Crib Chatter

The Illinois Association of Realtors is out with the September sales data.

Sales declined year-over-year in Chicago, the Chicagoland area and in the state.

However, last year was the hottest September in the last 14 years.

In the city of Chicago, home sales (single-family and condominiums) in September 2021 totaled 2,611 homes sold, down 0.9 percent from September 2020 sales of 2,635 homes.

The median price of a home in Chicago in September 2021 was $320,000, down 0.7 percent compared to September 2020 when it was $322,350.

September sales for the last 15 years:

• 2007: 2172 sales
• 2008: 1816 sales
• 2009: 1918 sales
• 2010: 1403 sales
• 2011: 1498 sales
• 2012: 1845 sales
• 2013: 2395 sales
• 2014: 2242 sales
• 2015: 2414 sales
• 2016: 2398 sales
• 2017: 2355 sales
• 2018: 2040 sales
• 2019: 2006 sales
• 2020: 2635 sales
• 2021: 2611 sales

Median prices for the last 15 years:

• 2007: $267,750
• 2008: $268,600
• 2009: $225,000
• 2010: $180,000
• 2011: $190,000
• 2012: $188,900
• 2013: $230,000
• 2014: $249,000
• 2015: $250,000
• 2016: $260,000
• 2017: $275,000
• 2018: $285,000
• 2019: $292,250
• 2020: $322,350
• 2021: $320,000

But as Gary Lucido often states in the comments on this blog, the IAR will adjust the sales number next year.

For instance, last year’s September sales, the hottest in 14 years, were 2570 in the press release. But the IAR has gotten in the “final” numbers and now it’s 2635 sales.

Seems likely that September 2021 will be adjusted higher than 2020’s numbers when they get the “final” numbers.

Therefore, it’s likely this year was the hottest September in 15 years in Chicago.

Chicago’s sales were driven, again, by the hot condo market where sales were up 7.7% to 1645 sales. Single family home sales fell 12.7% to 966.

Statewide sales were down 6.7% and in the 9-country Chicagoland area, they fell 7.8%.

Statewide inventory declined 27.8% to 31,049 from 43,025. Homes sold in an average of 25 days, down from 45 days last year.

In Chicago, inventory fell 22.1% to 8,821 from 11,327 properties. Homes sold in an average of 32 days, down from 34 days in 2020.

“While fewer when compared to last year, the homes that were on the market last month were snapped up quickly,” says Ezekiel “Zeke” Morris, President of Illinois REALTORS® and designated managing broker of EXIT Strategy Realty/EMA Management on the South Side of Chicago. “Sellers throughout the state continue to benefit from multiple offer situations. It will remain a seller’s market until median prices level out more.”

The average 30-year fixed rate mortgage was 2.9%, up from 2.84% in August. It was also just slightly higher than a year ago, when it was 2.89%.

“Again, this month the market exhibits positive growth in prices with a decline in the number of sales,” said Dr. Daniel McMillen, head of the Stuart Handler Department of Real Estate at the University of Illinois at Chicago College of Business Administration. “While high prices are beginning to deter buyers and surveys suggest that people are not currently optimistic about the economy, consumers continue to feel that it is a good time to sell a home. Prices are expected to continue to increase through the rest of the year while the number of sales is expected to decrease.”

Are high prices and lack of inventory going to cool the market?

Or will rising mortgage rates be the catalyst that puts a damper on the party?

Speed of Illinois home sales, inventory and median price trends continue in September [Illinois Association of Realtors, Press Release, by Bill Kozar, October 21, 2021]

This 2-bedroom at 545 W. Aldine in East Lakeview came on the market in August 2021.

Built in 2000, this brick and limestone building has 31 units and an attached heated garage.

It also has an elevator, a bike room and a common roof top deck.

This 2-bedroom has a split floor plan with hardwood floors throughout that were new in both bedrooms and the foyer in 2018.

The kitchen has wood cabinets, stone counter tops and stainless steel appliances.

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

It has central air, washer/dryer in the unit, a newer furnace (2019) and deeded garage parking is available for $35,000.

But the big selling point is the south facing 29×15 private, fenced deck.

In New York City, according to the New York Times, sales of new construction condos with outdoor space are hot.

From July 1, 2020, through the end of June 2021, sales of new-development units with a private terrace increased by 42.3 percent across the city, and sales of units with a balcony increased about 40 percent, compared with two years earlier, before the pandemic, according to the real estate data firm Marketproof. Sales in buildings with a communal roof deck also increased nearly 19 percent.

At 450 Warren Street, a five-story, 18-unit condo under construction in Brooklyn, every unit has at least two balconies or terraces. To get to their apartments in one of three structures, connected by footbridges and courtyards, residents will walk through open-air passages enclosed by metal mesh, rather than using interior hallways.

In other projects, developers aren’t just providing raw outdoor space — they’re delivering units with the landscaping already in place.

At Flatiron House, at 39 West 23rd Street, CookFox Architects is designing a 44-unit, terra-cotta-and-glass condo for the developer Anbau that will sprout with greenery from a series of irrigated loggias extending up the facades — planted with lowbush blueberry, alpine strawberry, thyme, oregano and lavender — with perforated railings that serve as trellises. The developer anticipates beginning sales later this month, with units priced from $1.85 to more than $18 million.

Listed at $545,000 in August, this unit went under contract within days but dropped out.

It’s again listed at $545,000.

Are decks, patios and balconies a “must” going forward in Chicago?

CJ George at Dream Town Realty has the listing. See the pictures and floor plan here.

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

• Sold in April 2000 for $362,500 (included parking)
• Sold in September 2013 for $540,000 (included parking)
• Sold in June 2018 for $506,000 (included the parking)
• Originally listed in August 2021 for $545,000
• Under contract– but fell out
• Currently listed at $545,000 (plus heated garage parking for $35,000)
• Assessments of $554 a month (includes cable, exterior maintenance, scavenger, Internet, Bike room, Sundeck)
• Taxes of $8480
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 14×12
• Bedroom #2: 12×10
• Kitchen: 14×10
• Living/dining room: 22×21
• Walk-in-closet: 9×7
• Deck: 29×15

This corner 1-bedroom in 910 N. Lake Shore Drive in Streeterville came on the market in May 2021.

Built in 1955, 910 is the sister building to 900 N. Lake Shore Drive. Both were designed by Mies van der Rohe.

910 has 153 units.

It has door staff, rental parking, a bike room and an exercise room.

The listing says this unit was a “complete designer renovation of a 3-bedroom” into a 1/1.5 bath unit with an office.

It has maple hardwoods throughout and is wired for sound.

The unit has custom built-ins and a new open kitchen with an island, quartz countertops, and built-in “top of the line” appliances.

The bedroom doesn’t appear to have a door but it does have a full en suite bath with a double vanity, soaking tub and separate shower and a big walk-in-closet.

There is no washer/dryer in the unit but there’s a laundry room in the building.

The unit has central air and while there is rental parking available the listing says there is a 2 month wait for parking but you can park in other garages within a block in the meantime.

This unit has floor to ceiling windows with dead one views of Lake Michigan, including the sunrises and moonrises.

The listing also says you can see local and migratory birds and the Navy Pier fireworks.

Originally listed in May 2021 for $589,000, it has been reduced $49,000 to $540,000.

For those who love lake views, is this the ideal apartment?

Peggy Quinn and Steve Richardson at BerkshireHathaway HomeServices have the listing. See the pictures and floor plan here.

Unit 2619: 1 bedroom, 1.5 baths, 1436 square feet

• Sold in June 1987 for $225,000
• Sold in July 1994 for $375,000
• Originally listed in May 2021 for $589,000
• Reduced
• Currently listed at $540,000
• Assessments of $1530 a month (includes heat, air conditioning, doorman, cable, Internet, exterior maintenance, lawn care, scavenger, and snow removal)
• Taxes of $10,094
• Central Air
• No washer/dryer in the unit but laundry room in the building
• Rental parking is available but there’s a 2 month wait
• Bedroom: 15×14
• Living room: 19×17
• Dining room: 19×10
• Kitchen: 20×11
• Office: 12×7
• Walk-in-closet: 11×8

This 4-bedroom single family home at 1936 N. Sedgwick in Lincoln Park came on the market in September 2021.

Built in 1880, the main house and garage, which has a studio coach house apartment on the second level, are all brick.

It’s built on a standard Chicago lot measuring 24 x 124.

The listing says it’s a former 3-flat.

The first level has 12 foot ceilings, the living and dining rooms, as well as the kitchen and a family room.

The listing says the kitchen has been “newly updated” with Calcutta marble counter tops, all new hardware and backsplash, “refreshed” cabinets and Miele and Bosch appliances.

The family room off the kitchen has built-ins and skylights.

There’s a 2-story atrium with skylights and the original staircase.

The second level has 11 foot ceilings and 3 of the 4 bedrooms, including the primary suite.

The primary suite has an en suite bath and 4 closets. The other two bedrooms share a bath.

The fourth bedroom is in the lower level.

The listing says the lower level was renovated in 2018. It has 10 foot ceilings, all new hardwoods and a white marble bath.

There are built-ins and a wet bar in the recreation room.

The lower level also has an office/den or a possible fifth bedroom.

The house has central air.

It has a blue stone patio off the kitchen/family room which leads to the 2-car garage/coach house.

Above the garage is a studio apartment with a full kitchen and bath, its own furnace, in-unit washer/dryer and air conditioning.

The apartment has exposed timber ceilings and what looks like a skylight in one of the pictures.

The listing says you could put the apartment on Airbnb, have a full-time tenant, use it for in-laws or a nanny suite.

This house is in the Lincoln Elementary school district.

Listed at $1.775 million, that’s $275,000 above the 2015 sales price of $1.5 million.

Coach houses are coming back in vogue as the city is encouraging them again.

Is the coach house a big selling point of this property?

Theodora Jordan and Katie Cassman at Compass have the listing. See the pictures and floor plan here.

1936 N. Sedgwick: 4 bedrooms, 3.5 baths, coach house, 2 car garage

• Sold in June 1998 for $895,000
• Sold in July 2015 for $1.5 million
• Originally listed in September 2021 for $1.775 million
• Currently still listed at $1.775 million
• Taxes of $21,797
• Central Air
• 2-car garage
• Coach house studio apartment with a/c, washer/dryer and furnace
• 3 fireplaces
• Bedroom #1: second floor
• Bedroom #2: second floor
• Bedroom #3: second floor
• Bedroom #4: lower level
• Office/den: lower level
• Recreation room: lower level
• Family room: main level
• Living room: main level
• Dining room: main level
• Kitchen: main level

This 5-bedroom Mediterranean villa single family home at 5652 N. Virginia in Peterson Woods just came on the market.

Built in 1928 on a larger than average corner lot measuring 50 x 119.5, it over looks the North brand of the Chicago River and Legion Park.

It has an attached 2 car garage.

It’s famous because anyone who has driven through the Peterson Woods neighborhood knows this unique house that looks like it should have been built in California.

It still has many of its original features including high coved ceilings, dark oak trim, arched leaded windows and the original tiles in the entry foyer.

But according to Dennis Rodkin at Crain’s, who interviewed the sellers, they have remodeled the house two or three times since they bought it in 1983 so little other original features remain.

The primary bedroom is on the main floor and has been redesigned and expanded so it has a walk-in-closet and en suite bath, which is rare for a vintage home.

There appears to be 2 second floor bedrooms, including one in the crown over the entry door/foyer, and a second that leads to a large 16×19 covered deck that over looks the other deck and Legion Park.

There are 2 pergolas.

Two bedrooms appear to be in the basement, along with a bathroom that has a hot tub, steam shower and sauna.

The lower level also has a family room with a wet bar and a separate second kitchen.

The listing says the lower level can be used as an in-law arrangement.

The listing calls the main kitchen a “chef’s kitchen” with a quartz island, prep sink, 3 skylights with automatic blinds and a new Bosch stove, refrigerator and microwave.

It has central air.

According to Crain’s, there have only been 3 owners of this house since 1928.

Listed at $1.2 million, Crain’s says 2 other homes in Peterson Woods have sold this year over $1 million.

Will someone nab this famous Mediterranean home this week?

Joan and Jodie Brennock at Baird & Warner have the listing. See the pictures and floor plan here.

5652 N. Virginia: 5 bedrooms, 3.5 baths, 4652 square feet, 2 car garage

• No former sales price but it last sold in 1983
• Currently listed at $1.2 million 
• Taxes of $7262 (senior exemption)
• Central Air
• 2-car attached garage
• In-Law arrangement in lower level with a second kitchen
• 2 fireplaces
• Bedroom #1: main level
• Bedroom #2: second level
• Bedroom #3: crown room on second level measures 9×12
• Bedroom #4: basement
• Bedroom #5: basement
• Living room: main level
• Dining room: main level
• Kitchen: main level
• Deck: 16×19 (second level)
• Main level deck

This 4-bedroom in 399 W. Fullerton Parkway in East Lincoln Park came on the market in June 2019.

Built in 1926-27 by McNally & Quinn, according to Chicago Apartments, it’s in the French Renaissance style.

It’s an exclusive building with just 2 units per floor and just 32 units in the 17 story building.

It’s also unusual for a building in this period in that there’s a garage on the first floor. Garage and guest parking is available in the building.

It has 24-hour door staff.

We last chattered about this unit in January 2021 when it had been reduced to $675,000.

Back then, the sister unit, #14E, had been remodeled and had gone under contract at $1.495 million.

It sold in February 2021 for $1.3 million.

You can see those pictures here.

This unit has views overlooking the park and lake.

It has wood crown molding in the living room along with a gas fireplace.

There are hardwood floors in the living and dining room.

The listing says there are hardwoods under the carpet in the bedrooms.

There’s now more description about the kitchen in the listing.

“The kitchen was moved and enlarged; it occupies an area that was once two maid’s bedrooms. The kitchen includes a 5-star range with grill and double oven, a SubZero refrigerator and separate freezer, a Fisher Paykel dishwasher, and a wine refrigerator. The former kitchen is now an office/4th bedroom with full bath.”

It is a rare vintage building that has modern amenities including central air and radiant heat, washer/dryer in the unit and valet garage parking is available for $300 a month.

Originally listed in June 2019 at $899,000, it has been reduced $249,000 to $650,000.

Given the sales price of the sister unit, is this a deal?

Jennifer Ames at Engel & Voelkers now has the listing. See the pictures and floor plan here.

Unit #14W: 4 bedrooms, 3 baths, 3000 square feet, co-op

• I couldn’t find a prior sales price as it’s a co-op
• Originally listed in June 2019 at $899,000
• Reduced numerous times
• Was listed in January 2021 at $675,000
• Reduced
• Currently listed at $650,000
• Assessments are now $2799 a month (they were $4549 a month in January 2021) (includes heat, doorman, cable, gas, exterior maintenance, lawn care scavenger, snow removal but not the taxes.) The taxes were included last time and the listing said they were $1856 a month. That meant the rest of the assessment was $2593 a month.
• Taxes are $19,652
• Central Air
• Washer/dryer in the unit
• Valet garage parking for $300 a month
• 1 fireplace
• Bedroom #1: 19×12
• Bedroom #2: 20×13
• Bedroom #3: 16×12
• Bedroom #4: 13×9
• Living room: 29×16
• Dining room: 19×14
• Kitchen: 17×13
• Foyer: 14×8

This 2-bedroom at 817 W. George in Lakeview came on the market in October 2021.

I’m not sure when this vintage building was built but it has 8 units.

There’s storage in the lower level and an exercise room.

If this unit looks familiar, that’s because we chattered about it in 2012 when it was listed as a short sale and we debated whether nor not it was a “deal.”

See our chatter here.

G chimed in on that thread. I miss his observations and data. Where’d you go G?

But if you recall, this unit has many of its vintage features still intact and has numerous built-ins.

The foyer has the original beveled glass mirror and there are large crown moldings throughout.

The living room has a brick gas fireplace with built-in glass front cabinets and a mantle.

There are also built-ins in the family room, or dining room depending on how you use the space, which also has its original coffered ceiling.

The “updated” kitchen has light gray cabinets, new stainless steel appliances, quartz counter tops and a subway tile backsplash.

There are refinished hardwood floors throughout.

The listing says the one bath has been “updated.”

The unit has 2 large storage rooms in the lower level and washer/dryer in the unit.

It doesn’t appear to have central air or space pak, but I can’t tell for sure.

And parking may be leased nearby, but I can’t tell for sure on that either. In 2012, however, we debated whether you needed to have a car in Lakeview when talking about this unit.

It has a rear private outdoor deck which is large enough for a couch and table.

In 2012, Laura said:

“Beautiful old place with plenty of space and wonderful vintage details for this price.

Change a few colors and fixtures here and there, and the place is perfect.

I’m surprised by the price drops in Lakeview, Haven’t seen prices like this for a long time there.”

It sold as a short sale in 2012 for $222,500.

The unit has come on the market in 2021 at $400,000.

Do you kick yourself for not buying this condo in 2012?

Derek Disera at @Properties has the listing. See the pictures and floor plan here.

Unit #1W: 2 bedrooms, 1 bath, 1350 square feet

• Sold in August 1987 for $128,000
• Sold in September 2000 for $255,000
• Sold in January 2003 for $289,000
• Sold in October 2004 for $317,000
• Sold in a short sale in December 2012 for $222,500
• Sold in August 2018 for $352,000
• Currently listed at $400,000
• Assessments of $395 a month (includes heat, exterior maintenance, scavenger)
• Taxes of $7453
• No central air (unclear if any cooling)
• Washer/dryer in the unit
• Leased parking? (unclear)
• Fireplace
• Bedroom #1: 11×11
• Bedroom #2: 11×9
• Living room: 16×15
• Family room/dining room: 17×11
• Kitchen: 11×9
• Foyer: 9×7
• Deck: 13×7

This 6-bedroom Beaux-Art style mansion at 1521 N. State Parkway came on the market in August 2018.

Built in 1894 by architect George Maher, it is on a larger than standard Chicago lot measuring 28.5 x 130 lot.

It has a one-car garage plus a parking pad for a second car.

The listing says it has “modern interiors with advanced Crestron-Lutron technology” which were completely gut renovated by Hewitt Horn Ltd.

It’s plaster moldings have been restored.

The house has 5 fireplaces.

The kitchen has white cabinets and an island with natural wood cabinets along with luxury appliances.

The listing says it has “new baths.”

6 bedrooms are on the second, third and fourth floors but the listing also says there is a bedroom/exercise room in the lower level as well.

The lower level, which isn’t shown in the pictures, also includes a recreation room and a “huge” laundry room which the listing says can double as a catering space.

However, there IS a second kitchen and a den/entertainment room on the fourth floor which leads to the fully built-out roof deck which has a fireplace and built-in grill along with lush plantings.

In addition to the rooftop terrace, there are two other outdoor spaces including one off the kitchen.

The house has central air and space pak cooling.

It’s located at the north end of the Gold Coast. It’s near Lincoln Park and the shops and restaurants of Old Town.

Originally listed at $10.3 million, it has been reduced to $9.95 million.

Does this house satisfy vintage lovers AND modern lovers?

Jennifer Ames at Engel & Voelkers has the listing. See the pictures, floor plan and video here.

1521 N. State Parkway: 6 bedrooms, 7 baths, 9700 square feet

• Sold in January 2012 for $4.625 million
• Originally listed in August 2018 for $10.3 million
• Reduced
• Currently listed at $9.95 million
• Taxes of $79,185
• Central Air and Space Pak
• 1 car garage and one space parking pad
• 5 fireplaces
• 3 outdoor spaces
• Bedroom #1: 26×15 (third floor)
• Bedroom #2: 15×12 (second floor)
• Bedroom #3: 17×12 (second floor)
• Bedroom #4: 17×12 (third floor)
• Bedroom #5: 17×12 (fourth floor)
• Bedroom #6: 22×13 (third floor)
• Bedroom #7/Exercise room: lower level
• Office: 10×11 (third floor)
• Library: 20×20 (second floor)
• Den: 17×10 (or 17×16?) (fourth floor)
• Living room: 17×14 (main floor)
• Dining room: 14×19 (main floor)
• Kitchen: 23×16 (main floor)
• Family room: 22×18 (main floor)
• Recreation room: lower level
• Laundry room: lower level
• Second kitchen: fourth floor

This 2-bedroom in the Drake Tower at 179 E. Lake Shore Drive in the Gold Coast came on the market in October 2021.

The Drake Tower was designed by Benjamin Marshall in 1927. It’s a co-op with 68 units.

The building has attached rental parking, an exercise room and door staff.

The listing for this unit says it is a “new renovation.”

It has new plumbing and new space pak air.

It has wainscoting and crown molding as well as a built in buffet in the dining room.

The foyer has a cove ceiling and what appears to be a wine refrigerator.

The galley kitchen has white cabinets with Wolf, Miele and Subzero appliances.

While there are two bedrooms, it’s the second bedroom that has an en suite bath, and NOT the primary bedroom.

There are 3 walk-in-closets.

The unit has the features buyers look for including in-unit washer/dryer and rental parking in the garage for $200 a month along with space pak air.

The building’s exercise room has a pilates reformer.

There is also a wine locker and the unit has a large storage room.

The listing says you get “white glove service” in the Drake Tower and “true security.”

Listed at $799,000, will being “new” on historic East Lake Shore Drive get this sold quickly?

Curt Ratcliff at @Properties has the listing. See the pictures and floor plan here.

Unit #603: 2 bedrooms, 2 baths, 1435 square feet, co-op

• Sold in September 2018 for $555,000 (according to Zillow and Redfin)
• Currently listed at $799,000
• Assessments of $3100 a month (includes heat, gas, taxes, doorman, cable, exercise room, exterior maintenance, scavenger and snow removal)
• Taxes are included in assessment as it’s a co-op
• Parking is rental in the building for $200 a month
• Dogs and cats allowed
• Space Pak cooling
• Washer/dryer in the unit
• Bedroom #1: 13×20
• Bedroom #2: 16×15
• Living room: 11×19
• Dining room: 6×12
• Foyer: 5×6
• Kitchen: 12×6
• Laundry: 3×5

I need a break so Crib Chatter will be on vacation this week.

I’ll check into the comments so please be kind to each other.

There’s a lot going on in Chicago real estate right now. I’m looking forward to doing updates on all the new construction going on. There are closings going on on several new condo towers.

New condos are back. And are selling.

See you later in October.

Sabrina