Crib Chatter

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]

This 3-bedroom duplex up penthouse loft in River North Commons at 520 W. Huron in River North came on the market in September 2022.

Built in 1912, it has 197 units and attached garage parking. It was converted into lofts in 2000.

It has 24-hour doorstaff, on-site management, a bike room and an exercise room.

This loft has authentic loft features including exposed brick walls, timber beams and a timber 12-13 foot ceiling on the main level. The listing says the second level has 10 foot ceilings.

It’s a northeast corner unit with windows along both walls.

There are hardwood floors throughout the main level.

The listing says the walls have been “freshly painted” along with the kitchen cabinets and vanities.

The kitchen has white cabinets, granite counter tops and stainless steel appliances along with a peninsula that seats 3.

2 bedrooms and 2 bathrooms are located on the main floor, including the primary.

It appears that both bedrooms are fully enclosed with walls to the ceiling.  The primary suite has a walk-in-closet and an en suite bath with a double vanity, a tub and separate shower.

The second bedroom has a window.

The third bedroom is on the second floor which the listing calls “flex space.”

The third bathroom and laundry room are also on the second floor, along with a rooftop wraparound deck with “protected” city views.

The loft comes with 2 deeded heated garage spaces included in the price.

It has central air and the listing says it got a new furnace in 2022.

The listing also says there is no rental cap in the building and it has $1 million in reserves.

If you are a pet lover, the listing states:

“Residents are limited to two pets (dog/cat) per unit OR two fish tanks per unit. Each dog cannot exceed 100lbs and each fish tank cannot exceed a total of 50 gallons.”

This building is near the Chicago River and the restaurants of West River North.

Listed in September 2022 for $850,000, it has been reduced $51,000 to $799,000.

At 2,040 square feet and 2-car parking, is this a deal?

Elizabeth Ballis and Nicole Niermeyer at Compass have the listing. See the pictures and floor plan here.

Unit #610: 3 bedrooms, 3 baths, duplex up, penthouse, 2040 square feet, loft

• Sold in June 2000 for $550,000
• Sold in December 2001– but can’t tell at what price. CCRD just says $70,000- but maybe $570,000?
• Originally listed in September 2022 for $850,000
• Reduced
• Currently listed at $799,000
• Assessments of $1275 a month (includes doorman, parking, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $16,158 (includes 2 parking spaces)
• Central Air
• Washer/dryer in the unit
• 2 deeded heated garage spaces included
• Bedroom #1: 18×15 (main level)
• Bedroom #2: 12×11 (main level)
• Bedroom #3: 18×15 (second level)
• Living/dining combo: 23×21 (main level)
• Kitchen: 17×8 (main level)
• Foyer: 14×11 (main level)
• Walk-in-closet: 8×5 (main level)
• Laundry: 9×7 (second floor)
• Balcony: 13×5 (main level)
• Deck: 30×28 (second level)

I’m going to the beach again. Thank goodness I didn’t book in the Caribbean as the hurricane season is finally picking up steam.

Of course, no beach location is guaranteed this time of the year. Lol.

The Illinois Association of Realtors is out with the August sales report this week. I’ll have coverage of that when I return.

The market is still slow. Sales have fallen off a cliff. Mortgage rates fell into the 5s in August but are now back over 6%. I’m expecting the Chicago market to remain slow for the next 6 months.

There was a burst of inventory over the summer as sales slowed but inventory has stabilized and remains low. Seems like sellers don’t want to list right now either.

I’ll see you on the 26th.

Play nice,

Sabrina

This 2-bedroom loft in Union Square Loft at 333 W. Hubbard in River North came on the market in July 2022.

Union Square Lofts were built in 1962 and converted into residential lofts in 1998. There are 217 units and attached garage parking.

The building has 24/7 door staff, an on-site engineer, storage, a bike room and a dry cleaners.

The listing says this unit has had a “full gut rehab” with new hardwood floors throughout.

The loft has high ceilings with some exposed brick on the wall with windows.

It has a new kitchen with custom wood contemporary Omega &* Allure white and gray cabinets with Vadara countertops, high end appliances including Viking Pro, Fisher Paykel, a microwave drawer, Best hood and a Panel refrigerator. The island seats 4.

There’s also a dry bar with a 44 bottle wine refrigerator with a built-in espresso machine.

The primary suite has a custom walk-in-closet with a spa-like steam shower, double custom vanity, Graff faucets, heated floors and smart toilet. It has a window.

The second bedroom has oversized custom built closet but doesn’t have a window.

The loft has a brand new washer/dryer, central air, and garage parking is included.

There’s a west facing balcony off the living room.

This building is near the East Bank Club and shops and restaurants of River North and the River Walk.

Originally listed in July 2022 for $849,900, it has been reduced $99,900 to $750,000.

Will the price cuts get the deal done?

Ariel Marini at Continuum Real Estate Brokers has the listing. See the pictures and floor plan here.

Unit #523: 2 bedrooms, 2 baths, 1600 square feet

• Sold in September 1998 for $279,500
• Sold in September 2000 for $416,000
• Sold in March 2002 for $27,000 (assuming this was the parking space)
• Sold in October 2006 for $485,000
• Sold in April 2019 for $440,000
• Originally listed in July 2022 for $849,900
• Reduced
• Currently listed at $750,000
• Assessments of $1057 a month (includes heat, a/c, gas, doorman, cable, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $9087
• Central Air
• Washer/dryer in the unit
• Garage parking included
• Bedroom #1: 16×10
• Bedroom #2: 12×10
• Living room: 19×20
• Dining room: 11×10
• Kitchen: 14×10

This 3-bedroom duplex up in 1120 N. Lake Shore Drive came on the market in May 2021.

1120 N. Lake Shore Drive was built in 1924-25 by Robert S. De Golyer.

According to Chicago Apartments: A Century of Lakefront Luxury, it was Chicago’s tallest co-op at the time it was completed in 1925, at 18 stories.

The upper floors have duplexes.

Originally planned to have 58 apartments, the book says there are 40 apartments today. It also remains a co-op today.

It’s a full service building with a 24-hour doorman, live-in engineer, on-site property manager, dog washing station, fully equipped gym and courtyard with outdoor grilling area to be designed this fall.

Dogs and cats are allowed.

There’s no parking with the building but it’s apparently available in the neighborhood.

The listing says this unit is a “designer’s dream blank slate” and it “feels like a house inside a fine Gold Coast pre-war co-op building.”

The main level has the living room, kitchen, a powder room and a dining room turned into a library.

There is a wall of bookcases, some double deep, in the north facing living room. It also has a vented gas log fireplace and hardwood floors.

Adjoining the living room is the library, which used to be the dining room, with its built-in bookcases. The listing says it can be converted back to a dining room.

The kitchen has white cabinets, stainless steel appliances, what looks like wood countertops and 2 south facing window seats.

The second floor has all three bedrooms and two bathrooms.

The listing says a washer/dryer can be installed in the unit. It doesn’t have central air, but just window units. There’s no garage with the building but it’s available to rent in the neighborhood.

Originally listed in May 2021 at $635,000, it has been reduced $140,000 to $495,000.

Is this a deal?

Monique Crossan at Berkshire Hathaway HomeServices has the listing. See the pictures and floor plan here.

Unit #6-7D: 3 bedrooms, 2.5 baths, duplex up, co-op

• I couldn’t find a former price as it’s a co-op
• Originally listed in May 2021 for $635,000
• Reduced several times
• Currently listed at $495,000
• Assessments of $2766 a month (includes heat, electricity, doorman, cable, exercise room, lawn care, scavenger, snow removal- not sure about taxes. They aren’t listed and there are taxes listed separately.)
• Taxes of $8865
• No central air- window units
• Steam/radiators
• No washer/dryer in the unit but listing says it can be installed. Coin laundry in the building.
• Gas log fireplace
• Bedroom #1: 19×12 (second floor)
• Bedroom #2: 17×13 (second floor)
• Bedroom #3: 15×13 (second floor)
• Living room: 24×15 (main floor)
• Library: 24×15 (main floor)
• Kitchen: 15×14 (main floor)
• Foyer: 9×4 (main floor)
• Walk-in-closet: 6×5 (second floor)

This 3-bedroom at 236 S. Racine in the West Loop came on the market in June 2022.

Built in 2017, this building has 20 units and attached garage parking. It’s an elevator building.

The listing says it was built solid with concrete between all units.

This is a Southeast corner unit with skyline views and a huge wraparound balcony that is 48×5 and 22×5.

It has the modern styling of open concept living/dining room and kitchen.

There are hardwoods throughout.

The kitchen has custom modern cabinets in white and wood, Viking stainless steel appliances, a wine fridge, and a 12 foot quartz island.

The primary suite has a walk-in-closet and a “spa-inspired” bath with rain shower, double sink quartz vanity and heated floors. It walks out to the wraparound balcony.

It has the features buyers look for including central air and washer/dryer in the unit and says that there is heated garage parking available for additional (but doesn’t say how much).

This building is near shops, such as the Target, and restaurants of the West Loop.  It’s near United Center and UIC.

The listing says it’s in the Skinner School District.

Listed in June 2022 for $890,000, it has been reduced $11,000 to $879,000.

But that is still $159,000 above the 2019 sales price of $720,000.

Will they get the premium?

Vicki Vranas at Berkshire Hathaway HomeServices has the listing. See the pictures and floor plan here.

Unit #201: 3 bedrooms, 2.5 baths, 1774 square feet

• Sold in February 2019 for $720,000 (no parking listed)
• Originally listed in June 2022 for $890,000
• Reduced
• Currently listed at $879,000
• Assessments of $349 a month (includes exterior maintenance, scavenger, snow removal)
• Taxes of $16,369
• Central Air
• Washer/dryer in the unit
• Heated garage parking is “additional”
• Bedroom #1: 12×16
• Bedroom #2: 12×11
• Bedroom #3: 12×11
• Living/dining combo: 37×17
• Kitchen: 12×9
• Deck: 5×48
• Deck: 5×22

This corner 2-bedroom duplex up loft in the Paulina Lofts at 1737 N. Paulina in Bucktown came on the market in September 2022.

Built in 1904, the Paulina Lofts have 27 units and exterior gated parking.  There’s no doorman or amenities.

This is a top floor corner unit with exposed brick and 14 foot timber ceilings that are painted white.

It has skylights.

The listing says the unit has had a “full renovation and custom redesign in 2020.”

The fully renovated kitchen has “all new” gray (black?) cabinets, an island that seats three, stainless steel appliances, white countertops, and open shelving.

The hardwood floors have been “refinished” and there are now hardwoods in both bedrooms.

The listing says the unit has new doors, trim, hardware and lighting throughout.

The primary bedroom appears to have an en suite bath.

There’s also a spiral staircase that leads up to an office with an indoor doghouse with dry bar and double sliding doors that lead to a new composite rooftop deck with black steel railing that has views of the city skyline.

This loft has the features buyers look for including central air, washer/dryer in the unit and 1 gated exterior parking spot which is included.

This building is near the 606 and the shops and restaurants of North and Damen.

Buyers love “new.”

Listed at $675,000, will this loft get the premium?

Brittany Bussell and Mike Rasmussen at @Properties Christie’s have the listing. See the pictures here (sorry, no floor plan).

Unit #305: 2 bedrooms, 2 baths, 1626 square feet, loft

• Sold in September 1992 for $221,500
• Sold in December 1994 for $225,000
• Sold in August 2004 for $352,000
• Sold in February 2012 for $345,000
• Sold in February 2020 for $440,000
• Currently listed at $675,000
• Assessments of $515 a month (includes security, exterior maintenance, scavenger, snow removal)
• Taxes of $10,560
• Central Air
• Washer/dryer in the unit
• 1 gated exterior parking space included
• A double sided wood burning fireplace
• Bedroom #1: 12×11
• Bedroom #2: 14×12
• Living room: 18×18
• Dining room: 13×10
• Kitchen: 13×11
• Office: 14×8 (second floor)
• Foyer: 19×4
• Deck: 19×15 (second floor)