Crib Chatter

In 2020, when the pandemic hit, thousands moved out of downtown Chicago, leaving apartment buildings with their lowest occupancy rate in decades.

Some buildings offered up to 4 months free rent to lure renters back.

Apparently, it worked.

Those deals are long gone now.

According to Integra Realty Resources, downtown apartment occupancy rates jumped to 94.5% in the third quarter from 86.5% at the end of 2020.

They see rents at downtown apartment buildings possibly rising 5% to 7% in 2022 due to lack of supply as demand remains strong.

From Crain’s:

Still, there’s no denying that 2021 has been a huge year for downtown landlords. Absorption, a key measure of demand that reflects the change in the number of occupied downtown apartments, totaled 6,643 units through the first nine months of the year, according to Integra. That’s a stunningly high figure, more than twice the annual average for the prior decade. DeVries projects absorption will total 6,843 units for the full year.

Landlords have pricing power because supply isn’t keeping up with demand. Developers will complete just 2,693 apartments in downtown Chicago in 2021, according to DeVries. Projects that wrapped up this year include Cascade, a 503-unit building in the Lakeshore East development, and a 459-unit building in One Chicago, a two-tower project in River North.

Developers will complete even fewer apartments downtown—just 1,826—next year, according to Integra. That’s mainly because so few developers started projects in 2020, unable to secure financing during the early days of the pandemic. Supply lags demand because construction of an apartment tower takes 18 months to two years or more.

Integra says that rents are back to mid-2019 levels in Class A apartments.

They aren’t quite back to all-time highs, but could get there in 2022.

In every other real estate cycle in Chicago, it has gone from apartments, to condos, to back to apartments.

Could this be the start of the “condo” phase of this cycle after 10 years of building mostly apartments?

If condos are cheaper than renting, as rents rise, will the pendulum swing back to being owners?

More rent hikes coming to downtown apartment market [Crain’s Chicago Business, by Alby Gallun, December 20, 2021]

This 2-bedroom in 1000 Lake Shore Plaza at 1000 N. Lake Shore Plaza in the Gold Coast came on the market in October 2021.

Built in 1964, 1000 Lake Shore Plaza has just 132 units and leased garage parking.

It’s a full amenity building with door staff, an indoor pool, exercise room, and party room.

The listing says this unit has had a “magnificent renovation.”

It has a new kitchen, bathrooms, wood floors, 2 zones of HVAC, a central humidifier system, new copper pipes and Trex flooring on the balcony.

The kitchen is open to the living and dining room and has modern white cabinets with Iceberg Stone counter tops along with a peninsula with seating for 2.

It has a Viking stove with induction cook top and a hidden exhaust fan that vents to the outdoors and a glass front Sub-Zero refrigerator.

It has a dry bar with a wine refrigerator and many built-in bookshelves throughout.

One of the bathrooms has both a walk-in-shower and a tub.

There is a half-bath.

The unit has all the features buyers look for including central air, washer/dryer in the unit and there is leased parking in the building.

This unit appears to have both south and west views, with sunset views from the terrace.

One dog is permitted, with maximum weight of 25 pounds.

Listed at $860,000 for 2200 square feet, is this a deal compared to downtown new construction?

Randi Pellar and Sharon Glickman at Baird & Warner have the listing. See the pictures here.

Unit #21C: 2 bedrooms, 2.5 baths, 2200 square feet

• Sold in December 1993 for $280,000
• Sold in September 1998 for $323,000
• Sold in June 1999 for $400,000
• Sold in May 2005 for $545,000
• Originally listed in October 2021 for $860,000
• Currently still listed at $860,000
• Assessments of $2195 a month (includes gas, doorman, cable, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $13,462
• Central Air
• Washer/dryer in the unit
• Leased parking in the building
• Bedroom #1: 16×14
• Bedroom #2: 16×12
• Living room: 20×16
• Dining room: 16×10
• Kitchen: 16×10
• Terrace: 13×7

This 2-bedroom in The Fordham at 25 E. Superior in River North came on the market in October 2021.

The Fordham was built in 2003 and has 244 units and attached garage parking.

It’s a full service building with door staff, an indoor pool, hot tub, sauna, a sundeck, a gym, theater, library, dog run, guest parking and a 24-hour concierge.

This unit is 1600 square feet and has a balcony.

It has hardwood floors in the main living area and carpet in the bedrooms.

The living room has a fireplace and built-ins.

The kitchen has oak cabinets, granite counter tops and stainless steel appliances.

The listing says there is an “oversized island” but there isn’t. There isn’t an island at all.

The primary suite has an en suite bath.

The second bedroom appears to have built-ins as well.

This unit has the features buyers look for including central air, washer/dryer in the unit and parking is available for $35,000.

The Fordham is near shops, restaurants, grocery stores, the new mega-Whole Foods and the Mag Mile.

This part of River North is called the “Cathedral District” by realtors.

This unit was recently lowered another $10,000 and is now listed at $680,000.

It last sold in 2013 for $675,000.

Is this a deal?

Matt Laricy at Americorp has the listing. See the pictures and floor plan here.

Unit #1605: 2 bedrooms, 2 baths, 1600 square feet

• The CCRD is “down” so I don’t have prior sales prices
• Sold in November 2013 for $675,000 (per Redfin)
• Originally listed in October 2021 for $699,000
• Reduced
• Currently listed at $680,000 (plus $35,000 for the parking)
• Assessments of $1202 a month (includes a/c, gas, doorman, cable, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $11,718
• Central Air
• Washer/dryer in the unit
• Fireplace
• Bedroom #1: 13×14
• Bedroom #2: 11×13
• Living room: 17×13
• Dining room: 17×10
• Kitchen: 14×9

This 2-bedroom at 1111 S. Wabash in the South Loop came on the market in May 2021.

Built in 2006, 1111 S. Wabash has 247 units and an attached parking garage.

It’s a full amenity building with door staff, exercise room and pool.

This unit has west views from an 18 foot balcony off the living room.

It also has a separate den which the listing says could be a home office or Peloton/workout room or, if you put on doors, it could be a third bedroom.

The kitchen has white 42″ cabinets, stone counter tops and “brand new, never been used” stainless steel appliances.

The main living areas have “newly stained” dark hardwood floors and there are new carpets in the bedrooms.

The primary bedroom has blackout shades, a walk-in-closet, and an en suite bath with soaking tub and shower.

The listing says it’s “freshly painted.”

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

The listing indicates that the building has a rental cap of 20%, and that it’s been met.

This unit was originally listed in May 2021 at $439,000 and went under contract twice over the summer.

It’s been reduced to $395,000.

This is the first resale of this unit, which last sold in 2006 for $375,000.

Is this a deal?

Nick Kluding at Baird & Warner has the listing. See the pictures here.

Unit #1508: 2 bedrooms, 2 baths, 1300 square feet

• Sold in January 2006 for $375,000
• Originally listed in May 2021 for $439,000
• Under contract twice over the summer
• Reduced
• Currently listed at $395,000 (plus $30,000 for parking)
• Assessments of $666 a month (includes heat, gas, a/c, doorman, cable, Internet, exercise room, pool, exterior maintenance, lawn care, scavenger and snow removal)
• Taxes of $5905
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 14×11
• Bedroom #2: 10×12
• Den: 14×10
• Living room: 17×13
• Dining room: 14×10
• Kitchen: 11×8

This 2-bedroom duplex loft in One River Place at 758 N. Larrabee in River North came on the market in January 2020.

One River Place was built in 1929 and was the Montgomery Ward Merchandise Building. It was rehabbed into 241 loft apartments in 2000-2001.

From FitzGerald Associates Architects, who did the restoration:

One of the first cast-in-place concrete structures in Chicago, the entire building, walls, columns, floor slabs, and roof are concrete. A full restoration was completed on the statue of Cirrus adorning the tower on the northeast corner of the building, marking the entrance. The statue was installed by Montgomery Ward after he acquired it from the 1933 Century of Progress World’s Fair in Chicago.

It has a heated attached garage, door staff, an exercise room and a rooftop deck.

This unit faces east and has city views.

It has 15 foot concrete ceilings with a bonus lofted den/office and storage on the second floor.

The loft has oak hardwood floors in the living room, dining room and kitchen.

The listing says the kitchen has been “renovated” and has “newer” Shaker style white cabinets, a custom marble backsplash, stainless steel appliances, quartz counter tops and an island.

The primary bedroom has full walls, a window, a walk-in-closet and an en suite bathroom with dual sinks, new quartz counter tops, new faucets and a separate soaker tub and walk-in-shower.

The loft also has a fully enclosed second bedroom that doesn’t appear to have any windows (see the floor plan).

It has a renovated guest bath with porcelain tile flooring and custom shower.

The loft has a private east facing balcony.

It has the features buyers look for including central air, washer/dryer in the unit and heated garage parking is $35,000 extra.

This building is near Starbucks, the River, the water taxi and restaurants.

This unit was originally listed in January 2020, just before the pandemic hit, and went under contract that month but it fell out of contract and was re-listed in March 2020.

Listed at $560,000, this loft has recently been reduced $20,000 to $540,000.

If you include the parking, it’s just $20,000 above the 2016 sales price of $555,000.

Is this a deal?

Bari Levine and Alexandra Solak at @Properties have the listing. See the pictures and floor plan here.

Unit #416: 2 bedrooms, 2 baths, no square footage listed, duplex loft

• Sold in July 2002 for $402,500 (included the parking)
• Sold in October 2005 for $416,500 (included the parking)
• Sold in March 2016 for $555,000 (included the parking)
• Originally listed in January 2020 for $560,000
• Under contract
• Re-listed in March 2020 at $560,000
• Reduced twice in 2021
• Currently listed at $540,000 (plus $35,000 for parking)
• Assessments of $668 a month (includes doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $9861
• Central Air
• Washer/dryer in the unit
• Fireplace
• Bedroom #1: 14×12
• Bedroom #2: 10×10
• Living room: 18×15
• Dining room: 12×10
• Kitchen: 12×7
• Den: 13×13 (second level)
• Loft storage: 30×10 (second level)

This 2-bedroom in 340 W. Superior in River North came on the market in December 2021.

Built in 2001, 340 W. Superior has 120 units and attached garage parking.

The building has 24-hour door staff and an exercise room.

This unit has hardwood floors throughout and a wrap around terrace with two walls of windows and city views.

The kitchen has been “updated” and has white cabinets, stainless steel appliances, stone countertops, a tile backsplash and a peninsula.

The primary suite has an en suite bathroom that the listing says has been “newly renovated” with a large walk-in-shower and double vanity.

The second bathroom has had a “recent remodel.”

The listing says the unit has “designer lighting.”

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

This building is near the shops and restaurants of River North’s Gallery District which has seen a lot of new construction luxury apartment buildings in recent years.

Listed at $475,000 plus $30,000 for parking, it is priced $10,000 below the 2016 price of $515,000.

Is this a deal?

Caroline Druker and Matthew Druker at Baird & Warner have the listing. See the pictures here.

Unit #701: 2 bedrooms, 2 baths, no square footage listed

• Sold in January 2002 for $297,000 (no parking included)
• Sold in September 2002 for $345,000 (included parking)
• Sold in June 2013 for $399,000 (included parking)
• Sold in May 2016 for $515,000 (included the parking)
• Currently listed for $475,000 (plus $30,000 for parking)
• Assessments of $827 a month (includes heat, a/c, gas, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $8443
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 14×11
• Bedroom #2: 13×9
• Living/dining combo: 19×17
• Kitchen: 10×9
• Balcony: 16×6

This 2-bedroom in 630 N. State in River North came on the market in November 2021.

It’s hard to believe, but I apparently don’t have a picture of this building in my photo collection.

630 N. State was built in 2000 and has 171 units and an attached garage.

The building has 24-hour door staff, an exercise room and party room.

It’s a southeast corner unit with Chicago skyline views, custom lighting and Hunter Douglas Silhouette shades.

The unit has a split floor plan and hardwood floors.

The primary bedroom is en suite and has double closets and the bathroom has a double vanity with granite counter tops, a walk-in-shower and soaking tub.

The kitchen has maple cabinets, granite counter tops, black appliances and gas cooking along with a breakfast bar.

It has a private balcony.

The unit has the features buyers look for including central air, washer/dryer in the unit and a garage parking space is included.

This building is located near the Trader Joe’s, Whole Foods, Jewel, coffee shops, restaurants and Michigan Avenue.

Listed at $495,000, that is $13,000 under the 2015 list price of $508,000.

Is this a deal?

Sarah Taich and James Taich at Baird & Warner have the listing. See the pictures and floor plan here.

Unit #2306: 2 bedrooms, 2 baths, 1225 square feet

• Sold in March 2001 for $387,500
• Sold in November 2015 for $508,000
• Originally listed in November 2021 for $495,000
• Currently still listed at $495,000
• Assessments of $958 a month (includes heat, gas, central air, cable, internet, doorman, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $9,062
• Central Air
• Washer/dryer in the unit
• Garage parking included
• Bedroom #1: 15×12
• Bedroom #2: 14×10
• Living/dining combo: 19×16
• Kitchen: 13×8
• Foyer: 8×4
• Balcony: 9×4

This 2-bedroom duplex in Olympia Centre at 161 E. Chicago in Streeterville came on the market in September 2021.

Built in 1984, Olympia Centre has 292 units and an attached parking garage.

It’s a full amenity building with an on-site engineer, door staff, and concierge.

It has a cardio room, a separate weight room, and an indoor pool.

This unit is on the 62nd floor and appears to have a south facing view of the city skyline and the Lake.

It has 24 foot ceilings and double hung windows.

The main floor has the living room, dining room, kitchen and family room.

The unit has a Deguilio-designed kitchen with Miele and Dacor appliances.

It has oak floors and silk wall coverings.

The two bedrooms and an office are on the second floor. The listing says the 2 bedrooms could be converted to 3.

It has Dornbracht fixtures and is wired for sound.

The unit also has a unique feature for a modern high rise: a wood burning fireplace.

It has features buyers look for including central air, washer/dryer in the unit and 2 car parking is available to lease in the garage.

Listed at $2.75 million for 4500 square feet, is this the home for those who love views?

Jennifer Piser Wright and Armin Jalali Sohi at Domain Properties have the listing. See the pictures and 3D walkthrough here.

Unit #62S2: 2 bedrooms, 2.5 baths, 4500 square feet, duplex

• Sold in May 1988 for $900,000
• Sold in December 2004 for $3.5 million
• Originally listed in September 2021 for $2.75 million
• Currently still listed at $2.75 million
• Assessments of $4505 a month (includes doorman, exercise room, pool, exterior maintenance, scavenger, snow removal)
• Taxes of $53,766
• Central Air
• Washer/dryer in the unit
• Wood burning fireplace
• Leased garage parking
• Bedroom #1: 21×13 (second floor)
• Bedroom #2: 21×13 (second floor)
• Office: 14×10 (second floor)
• Living room: 35×20 (main floor)
• Dining room: 19×13 (main floor)
• Kitchen: 20×16 (main floor)
• Family room: 19×19 (main floor)

This penthouse 2-bedroom in Park Castle Condos at 2418 W. Greenleaf in the Indian Boundary Park neighborhood of West Ridge came on the market in December 2021.

Built in 1925, this complex was supposed to look like a castle. It overlooks Indian Boundary Park and has 68 units.

It also has one of the best indoor pools in the city. The building also has a gym.

It has leased parking.

The building has been featured on Open House Chicago:

Architect Jens J. Jensen—not to be confused with landscape architect Jens Jensen—designed this 1925 structure. The sprawling, double courtyard brick apartment building looks like a castle, with crenelations, turrets and towers. A moat-like pond was once graced by live swans. This feature has been removed, but the bridges and some retaining walls remain. Inside the complex, an extravagant indoor pool, reflecting the opulence of the era, remains one of Chicago’s best-kept secrets.

This unit is a corner unit in the tower which overlooks Indian Boundary Park.

It has 9 foot ceilings and a formal foyer.

The all white kitchen has been modernized with quartz countertops, custom white cabinets, stainless steel appliances and brush gold fixtures.

The kitchen has an oversized peninsula which seats four and is open to the formal dining room.

The kitchen has a pantry.

The bathroom still has the vintage tub.

This unit has a separate storage space.

It does not have central air or washer/dryer in the unit. There is laundry in the building. Leased parking is available for $65 a month.

Listed at $199,999, will this sell quickly?

Romulus Olariu at Royal Service Realty has the listing. See the pictures (including historic pictures of the building AND of the swans) and the floor plan here.

Unit #3: 2 bedrooms, 1 bath, 1400 square feet

• Sold in May 1984 for $68,000 (per Redfin)
• Sold in July 1986 for $68,500 (per Redfin)
• Sold in June 1988 for $78,000 (per Redfin)
• Sold in February 1994 for $95,000 (per Redfin)
• Sold in July 1995 for $100,000 (per Redfin)
• Sold in December 2000 for $153,500 (per Redfin)
• Sold in November 2014 for $107,000 (per Redfin)
• Currently listed for $199,999
• Assessments of $598 a month (includes heat, exercise room, indoor pool, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $1496
• No central air
• No washer/dryer in the unit
• Parking is leased for $65 a month
• Bedroom #1: 13×11
• Bedroom #2: 13×11
• Living room: 24×16
• Dining room: 16×12
• Kitchen: 12×11

This 2-bedroom at 3180 N. Lake Shore Drive in Lakeview came on the market in October 2021.

3180 N. Lake Shore Drive was built in 1958 and has 176 units.

It has 2 fitness rooms, a large deck, a parking garage and doorstaff.

Ten years ago, in 2011, we chattered about a 5-bedroom unit in this building.

The poster known as “Architect” said the following:

I like this building; it’s a well-built mid-century modern structure w/spacious units and large room sizes. The two-bedrooms have a separate diningroom, bedrooms that can easily accommodate king-size beds, true foyers, house-size livingrooms, etc. It’s laid out like an old-fashioned coop building; two units per elevator bank is a luxury rarely seen in new construction. Assessments are high because the building is more expensive to operate, but purchase price is low.

This building looks like it’s transitioning from “dowager” to renovating professionals. Without that beautiful lakeview, I’d think these units are relatively good buys for long-term owner-occupants looking for spacious living quarters. Compare this building’s two-bedroom units to those puny new-construction dorm-like condo units.

You can see that chatter here.

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

It has east facing views from the living/dining room of Belmont Harbor and Lake Michigan as well as west facing views from the bedrooms.

The  unit has an open concept kitchen, living and dining room.

The kitchen has white Shaker cabinets, black stainless steel appliances, and gold finishes along with an oversized quartz island with waterfall edge.

It has engineered hardwood floors throughout the main living areas.

The unit has a custom built electric fireplace in the living room and a walk-in-closet along with a new, separate laundry room with a new GE washer/dryer.

The bathrooms have marble floor tiles and the primary bath has a soaking tub while the second bathroom has a walk-in-shower.

It doesn’t have central air, but has window air conditioning units. There’s also garage parking available.

Listed at $409,000, it has been reduced $4,100 to $404,900.

Are the mid-century buildings turning over to a new generation of buyers?

Michael Dukes at Kale Realty has the listing. See the pictures, video and floor plan here.

Unit #20F: 2 bedrooms, 2 baths, 1450 square feet

• Sold in July 1980 for $115,000 (according to Redfin)
• Sold in May 2021 for $222,000
• Originally listed in October 2021 for $409,000
• Reduced
• Currently listed at $404,900 
• Assessments of $1202 a month (includes heat, a/c, electricity, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $6252 
• Window a/c
• Washer/dryer in the unit
• Garage parking available
• Electric fireplace
• Bedroom #1: 17×12
• Bedroom #2: 12×15
• Living room: 25×15
• Dining room: 12×15
• Kitchen: 10×9
• Laundry: 8×6