Crib Chatter

The bull housing market just keeps charging along in Chicago as inventory remains tight and buyers are still in the market in decade high levels.

From the Illinois Association of Realtors:

In the city of Chicago, home sales (single-family and condominiums) in June 2021 totaled 3,767 homes sold, up 81.8 percent from June 2020 sales of 2,072 homes.

The median price of a home in Chicago in June 2021 was $351,500, up 6.8 percent compared to June 2020 when it was $329,000.

Reminder: that last June as the lowest June for sales in 9 years so year-over-year comparisons are going to be skewed.

Thanks to G for the historical sales data:

• June 1997: 1,817
• June 1998:  2,214
• June 1999:  2,435
• June 2000: 2,513
• June 2001: 2,451
• June 2002: 2,590
• June 2003: 2,891
• June 2004: 3,752
• June 2005: 3,850
• June 2006: 3,557
• June 2007: 3,127
• June 2008: 2282
• June 2009: 1981
• June 2010: 2526 (tax credit sales)
• June 2011: 1841
• June 2012: 2246
• June 2013: 2729
• June 2014: 2846
• June 2015: 3202
• June 2016: 3321
• June 2017: 3380
• June 2018: 3191
• June 2019: 2850
• June 2020: 2072
• June 2021: 3767

Here is the monthly median price data:

• June 2008: $309,945
• June 2009: $242,050
• June 2010: $234,250
• June 2011: $207,000
• June 2012: $216,700
• June 2013: $254,900
• June 2014: $275,000
• June 2015: $288,250
• June 2016: $299,900
• June 2017: $306,750
• June 2018: $314,900
• June 2019: $319,000
• June 2020: $329,000
• June 2021: $351,500

“Last month, we saw many trends continue to play out, including increased closed sales and median sales prices, but the decrease in inventory and days on market could be telling a new, interesting story,” said Nykea Pippion McGriff, president of the Chicago Association of REALTORS® and vice president of brokerage services at Coldwell Banker Realty. “Some first-time homebuyers are struggling to find a home in this market while move-up buyers may be more cognizant of their budgets because of the pandemic, potentially causing them to stay in their current home; this is straining inventory further and causing buyers to jump on well-priced homes, decreasing market time. If you are considering selling your home, now is the time to call your REALTOR®!”

Inventory remains tight.

Statewide inventory fell 37.6% to 28,289 from 45,321 properties.

In Chicago it only fell 6.3% to 8,226 from 8,779 home last year.

“While prices are forecast to continue to grow on both an annual and month-to-month basis in both Chicago and Illinois, the month-to-month sales are forecast to drop slightly reflecting the continued tightening of housing inventory,” said Geoffrey J.D. Hewings, emeritus director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois. “Inventory supply declined to 1.7 months in Illinois and 1.5 months in Chicago – both half of the levels recorded one year ago.”

Condos remain red hot. They boosted the month again with 2560 condos selling versus 1207 single family homes.

The condo sales were up 97.1% year-over-year.

As you can see from the list above, June is normally one of the strongest months for closings of the year. The spring buyers close on properties during that month.

But this June was exceptionally hot.

The average 30-year mortgage rate remained low at 2.97%, up from 2.95% in May but down from 3.02% in June 2020.

Should developers seriously consider building more condos given the demand?

Summer housing market speeds up in June as prices rise and inventory thins [Illinois Association of Realtors, Press Release by Stephanie Sievers, July 22, 2021]

This 2-bedroom in Park Place Tower at 655 W. Irving Park in Lakeview came on the market in July 2021.

Built in 1973, Park Place Tower is one of the tallest buildings on the north side of the city.

It has 901 units and garage parking.

It’s a full amenity building with “resort style living” with “24 hour concierge, package receiving, gym, yoga room, Olympic sized pool, sundeck with grills, outdoor basketball court, party room, movie theater, business center, bike storage, grocery store, on-site maintenance, and on-site laundry room.”

This unit is on the 41st floor and has northeast lake and harbor views.

The listing says it was “newly renovated” with 2018 and 2021 updates.

The kitchen has white cabinets that have been “refinished”, what looks like granite counter tops, stainless steel appliances and a breakfast bar.

The bedrooms have new hardwood floors.

The bathroom has a new vanity and faucet.

This unit has central air, but no in-unit washer/dryer. There’s a laundry room in the building.

It does including one deeded parking space.

Listed at $230,000 for 850 square feet, is this unit a good option for someone who is now working-from-home?

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

Unit #4104: 2 bedrooms, 1 bath, 850 square feet

• Sold in January 2005 for $258,000
• Sold in December 2018 for $208,000
• Currently listed at $230,000 (includes garage parking)
• Assessments of $777 a month (includes heat, A/C, doorman, cable, clubhouse, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $4313
• Central Air
• No Washer/dryer in the unit. Laundry room in the building
• Bedroom #1: 17×12
• Bedroom #2: 8×12
• Living/dining: 12×21
• Kitchen: 7×11
• Foyer: 5×8

While Chicago housing sales have jumped to 15-year highs city wide, one of the slowest neighborhoods has been downtown.

Downtown was the epicenter of the looting/protests and pandemic shutdowns over the last year with many restaurants and retail stores shut or boarded up during this time.

Was it “over” for downtown?

How many years would it take to recover? If ever?

And what would happen to downtown real estate, where inventory jumped to over 30 months during 2020?

Crain’s has an update.

A suburban couple on Friday paid almost $6.7 million for a condominium at the St. Regis Chicago on Wacker Drive, another sign that big-money buyers are coming back into the downtown condo market.

While several multimillion-dollar units at the recently completed tower designed by Studio Gang have been under contract since years before the twin 2020 crises of pandemic and social unrest walloped the downtown condo market, these buyers put the unit under contract in April, as recovery was taking root.

They are not the only ones. In the past couple of months, seven condos have sold for $4 million-plus condos in downtown neighborhoods where the buyers put them under contract in 2021.They include a Lake Shore Drive penthouse that sold in early July for $11.25 million. It had been for sale since mid-2019, but the buyers put it under contract in May.

The recent run of high net worth people buying upper-end units “evidences a strong resurgence of the downtown condo market,” said Susan Miner, a Premier Relocation agent. She represented buyers who paid $6.75 million last week for a 22nd-floor condo at No. 9 Walton. They put it under contract in May.

Crain’s goes on to say that since November, 29 buyers have put condos under contract in the St. Regis with a total value of $61 million.

The Chicago Tribune Residences haven’t started closings yet.

And One Chicago has just started marketing its 70 luxury condos on top of its 70-story tower across from Holy Name Cathedral.

Those won’t be ready for closings until next year.

Additionally, there are existing buildings that have resales on the market including The Palmolive, where the penthouse is listed for $11.9 million.

Crain’s says that there were 8 condos that sold for over $4 million in all of downtown last year.

There are already 7 this year and it’s only July.

Is downtown “back”?

Big dollar buyers are back in the downtown condo market [Crain’s Chicago Business, by Dennis Rodkin, July 20, 2021]

This 4-bedroom Italianate house at 11118 S. Artesian in Morgan Park came on the market in July 2021. (sorry- I don’t have a picture, unfortunately.)

Built in 1857 as a farmhouse, the Italianate two story front part of the house was added in the 1870s.

Built by Charles Iglehart, it was in an area originally called “Horse Thief Hollow” because horse thieves hung out there. It was originally in the village of Morgan Park.

It was landmarked by the city on July 13, 1994 and recognized as being one of the oldest original homes still remaining in the city.

It was originally a large estate bound by 111th to 115th and from Western to Rockwell, which was carved up, but it still stands on a larger than standard Chicago lot measuring 89 x 125.

It has a new oversized garage and a shed.

The listing says the home has been “restored” and has new landscape.

The living room has the original plaster moldings, which also has a decorative fireplace.

The house has a new custom-built staircase.

The renovation also included new architecturally distinctive windows in the living room and hallway.

The listing says the kitchen and baths have been renovated.

The kitchen has a checkerboard floor, white cabinets and stainless steel appliances.

The listing says the back bedroom was gutted in May of this year.

The electric was upgraded and “partial” central air added.

Four bedrooms are on the second floor. Some have carpet, some have hardwood.

There’s also a den on the second floor.

The basement appears to be partially finished but does have an office.

There are several decks and patios on the property. The listing says there is a new Trex porch and railings.

The house is near the 111th and Morgan Park Metra station and Morgan Park High School.

Listed at $450,000, this house last sold in 1993.

This is a rare opportunity to own a piece of Chicago’s history.

Will a history lover swoop in to buy this house?

Nancy Hotchkiss at BerkshireHathaway HomeServices has the listing. See the pictures here.

11118 S. Artesian: 4 bedrooms, 2 baths, 2016 square feet, single family home

• Sold in July 1993 for $132,500
• Currently listed at $450,000
• Taxes of $5680
• Partial central air, some window units?
• Oversized garage
• Shed
• 89 x 125 lot
• Landmarked historic home
• Decorative fireplace
• Bedroom #1: 11×17 (second floor)
• Bedroom #2: 8×10 (second floor)
• Bedroom #3: 13×10 (second floor)
• Bedroom #4: 14×10 (second floor)
• Living room: 17×24 (main floor)
• Dining room: 11×17 (main floor)
• Kitchen: 11×17 (main floor)
• Den: 11×9 (second floor)
• Office: 11×7 (basement)
• Sitting room: 5×9 (main floor)

This 2-bedroom loft at 1521 N. Milwaukee in Bucktown came on the market in July 2021.

Built in 1906, this building was converted to lofts during the housing bubble in 2006.

It has 3 lofts and an attached garage.

This is a top floor unit with a wall of windows overlooking the shops and restaurants of Milwaukee Avenue.

It has loft features including exposed brick, high ceilings and exposed ductwork along with a fireplace.

The listing describes the kitchen as a “chef’s kitchen” with an island that seats 5 and stainless steel appliances.

The loft has a wine fridge.

The primary bedroom might not have windows (?) but seems to have a skylight. It has an attached bath with a steam shower, soaking tub and double vanity along with a walk-in-closet.

It’s not clear if the second bedroom has windows or a skylight.

The listing says it has a rebuilt private rooftop deck with skyline views.

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

It’s right in the heart of the Bucktown/Wicker Park entertainment corridor and is just a block from the Damen Blue Line stop and 2 blocks to the Wicker Park Farmers Market.

This loft was taken back by the bank in 2009 and sold in the housing bust in 2011 for $320,000.

It has come back on the market 10 years later at $650,000, or 103% more than its previous sale.

In this hot market, will they get the premium?

Ryan Lee and Kimberly Kappelman at Compass have the listing. See the pictures here (sorry, no floor plan).

Unit #3S: 2 bedrooms, 2 baths, 1600 square feet, loft

• Sold in June 2006 for $463,000
• Bank owned in September 2009
• Sold in January 2011 for $320,000
• Currently listed at $650,000 (includes garage parking)
• Assessments of $235 a month (includes heat, a/c, electricity, gas, security, exterior maintenance)
• Taxes of $10,570
• Central Air
• Washer/dryer in the unit
• Gas fireplace
• Skylights
• Bedroom #1: 15×13
• Bedroom #2: 15×12
• Living/Dining room: 24×18
• Kitchen: 13×9

This 2-bedroom penthouse loft in the Anchor Lofts at 215 W. Illinois in River North came on the market in June 2021.

Built in 1925, Anchor Lofts has 17 lofts and garage parking.

It was converted into lofts in the 1980s.

It does not have a doorman nor other amenities.

This penthouse has a lot of authentic loft features includes 14 foot ceilings, timber columns, exposed brick and a unique stone archway that frames the foyer.

It has an open concept layout with a “recently renovated” kitchen with light wood cabinets, high end stainless steel appliances and quartz waterfall counter tops on the island, which seats 3.

There’s a wall of built-in bookcases and a wood burning fireplace.

The primary bedroom has a renovated en suite bath.

There’s a spiral staircase that accesses the second floor office and the 54×27 terrace, which has not been developed. You have to build out your rooftop terrace.

The loft has skylights.

It has the features that buyers look for including central air, washer/dryer in the unit and one “unassigned garage space.”

The last time this loft sold was in 1996.

Listed at $895,000, do you expect the rooftop deck to be built out at this price?

Marc Kaufman and Jean Emeson at Baird & Warner have the listing. See the pictures and floor plan here.

Or see it at the Open House on Sunday, July 18, from 11 AM to 1 PM.

Unit #6A: 2 bedrooms, 2 baths, 2000 square feet, loft

• Sold in September 1984 for $222,500 (per Redfin)
• Sold in August 1996 for $277,500
• Originally listed in June 2021 for $895,000
• Currently still listed at $895,000 (includes one unassigned garage space)
• Central Air
• Washer/dryer in the unit
• Wood burning fireplace
• Bedroom #1: 12×14
• Bedroom #2: 12×13
• Foyer: 13×9
• Loft office: 12×17 (second floor)
• Living room: 29×17
• Dining room: 25×10
• Kitchen: 9×16
• Undeveloped rooftop terrace: 54×27 (second floor)

This 2-bedroom in 1400 N. LaSalle in Old Town came on the market in July 2021.

Built in 1920s, this corner building has 6 units.

It does not have parking but does have a back garden.

This unit has some of its vintage features including 12 foot ceilings, crown moldings, hardwood floors.

It has a decorative fireplace with a marble mantle.

The kitchen has been “completely redone” by raising the kitchen’s ceiling, and has white cabinets (or gray?), gold handles and faucet, stone counter tops and stainless steel appliances.

Both bathrooms have been “gutted” and have current popular finishes including white subway tile, gold faucets and handles.

The primary bathroom has a dual vanity, the gold finishes and an oversized shower with dual shower head.

There has been an in-unit washer/dryer installed and HVAC with electric furnace.

It also has RH lighting.

There’s a private balcony overlooking the garden.

It doesn’t have parking but the listing says there is permit parking on Schiller or rental in the neighborhood.

This building is near the shops and restaurants of Old Town and the Gold Coast and is close to the Jewel and the Plum Market.

Buyers like “new.”

Will this go under contract by the end of the weekend?

Natalie Renna at Dream Town has the listing. See the pictures and floor plan here.

You can also see it at the Open House on Sunday, July 18 from 10 AM to 12 PM.

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

• Sold in June 2018 at $420,000
• Currently listed at $600,000
• Assessments of $547 a month (includes exterior maintenance, scavenger)
• Taxes of $8375
• Central Air
• Washer/dryer in the unit
• No parking
• Decorative fireplace
• Bedroom #1: 14×15
• Bedroom #2: 14×10
• Living room: 15×17
• Dining room: 16×17
• Kitchen: 10×10
• Balcony: 13×7

This 4-bedroom in 3400 N. Lake Shore Drive in East Lakeview came on the market in May 2021.

Built in 1922 in the Beaux Arts style, this building has 46 condo units.

It’s a full service building with a doorman and an engineer along with an exercise room.

The listing says it has an indoor and outdoor garage.

This unit does not face the Lake. It has south and west views.

The listing says it has been “totally rehabbed” in 2017.

If the unit looks familiar, that’s because we chattered about it in April 2016, the last time it was on the market.

See the 2016 chatter here.

But it still has many of its original vintage features including a foyer with mahogany millwork and paneling and a living room with woodwork, including crown molding, and a gas burning fireplace.

There is restored plaster moldings and ceilings in the living and dining rooms.

The unit has a paneled library with a second gas fireplace and built-in bookshelves.

The kitchen is a “cook’s dream” with grey cabinets, a huge center island and luxury appliances.

There is a laundry room with pantry off the kitchen which also has an extra stainless steel refrigerator.

The unit has a dry bar with a wine fridge.

There is a new powder room.

Also, all four bedrooms have en suite bathrooms, which is rare for a vintage building.

The primary bedroom has a large bathroom with two vanities and walk in shower along with a bath.

It has features buyers look for including central air and one parking space transfers with the unit. The seller also rents a second parking space.

The unit is in the Nettlehorst school district.

For vintage lovers, is this a dream home?

Suzanne Gignilliat at @Properties has the listing. See the pictures and floor plan here.

Unit #8EF: 4 bedrooms, 4.5 baths, 4000 square feet

• Sold in September 2000 for $852,500
• Sold in April 2002 for $1,050,000
• Sold in June 2005 for $1,425,000
• Sold in May 2017 for $1,450,000
• Originally listed in May 2021 for $1,749,000
• Currently still listed for $1,749,000
• Assessments of $3611 a month (they were $2760 a month in 2016)(includes heat, gas, doorman, exterior maintenance, exercise room, lawn care, scavenger, snow removal)
• Taxes of $26,408 (they were $18,500 in 2016)
• Central Air
• Washer/dryer in the unit
• 2 gas fireplaces
• One parking space transfers with the unit and seller rents a second space
• Bedroom #1: 18×16
• Bedroom #2: 15×13
• Bedroom #3: 14×17
• Bedroom #4: 13×17
• Living room: 16×27
• Dining room: 18×17
• Kitchen: 18×20
• Foyer: 10×22
• Library: 19×14
• Laundry room: 8×13

This 2-bedroom in the greystone at 1120 W. Armitage in Lincoln Park came on the market in June 2021.

I don’t know when this building was constructed but it has 8 units and garage parking.

There’s also a common shared rooftop deck above the garage.

This unit has some if its vintage details including moldings around the windows (yes the wood moldings have been painted white- see the 2017 listing photos for comparison).

It has a custom fireplace surround in the living room with new tile and built-in shelving.

there’s a custom barn door that leads to the second bedroom.

There are hardwood floors throughout.

The primary bedroom has a custom closet.

The kitchen has wood cabinets, granite counter tops, a tile backsplash and stainless steel appliances, including a gas stove.

It has the finishes buyers look for including central air, washer/dryer in the unit and garage parking is included.

This building is in the heart of the Armitage retail corridor and is just 2 1/2 blocks to the Armitage brown line stop.

Listed in June 2021 at $397,000, it has been reduced $12,000 to $385,000.

Are vintage 2/1s still popular among first time buyers?

Anna Huls at @Properties has the listing. See the pictures and floor plan here.

Unit #201: 2 bedrooms, 1 bath, no square footage listed

• Sold in May 1992 for $165,500
• Sold in October 1994 for $187,000
• Sold in July 1998 for $218,500
• Sold in November 2000 for $275,000
• Sold in April 2014 for $325,000
• Sold in May 2017 for $369,000
• Originally listed in June 2021 for $397,000
• Reduced
• Currently listed at $385,000 (includes garage parking)
• Assessments of $211 a month (includes exterior maintenance, scavenger)
• Taxes of $6587
• Central Air
• Washer/dryer in the unit
• Fireplace
• Bedroom #1: 12×11
• Bedroom #2: 12×8
• Living room: 16×11
• Kitchen: 11×9
• Dining room: 11×10

This 1-bedroom at 539 W. Roscoe in East Lakeview came on the market in July 2021

This courtyard building was constructed in 1923 and has 26 units.

It apparently does not have an elevator, nor does it have parking.

This vintage unit has French windows in the living room along with a wood burning fireplace with a carved cherry wood mantle.

It has dark mahogany stained wood floors in the living and dining room.

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

The listing says it has a new bathroom with a reglazed bathtub.

There’s a storage locker in the basement.

It has in-unit washer/dryer, which is rare for many vintage 1-bedroom units, but no central air. There are window units.

Parking is leased in the neighborhood.

It has a small deck off the kitchen which can fit a bistro table (see pictures).

It’s near the shops, restaurants and bus lines of East Lakeview.

If inflation actually does take hold, will it make more sense to buy a 1-bedroom than rent?

Thomas Sillitti at Baird & Warner has the listing. It is broker owned. See the pictures here.

Unit #2S: 1 bedroom, 1 bath, 780 square feet

• Sold in November 1991 for $56,500
• Sold in October 1992 for $81,000
• Sold in September 1996 for $102,000
• Sold in June 1998 for $126,000
• Sold in April 2004 for $225,500
• Sold in January 2014 for $225,000
• Currently listed at $219,950
• Assessments of $310 a month (includes heat, gas, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $2166
• No central air- window units only
• In-unit washer/dryer
• No parking- available to rent in the neighborhood
• Wood burning fireplace
• Bedroom: 12×11
• Living room: 20×14
• Dining room: 10×8
• Kitchen: 10×8
• Balcony