Crib Chatter

This 2-bedroom loft in the Pencil Factory Lofts at 1800 W. Roscoe came on the market in August 2022.

The Pencil Factory Lofts were built in 1916. It was converted into 140 loft homes plus attached indoor, and outdoor, parking.

The elevator building has a dog wash and car wash station, fitness room, laundry room, roof deck, and park like BBQ area. It used to have a part-time doorstaff, but the listing doesn’t say anything about that so maybe they got rid of it.

This loft is a concrete loft with high ceilings, exposed ductwork, and some exposed brick. It has a split floorplan with the coveted southern exposure with 2 walls of industrial windows.

The listing says there is “luxury vinyl flooring” throughout.

The kitchen has had a complete gut, with new kitchen plumbing and updated electrical, and has white cabinets, new stainless steel appliances, quartz counter tops, under cabinet lighting, soft close hardware, and exterior ventilation.

It appears that only one of the bedrooms has windows. And I can’t tell if the bedrooms are enclosed or not.

The unit has the finishes buyers look for including central air, indoor parking is available for $25,000 and a laundry room with a LG ThinQ stackable washer/dryer, which is plumbed for a utility sink.

It doesn’t have private outdoor space.

This building is located near the shops and restaurants of Roscoe Village and West Lakeview, as well as being just a few blocks from the Paulina brown line stop.

Originally listed in August 2022 for $499,000, it has been reduced to $475,000.

Does this need to be staged to get the sale?

Paul Waitz at Berkshire Hathaway HomeServices has the listing. See the pictures here.

• Sold in April 1993 for $153,500
• Originally listed in August 2022 for $499,000
• Reduced
• Currently listed at $475,000
• Assessments of $557 a month (includes exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $7343
• Central Air
• Washer/dryer in the unit
• Indoor parking is available for $25,000 extra
• Bedroom #1: 14×11
• Bedroom #2: 12×12
• Living room/dining room combo: 20×24
• Kitchen: 12×10
• Laundry: 3×4

This 1-bedroom in The Elysees at 111 E. Chestnut in the Gold Coast came on the market in November 2022.

Built in 1972, The Elysees has 444 units and attached garage parking which is both public rental parking and deeded parking.

It is a full amenity building with doorstaff, on-site engineers and management, an on-site dry cleaners, outdoor pool, exercise room, sundeck and grills, party room, package room, bike room and conference room.

The listing says this 1000 square foot 1-bedroom unit has had a “complete renovation” complete with floor to ceiling wainscoting. It also has crown molding and hardwood floors throughout.

It is west facing with 8 floor-to-ceiling windows and overlooks the Quigley Seminary which is a city, state and federal landmark.

The kitchen is open to the living/dining room and has white cabinets with white Calacatta quartz countertops, a breakfast bar which seats 2, stainless steel appliances, a custom hood vent, a white tile backsplash and a dry bar with a wine fridge.

The bedroom has 2 closets.

The bathroom is “custom” and has Carrara marble with a walk-in-shower.

The unit has some of the features buyers look for including washer/dryer in the unit but it has wall heating/cooling and deeded garage parking is available separately but it doesn’t say how much.

The building is near Oak Street Beach, the Mag Mile, and all the shopping and restaurants of the Gold Coast and River North as well as Loyola University’s downtown campus.

The listing says “investors welcome.”

Listed at $545,000, that’s $269,000 above the 2004 sales price of $276,000.

Buyer’s love “new.”

Will the renovation sell this unit?

Ursula Gal at Republic Realty Group has the listing. See the pictures here. (sorry, no floor plan)

Unit #26J: 1 bedroom, 1 bath, 1000 square feet

• Sold in November 1995 for $145,000
• Sold in January 2004 for $276,000
• Redfin says it sold in July 2017 for $302,500 but the CCRD doesn’t list this sale
• Listed in November 2022 for $545,000
• Currently still listed for $545,000
• Assessments of $577 a month (includes doorman, cable, exercise room, pool, exterior maintenance, scavenger, snow removal, Internet)
• Taxes of $5610 but the listing says “LOW TAXES $4919.11“
• No central air but wall units
• Washer/dryer in the unit
• Deeded parking available separately
• Bedroom: 16×15
• Living/dining room: 25×14
• Kitchen: 20×10
• Laundry room: 6×4

This 4-bedroom in The Pinnacle at 21 E. Huron in River North came on the market in April 2021.

The Pinnacle was built in 2005, during the housing boom. It has 213 units and attached garage parking.

Built as luxury condos, it has an outdoor pool and garden, doorstaff, exercise room, dog run and private spa.

This unit on the thirty seventh floor has three exposures, south, east and west, along with 2 private terraces.

There are 5 inch plank hardwood floors throughout.

The unit has a “new” De Giulio kitchen with leathered Quartzite counters, polished Macassar Ebony and white lacquer cabinetry, Wolf range, Subzero refrigerator and wine storage along with a hammered polished nickel professional grade hood.

Three bedrooms are en suite and the primary suite has 2 walk-in-closets.

There is a library with double doors.

The unit has the features that buyers look for including central air, washer/dryer in the unit, and there are 2 garage spaces which are additional.

This building is in the Cathedral District neighborhood of River North. It is steps from Michigan Avenue and near the Trader Joe’s and new Whole Foods, as well as the shops and restaurants of River North and Streeterville.

Listed in April 2021 for $2.1 million, it has been reduced $375,100 to $1,599,900.

This is below the original 2005 purchase price of $1.65 million, although I’m not sure what the parking costs and if it was included in the original purchase.

Is this a deal?

Cara Buffa at Berkshire Hathaway HomeServices has the listing. See the pictures here (sorry, no floor plan.)

Unit #3703: 4 bedrooms, 3.5 bathrooms, 3033 square feet

• Sold in February 2005 for $1.65 million
• Sold in July 2005 for $1.87 million
• Sold in June 2019 for $1.975 million
• Originally listed in April 2021 for $2.1 million
• Reduced several times
• Currently listed at $1,599,900
• Assessments of $2740 a month (includes a/c, gas, doorman, cable, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $44,959
• Central Air
• Washer/dryer in the unit
• 2 garage spaces are additional
• Fireplace
• Bedroom #1: 25×15
• Bedroom #2: 11×13
• Bedroom #3: 11×13
• Bedroom #4: 16×12
• Living room: 39×25
• Dining room: 15×15
• Kitchen: 13×13
• Breakfast room: 8×9
• Walk-in-closet: 9×9
• Terrace: 10×6
• Terrace: 10×6

This 2-bedroom in the Promenade at 1201 W. Adams in the West Loop came on the market in October 2022.

Built in 2000, the Promenade has 78 units and heated garage parking.

It does have doorstaff, and elevator and storage, but doesn’t appear to have other amenities.

The listing for this unit says it has been “updated.”

It has 10 foot ceilings and hardwood floors along with a formal entry with coffered ceiling.

The kitchen has been “updated” with 2-tone white and gray cabinets, quartz countertops and stainless steel appliances, including a brand new refrigerator bought in 2022.

The kitchen island seats three and there is built-in seating and storage.

The living room has a gas fireplace and a private balcony with city views.

The second bedroom has no windows but is fully enclosed and has new flooring.

The primary suite has “newer” floors and a window with skyline views, a walk-in-closet and a en suite bathroom that has been “updated” with a double vanity with quartz countertops and new tile floors.

This unit has the features that buyers look for including central air, washer/dryer in the unit and heated garage parking is included.

This building is across the street from Skinner Park and the dog park and is near the shops and restaurants of the West Loop.

Originally listed in October 2022 at $549,900, it has been reduced $10,000 to $539,900.

This is still well above the 2019 sales price of $415,000.

Will the updated finishes seal the deal? (you can see the 2019 finishes in the Redfin listing below)

Nico Krajecki at Dream Town has the listing. See the pictures here.

Unit #904: 2 bedrooms, 2 baths, no square footage listed

• Sold in October 2002 for $353,000
• Sold in September 2019 for $415,000
• Originally listed in October 2022 for $549,900
• Reduced
• Currently listed at $539,900
• Assessments of $460 a month (includes doorman, cable, exterior maintenance, scavenger, snow removal, Internet)
• Taxes of $9055
• Central Air
• Washer/dryer in the unit
• Heated garage parking included
• Gas fireplace
• Bedroom #1: 10×16
• Bedroom #2: 10×13
• Living room: 15×15
• Kitchen: 15×13
• Foyer: 5×14
• Walk-in-closet: 5×9
• Laundry room: 3×3
• Balcony: 13×4

This 2-bedroom penthouse at 920 W. Madison in the West Loop came on the market in September 2022.

Built in 2002, 920 W. Madison has 99 units and attached heated garage parking.

The listing calls it a “boutique elevator building.”

This unit is a southeast corner penthouse with two walls of windows.

There are hardwood floors in the living room, dining room and kitchen with “plush” carpet in the bedrooms.

It has custom window treatments.

The chef’s kitchen has new white cabinets, under cabinet lighting, designer marble backsplash, granite countertops, an undermount sink, new faucet, brand new stainless steel appliances and a peninsula which seats three.

It has a separate dining room which is open to the living room which has a fireplace.

This is a rare condo which has a second fireplace in the primary suite which also has a walk-in-closet and an en suite bathroom with dual vanity and walk-in-shower.

The second bedroom is fully enclosed and has windows.

This unit has the features buyers look for including central air, washer/dryer in the unit and heated garage parking is available for $30,000 extra.

It also has a massive private terrace which runs the length of the unit with city and skyline views. The terrace is accessible from the living/dining room and the primary suite.

This building is in the middle of the West Loop near all the shops and restaurants on Madison, Randolph and Fulton Market.

Originally listed at $719,900, this unit was under contract in September 2022 but then came back on the market. It has been reduced to $699,900.

The listing says “BUY NOW & TAKE ADVANTAGE OF RATE BUY DOWN SELLER CONCESSION.”

This is the first time I’ve seen a rate buy down offer in a Chicago listing.

Is a rate buy down concession effective to get the sale done? Or will it even matter as the rates have already dropped to 6.29% from 7.25% just a few weeks ago?

Armando Chacon at Century 21 SGR has the listing. See the pictures and floor plan here.

Unit #1002W: 2 bedrooms, 2 baths, 1500 square feet, penthouse

• Sold in May 2003 for $252,000
• Sold in September 2005 for $437,500
• Sold in February 2013 for $395,000
• Originally listed in September 2022 for $719,900
• Under contract
• Re-listed at $719,900
• Reduced
• Currently listed at $699,900
• Assessments of $776 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $11,826
• Central Air
• Washer/dryer in the unit
• Garage parking for $30,000 extra
• 2 fireplaces
• Bedroom #1: 17×15
• Bedroom #2: 12×11
• Living room: 20×14
• Dining room: 14×10
• Kitchen: 16×10
• Terrace: 54×12

This 1-bedroom penthouse in the Westgate Lofts at 812 W. Van Buren in the West Loop came on the market in November 2022.

Built in 1910, Westgate Lofts has 46 units and attached garage parking. It was converted into condos in 1990.

It has a bike room and the listing says there are no specials and it is over 70% owner occupied.

This is a corner loft with 12 foot concrete ceilings and concrete columns along with exposed brick walls which have been painted white.

The listing says it has had a “full rehab.”

The loft has hand-scraped wide plank hardwood floors and a wood burning fireplace.

It has an “enormous chef’s kitchen” with 42″ soft-close gray cabinets, thick Carrera marble counters with a waterfall island and high end Jenn Air stainless steel appliances, a custom tile backsplash and large farmhouse sink.

The bedroom has a walk-in-closet.

There’s an updated bath with floor-to-ceiling subway tile and two entrances, including one from the bedroom.

The second floor is accessed by a spiral staircase and has an office/den which walks out onto the new Trex composite rooftop deck with water and electric and wraparound skyline views.

The loft has the features buyers look for including central air, washer/dryer in the unit and garage parking for $35,000.

This building is near the shops and restaurants of Greektown and the West Loop.

Listed at $495,000, will the rooftop deck seal the deal?

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

Unit #6D: 1 bedroom, 1 bath, 1200 square feet, loft

• Sold in June 1990 for $165,000
• Sold in June 1996 for $156,000
• Sold in June 2002 for $300,000
• Sold in April 2017 for $350,000
• Currently listed at $495,000 (plus $35,000 for parking)
• Assessments of $503 a month (includes exterior maintenance, scavenger, snow removal and Internet)
• Taxes of $7911
• Central Air
• Washer/dryer in the unit
• Wood burning fireplace
• Bedroom: 13×13
• Living/dining combo: 26×15
• Kitchen: 19×12
• Walk-in-closet: 13×7
• Foyer: 8×6
• Office: 12×11 (second floor)
• Deck: 21×18 (second floor)

This 2-bedroom in 401 E. Ontario in Streeterville came on the market in November 2022.

401 E. Ontario was built in 1990 but was originally apartments. It was converted into condos in 1999. It has 394 units and attached parking.

It is a full amenity building with doorstaff, an exercise room, an indoor pool and spa and rooftop decks.

The listing says this unit has had a “complete gut remodel.”

This unit is a split corner with views of the lake and skyline. The listing says it has “luxury finishes” including new dark hardwood floors throughout.

It has LED strip lighting in the crown molding and custom built-ins in the living/dining room.

The kitchen has been remodeled with new gray? (green?) cabinetry, stainless steel appliances and the listing says granite counter tops but they look like quartz (?).

The listing says both bathrooms have new cabinetry, showers and granite countertops (again looks like quartz?).

The primary bedroom has a walk-in-closet with custom built-ins.

This unit has the features buyers look for including central air, washer/dryer in the unit and garage parking is available for $30,000.

This unit also has a full size storage which is included.

This building is in the heart of Streeterville near restaurants, Starbucks and other coffee shops, supermarkets and isn’t far from the Mag Mile and Navy Pier.

It has come on the market at $425,000 plus the $30,000 for the parking, or $455,000. It last sold in 2015 for $425,000, when it was not remodeled.

Is remodeling essential to getting a sale in the older high rises in this slow market?

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

Unit #2302: 2 bedrooms, 2 baths, 1200 square feet

• Sold in June 1999 for $310,500 (fyi, the 30-year fixed rate mortgage in the April-June 1999 period was around 7%)
• Sold in June 2005 for $390,000
• Sold in July 2015 for $425,000
• Currently listed at $425,000 (plus $30,000 for parking)
• Assessments of $977 a month (includes heat, a/c, doorman, cable, exercise room, pool, exterior maintenance, scavenger, snow removal, Internet)
• Taxes of $8449
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 14×12
• Bedroom #2: 13×10
• Living/dining room: 23×20
• Kitchen: 8×14
• Laundry: 3×2

This 4-bedroom in 3180 N. Lake Shore Drive in East Lakeview came on the market in November 2022.

Built in 1958, the building has 174 units and an attached parking garage.

The building has 2 decks, a party room, an exercise room, a library, doorstaff, bike storage and an engineer.

The listing says it is 98% owner occupied and has $2.4 million in reserves. There are no pets allowed.

In 2021, we chattered about a 2-bedroom in this building that had been completely remodeled and we discussed whether the building was turning over from the older owners to the newer ones.

This unit has also been completely remodeled, with the listing calling it “brand new.”

There are white oak hardwood floors throughout.

The elevator opens into a renovated private foyer which is shared only with 1 other unit.

This unit is a rare condo that has three exposures, east views of the lake, west views and south views.

It has a “chef inspired” kitchen with smart appliances (are those black?), white cabinets, quartz countertops and a breakfast bar with seating.

The living and dining room are open concept and has a dry bar with a 50 bottle wine fridge.

The fourth bedroom could be a den, office or bedroom and is separated by metal framed double glass sliding doors.

The other three bedrooms are in the other wing of the apartment. Two bedrooms share a jack-and-jill bathroom with a Kohler soaking tub with wood accented double vanity.

The primary suite has an en suite bath with two separate vanities and a walk-in-shower with body sprays, and a marble floor.

There is valet parking available in the building for $260 a month, laundry in the unit with a sink and storage, and window a/c.

The HOA includes almost everything, including electricity.

This building overlooks the Belmont Harbor, the lake, and is near the shops and restaurants of east Lakeview.

Bought in July for $330,000, it has come back on after the renovation at $664,900.

Buyers love “new.”

Will this sell quickly even with the tough market conditions?

Keith Brand at Redfin has the listing. See the pictures and floor plan here.

Or see it this weekend at the Open House on Saturday, Dec 3 from 11 AM to 1 PM.

Unit #13A: 4 bedrooms, 2.5 baths, 1800 square feet

• Sold in September 1988 for $195,000
• Sold in May 1992 for $191,500
• Sold in February 2004 for $375,000
• Sold in July 2022 for $330,000
• Currently listed at $664,900
• Assessments of $1532 a month (includes heat, a/c, electricity, gas, doorman, cable, exercise, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $7,007
• No central air- but window units
• Washer/dryer in the unit
• Valet parking available for $260 a month
• Bedroom #1: 13×18
• Bedroom #2: 13×13
• Bedroom #3: 15×14
• Bedroom #4: 12×12
• Living room: 18×21
• Dining room: 15×21
• Kitchen: 7×15
• Laundry room: 8×6

With mortgage rates surging this fall, it’s not a surprise that October sales fell sharply but median price rose to an all-time high for October.

Reminder that the median price reflects the mix of what is selling.

It was the lowest number of October sales since 2011. But also notice that 44% of the sales that year were short or foreclosure sales.

From the Illinois Association of Realtors:

In Chicago, home sales (single-family and condominiums) in October 2022 totaled 1,709 homes sold, a 30.8 percent decrease from October 2021 sales of 2,469 homes.

The median price of a home in the city of Chicago in October 2022 was $320,000, an increase of 2.2 percent from $313,000 in October 2021.

Thanks to G for all the data on October sales going back to 1997:

October Chicago sfh/condo/th sales and median

• 1997 1,731 $129,900
• 1998 1,855 $138,000
• 1999 1,978 $159,500
• 2000 2,106 $174,710
• 2001 2,177 $200,000
• 2002 2,503 $215,000
• 2003 2,996 $236,000
• 2004 2,651 $241,000
• 2005 2,846 $268,500
• 2006 2,630 $278,000
• 2007 2,007 $285,000
• 2008 1,564 $261,000
• 2009 2,068 $215,000
• 2010 1,225 $183,000
• 2011 1,324 $162,000 (44% short/REO sales)
• 2012 2,009 $175,000
• 2013: 2,231 $218,500
• 2014: 2,128 $236,000
• 2015: 2,173 $240,000
• 2016: 2,046 $260,100
• 2017: 2,109 $260,000
• 2018: 2,108 $271,500
• 2019: 2,084 $275,000
• 2020: 2,568 $315,000
• 2021: 2,469 $313,000
• 2022: 1,709 $320,000

“In October, inflation combined with rising interest rates, seasonality and strained inventory caused closed sales to drop,” said Sarah Ware, president of the Chicago Association of REALTORS® and principal and designated managing broker for Ware Realty Group in Chicago. “However, median sales prices increased while days on the market decreased, meaning homes are still being purchased. Buyers will need to be patient during their home search, and sellers need to work with a REALTOR® to ensure their home is prepared and priced to sell.”

Statewide, inventory fell again, dropping 16% to 26,422 from 31,445 last year. The average home sold in 28 days, which was the same as last year.

In Chicago, inventory also dropped, falling 18.7% to 7,234 from 8,898 in October 2021. The average home took just 34 days to sell, down from 35 last year.

The statewide and Chicago housing markets remain tight, with low inventory despite rising mortgage rates.

The average 30-year fixed rate mortgage jumped to 6.9% in October from 6.11% in September. Last year, the average was 3.07%.

Reminder: buyers will lock in their rates ahead of time so the higher rates don’t get priced into the market for a few months. But November has averaged over 6% as well, so it will be three straight months of rates over 6%.

“The housing market in Illinois has slowed since its peak in June,” 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. “Prices and the number of sales have returned to approximately the same levels as in November 2021. Inflation and high interest rates have led to a decline in consumer confidence. However, inventories remain low, and as a result, prices are not expected to decline substantially over the next few months.”

Will low inventory put a floor under Chicago housing prices until the spring buying season kicks in in a few months?

Median prices and interest rates rose as inventory tightened and homes sold quickly in October [Illinois Association of Realtors, Press Release, by Bill Kozar, November 18, 2022]

This 2-bedroom mid-century townhouse at 3522 N. Pine Grove in East Lakeview came on the market in November 2022.

Built in 1948, this complex has 16 townhouses. It is a fee simple complex with a home owners association.

There’s no parking.

The listing says this unit is a total gut and warns “so please don’t expect it to be a quick lipstick update.”

It’s being sold “as-is” and is a Cook County Public Guardian Sale which needs court approval that the listing says make take 2 to 3 weeks from the date of the contract execution.

The first floor has the living room, dining room and kitchen. There’s carpet now but the listing indicates there may be hardwood floors underneath.

Is that the original stove in the kitchen?

The two bedrooms are upstairs, along with a full bath, and the primary bedroom has access to a front covered balcony measuring 4×19.

There’s a lower level with a recreation room and the utilities, including an “ancient” washer/dryer, an old broiler, not used, and replaced with newer gas forced furnace.

The townhouse also has a pull down stairs to access the attic, which can be used for storage.

The listing says:

NO PARKING. NO AIRBNBS.

Additionally, the complex appears to have a rental cap which is 3 units. The listing says none of the units are currently rented so you could “live there 24 months and rent it out.”

This townhouse is near Belmont Harbor, the lake front, 5 blocks from Wrigley Field and all the shops and restaurants of East Lakeview.

Is this a deal at $279,000?

Harry Maisel at @Properties Christie’s has the listing. See the pictures here.

3522 N. Pine Grove: 2 bedrooms, 1.5 baths, 1620 square feet, townhouse

• Redfin claims this sold in Sep 2007 for $300,000 but I can’t find that sale in the CCRD
• Two lis penden foreclosures filed in 2022
• Currently listed at $279,000 but is a Cook County Public Guardian Sale
• Assessments of $83 a month (includes scavenger and snow removal)
• Taxes of $605.61 (senior exemption)
• No parking
• No airbnbs
• Unclear about central air
• Laundry room in the lower level
• Bedroom #1: 17×12 (second floor)
• Bedroom #2: 12×10 (second floor)
• Living room: 17×16 (main floor)
• Dining room: 10×11 (main floor)
• Kitchen: 10×11 (main floor)
• Recreation Room: 20×27 (lower level)
• Balcony: 4×19 (second floor)