Crib Chatter

This corner 2-bedroom in SkyTech Lofts at 6 S. Laflin in the West Loop came on the market in August 2021.

6 S. Laflin was built in 2003 and has 150 units and attached parking garage.

It’s a doorman building and has a rooftop deck but no other amenities.

This loft is a northeast corner with views of the downtown skyline from a wall of windows.

It doesn’t have authentic loft features but does have the open floor plan with the kitchen/living and dining rooms as well as exposed duct work.

The listing says it was “remodeled to perfection.”

It has a “custom chef’s kitchen” with white cabinets, gold finishes and stainless steel appliances.

It has what appears to be stone counter tops and a kitchen island that seats four.

It’s a split floor plan with both bedrooms having windows.

There’s also a small den that you walk through to access the second bedroom.

The primary suite has a walk-in-closet and en suite bathroom.

There’s a 8×6 laundry room.

It has the features that buyers look for including central air, washer/dryer in the unit and rare 2-car garage parking is included.

The loft has a balcony off the living room with views east of downtown Chicago.

Listed in August 2021 at $699,000, it has been reduced $49,000 to $650,000.

The western edge of the West Loop used to be the more affordable part of the neighborhood.

Is it now a mature market?

Ginny Leamy and Ganapati Raman at Compass have the listing. See the pictures and floor plan here.

You can also see it in person at the Open House on Saturday, Sep 11, from 12 to 2 PM.

Unit #506: 2 bedrooms, 2 baths, den, 1900 square feet

• Sold March 2003 for $473,000
• Sold in March 2018 for $550,000
• Originally listed in August 2021 for $699,000
• Reduced
• Currently listed at $650,000 (includes 2 parking spaces)
• Assessments of $861 a month (includes doorman, exterior maintenance, lawn care, scaveneger, snow removal)
• Taxes of $9947
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 15×15
• Bedroom #2: 14×12
• Den: 8×6
• Laundry room: 8×6
• Foyer: 6×8
• Living room: 21×18
• Dining room: 13×11
• Kitchen: 12×10

This 2-bedroom triplex at 29 W. Chestnut in the Gold Coast came on the market in September 2021. (Sorry about the bad photo.)

Built in 1889, this building has 5 units and one street facing garage space.

This unit is accessed through the central courtyard and has its own private entrance.

The kitchen, dining room and a half bath are on the first floor.

The listing says the kitchen was “remodeled” but the 2011 listing also said it was “remodeled” and the pictures look similar.

It has wood cabinets, stainless steel appliances and soapstone counter tops with an island that seats 3.

The second floor is the living room which has built-in bookcases and a fireplace.

The third floor has both bedrooms and the full bathroom.

There are skylights throughout.

The unit has the features buyers look for including central air and washer/dryer in the unit.

Parking is available to rent in the building next door.

The pictures show an outdoor courtyard area. The listing doesn’t say if that’s a private space for this unit, or if it’s shared.

This building is located on a tree line street near shops, restaurants and public transportation.

Historic Washington Square Park is a block away.

We actually chattered about this property in the 2008-2011 time period.

Back during the housing bust, it was called a “carriage townhouse.”

The chatterati got it correct on the price though.

Originally listed at $650,000 in June 2010, it had reduced to $499,000. Many thought it would sell for around $400,000.

See our 2010 chatter here.

It’s 10 years later and the housing market has recovered from the bust.

Listed at $549,900, will it sell fast this go around?

Richard Aronson at Berkshire Hathaway HomeServices has the listing. See the pictures and floor plan here.

Unit #3: 2 bedrooms, 1.5 baths, 1800 square feet, triplex

• Sold in April 1989 for $225,000
• Sold in October 1997 for $276,500
• Sold in September 2002 for $450,000
• Sold in July 2011 for $387,500
• Currently listed at $549,900
• Assessments of $125 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $8569 (they were $5908 in December 2010)
• Central Air
• Washer/dryer in the unit
• No parking- but garage parking is available to rent in the building next door
• Fireplace
• Bedroom #1: 14×12 (third floor)
• Bedroom #2: 12×10 (third floor)
• Living room: 17×35 (second floor)
• Dining room: 12×12 (main floor)
• Kitchen: 13×12 (main floor)

This 3-bedroom single family home at 5306 N. Normandy in Norwood Park came on the market in September 2021.

I don’t have a picture of it, but given how quickly single family homes have been selling, I still wanted to crib about it.

Built in 1926, I can’t tell what the housing style is supposed to be.

It appears to be on a lot that is larger than the standard Chicago lot as it has a side driveway that leads to a 2-car garage behind the house, which apparently can also be accessed via the alley.

The listing says it has “vintage charm.”

The front of the house has a unique great room with 14 foot beamed vaulted ceilings with hand painted art detail on the walls and French doors that lead to a balcony overlooking the front yard.

There are two back-to-back wood burning fireplaces, one in the great room and one in the living room.

The dining room has crown moldings, wainscoting and wall moldings.

All three bedrooms are on the second floor.

The house doesn’t have central air. It has window cooling units.

There is an unfinished basement which has a laundry room.

The new Lexington Park townhouses in Norwood Park on Talcott, that are going to be listed for $600,000 to $800,000, are north of I-90 whereas this house is south of I-90.

Listed at $315,000, is this a deal?

Acimina Bachas and Brian Gamboa at Duarte Realty have the listing. See the pictures here.

5306 N. Normandy: 3 bedrooms, 1.5 baths, 1620 square feet

• Sold in December 2002 for $135,000
• Currently listed at $315,000
• Taxes of $5757
• No central air- window units
• 2 wood burning fireplaces
• 2-car garage
• Bedroom #1: 13×12 (second floor)
• Bedroom #2: 11×12 (second floor)
• Bedroom #3: 8×12 (second floor)
• Living room: 15×12 (main floor)
• Great room: 15×20 (main floor)
• Dining room: 15×12 (main floor)
• Kitchen: 10×17 (main floor)
• Basement: 25×24 (lower level)

This 2-bedroom in 1150 N. Lake Shore Drive in the Gold Coast came on the market in April 2021.

1150 N. Lake Shore Drive was built in 1957 and has a unique curved facade.

It has 246 units and an attached garage with valet parking.

The building has door staff, an exercise room, and a rooftop deck.

Pets are allowed.

According to the listing, this unit is “recently renovated.”

It has lake and city views.

It has hardwood floors throughout and an electric fireplace in the living room.

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

The primary suite has a walk-in-closet and an en suite marble bathroom with a walk-in shower.

The second bedroom also has a walk-in-closet.

It has a Bosch washer/dryer in the unit and wall unit air conditioning.

The unit has radiant heat.

The listing says the HOA includes all utilities, including electricity.

Listed at $460,000 in April 2021, it has been reduced $10,000 to $450,000.

The unit last sold in 2017 for $450,000.

Is this a deal?

Ryan Hardy at Gold Coast Realty has the listing. See the pictures and floor plan here.

Unit #9H: 2 bedrooms, 2 baths, 1410 square feet

• Sold in April 2002 for $290,000
• Sold in June 2013 for $257,000
• Sold in July 2017 for $450,000
• Originally listed in April 2021 for $460,000
• Reduced
• Currently listed at $450,000
• Assessments of $1263 a month (includes heat, a/c, electricity, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $6117
• Wall unit a/c
• Washer/dryer in the unit
• Radiant heat
• Valet parking available
• Pets allowed
• Electric fireplace
• Bedroom #1: 19×15
• Bedroom #2: 17×11
• Living/dining room: 16×23
• Kitchen: 10×8
• Laundry room: 3×4

This 1-bedroom in The Carlyle at 1040 N. Lake Shore Drive in the Gold Coast came on the market in June 2020.

The Carlyle was built in 1964 and has 128 units.

It’s a full service building overlooking the Lake with doormen, an exercise room and an indoor rooftop pool.

It has valet garage parking and parking for guests.

We’ve chattered about this building in the past.

It has a luxury pedigree with famous homeowners.

The following is information from one of the chatterati in our 2017 chatter:

This building has:

1. Huge reserves
2. Protected amazing city and lake views
3. Three doorman on duty
4. Elegant Large Lobby
5. Valet Parking and a private driveway
6. A proper ballroom and professional kitchen (Both are finished being remodeled now)
7. No renters
8. Full gym
9. A package receiving room (packages are brought into your unit at your convenience)
10. Separate entrances and elevators for Tradesman

Currently there are 7 units on the market including this large 1-bedroom.

The listing says it’s the highest floor B unit in the building.

It has custom wood and marble floors along with moldings.

There’s a wall of built-ins in the living room along with a fireplace.

The listing says this building has the largest high rise balconies in the city.

This unit has a 6×33 balcony that overlooks Oak Street Beach and East Lake Shore Drive and a second, smaller balcony off the west side of the building, measuring 4×16.

The kitchen has white cabinets and stainless and black appliances.

It’s a unique 1-bedroom unit in that it has 2 full bathrooms as well as a half bath.

This unit has the features most buyers look for including central air, washer/dryer in the unit and 1-car valet parking is included in the assessment.  A second parking spot is $245 a month.

Originally listed in June 2020 for $1.225 million, it has been reduced to $799,900.

That is $10,100 under the 2003 sales price of $810,000.

The listing says “Seller says sell.”

It’s the cheapest unit on the market in the building.

Is this a deal?

Pamela Miles and Michael Maier at Berkshire Hathaway HomeServices have the listing. See the pictures and floor plan here.

Unit #34B: 1 bedroom, 2.5 baths, 2300 square feet

• Sold in December 2003 for $810,000
• Sold in July 2015 for $607,000
• Originally listed in June 2020 for $1.225 million
• Reduced numerous times
• Currently listed at $799,900
• Being sold “as-is.”
• Assessments of $2007 a month (includes doorman, cable, indoor pool, lawn care, scavenger, snow removal)
• Assessment includes one parking space. Second space available for $245 a month
• Taxes of $20,299
• Guest parking available
• Central Air
• Washer/dryer in the unit
• Fireplace
• Bedroom: 20×15
• Living room: 18×26
• Dining room: 13×15
• Kitchen: 21×17
• WIC: 8×14
• Foyer: 8×5
• Balcony: 6×33
• Balcony: 4×16

This 3 bedroom in 990 N. Lake Shore Drive in the Gold Coast originally came on the market in September 2015, and has been on, and off, the market since.

Built in 1973, 990 N. Lake Shore Drive has 145 units and an attached heated garage.

It’s a full amenity building with 24 hour door staff, an outdoor rooftop pool and large sundeck, a new penthouse party room, a fitness room, and on-site maintenance.

It has direct lake views.

This unit is 2 combined units with 3500 square feet.

It has many unique, custom features including a Biltmore-inspired entry, crown and wall moldings, and 26 closets.

The unit has Aniline dyed ash wood floors and a separate full wet bar.

The dining room is an oval with built-in cabinetry.

The kitchen has wood cabinets, granite counter tops with a fulper tiled backsplash and trompe l’oeil hand painted island which overlooks a great room with a wood beamed ceiling and casual dining area which has lake views.

The unit has an office with ebonized mahogany floors and built-ins.

The primary suite has his and her baths that has onyx and marble floors and a floating shower.

It also has a complete sound proof dressing room.

The unit has features buyers looking for including electric heat, central air, washer/dryer in the unit and unlimited garage parking.

It also has direct views of the Lake, Oak Street Beach, Navy Pier and the city skyline.

Originally listed in September 2015 for $2.8 million, it has now been reduced to $1.499 million.

If you love lake views, is this building where you want to be?

Stacey Grossman and Jamie Ficco at Jameson Sotheby’s has the listing. See the pictures here.

Unit #29DE: 3 bedrooms, 4.5 baths, 3500 square feet, 2 combined units

• Sold in March 1990 for $2.05 million
• Sold in June 1992 for $800,000
• Originally listed in September 2015 for $2.8 million
• Reduced
• On and off the market
• Currently listed at $1.499 million
• Assessments of $3079 a month (includes doorman, cable, exercise room, pool, exterior maintenance, scavenger, snow removal)
• Taxes of $21,091
• Central Air
• Electric heat
• Unlimited garage parking
• Bedroom #1: 20×13
• Bedroom #2: 14×11
• Bedroom #3: 14×12
• Living room: 30×18
• Kitchen: 16×14
• Dining room: 17×12
• Family room: 24×15
• Office: 14×10
• Sitting room: 9×9

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