Crib Chatter

The Illinois Association of Realtors is out with the March data. As we already know from Gary’s data, March sales did finally show a year-over-year decline, but last March was the hottest March of the last 25 years with the exception of 2006.

That means March 2022 was the third hottest March since 1997.

From the IAR:

In Chicago, home sales (single-family and condominiums) in March 2022 totaled 2,827 homes sold, down 3.7 percent from March 2021 sales of 2,937 homes.

Historic data courtesy of G:

City of Chicago condo/TH/SFH closed totals March
year/closed/median/% REO-Short Sales
Year Closed Median %REO/SS

1997 1,226 $126,875
1998 1,540 $137,003
1999 1,766 $152,125
2000 1,793 $167,500
2001 1,800 $195,000

2002 2,112 $210,000
2003 2,261 $225,000
2004 2,772 $244,950
2005 2,822 $271,125
2006 3,000 $275,862

2007 2,399 $285,000
2008 2,098 $300,000
2009 1,219 $217,000 37%
2010 1,860 $207,750 38%
2011 1,481 $163,763 49%

2012 1,630 $170,500 44%
2013 1,894 $187,500
2014 1,875 $235,000
2015 2,173 $260,000
2016 2,149 $269,000

2017 2,546 $295,000
2018 2,343 $310,500
2019 2,062 $290,700
2020 2,123 $319,950
2021 2,937 $345,000

2022 2,827 $345,000

“Despite ongoing inventory shortages, median sales prices held steady in March compared to the same time last year, which is at odds with the ongoing conversations regarding sales price increases,” said Antje Gehrken, president of the Chicago Association of REALTORS® and president and designated managing broker of A.R.E. Partners. “This is a sign of a healthy, steady Chicago market, with opportunities for both homebuyers and sellers in our city.”

In the sales mix, single family homes continue to be in strong demand. Condo sales fell 5.5% year-over-year to 1890 while single family homes were up 0.1% to 937.

Inventory continues to plunge.

Statewide inventory fell 32.1%. Here’s the last three years in March:

• 2020: 49,946
• 2021: 26,564
• 2022: 18,027

In Chicago, inventory also sunk 28.7% year-over-year. Here’s the last three years in Chicago:

• 2020: 8,521
• 2021: 7,404
• 2022: 5,829

In Chicago, days on the market fell 13.3% to 39 from 45.

The 30-year fixed mortgage rate is now on the rise. In March it averaged 4.17% up from 3.76% in February and also up from 3.08% last March.

“With mortgage interest rates inching up and fewer homes for sale than previous years, buyers are seizing opportunities rather than shopping around,” said Ezekiel “Zeke” Morris, president of Illinois REALTORS® and designated managing broker of EXIT Strategy Realty/EMA Management on the South Side of Chicago.

Will the dramatic rise in mortgage rates over the last 45 days light a fire under buyers this spring?

Could we see a record number of sales in April as buyers rush to close?

Sellers enjoy advantage in March as Illinois homes spend fewer days on the market [Illinois Association of Realtors Press Release, by Bill Kozar, April 20, 2022]

This vintage 2-flat building at 304 W. Concord Place in Old Town came on the market in April 2022 but was also listed in 2021.

Built in 1881 on a smaller than standard Chicago lot of 24.1 x 94.22 lot, it still has room for 2-car parking.

The listing says it is one lot with 2 PINs and also says it “presents the opportunity to build an additional dwelling unit on rear portion of lot, please inquire for details.”

It’s also being marketed as being rented or rehabbed into a single family home.

Both units are 1 bedroom and 1 bath.

Unit 1 is a one bedroom with a loft with tall ceilings and hardwood floors. It’s kitchen has wood cabinets and stainless steel appliances.

Unit 2 is a junior one bedroom which has been “recently renovated” and is “generating an average of $2,333 a month.”

There’s no average rental price data given for Unit 1.

Laundry is in the rear of the building along with a sunroom.

The property has a “newer” fenced backyard with pavers and 2-car parking.

The listing says it’s in Lincoln Elementary and is near the shops and restaurants of Old Town.

Listed in January 2021 at $925,000, it was reduced to $799,000 by October 2021 before being removed. It has come back on the market at $750,000.

At this price, will someone take it on as a single family home conversion?

Katherine Waddell at Compass has the listing. See the pictures here.

304 W. Concord Place: 2 bedrooms, 2 baths, 2 unit building

• Sold in February 1999 for $150,000
• Sold in March 1999 for $199,000
• Sold in May 2004 for $455,000
• Sold in May 2005 for $407,500
• Sold in June 2015 for $445,000
• Sold in November 2016 for $589,000
• Second Pin: sold in March 2012 for $30,000 (?)
• Second Pin: sold in December 2016 for $191,000
• Listed in January 2021 for $925,000
• Reduced several times
• Was listed in October 2021 for $799,000
• Listing removed in 2021
• Currently listed at $750,000
• Taxes of $13,126 (not sure if there are taxes on the second PIN or if this includes both)
• Central Air
• 2-car outdoor parking
• Laundry room in the building
• Unit 1: 1 bedroom, 1 bath
• Unit 2: 1 bedroom, 1 bath generating “on average” of $2,333 a month 

This 1-bedroom in Newberry Plaza at 1030 N. State in the Gold Coast came on the market in April 2022.

Newberry Plaza was built in 1971 and has 556 units and attached leased parking.

It is a full amenity building with 24/7 door staff, on site management and engineer, an outdoor pool, and an exercise room.

This 1-bedroom is on the 33rd floor and is a northeast corner unit with 1 1/2 baths.

The listing says it has lake, sunset and city views along with a 6×4 balcony.

The unit has wide plank hardwood floors throughout.

The kitchen has white and dark wood cabinets with a Subzero refrigerator, double Fisher oven and Paykel dishwasher, along with marble counter tops and a breakfast bar that seats four.

There are powered window treatments throughout.

The listing says both bathrooms have been “recently renovated” with modern finishes.

The bedroom has a walk-in-closet.

The unit has the features buyers look for including central air, a full size washer/dryer in the unit and leased parking is available in the building.

This unit last sold just last year, in June of 2021, for $584,500.

It has come back on the market at just $500 more, at $585,000.

For those wondering about comps, Unit 36B, which was newly renovated, just closed on Apr 15, 2022 for $590,000 but it had 2 full baths. You can see that listing here.

In 2021, 30-year fixed mortgage rates in April and May ranged from 2.96% to 3.06%.

Currently, they are around 5%.

According to the Redfin payment tracker, a buyer of this unit at full price with 20% down (or $117,000) would have the following payments:

• 3% mortgage rate: $3409 a month
• 5% mortgage rate: $3949 a month

There are only 2 units currently available in Newberry Plaza which aren’t under contract.

With inventory this low, will the 5% mortgage rate matter?

Ryan Preuett and David Mitria at Jameson Sotheby’s has the listing. See the pictures here.

Unit #33B: 1 bedroom, 1.5 baths, 1000 square feet

• Sold in November 1986 for $110,000
• Sold in September 2003 for $300,000
• Sold in November 2006 for $320,500
• Sold in March 2008 for $348,000
• Sold in October 2014 for $412,000
• Sold in June 2018 for $449,000
• Sold in June 2021 for $584,500
• Currently listed at $585,000
• Assessments of $657 a month (includes heat, a/c, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $6486
• Central Air
• Washer/dryer in the unit
• Parking is leased in the building
• Bedroom: 16×12
• Living room/dining room: 22×13
• Kitchen: 16×12
• Balcony: 6×4

This 4-bedroom townhouse at 564 W. Stratford in East Lakeview came on the market in April 2022.

Built in 1954, this courtyard complex has 10 units.

This townhouse has mid-century features including floor to ceiling windows and skylights.

There are 2 fireplaces including a wood burning fireplace on the main level with a brick surround.

It has oak hardwood floors on the main floor with the living and dining room, a powder room, the kitchen and breakfast room.

There’s a private fenced patio off the dining room.

The kitchen has white cabinets, quartz counter tops, a custom backsplash and stainless steel appliances including a double convection oven.

The second floor has all 4 bedrooms, the preferred layout for families.

The primary suite has a walk-in-closet and en suite bath. There’s also a second full bath on the floor.

The basement is finished and has a recreation room along with the laundry/utility room.

The townhouse has space pak cooling and radiant heat including under the floors.

It doesn’t have parking but the listing says that there is garage parking across the street for $180 a month.

This townhouse is near Belmont Harbor and the shops and restaurants on Broadway and Clark in East Lakeview.

The listing says it’s in the Nettlehorst school district.

At $765,000 with 2628 square feet, is this townhouse a more affordable single family home alternative?

John Federici at Compass has the listing. See the pictures and floor plan here.

Unit #A: 4 bedrooms, 2.5 baths, 2628 square feet, townhouse

• Sold in July 1992 for $182,500
• Sold in October 1993 for $239,000
• Sold in December 2003 for $632,000
• Lis pendens foreclosure filed in August 2009
• Sold in January 2012 for $391,000
• Sold in July 2012 for $495,000
• Currently listed at $765,000
• Assessments are $125 a month (includes exterior maintenance, lawn care, scavenger)
• Taxes of $13,461
• Space Pak cooling
• Radiant heat
• 2 fireplaces
• No parking but available across the street for $180 a month
• Skylights
• Bedroom #1: 20×13 (second floor)
• Bedroom #2: 10×10 (second floor)
• Bedroom #3: 10×10 (second floor)
• Bedroom #4: 10×9 ( second floor)
• Living/dining room: 22×14 (main floor)
• Kitchen: 13×9 (main floor)
• Breakfast room: 11×10 (main floor)
• Laundry room: 22×16 (lower level)
• Recreation Room: 22×24 (lower level)
• Patio

This corner 3-bedroom duplex loft in One River Place at 758 N. Larrabee in River North came on the market in March 2022.

One River Place is the former Montgomery Ward warehouse. It was converted into 241 loft condos in 2002.

It has 24-hour door staff, an exercise room, bike storage, a rooftop deck with grills and heated attached garage parking.

This loft has two walls of windows which overlook the Chicago River.

It has 15 foot concrete ceilings and exposed ductwork.

The listing says there is a “gourmet kitchen” with 42″ white Shaker cabinets, Carrera quartz counter tops and high end stainless steel appliances along with a peninsula with seating for 3.

The kitchen is open to the living and dining room.

All three bedrooms have full walls and windows, which is rare for many lofts.

The primary suite has a walk-in-closet and a granite en suite bath with steam shower, soaking tub and large double sink vanity.

The second bedroom has a “completely gutted” en suite bath with a new vanity and lighting.

A spiral staircase leads to the third bedroom which overlooks the river.

This loft has the features buyers look for including central air, washer/dryer in the unit and there are 2 heated garage parking spaces available for $35,000 each.

It has outdoor space in the form of a balcony that overlooks the River and the Tribune publishing site, which is currently being pitched as a possible casino site.

Originally listed at $850,000, this loft went under contract quickly but fell out and has returned to the market reduced $50,000 to $800,000.

Will the development of the Tribune site actually enhance values in the buildings across the River?

Elena Theodoros and Bari Levine at @Properties Christie’s Intl have the listing. See the pictures and floor plan here.

Unit #411: 3 bedrooms, 2.5 baths, no square footage listed, duplex up, loft

• Sold in 2002 (I couldn’t find the price)
• Sold in April 2008 for $687,500
• Sold in October 2014 for $767,500
• Originally listed in March 2022 for $850,000
• Under contract
• Re-listed in April 2022 for $800,000 (plus $35,000 each for 2 parking spaces)
• Assessments of $1278 a month (includes doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $17,261
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 16×14 (main floor)
• Bedroom #2: 15×12 (main floor)
• Bedroom #3: 15×12 (second floor)
• Living room: 23×17
• Dining room: 16×16
• Kitchen: 16×9
• Laundry: 7×6 (main floor)
• Walk-in-Closet: 15×6 (main floor)
• Foyer: 7×6
• Balcony: 17×5 (main floor)

This 4-bedroom in The Powhatan at 4950 S. Chicago Beach in Hyde Park came on the market in October 2021.

Built in 1927-29 at a cost of $2.5 million for the land and the building, The Powhatan was built as a luxury co-op and remains a co-op.

According to Chicago Apartments: A Century of Luxury, The Powhatan was the most luxurious of the Hyde Park/Kenwood vintage buildings. Both the inside and outside of the building have art deco finishes including the two elevator banks that are still served by elevator attendants.

The building has a legendary top floor ballroom with both north and south terraces.

It also has an indoor pool with mosaic panels.

There are just 40 apartments, full time door staff and valet parking. The assessments include the taxes.

This unit is 4,000 square feet and has north views of downtown and Navy Pier as well as lake views.

It has been fully renovated and appears to have only a few of its vintage features. One of the bathrooms, the one with the pink and green tiles, appears to be original as bright tiled bathrooms were an original feature of The Powhatan.

It has a wood burning fireplace.

The unit has wide plank white oak floors and reclaimed antique marble floors in the kitchen and laundry room.

It has refurbished windows and updated electrical and plumbing.

There are Lutron shades throughout, some are programmable.

3 of the 4 bedrooms have a full en suite bath. There’s also a powder room.

The primary suite has a walk-in closet, built-in bookshelves and an ensuite with walk-in shower and a Kohler cast iron tub with a custom teak surround.

The eat-in kitchen has white cabinets with Warham Quartzite kitchen countertops with a peninsula that seats 3 as well as space for a dining table. It also has Subzero, Bosch, LG and Miele appliances, which I think includes the side-by-side laundry.

It features Ann Sacks tile throughout.

The unit includes the features buyers look for including the w/d, space pak cooling and 1-car valet parking.

Originally listed at $995,000, this unit has been reduced $245,000 to $750,000.

At 4,000 square feet, it’s as big as many single family homes.

Is this co-op a deal?

Michael Fine at Fine & Company has the listing. See the pictures and 3D tour here.

Unit #12A: 4 bedrooms, 4 baths (but really 4.5?), 4000 square feet, co-op

• Sold in August 2016 for $200,000 (per Redfin, but the pictures seem like it’s the same unit)
• Originally listed in October 2021 for $995,000
• Reduced several times
• Currently listed at $750,000
• Assessments of $6658 a month (includes taxes, valet parking, uniformed elevator attendants, professional engineer and maintenance staff, heat, exercise room, indoor pool, ballroom, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes are in assessments
• 2 zone space pac cooling
• Wood burning fireplace
• Washer/dryer in the unit
• Valet parking included
• Bedroom #1: 15×17
• Bedroom #2: 14×15
• Bedroom #3: 17×20
• Bedroom #4: 19×12
• Living room: 28×20
• Dining room: 21×12
• Kitchen: 18×16
• Gallery: 31×12
• Laundry: 7×17
• Family Room: 17×19

This 6-bedroom vintage single family home at 416 W. Webster in East Lincoln Park came on the market in October 2021.

Built in 1890 on a 25×127 lot, it has a 3-car garage.

The house has been “extensively renovated” and no longer has any of its original vintage features although it does have high ceilings typical of a home from this period and three fireplaces, including a gas fireplace in the family room.

At 6495 square feet, the listing indicates that there is “ample opportunity for everyone to have their own work-from-home space.”

The house has a third floor library and a second floor office.

Three bedrooms are on the second floor, including the primary suite which has a “brand new” white bath with separate tub/shower, heated floors and dual sinks, as well as a walk-in-closet and a wall of closets.

There’s also a second full bathroom on this floor.

The third floor has two more additional bedrooms with one en suite and a second new hall bath.

The sixth bedroom is in the lower level which the listing says could be an in-law or nanny suite as it has a separate entrance. It could also be closed off and rented with the listing saying it could command $1800 a month.

The lower level has a carpeted recreation room, a second kitchen and an exercise room.

The living and dining rooms are on the main floor along with the kitchen which the listing says was “newly updated.”

The kitchen has white cabinets with high-end stainless steel appliances including a Subzero fridge, Thermador oven, and Bosch dishwasher.

It has a built-in desk and a banquette dining space along with an island and a breakfast bar.

The kitchen is adjacent to a great room which opens onto a “brand new” deck over the 3-car garage which includes an outdoor fireplace and pergola.

The house has central air and a large skylight over the main staircase.

This property is near Lincoln Park Zoo and Conservatory and the shops and restaurants of East Lincoln Park and Old Town.

Listed in October 2021 for $2.75 million, it has been reduced $100,000 to $2.65 million.

Does this house have it all for a family looking to live in Lincoln Park?

Emily Sachs Wong at @Properties Christie’s Intl has the listing. See the pictures and video here. It has a floor plan link, but no floor plan is actually listed.

416 W. Webster: 6 bedrooms, 5.5 baths, 6495 square feet, single family home

• Sold in May 1998 for $915,000
• Sold in June 2000 for $1.115 million
• Sold in August 2022 for $1.87 million
• Sold in April 2012 for $1.68 million
• Originally listed in October 2021 for $2.75 million
• Reduced
• Currently listed at $2.65 million
• Taxes of $79,807
• Central Air
• 3 fireplaces
• 25×127 lot
• 3-car garage
• Bedroom #1: 15×18 (second floor)
• Bedroom #2: 12×16 (second floor)
• Bedroom #3: 8×11 (second floor)
• Bedroom #4: 11×11 (third floor)
• Bedroom #5: 10×10 (lower level)
• Bedroom #6: 8×14 (third floor)
• Library: 19×14 (third floor)
• Office: 13×8 (second floor)
• Living room: 18×20 (main floor)
• Dining room: 16×11 (main floor)
• Kitchen: 14×17 (main floor)
• Family room: 15×13 (main floor)
• Exercise room: 10×16 (lower level)
• Recreation room: 16×20 (lower level)
• Work room: 9×13 (lower level)
• New deck over the garage

This 3-bedroom single family home at 1566 N. Hoyne in Wicker Park came on the market in April 2022.

If it looks familiar, that’s because we last chattered about it in 2011, when it was priced under the 2007 purchase price and we discussed whether or not it was a deal.

Many of you disliked having the apartment building next door and thought it was still overpriced.

It didn’t end up selling until 2013.

See our chatter here.

If you recall, this house was built in 1891 but older listings indicate it had a renovation in 2005. None of its interior vintage features survived.

It’s on a longer than standard Chicago lot measuring 24 x 150 and has a 2-car garage.

You enter the home on the second floor in the “light filled great room” which has vaulted ceilings, skylights and the living and dining rooms as well as the kitchen.

The kitchen has white cabinets with “professional grade appliances”, subway tile backsplash, black stone counter tops and an island with seating for two.

This floor also has a powder room and steps lead to the primary suite which has a walk-in-closet and bathroom with double vanity and oversized steam shower.

The other 2 bedrooms are in the lower level, which is really the main level, along with a full bath, the laundry and utilities and a family room which opens, through glass doors, onto a brick patio and the backyard.

The house has central air.

It’s just 1.5 blocks to the Blue Line Damen stop as well as the shops and restaurants on Damen, Milwaukee and North Avenue.

Hoyne is also a historic street, filled with many vintage homes and buildings, and is highly sought after for those who love the Wicker Park neighborhood.

Listed at $1.069 million, that’s $396,000 above the 2013 sales price of $673,000.

Is this a townhouse alternative at this price?

Edward Jelinek at @Properties Christie’s Intl has the listing. See the pictures and floor plan here.

1566 N. Hoyne: 3 bedrooms, 2.5 baths, no square footage listed, single family home

• Sold in June 1991 for $62,000
• Sold in August 1998 for $250,000
• Bank owned in September 2002
• Sold in May 2003 for $355,000
• Sold in August 2005 for $720,000
• Sold in March 2007 for $772,500
• Sold in April 2013 for $673,000
• Sold in August 2017 for $950,000
• Currently listed at $1.069 million
• Taxes are now $15,522 (they were $9338 in 2011)
• Central Air
• 2-car garage
• 24×150 lot
• Fireplace
• Bedroom #1: 17×12 (second floor)
• Bedroom #2: 15×13 (main floor- or lower level)
• Bedroom #3: 11×10(main floor)
• Family room: 20×17 (main floor)
• Kitchen: 12×9 (second floor)
• Living room: 19×14 (second floor)
• Dining room: 9×7 (second floor)

This 3-bedroom townhouse in the Embassy Club at 2609 N. Greenview came on the market in April 2022.

The picture above is of one of the other parts of the Embassy Club but it’s the closest I could come up with in my photograph collection of the private cobblestone drive that leads to the townhouses off various streets including Southport and Wrightwood.

Built in 1992, the Embassy Club has 90 townhomes of various sizes and styles.

There’s a monthly association fee.

This townhouse has a family room and full bath on the main floor.

The second floor has the living and dining rooms, kitchen and a powder room with a fireplace and built-ins in the living room.

The townhouse has the preferred layout with all 3 bedrooms on the third floor including the primary suite which is ensuite. There is also a second full bath on that floor and various built-ins.

The kitchen has custom cabinets, high end appliances and stone counter tops along with an island.

There’s a private deck off the kitchen.

The townhouse has a rare attached 2-car garage and central air.

Embassy Club is near Wrightwood Park with its park district swimming pool and restaurants/bars on Southport, Diversey and Fullerton.

It is bank owned and has come on the market at $899,600, or $50,400 under the 2005 purchase price of $950,000.

At this price, will this townhouse be under contract this week?

Arthur Cirignani at Chicago Realty Partners has the listing. See the pictures here (sorry, no floor plan).

Unit C: 3 bedrooms, 3.5 baths, townhouse, no square footage listed

• Sold in May 1992 for $354,500
• Sold in May 2005 for $950,000
• Lis pendens foreclosure filed in May 2017
• Bank owned in February 2022
• Currently listed at $899,600
• Assessments of $215 a month (includes exterior maintenance, scavenger, snow removal)
• Taxes of $17,279
• Central Air
• 2-car attached garage
• Fireplace
• Bedroom #1: 18×26 (third floor)
• Bedroom #2: 10×14 (third floor)
• Bedroom #3: 9×12 (third floor)
• Dining room: 13×16 (second floor)
• Living room: 17×18 (second floor)
• Kitchen: 15×17 (second floor)
• Family room: 12×20 (main floor)
• Laundry on second floor
• Private deck off the kitchen

This 1-bedroom penthouse at 340 W. Superior in River North came on the market in March 2022.

340 W. Superior was built in 2002 and has 120 units and attached garage parking.

It has an exercise room and door staff.

If this penthouse unit looks familiar that’s because we chattered about it several times last decade before it finally sold in 2016.

See our 2015 chatter here.

If you recall, it has 10 foot ceilings with crown molding.

There are hardwood floors throughout.

The kitchen has light wood cabinets (white?) along with granite counter tops and stainless steel appliances.

This listing says the unit has a den, but in prior listings it was a dining room.

There is a double vanity in the full bathroom and the unit has a half bath.

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

But if you’re looking for outdoor space, the big selling point is the 31×12 west facing terrace which can be accessed from both the living room and the bedroom.

It has come on the market at $399,900, plus $35,000 for the parking, which is just $35,000 over the 2016 sales price.

Is this penthouse priced to sell?

Susan Morrow at Baird & Warner has the listing. See the pictures here (sorry no floor plan).

Unit #PH5: 1 bedroom, 1.5 baths, 1016 square feet

• Sold in October 2002 for $357,500
• Sold in March 2016 for $400,000 (included the parking)
• Currently listed at $399,900 (plus $35,000 for parking)
• Assessments are now $1275 a month (they were $861 a month in 2015)(includes heat, a/c, gas, doorman, cable, exercise room, exterior maintenance, snow removal, scavenger)
• Taxes are now $12,208 but they were $8327 in 2015
• Central Air
• Washer/Dryer in the unit
• Bedroom: 13×11