Crib Chatter

Most of the new construction in Chicago residential high rises in 2022 are in apartments. But there are a handful of new construction condos including The Reed at Southbank at 234 W. Polk in Printers Row (or is it now called Southbank?)

“Southbank” is a new community on the South Branch of the Chicago River at Wells and Harrison near Printers Row. It contains several apartment buildings such as The Cooper, which is already built, but also condos including The Reed at Southbank which is a high rise right on the River.

But The Reed is a mixed building, with apartments and condos.

The website says there will be 216 luxury residences starting on the 23rd floor to the 41st floor. There will be about 220 apartments on the 9th through the 22nd floors.

Southbank will have a 2 acre park and a quarter mile riverwalk with a future Water Taxi stop.

The units will have floor-to-ceiling windows and balconies with city and/or lake views.

They will have 9′ custom finish concrete ceilings.

The kitchens will have European style flat panel cabinets, quartz counter tops, a porcelain tile backsplash, Bosch stainless steel appliances and an island.

The units are priced at $400,000 for the 1-bedrooms, the smallest of which is 625 square feet, up to $1.4 million for the 3-bedroom units.

The website doesn’t list prices for the 2-bedrooms.

Chicago Agent Magazine indicated that the building topped off in July 2022 and is expected to begin closings in the summer of 2023.

I couldn’t find an update on how many of the units are under contract.

Is demand returning for units in new construction high rises at the under $1 million price point?

You can see the Reed at Southbank’s website here.

This 3-bedroom vintage unit at 842 W. Fullerton in the DePaul neighborhood of Lincoln Park came on the market in October 2022.

Built in 1905, the building has 3 units, a garage and a common garage roof deck. It also has a storage area.

The listing says this unit could be a “fantastic home or investment.”

It has some of its vintage features including door and window moldings and 2 fireplaces, including one in the living room and one in the primary bedroom.

There are hardwood floors throughout.

The kitchen has wood cabinets, an island, what looks like stone counter tops and a tile backsplash and stainless steel appliances.

It has a front facing balcony.

The unit has some of the features buyers look for including central air and side-by-side washer/dryer. There’s no parking but the listing says “parking options available.”

This building is directly across the street from DePaul University, is near the brown and red line stop at Fullerton, on the Fullerton bus line, and is near the shops and restaurants of DePaul and central Lincoln Park.

In the Zillow listing, it looks like it was on the rental market in 2021 for $3600 a month.

Listed at $564,000, the Redfin payment calculator tells us that with 20% down and a 30-year fixed mortgage at 6.7%, the monthly payment would be $4521 per month.

Given the location, would this apartment make a good investment property?

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

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

• Sold in April 1994 for $194,000
• Sold in July 2001 for $366,000
• Currently listed at $564,900
• Assessments of $300 a month (includes exterior maintenance)
• Taxes of $12,893
• Central Air
• Washer/dryer in the unit
• No parking- but parking available in the neighborhood
• 2 fireplaces (one in the living room and one in the primary bedroom)
• Bedroom #1: 14×14
• Bedroom #2: 12×12
• Bedroom #3: 12×9
• Living room: 19×12
• Dining room: 13×12
• Kitchen: 17×16
• Office: 12×8
• Sitting room: 12×9
• Balcony

This 2-bedroom in Clifton Row at 3126 N. Clifton in Lakeview came on the market in September 2022.

Built in 1910, this building makes up part of a multi-building condo association called Clifton Row, that has 26 units and a shared rooftop deck on the building to the north of this one.

There’s also a shared side yard and parking. It was converted into condos in the mid-1990s.

This unit has an east facing bay window and hardwood floors throughout. However, other than a wood burning fireplace, few of its vintage features remain.

The kitchen has wood cabinets and stainless steel appliances.

There’s a separate dining room with a balcony for grilling.

The listing says the full bathroom was “recently updated.”

The unit has the features buyers are looking for including central air, washer/dryer in the unit and 1 car parking.

It also has a large storage unit in the lower level.

This building is centrally located and is just blocks to the Red and Brown line trains, Southport, shops and restaurants on Belmont and Wrigley Field.

Listed in September 2022 at $380,000, it has been reduced $20,100 to $359,900.

Has the starter 2-bedroom condo lost its luster?

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

Unit #1: 2 bedrooms, 1.5 baths, no square footage listed

• Sold in June 1995 for $162,000
• Sold in October 1997 for $190,000
• Sold in April 2000 for $250,000
• Sold in August 2002 for $285,000
• Sold in April 2005 for $317,500
• Sold in October 2008 for $324,500
• Sold in August 2013 for $335,000
• Originally listed in September 2022 for $380,000
• Reduced
• Currently listed at $359,900
• Assessments of $351 a month (includes exterior maintenance, lawn care, scavenger)
• Taxes of $6861
• Central Air
• Washer/dryer in the unit
• 1-car parking included
• Wood burning fireplace
• Bedroom #1: 10×12
• Bedroom #2: 10×10
• Living room: 14×16
• Kitchen: 11×9
• Dining room: 11×9

This vintage single family home at 1457 W. Addison in Southport came on the market in September 2022.

Built in 1901, this single family home is on a larger than standard corner lot of 41×134. It has 6,000 square feet and a 2-car garage.

If the house looks familiar, that’s because we chattered about it in 2017. You can see our chatter here.

You may recall that the house has some unique features. Here’s the list from the prior listing:

• A 3-story water wall
• A floating steel staircase
• Directional art lighting
• Inlaid medallions
• Various wood species
• Exotic marbles/onyx and stone
• A hidden room (is this like a panic room???)
• Radiant heated floors in the lower level and all bathrooms
• 6 fireplaces
• A home theater
• A spa
• Skylights

The prior listing said the house was renovated in 2010.

I can’t quite figure out the water wall but I’m assuming it’s in the area of the floating staircase. They don’t show it on the video.

I’m also not sure what the “hidden” rooms are from the last listing.

The kitchen has white “handmade” cabinets, Sub-Zero and a 48″ Five-Star range, along with a breakfast bar that seats 3.

3 of the 4 bedrooms are on the second floor with the fourth in the lower level. The listing says it has a separate entrance and can be used as a nanny or in-law suite.

The primary suite has a double sided fireplace, with one side in the bathroom which the listing calls “spa-inspired” as it has a 2-person spa tub that overlooks the fireplace, a separate shower, dual vanities and a massive skylight.

The lower level has been built-out with a full size bar/lounge, a home theater plus a room that could be a fitness center.

The house has multiple smaller rooms that could be used as an office or for school, which is key to work-from-home. Were these the “hidden” rooms?

It also has a bunch of outdoor spaces including a deck on top of the garage with a pergola, an outdoor kitchen, a cobblestone patio, and a large double sided hearth.

This house is one of the hottest neighborhoods in the city for single family homes. It’s near Wrigley Field and all the shops and restaurants of Southport as well as the Southport brown line stop.

This house was originally listed for nearly $5 million in 2013 and sold in 2019 for $1.85 million.

It has re-listed for $2.595 million.

Is the Southport single family home market still hot in late 2022?

Mark Watkins at Dream Town has the listing. See the pictures, floor plan and video here.

1457 W. Addison: 4 bedrooms, 5 baths, 6000 square feet, single family home

• Sold in April 1995 for $387,500
• Sold in March 2005 for $938,500
• Originally listed in October 2013 for $4,999,999
• Sold in January 2019 for $1.85 million
• Originally listed in September 2022 for $2.595 million
• Currently still listed at $2.595 million 
• Taxes are now $30,258 (they were $37,995 in 2017)
• Central Air
• 2-car garage
• 6 fireplaces
• Bedroom #1: 19×17 (second floor)
• Bedroom #2: 23×16 (second floor)
• Bedroom #3: 13×11 (second floor)
• Bedroom #4: 13×12 (lower level)
• Living room: 23×15 (main floor)
• Kitchen: 14×12 (main floor)
• Dining room: 18×14 (main floor)
• Sun room: 8×6 (main floor)
• Office: 14×9 (main floor)
• Family room: 18×16 (main level)
• Laundry room: 9×6 (lower level)
• Great room: 34×22 (lower level)
• Playroom: 12×11 (lower level)
• Walk-in closet: 9×8 (second floor)
• Deck on top of the garage

This 4-bedroom in Hampden 53 at 2753 N. Hampden in East Lincoln Park came on the market in July 2022.

Built in 2019, Hampden 53 has 15 luxury condos and attached garage parking. The building does not have a doorman or any amenities.

This unit has direct elevator entrance from the building’s lobby.

The listing says it was “custom designed” in 2019 and has 100k+ in upgrades in addition to the luxury finishes already in the unit.

It has 4 bedrooms in a sleeping wing, including the primary suite which has a walk-in-closet and en suite bathroom.

There’s an open floor plan of the living/dining room and kitchen.

The kitchen has white cabinets and a gray (or blue?) island with white counter tops, gold finishes, including sink faucet, and stainless steel appliances.

There’s a separate family room, and for those working from home, a separate office. But the office doesn’t appear to have any windows.

The unit has custom automatic blinds throughout.

It has the features buyers look for including central air, washer/dryer in the unit and 2-car heated garage parking.

For those looking for outdoor space, it has a standard balcony which leads to a private side yard with gated entrance from the street. The listing calls it “truly an oasis.”

The listing says it is in the Alcott Elementary and Lincoln Park High School school districts and is steps from Diversey Harbor, the driving range and lakefront trails.

It’s also surrounded by the shops and restaurants of Lincoln Park and Lakeview on Diversey, Clark and Broadway.

Listed in July 2022 for $1.95 million, it has been reduced $55,000 to $1.895 million.

Does the side yard make this property a single family home alternative?

Daniel Close at Redfin has the listing. See the pictures, floorplan and 3D Walkthrough here.

Or attend the Open Houses on Saturday, Oct 8 and Sunday, Oct 9 from 12-2 PM.

Unit #2B: 4 bedrooms, 4.5 baths, 2902 square feet

• Sold in July 2019 for $1.858 million
• Listed in July 2022 for $1.95 million
• Reduced
• Currently listed at $1.895 million
• Assessments of $650 a month (includes exterior maintenance, scavenger, snow removal)
• Taxes of $36,388
• Central Air
• Washer/dryer
• 2-car heated garage parking included
• Fireplace
• Bedroom #1: 15×13
• Bedroom #2: 13×10
• Bedroom #3: 18×10
• Bedroom #4: 16×10
• Living/dining combo: 31×17
• Kitchen: 24×12
• Family room: 13×15
• Laundry: 7×9
• Office: 9×9
• Balcony
• Side yard

This 3-bedroom loft in the Clybourn Lofts at 1872 N. Clybourn in Lincoln Park came on the market in September 2022.

Built as the Baldwin Piano Factory, it was converted into lofts in 1985 and has 57 units.

Because it was one of the early conversions, there are unique layouts in the building.

It has outdoor parking, a rooftop deck and landscaped courtyard. There’s no doorstaff or exercise room or other amenities.

The listing for this 3-bedroom says it was a complete rehab that took it “down to the studs” and that it’s now a “one-of-a-kind” unit.

I encourage people who have Redfin accounts to look at the prior listing pictures to get the full understanding of what was done to this unit.

It has 14 foot tinder ceilings, exposed ductwork, exposed brick walls and massive industrial windows.

The listing says they used locally sourced and reclaimed materials in the rehab including barn doors made from materials found in the Chicago Rail Yards.

There is a “barn-inspired” fireplace wall with hand-hewn mantle.

The kitchen has wood cabinets, open shelving and a gray/black? island with white quartz countertops, stainless steel Viking appliances, a pantry and storage.

There’s a separate dining room.

The primary suite has exposed brick walls and windows, a walk-in-closet and an en suite with double sinks and a white marble shower.

There are two additional bedrooms, and one of those appears to have a window.

The loft has some unique spaces including an office that doubles as a workout area, a lofted den and a lofted playroom, which appear to be accessed via ladders.

The unit has a balcony.

It also has the features buyers look for including central air, washer/dryer in the unit, a storage locker and one exterior parking space.

This building is near both the Brown and Red lines, the shops at North and Clybourn as well as those on Armitage.

Listed at $699,000 at 2265 square feet, is this rehabbed loft a deal?

Emily Sachs Wong and Maureen Mobarak at @Properties Christie’s have the listing. See the pictures and floor plan here.

Unit #306: 3 bedrooms, 2 baths, 2265 square feet, loft

• I couldn’t find an original sales price from the 1980s or 90s or 2000s
• Sold in October 2014 for $430,000 (included the parking)
• Sold in January 2016 for $480,000 (included the parking)
• Listed in September 2022 for $699,000 (includes the parking)
• Currently still listed at $699,000 (includes the parking)
• Assessments of $778 a month (includes exterior maintenance, scavenger, snow removal, Internet)
• Taxes of $11,408
• Central Air
• Washer/dryer in the unit
• Fireplace
• Bedroom #1: 16×11
• Bedroom #2: 16×9
• Bedroom #3: 11×11
• Living room: 20×13
• Dining room: 14×12
• Kitchen: 15×13
• Office: 11×7
• Loft: 16×9
• Balcony: 11×7

This 2-bedroom duplex up loft in the China Club Lofts at 616 W. Fulton in River West came on the market in September 2022.

The China Club Lofts were built in 1895 and converted into residential lofts in 1997. It has 112 units and attached heated garage parking.

The building has doorstaff and an exercise room.

This duplex up has 22 foot timber ceilings and exposed brick along with a wall of windows.

There are diagonal hardwood floors throughout the main floor living space.

The listing says the kitchen has white painted wood cabinets, stainless steel appliances including a 5-burner Bosch cooktop and double ovens and 2 wine refrigerators in the island which seats four. It also has quartz counter tops and a stone backsplash.

There is a separate dining space and a fireplace in the living room.

The loft also has a 15 foot balcony off the living room.

The second bedroom is on the main floor and has a full en suite bath.

The primary suite is on the second floor and has a walk-in-closet and a “spa bath” with dual vanities, a jetted tub and walk-in-shower.

There’s also a “flexroom” on the second floor that is not enclosed and currently is being used as an office space.

In a feature unique to some of the older loft buildings that are deep buildings, there is a 2-level bonus room across the hall that has a private golf simulator along with room for storage.

The loft has the features that buyers look for including central air, washer/dryer in the unit and parking is included and has an electric charging station.

The listing also indicates that China Club Lofts is a non-smoking building.

The China Club Lofts is near the restaurants and shopping of Fulton Market and the West Loop as well as the Loop.

This loft hasn’t been sold in 18 years.

Listed at $819,500, will these sellers get their price even with the market slowdown?

Debra Dobbs at @Properties Christie’s has the listing. See the pictures here.

Unit #601: 2 bedrooms, 2.5 baths, duplex up, loft, 1875 square feet

• Sold in September 1997 for $276,500 (included the parking)
• Sold in September 2000 for $405,000 (included the parking)
• Sold in July 2004 for $435,000 (included the parking)
• Listed in September 2022 for $819,500 (included the parking)
• Currently listed at $819,500 (includes the parking)
• Assessments of $834 a month (includes doorman, exercise room, exterior maintenance, scavenger, snow removal)
• Taxes of $12,795
• Central Air
• Washer/dryer in the unit
• Fireplace
• Bedroom #1: 12×17 (second floor)
• Bedroom #2: 12×14 (main floor)
• Office: 12×12 (second floor)
• Living room: 19×18 (main floor)
• Dining room: 10×12 (main floor)
• Kitchen: 12×17 (main floor)
• Walk-in-closet: 6×15 (second floor)
• Laundry room: 6×5 (main floor)
• Storage: 13×14 (main floor)
• Balcony: 5×15 (main floor)

The Illinois Association of Realtors is out with the August sales data. As we already know from Gary’s update, sales were down again in August.

But inventory remains low as well.

In Chicago, home sales (single-family and condominiums) in August 2022 totaled 2,293 homes sold, down 21.4 percent from August 2021 sales of 2,919 homes.

The median price of a home in the city of Chicago in August 2022 was $317,500, a 5.2 percent decrease from August 2021, when it was $335,000.

August sales since 2007:

• August 2007: 2923 sales
• August 2008: 2078 sales
• August 2009: 1927 sales
• August 2010: 1486 sales
• August 2011: 1787 sales
• August 2012: 2209 sales
• August 2013: 2850 sales
• August 2014: 2414 sales
• August 2015: 2701 sales
• August 2016: 2844 sales
• August 2017: 2791 sales
• August 2018: 2754 sales
• August 2019: 2601 sales
• August 2020: 2870 sales
• August 2021: 2919 sales 
• August 2022: 2293 sales

August median price since 2007:

• August 2007: $305,000
• August 2008: $297,500
• August 2009: $229,900
• August 2010: $200,000
• August 2011: $192,500
• August 2012: $200,000
• August 2013: $245,000
• August 2014: $269,500
• August 2015: $271,000
• August 2016: $271,000
• August 2017: $284,000
• August 2018: $280,000
• August 2019: $289,900
• August 2020: $335,000
• August 2021: $335,000
• August 2022: $317,500

“Typical real estate markets ebb and flow, and the decreases in sales price and closed sales in August due to a lack of inventory aren’t a surprise based on the fast pace we’ve seen over the last few years,” said Antje Gehrken, president of the Chicago Association of REALTORS® and president and designated managing broker of A.R.E. Partners. “Despite these declines, days on the market remain low, showing that there’s still buyer demand and a quick turnaround on homes priced right and ready to sell.”

Statewide inventory declined 20.9% to 26,953 from 34,083. Similarly, Chicago inventory also dropped year-over-year by 18.3% to 7540 from 9231.

In Chicago, days on the market fell 15.6% to 27 from 32 days last year.

“The housing market in Illinois is showing signs of a return to normal conditions,” 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 have declined since their peak in June, sales are declining, and foreclosures are increasing. Our prediction is that house prices will continue to decline modestly over the next few months, while the number of sales will show its usual late-year slowdown.”

The 30-year fixed mortgage was 5.22% down from 5.41% in July. But it was up substantially from August of 2021 when it was just 2.84%.

With rates rising in September, further slowing of Chicago’s housing market is expected.

Is the Chicago housing market frozen until rates decline?

Houses sold fast in August and median prices rose in majority of Illinois counties [Illinois Association of Realtors, Press Release, by Bill Kozar, September 21, 2022]

This 2-bedroom at 717 W. Briar in East Lakeview came on the market in September 2022.

Built in 1894, this building has 7 units and parking. It was converted into condos in 2002-2003.

The listing calls it a “loft-style” home because it has multiple exposed brick walls and exposed ductwork.

The ceilings are 10 feet. There are hardwood floors throughout.

It has a fireplace in the living room.

The listing describes the unit as having had a “complete makeover in 2020” with “high-end” finishes including new appliances, 2 water heaters and “completely renovated” baths with custom tile.

This was apparently a 3 bedroom that was converted into a 2 bedroom but the listing says the third bedroom could be added back.

The kitchen has white cabinets with wood accents, stainless steel appliances and a big “eat-in” kitchen island which seats 4 and is open to the living room.

There is a dining room/office space open to the living room.

Both bedrooms have full height walls and windows.

The primary bedroom has an en suite bathroom with a double vanity and walk-in shower. The second bathroom has a tub.

This unit has the features buyers look for including central air, washer/dryer in the unit, a private balcony and 2 deeded parking spaces which are included.

It’s rare to get two spaces in East Lakeview. Prior listings only show one parking spot included.

Listed at $594,900, that is $92,900 over the 2020 purchase price of $502,000.

Will this seller get the premium after the makeover?

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

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

• Sold in January 2003 for $385,000
• Sold in October 2005 for $440,000
• Sold in June 2010 for $332,000 (included 1 car parking)
• Sold in May 2020 for $502,000 (included 1 car parking)
• Currently listed at $594,900 (includes 2 car parking)
• Assessments of $305 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $9256
• Central Air
• Washer/dryer in the unit
• Fireplace
• Bedroom #1: 18×12
• Bedroom #2: 12×11
• Living/dining combo: 26×14
• Kitchen: 12×8

Redfin recently put out data indicating which housing markets are cooling the most, and the least.

Seattle, as you might imagine, is one of those cooling the most now that rates have hit 7%. Seattle’s median price is high and many buyers are now priced out.

But in Chicago, and the Midwest, in general, housing is more affordable. That means, in these metro areas, home prices aren’t cooling as much.

Chicago, and two suburban areas, made the top ten list of those holding up better.

From Redfin:

Lake County, IL–located about 45 miles north of Chicago–is holding up better than any other metro in this analysis. It’s followed by Albany, NY and Chicago. Rounding out the top 10 are New Haven, CT, Milwaukee, New Brunswick, NJ, Elgin, IL, Bridgeport, CT, Pittsburgh and El Paso, TX.

That’s according to a Redfin analysis that ranks the 100 most populous U.S. metropolitan areas based on how quickly or slowly they’re cooling, according to changes in numerous metrics from February 2022 to August 2022. Those metrics are prices, price drops, supply, pending sales, sale-to-list ratio and speed of home sales. The housing markets holding up best are those that are cooling slowest.

It helps that the Midwest has a bunch of affordable housing. Many cities don’t have homes for sale under $300,000 anymore.

The lower the home price, the lower the dollar impact on monthly mortgage payments. With today’s 6% mortgage rates, the typical monthly payment on a $310,000 home–Chicago’s median sale price–is $2,000. That’s up from about $1,600 with the 3% rates common at the beginning of the year–a sizable increase, but smaller than the $1,100 monthly-payment uptick on the typical home in Seattle, where the housing market is cooling quicker than any other U.S. metro.

Interestingly, even with higher mortgage rates, demand hasn’t dropped as much in the Chicago metro area but it has ground to a halt in other cities. There are still some buyers looking.

Is it our affordability?

Is it a strong job market?

Crain’s recently had an article about the sale of the house in Hyde Park that was owned by Bill and Melinda Gates. It went under contract in just 9 days and sold for more than they paid for it when their son started college at the University (he has now graduated so they sold.)

Inventory is still low in many neighborhoods and for certain types of housing, such as single family homes.

Here are some current inventory levels. These are homes on the market and NOT under contract/pending per Redfin.

• Lakeview: 407
• Wicker Park: 84
• Logan Square: 120
• Lincoln Park: 346
• Hyde Park: 96

We’ve chattered about how inventory is much higher in downtown neighborhoods, especially the Gold Coast.

But even with rates at 7%, inventory is not surging. Many properties are selling quickly because there isn’t enough on the market and some buyers ARE looking.

The South Loop was the epicenter of the housing bubble in Chicago, with thousands of new condos built. The national press called the South Loop the hottest neighborhood in the country during that time as condo tower after condo tower went up.

In September 2022, there are just 380 properties on the market.

Chicago didn’t see the huge price appreciation and boom like cities in Florida, Texas, Nevada and the Carolinas saw during the pandemic.

Will this be a blessing in disguise with 7% mortgage rates?

Affordable Midwest and East Coast Markets are Holding Up Best as the US Housing Market Cools [Redfin News, by Dana Anderson and Sheharyar Bokhari, September 27, 2022]