Crib Chatter

This 2-bedroom in The Legacy at 60 E. Monroe across from Millennium Park in the Loop came on the market in July 2021.

Built in 2009, the Legacy is a full-service building with 355 units and an attached parking garage.

It has door staff, an indoor pool, exercise room and 3 terraces including on the 15, 42 and 60th floors.

The listing for this corner unit says it is the “most popular” and is “rarely available.”

It has Lake, Millennium Park and Chicago skyline views with a Northwest exposure.

The listing says it has “close to $100K” in upgrades including Poliform built-ins, Snaidero cabinets, Subzero, Bosch and a full height backsplash.

The primary bedroom has 2 walk-in-closets and an en suite bathroom.

It has 10 foot ceilings with floor-to-ceiling windows as well as a balcony the listing says is large enough to have a grill and also has an electrical outlet.

The unit has central air, washer/dryer in the unit but it doesn’t say anything about parking. The two previous sales included a tandem parking space, however.

The listing indicates that the Legacy is a social building with discussion groups, bridge, dinner club, book clubs and Girls Night Out.

Listed at $888,000, this is $13,000 below the 2014 sales price of $901,000 and lower than the original 2010 price.

Is this a downtown deal?

Matt Silver at Corcoran Urban Real Estate has the listing. See the pictures here (sorry, no floor plan).

Unit #5106: 2 bedrooms, 2 baths, 1596 square feet

• Sold in December 2010 for $950,000 (included parking)
• Sold in April 2014 for $901,000 (included parking)
• Originally listed in July 2021 for $888,000
• Currently still listed for $888,000
• Assessments of $1069 a month (includes heat, a/c, gas, doorman, cable, exercise room, pool, exterior maintenance, scavenger, snow removal, Internet)
• Taxes of $15,944
• Central Air
• Washer/dryer in the unit
• Parking???
• Bedroom #1: 13×16
• Bedroom #2: 13×11
• Kitchen: 16×10
• Living/dining room: 22×17
• Laundry room: 3×4
• Balcony

Last year, the story line being told about all the major cities, was that “the city” was doomed due to COVID fears, the BLM protests and riots and the ability of the professional workers to work-from-home, including working from anywhere in the country.

In Chicago, downtown condo sales, and prices, plunged and the rental towers saw their worst occupancy in decades.

But by this summer, with the economy reopening and entertainment events returning such as concerts and some street festivals, Chicago real estate started to recover.

Empty downtown apartments have filled up quickly in 2021.

From Crain’s:

“Hui is among the herd of renters who have stampeded into downtown Chicago this year, fueling a staggeringly swift turnaround of a market that was struggling amid an exodus of tenants just a year ago. The 31-year-old brand manager recently left Minneapolis to take a job with Tyson Foods in the West Loop, signing a lease for a one-bedroom unit at Presidential Towers, a huge apartment complex nearby.

“I’m really excited about it because it’s a nine-minute walk from work,” Hui says.

It’s one story among many explaining why downtown high-rises are full again and rents hit record highs in the second quarter, according to the Chicago office of Integra Realty Resources, an appraisal and consulting firm. The number of downtown apartments leased in the first half of 2021 already far exceeds the leasing volume for a good year.”

According to Crain’s, last year’s big incentives, with some luxury buildings given out 3 or 4 months “free” rent, seemed to work to lure in tenants.

“Brooke Miller moved from South Florida to Chicago in March after signing a lease at Spoke, an apartment building in River West, that included two months rent-free along with two months of free parking. A flight attendant, Miller didn’t have to move here for her job, but she grew up in Indiana and wanted to live in a big city that was close to her family.

“I came into the market at a great time,” she says.”

Where are all these tenants coming from?

Luxury Living, which handles 3,000 apartment rentals, including those on Wolf Point, is seeing strong relocation tenants.

So far this year, relocations have accounted for about half of Luxury Living’s leases—up from 40% in prior years—with people from outside Illinois representing 35% and suburban relocations representing 15%, he says. Last year, renters moving into the city from the Chicago suburbs accounted for about 25% of the total.

Occupancy fell to 86.5% in the fourth quarter of last year, the lowest since data began in 1998.

According to Integra, by the second quarter of 2021 it had already rebounded to 94.5%.

Over 3,300 apartments were absorbed in the quarter.

Integra is expecting 6500 apartments to be absorbed this year.

According to Crain’s data, that’s the highest level of absorption going back to 2003.

No other year has ever seen over 4,000 units absorbed.

Rents on Class A apartments also rose to a new record in the second quarter, of $3.41 per square foot. The prior record was set in 2019, pre-pandemic, at $3.31.

OneChicago, the massive 2 building development across from Holy Name Cathedral downtown, is nearing completion this fall.

The two buildings will have 735 apartments and 77 luxury condos along with a large Whole Foods and Lifetime Athletic Resort and Spa.

“Based on current leasing volumes, Letchinger expects that more than 100 apartments will be leased by Oct. 1, when the first residents start moving in. One Chicago rents so far average about $4.20 per square foot, among the highest in the city, he says.

“I am pleasantly surprised,” says Letchinger, founder and CEO of JDL Development.”

Is this the best it will ever be for downtown Chicago landlords?

And what does it mean for the downtown condo market, which has seen prices slide?

Will it soon be cheaper to buy a condo than rent an apartment, swinging momentum towards buying?

Why is the downtown apartment market so strong now? [Crain’s Chicago Business, by Alby Gallun, August 27, 2021]

The July data is out from the Illinois Association of Realtors and July continued the hot streak in Chicago’s housing market.

In the city of Chicago, home sales (single-family and condominiums) in July 2021 totaled 3,273 homes sold, up 17.2 percent from July 2020 sales of 2,793 homes.

The median price of a home in Chicago in July 2021 was $345,000, up 5.3 percent compared to July 2020 when it was $327,500.

Here’s the July data since 1997 (thanks, once again, to G for the historic info):

• 1997: 1,694
• 1998: 2,139
• 1999: 2,186
• 2000: 2,013
• 2001: 2,410
• 2002: 2,661
• 2003: 3,105
• 2004: 3,429
• 2005: 3,487
• 2006: 3,088
• 2007: 2,819
• 2008: 2,200
• 2009: 2,040
• 2010: 1,631
• 2011: 1,666
• 2012: 2,088
• 2013: 2,902
• 2014: 2,725
• 2015: 3,082
• 2016: 2,780
• 2017: 2,698
• 2018: 2,803
• 2019: 2,708
• 2020: 2,793
• 2021: 3,273

Condo sales continue to drive the Chicago market, with 2241 of the 3273 sales coming from the condo market.

“In July, we saw attached home sales increase 28.4 percent, while single-family home sales decreased 1.4 percent. This is the first time we’ve seen a decrease in single-family home sales since the beginning of the COVID-19 pandemic,” said Nykea Pippion McGriff, president of the Chicago Association of REALTORS® and vice president of strategic growth at Coldwell Banker Realty.

“Homebuyers that were priced out of the single-family market earlier this year are being more conscientious of a home’s value and could be turning to attached homes to find the home of their dreams.”

Statewide inventory continues to drop, falling 30% to 31,425 from 44,864 last year.

In 2019, statewide inventory was at 59,600. It’s been slashed in half.

Number of days on the market continues to plunge, as well.

Statewide market times:

• 2016: 53 days
• 2017: 47 days
• 2018: 44 days
• 2019: 43 days
• 2020: 50 days
• 2021: 24 days

“While the tight inventory continued to help many sellers get more than their asking prices, it appears the number of potential buyers started to dry up as the summer selling season winds down,” says Sue Miller, President of Illinois REALTORS® and designated managing broker of Coldwell Banker Real Estate Group in McHenry.

In Chicago, inventory fell 9.8% year-over-year to 8730 from 9178 properties.

Days on the market in the city declined 19.4% to 29 from 36 in July 2020.

Mortgage rates continue to be favorable with the 30-year fixed rate mortgage averaging 2.87% in July, down from 2.97% in June 2021 and also lower than July 2020’s 3.02%.

But some real estate experts see the typical fall slowdown emerging.

“While prices continue to grow in both Illinois and Chicago, sales are forecast to decline over the next few months, a usual pattern for August, September and October,” said Geoffrey J.D. Hewings, emeritus director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois.

“Sales levels will be below those recorded in 2020, but still above those for 2019.”

Is the market returning to its normal seasonal patterns after the home buying binge of the last 16 months?

Home sellers got top dollar for their homes in July [Illinois Association of Realtors, Press Release, by Stephanie Sievers, August 23, 2021]

This 2-bedroom in 3150 N. Sheridan at 3150 N. Sheridan in East Lakeview came on the market in August 2021.

Built in 1974, 3150 N. Sheridan has 102 units and an attached parking garage.

It’s a full-service building with door staff, an on-site engineer and a roof top pool.

The listing for this unit says it was a “complete gut in 2020.”

It has a unique layout for a high rise in that it has both east and west exposures.

The living/dining space overlooks a big, east facing balcony.

The kitchen is open to the living area and is described as a “true chef’s kitchen” in the listing.

The kitchen has white Shaker style cabinets, a large kitchen island, granite counter tops, Bosch stainless steel appliances, a hood vent and beverage cooler.

The primary suite has a walk-in-closet and a “luxe” bathroom with a frameless glass walk-in-shower and heated floors.

Both of the bedrooms have west facing exposures.

The unit has Nest thermostats and built-in speakers.

While it has central air and garage parking is leased in the building, it doesn’t have in-unit washer/dryer. There is coin laundry in the building.

Buyers love “new.”

Listed at $375,000, will this condo go under contract before Labor Day?

Megan Wood and Russell Burton at Compass have the listing. See the pictures and floor plan here.

Unit #14C: 2 bedrooms, 2 baths, 1350 square feet

• Sold before 1986
• Sold in September 2015 for $205,000
• Currently listed for $375,000
• Assessments of $813 a month (includes doorman, cable, pool, exterior maintenance, scavenger, snow removal)
• Taxes of $4604
• Central Air
• No washer/dryer in the unit. Coin laundry in the building
• Leased parking in attached garage
• Bedroom #1: 17×12
• Bedroom #2: 13×12
• Living/dining room: 25×15
• Kitchen: 12×10
• Foyer: 10×5

This top floor 3-bedroom in 2752 N. Magnolia in Lincoln Park came on the market in July 2021.

Built in 2017, this building has 5 units and garage parking.

This property is a single-level top floor unit with 4 units underneath it.

It has luxury finishes such as beveled edge oak floors and tray lighting.

The kitchen is open to the living/dining room and has custom white cabinets, a quartz peninsula, integrated high end appliances including 2 dishwashers and 2 wine refrigerators.

The living room has beamed ceilings and built-ins with a remote pop up TV and electric fireplace.

The primary suite also has a fireplace, a walk-in-closet and an en suite bathroom with heated floors, dual vanity, soaking tub, and spa-like steam show with body sprays.

There’s two private decks off the primary suite including one that is accessed through the bathroom, is covered and has an outdoor fireplace.

In addition to those two outdoor spaces, it also has 3 other private outdoor spaces in terraces and balconies.

The property has a smart home system, central air, washer/dryer in the unit and heated garage parking for 2 cars.

There’s an additional storage room in the building.

This condo is a different style than what we have normally seen in new construction over the past 10 years of narrow, duplex up top floor units with a rooftop deck.

Listed at $1.15 million, is this a single family home alternative in Lincoln Park?

Nicole Thomas at @Properties has the listing. See the pictures and floor plan here.

Unit #PH: 3 bedrooms, 2.5 baths, no square footage listed, penthouse

• Sold in May 2017 for $1.1 million (per Redfin and Zillow)
• Originally listed in July 2021 for $1.15 million
• Currently still listed for $1.15 million
• Assessments of $605 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $25,482
• Central Air
• Washer/dryer in the unit
• 2 car heated garage parking
• 3 fireplaces
• 5 outdoor spaces
• Bedroom #1: 19×14
• Bedroom #2: 13×12
• Bedroom #3: 13×12
• Living/dining combo: 21×18
• Kitchen: 18×9
• WIC: 10×8
• Laundry: 9×5
• Deck: 14×12
• Terrace: 14×10
• Balcony: 15×9

This 1-bedroom loft in the Gallery Lofts at 3323 N. Paulina in West Lakeview came on the market in August 2021.

The Gallery Lofts were built in 1925 and has 31 units. It was apparently a furniture store which was converted to lofts in 1989.

The building has a Paulina address but also fronts Lincoln Avenue.

It has rental parking in an adjacent lot, bike storage and common laundry.

This loft faces east, over Lincoln Avenue, and has 15 foot ceilings with unique crown molding.

The bedroom is fully enclosed, but doesn’t have windows, and has a second bedroom, or lofted office, accessed by a staircase, on top of it.

It has hardwood floors.

The listing says the kitchen has been “updated.” It has white cabinets, granite counter tops and stainless steel appliances.

There are two walk-in-closets.

This unit has central air, which is included in the assessment, but no in-unit laundry or parking. Parking is rental in the adjacent lot.

This loft is in the middle of shops and restaurants of West Lakeview and just 3 blocks from the Paulina Brown Line El stop. The massive Lakeview Whole Foods and Target are nearby.

Is this a good starter condo?

Emily Phair and Kevin Hinton at Keller Williams OneChicago have the listing. See the pictures here.

Unit #2B: 1 bedroom, 1 bath, no square footage listed, loft

• Sold in May 1989 for $100,000
• Sold in May 1994 for $97,500
• Sold in August 1996 for $127,500
• Sold in February 2001 for $165,000
• Sold in April 2003 for $178,000
• Sold in June 2007 for $250,000
• Sold in August 2011 for $232,000
• Sold in January 2019 for $290,000
• Currently listed at $310,000
• Assessments of $350 a month (includes heat, a/c, exterior maintenance, scavengers, snow removal)
• Taxes of $4428
• Central Air
• No washer/dryer in the unit. Laundry in the building
• No parking but rental lot adjacent to the building
• Bedroom #1: 12×12
• Loft: 12×12
• Dining room: 12×12
• Kitchen: 10×8
• Living room: 20×15

This 6-bedroom vintage house at 830 W. Wolfram in Lakeview came on the market in July 2021.

Built in 1885, it’s on an extra wide 43×125 lot and has an extra large 2.5 garage.

This house has some of its vintage features but has also been expanded and renovated.

It has 3 fireplaces, crown moldings, ceiling medallions, pocket doors and stained glass windows.

The first floor has a full and half bath along with the main living areas and kitchen.

The “designer” kitchen has gray cabinets, an island, a breakfast area with built-ins, a beamed ceiling and “chef grade appliances” including Subzero, Miele, Bosch, Waterworks and ILVE.

The house has the preferred layout for families with 5 of the 6 bedrooms are on the second floor, including the primary suite which has a bathroom with a soaking tub, a separate shower and marble finishes.

The second floor has vaulted ceilings and skylights along with lofted areas as well as the laundry room and a second full bath.

The lower level sports the recreation room, the 6th bedroom, a workout room/utility room, a full bath and an extra kitchen with white cabinets and appliances.

The listing says you can use the lower level as an in-law suite or for live-in help.

The house has a wrap-around porch and two terraces, including one on top of the garage.

It has central air.

The house is located near the shops and restaurants of Central and East Lakeview and is near various bus lines and the Diversey Brown line El stop.

This is a rare chance to own this property as it hasn’t changed hands since 1992.

Listed at $2.495 million, is this an ideal family home?

Brad Lippitz at Compass has the listing. See the pictures and floor plan here.

830 W. Wolfram: 6 bedrooms, 4.5 baths, 5749 square feet, single family home

• Sold in January 1988 for $265,000
• Sold in April 1988 for $395,000
• Sold in September 1992 for $860,000
• Originally listed in July 2021 for $2.495 million
• Currently still listed at $2.495 million
• Taxes of $26,199
• 2.5 car garage
• Oversize lot measuring 43 x 125
• Central Air
• 3 fireplaces
• Skylights
• Wrap around porch
• 2 terraces
• Bedroom #1: 18×15 (second floor)
• Bedroom #2: 11×15 (second floor)
• Bedroom #3: 12×17 (second floor)
• Bedroom #4: 12×17 (second floor)
• Bedroom #5: 10×13 (second floor)
• Bedroom #6: 9×16 (lower level)
• Living room: 13×17 (main level)
• Dining room: 13×17 (main level)
• Family room: 16×15 (main level)
• Kitchen: 27×19 (main level)
• Mudroom: 7×11 (main level)
• Laundry: 10×10 (second level)
• Recreation room: 12×49 (lower level)
• Utility room: 22×18 (lower level)
• Second kitchen: 10×11 (lower level)
• Wrap-around deck: 8×20 (main level)
• Terrace: 17×28 (main level)
• Terrace over garage: 24×21

This 1-bedroom in Fulton House at 345 N. Canal in the Near West Side came on the market in August 2021.

Built in 1903, Fulton House was originally an old cold storage warehouse.

It was converted to apartments in the 1970s by Harry Weese and then was converted into condos in the 1990s. There are 104 units.  However, it’s also a live-work building where businesses can operate.

It has a doorman but no garage parking.

This unit is a north and east facing corner unit which overlooks the Chicago River and Wolf Point.

It appears to have been renovated as it has new dark hardwood floors throughout and ceiling lights.

The kitchen has modern cabinets, luxury appliances including Wolf double convection ovens, Subzero and a Bosch dishwasher along with a cooktop with Grohe fixtures. It has a quartz dining island.

The bedroom has a large walk-in-closet and a “renovated” luxury white bath with a walk-in-shower.

The unit has a balcony which overlooks the River.

It appears to have washer/dryer in the unit, but no parking and no central air as it is electric heat/air in wall units.

Parking is available for rent in the neighborhood.

The listing says that this unit could be split up into a 2-bedroom, if desired.

Buyers love “new.”

Is this the perfect condo for someone who wants to be on the River?

Pamela Cirignani at Dream Town has the listing. The seller is a realtor and the listing agent has an ownership interest. See the pictures here (sorry, no floor plan).

Unit #805: 1 bedroom, 1 bath, 1275 square feet, corner unit

• Sold in February 1998 for $85,000
• Sold in August 2008 (but recorded in 2017?) for $85,000
• Currently listed at $525,000
• Assessments of $821 a month (includes a doorman, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes aren’t listed
• No central air- wall units
• Washer/dryer appears to be in the unit but building also has coin laundry
• No parking
• Bedroom: 17×14
• Living/dining combo: 13×20
• Family room: 20×16
• Kitchen: 18×13
• Laundry: 2×10
• Balcony: 7×5

This 4-bedroom triplex in Block X at 16 N. May in the West Loop came on the market in August 2021.

Built in 1999, Block X is a gated community with large shared, landscaped gardens and award-winning architecture with unique layouts.

It has 99 units and attached parking.

This triplex is “oversized” at 2650 square feet.

It has a bath on every level with a powder room on the main level, a powder room on the second floor and 2 full baths on the third floor.

3 bedrooms are on the third floor, including the primary suite which has an en suite bath with a marble dual vanity.

The 4th bedroom is on the main level and could also be used as a den/office.

The second level has the living room, dining room, kitchen and family room.

The kitchen has white Shaker cabinets, granite counter tops, including a breakfast bar, and stainless steel appliances.

There are two outdoor spaces including a balcony off the family room on the second floor and a main floor, private terrace that faces the landscaped courtyard.

It has central air, washer/dryer in the unit and an attached 2-car heated garage.

This triplex is in a prime West Loop location near supermarkets, shops and restaurants.

Listed at $1.025 million, is a million dollars the new price point for 4-bedrooms in this neighborhood?

Bari Levine at @Properties has the listing. See the pictures here (no floor plan but the 2017 listing has it.)

Unit #512: 4 bedrooms, 3 baths, 2650 square feet, triplex

• Sold in September 1999 for $397,000
• Sold in October 2003 for $515,000
• Sold in December 2012 for $547,500
• Sold in June 2017 for $899,000
• Currently listed at $1.025 million
• Assessments of $638 a month (includes exterior maintenance, security, snow, scavenger)
• Taxes of $17,018
• Central Air
• Washer/dryer in the unit
• 2-car heated attached garage
• Bedroom #1: 16×15 (third floor)
• Bedroom #2: 13×10 (third floor)
• Bedroom #3: 11×11 (third floor)
• Bedroom #4: 12×10 (main floor)
• Family room: 12×20 (second floor)
• Kitchen: 13×9 (second floor)
• Living room: 19×14 (second floor)
• Dining room: 11×10 (second floor)
• Balcony: 10×8 (second floor)
• Terrace: 25×14 (main floor)

This 4-bedroom Victorian single family home at 3526 N. Marshfield in Lakeview came on the market in May 2020.

If it looks familiar, that’s because we have chattered about it several times over the last decade: in both 2013 and 2016, which was the last time it was on the market.

See our 2016 chatter here.

We also chattered about it in May 2020 when it came back on the market.

See the 2020 chatter here.

Last year, most of you thought it was overpriced.

It’s still available but has been reduced further.

If you recall, the house is unique.

Built in 1893, it’s on an irregular lot measuring 22.5 X 73.5, 8.60 X 51.5  but the public listing now says it’s 23×125.

It has ornately carved faces on the exterior (no longer prominently shown in the listing pictures) and there are underground tunnels from the prohibition era that have been “blocked off” (also no longer mentioned in the listing).

There’s a marble fireplace in the living room and an oak staircase.

The living/dining rooms and kitchen are on the main floor.

The kitchen has dark cabinets and white and black appliances as well as a kitchen island.

3 bedrooms are on the second floor with a full bath.

The third floor has a bonus room/den/bedroom that has skylights.

The house has a lower level family room/den, a full bath, and the laundry and utility rooms.

The house does have central air and there is 1 outdoor parking spot along with a back deck and gated yard.

The listing says it’s had a “new roof in June 2021” which has a 10-year transferable warranty.

It was listed in May 2020 at $809,000 and has been reduced to $699,000.

The house is in a popular location in Lakeview, near the shops and restaurants of Southport and the Addison brown line stop.

Is this house finally a deal?

Arden Baranowski at Berkshire Hathaway Homeservices has the listing. See the pictures here.

3526 N. Marshfield: 4 bedrooms, 2.5 baths, 2500 square feet

• Sold in July 1991 for $160,500
• Sold in February 1994 for $176,000
• Was listed in March 2012 “as-is” for $550,000
• Re-listed in July 2013 for $650,000
• Re-listed in October 2016 “as-is” at $685,000
• Withdrawn
• Re-listed “as-is” in May 2020 for $809,000
• Reduced
• Currently listed at $699,000
• Taxes are now $10,821 (they were $8641 in 2016, $8056 in 2013 and $7958 in April 2012)
• Central Air
• 1-car outdoor parking
• Fireplace
• Bedroom #1: 20×12 (second floor)(is this the attic room?)
• Bedroom #2: 15×13 (second floor)
• Bedroom #3: 16×12 (second floor)
• Bedroom #4: 9×12 (second floor)
• Living room: 27×14 (main floor)
• Dining room: 14×13 (main floor)
• Kitchen: 16×13 (main floor)
• Family room: 30×17 (lower level)
• Laundry room: 12×7 (lower level)