radiant heat
  • 2 fireplaces
  • No parking but available across the street for $180 a month
  • Skylights
  • Bedroom #1: 20×13 (second floor)
  • Bedroom #2: 10×10 (second floor)
  • Bedroom #3: 10×10 (second floor)
  • Bedroom #4: 10×9 ( second floor)
  • Living/dining room: 22×14 (main floor)
  • Kitchen: 13×9 (main floor)
  • Breakfast room: 11×10 (main floor)
  • Laundry room: 22×16 (lower level)
  • Recreation Room: 22×24 (lower level)
  • Patio

A Corner 3-Bedroom Loft with River Views for $800,000: 758 N. Larrabee in River North

This corner 3-bedroom duplex loft in One River Place at 758 N. Larrabee in River North came on the market in March 2022.

One River Place is the former Montgomery Ward warehouse. It was converted into 241 loft condos in 2002.

It has 24-hour door staff, an exercise room, bike storage, a rooftop deck with grills and heated attached garage parking.

This loft has two walls of windows which overlook the Chicago River.

It has 15 foot concrete ceilings and exposed ductwork.

The listing says there is a “gourmet kitchen” with 42″ white Shaker cabinets, Carrera quartz counter tops and high end stainless steel appliances along with a peninsula with seating for 3.

The kitchen is open to the living and dining room.

All three bedrooms have full walls and windows, which is rare for many lofts.

The primary suite has a walk-in-closet and a granite en suite bath with steam shower, soaking tub and large double sink vanity.

The second bedroom has a “completely gutted” en suite bath with a new vanity and lighting.

A spiral staircase leads to the third bedroom which overlooks the river.

This loft has the features buyers look for including central air, washer/dryer in the unit and there are 2 heated garage parking spaces available for $35,000 each.

It has outdoor space in the form of a balcony that overlooks the River and the Tribune publishing site, which is currently being pitched as a possible casino site.

Originally listed at $850,000, this loft went under contract quickly but fell out and has returned to the market reduced $50,000 to $800,000.

Will the development of the Tribune site actually enhance values in the buildings across the River?

Elena Theodoros and Bari Levine at @Properties Christie’s Intl have the listing. See the pictures and floor plan here.

Unit #411: 3 bedrooms, 2.5 baths, no square footage listed, duplex up, loft

  • Sold in 2002 (I couldn’t find the price)
  • Sold in April 2008 for $687,500
  • Sold in October 2014 for $767,500
  • Originally listed in March 2022 for $850,000
  • Under contract
  • Re-listed in April 2022 for $800,000 (plus $35,000 each for 2 parking spaces)
  • Assessments of $1278 a month (includes doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal, Internet)
  • Taxes of $17,261
  • Central Air
  • Washer/dryer in the unit
  • Bedroom #1: 16×14 (main floor)
  • Bedroom #2: 15×12 (main floor)
  • Bedroom #3: 15×12 (second floor)
  • Living room: 23×17
  • Dining room: 16×16
  • Kitchen: 16×9
  • Laundry: 7×6 (main floor)
  • Walk-in-Closet: 15×6 (main floor)
  • Foyer: 7×6
  • Balcony: 17×5 (main floor)