Crib Chatter

This 1-bedroom in Newberry Plaza at 1030 N. State in the Gold Coast came on the market in December 2021.

Built in 1971, Newberry Plaza has 559 units and attached leased garage parking.

It’s a full amenity building with an outdoor pool, sundeck, exercise room, bike room, storage, door staff, an on-site engineer and management.

This unit is on the 41st floor and has south views of the city skyline.

The listing says it was “completely remodeled.”

It has silver/gray white oak floors throughout.

There’s a new “chef’s kitchen” with white Shaker cabinets, undercabinet lighting, quartz countertops that are also full height backsplash, GE stainless steel appliances including a stove with air fryer technology.

It has a breakfast bar with seating for 4.

There are two pantries, with one including the washer-dryer.

The bedroom has a walk-in-closet with custom organizers.

The bathroom has porcelain tile, a white floating double vanity, a dual flush toilet with soft close seat, and a walk-in shower.

It has central air and there is leased parking in the building.

The listing says there hasn’t been an assessment increase in the building in 12 years.

The higher floors in this building do not have balconies so there is no private outdoor space with this unit.

Redfin’s monthly payment calculator  gives the following payment:

1. Downpayment of 20%, or $79,980, with a 30-year fixed at 3.3%
2. Mortgage payment of $1401 a month
3. HOA of $539 a month
4. Taxes of $534 a month
5. Insurance of $163 a month
6. Total monthly payment of $2637

There’s a new mid-rise luxury apartment building going up down the street at 1210 N. State Parkway called Gild Chicago.

You can see the Gild Chicago website here.

There are no 850 square foot 1-bedrooms in the building. The largest 1-bedroom is 657 square feet.

According to their website, the 657 square foot 1-bedrooms are renting for between $2890 and $3095 a month.

Will more Millennials buy renovated condos rather than rent as rent prices rise?

Robert Picciariello at Prello Realty has the listing. See the pictures here.

Unit #41K: 1 bedroom, 1 bath, 850 square feet

• Sold in February 1983 for $87,500 (per Redfin)
• Sold in July 2021 for $246,000
• Currently listed at $399,900
• Assessments of $539 a month (includes heat, a/c, doorman, cable, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $6405
• Central Air
• Washer/dryer in the unit
• Leased garage parking in the building
• Bedroom: 16×12
• Living/dining room combo: 19×14
• Kitchen: 15×9
• Walk-in-closet: 7×12

The Illinois Association of Realtors is out with the November sales data.

It was another red hot month for the city which actually outshone the Chicago Metro area for the first time since the pandemic began.

In the city of Chicago, home sales (single-family and condominiums) in November 2021 totaled 2,338 homes sold, up 15.9 percent from November 2020 sales of 2,018 homes.

The median price of a home in Chicago in November 2021 was $327,000, up 10.8 percent compared to November 2020 when it was $295,000.

Here is the November sales data for the last 15 years (thanks to G for some of the data):

• 2007: 1859 sales and median price of $290,000
• 2008: 1093 sales and median price of $222,500 (16% short/REO sales)
• 2009: 1905 sales and median price of $215,000 (29% short/REO sales)
• 2010: 1144 sales and median price of $182,500 (39% short/REO sales)
• 2011: 1429 sales and median price of $157,000 (43% short/REO sales)
• 2012: 1750 sales and median price of $180,000
• 2013: 1844 sales and median price of $200,000
• 2014: 1638 sales and median price of $230,000
• 2015: 1661 sales and median price of $233,500
• 2016: 1937 sales and median price of $260,000
• 2017: 1959 sales and median price of $256,000
• 2018: 1852 sales and median price of $261.745
• 2019: 1671 sales and median price of $270,000
• 2020: 2018 sales and median price of $295,000
• 2021: 2338 sales and median price of $327,000

The Chicago 9-county metro area, which had been red hot during the pandemic as buyers fled the dense city to get more breathing space, sales were up just 1.2% to 10,321 from 10,201 last year.

Condo and townhouse sales have been driving the Chicago market for several months and continue to do so.

Condo/townhouse sales were up 30.8% year-over-year to 1388 while single family homes were down 0.7% to 950 but inventory of single family homes has been tight for months.

Median condo price rose 6.2% to $345,000 but I caution people about the median price statistics, especially as there were numerous high priced condo closings in the Vista and the Tribune Tower as closings continued in those two buildings.

Days on the market in Chicago rose 2.9% to 35 days from 34 a year ago.

But inventory has now plunged, falling 28.2% to 7,146 from 9,956 a year ago. It’s also dramatically under November 2019, when inventory was 9,046.

Statewide, inventory also plunged to 25,400, down 31.3% from 36,991 a year ago. That’s down more than 50% from 2019’s November inventory of 54,604.

“Condo sales, in particular, reflect the resiliency of Chicago’s market and the momentum we continue to see,” said Antje Gehrken, president of the Chicago Association of REALTORS® and president and designated managing broker of A.R.E. Partners. “Inventory is a point of concern, although it could reflect seasonality coming into play with a holiday season slowdown in listings. Overall, the data demonstrates that Chicago remains a great place to live, work and play.”

The average 30-year fixed rate mortgage was 3.07% in the month, the same as in October, but up from 2.77% a year ago.

“Although prices and the number of sales has declined since their summer peak, they are still up since the same time last year,” said Dr. Daniel McMillen, head of the Stuart Handler Department of Real Estate at the University of Illinois at Chicago College of Business Administration. “Median prices are up more than 7.7 percent since November 2020 and sales are up about 1 percent. Surveys suggest that the pandemic and concerns about inflation are causing consumers to become pessimistic about the economy.”

With inventory this tight going into the spring housing market, will prices continue to rise in 2022?

And when do these near historic lows in inventory begin to impact sales growth?

Illinois home sales and median price increase in November [IAR press release, by Bill Kozar, December 22, 2021]

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

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

Apparently, it worked.

Those deals are long gone now.

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

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

From Crain’s:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

There is a half-bath.

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

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

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

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

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

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

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

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

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

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

This unit is 1600 square feet and has a balcony.

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

The living room has a fireplace and built-ins.

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

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

The primary suite has an en suite bath.

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

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

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

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

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

It last sold in 2013 for $675,000.

Is this a deal?

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

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

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

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

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

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

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

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

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

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

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

The listing says it’s “freshly painted.”

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

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

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

It’s been reduced to $395,000.

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

Is this a deal?

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

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

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

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

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

From FitzGerald Associates Architects, who did the restoration:

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

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

This unit faces east and has city views.

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

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

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

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

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

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

The loft has a private east facing balcony.

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

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

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

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

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

Is this a deal?

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

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

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

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

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

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

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

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

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

The second bathroom has had a “recent remodel.”

The listing says the unit has “designer lighting.”

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

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

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

Is this a deal?

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

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

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

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

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

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

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

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

The unit has a split floor plan and hardwood floors.

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

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

It has a private balcony.

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

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

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

Is this a deal?

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

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

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

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

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

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

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

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

It has 24 foot ceilings and double hung windows.

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

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

It has oak floors and silk wall coverings.

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

It has Dornbracht fixtures and is wired for sound.

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

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

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

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

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

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