Crib Chatter

This top floor 3-bedroom in 757 N. Orleans in River North came on the market in July 2020.

This high rise was completed in 2008, just as the housing boom was ending. It has 196 units and an attached garage.

It’s on the corner of Orleans and Chicago and next to the Brown Line stop.

It’s full amenity building with an outdoor pool, exercise room and a doorman.

You may recall that the developer did a bulk sale of 39 units to an investor at the bottom of the housing bust in 2012.

This unit has east and south views of the Chicago skyline from its floor to ceiling windows.

The living/dining room and kitchen appears to have wood floors.

The listing says there are “updated” cabinets in the kitchen which also has stainless steel appliances and granite counter tops along with a breakfast bar which can fit 4 chairs.

There are 3 bedrooms which the listing says have new carpet.

The primary bedroom also had an en suite bath with a double vanity.

But one of the unique features is a private 362 square foot terrace off the living room with skyline views that has water and electric.

The unit has central air, washer/dryer in the unit and it looks like one parking space in the garage is included (but unclear).

Additional parking spaces are available.

Originally listed in July 2020 at $975,000, it has been reduced $125,000 to $850,000.

If you love city views, does this unit check all the boxes?

Mark Lusk at Keller Williams Infinity has the listing. See the pictures here.

Unit #2202: 3 bedrooms, 2 baths, 1629 square feet

• Sold in March 2009 for $752,500 (no parking included- but might have been wrapped into the price)
• Originally listed in July 2020 for $975,000
• Reduced
• Currently listed at $850,000
• Assessments of $979 a month (includes heat, a/c, gas, doorman, cable, exercise, pool, Internet)
• Taxes of $14,195
• Is garage parking included (or extra?) There is an attached garage.
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 15×14
• Bedroom #2: 12×10
• Bedroom #3: 10×10
• Living/dining room: 20×20
• Kitchen: 15×10
• Terrace: 19×19

The Illinois Association of Realtors is out with the February 2021 sales data.

The hot pandemic housing market continued in Chicago, the Chicagoland area and the entire state of Illinois.

In the city of Chicago, home sales (single-family and condominiums) in February 2021 totaled 1,628 homes sold, up 8.8 percent from February 2020 sales of 1,496 homes.

The median price of a home in Chicago in February 2021 was $320,000, up 10.3 percent compared to February 2020 when it was $290,000.

Here is the sales data for February going back to 1997 (courtesy of G):

• 1997: 881 sales
• 1998: 991
• 2000: 1383
• 2001: 1151
• 2002: 1677
• 2003: 1566
• 2004: 1814
• 2005: 2228
• 2006: 1855
• 2007: 1703
• 2008: 1454
• 2009: 870
• 2010: 1257
• 2011: 1092
• 2012: 1250
• 2013: 1411
• 2014: 1361
• 2015: 1497
• 2016: 1567
• 2017: 1529
• 2018: 1535
• 2019: 1449
• 2020: 1496
• 2021: 1628

Here is the Median Price Data also going back to 1997 (thanks G!):

• 1997: $117,000
• 1998: $132,000
• 1999: $143,750
• 2000: $161,500
• 2001: $180,200
• 2002: $212,000
• 2003: $215,000
• 2004: $229,900
• 2005: $268,900
• 2006: $267,500
• 2007: $270,000
• 2008: $290,000
• 2009: $218,125 (with 31% being REO/Short Sales)
• 2010: $176,000 (with 46% being REO/Short Sales)
• 2011: $150,250 (with 50% being REO/Short Sales)
• 2012: $140,300 (with 52% being REO/Short Sales)
• 2013: $158,000
• 2014 $175,000
• 2015: $212,000
• 2016: $236,000
• 2017: $246,000
• 2018: $272,000
• 2019: $272,500
• 2020: $290,000
• 2021: $320,000

“We are thrilled to see the strong market continue into February, which may lead to one of the strongest first quarters we’ve seen in the real estate market in years,” said Nykea Pippion McGriff, president of the Chicago Association of REALTORS® and vice president of brokerage services at Coldwell Banker Realty.

“February saw condo closed sales increase 16.2 percent, outpacing single-family home closed sales, which decreased 1.8 percent. Since single-family homes have been flying off the market since last summer, we are glad to see condo inventory drive February sales.”

Lack of inventory continues to be the big story.

Statewide, homes for sale fell 49.9% to 24,358 from 48,636 a year ago.

The press release didn’t state it, but that has to be a record, or near record, year-over-year decline in inventory.

In Chicago, inventory also fell 10.8% to 7,426 from 8,329.

Days on the market in Chicago fell one day to 51 from 52 days.

The average 30-year fixed mortgage rate actually rose in the month, for the first time since the coronavirus pandemic hit, to 2.81% from 2.74% in January.

That’s still well under the average rate of 3.47% in February 2020, however.

“While February’s bitter weather dampened that month’s housing sales compared to January, sales were up almost 15 percent from a year ago in Chicago and 12 percent in Illinois,” said Geoffrey J.D. Hewings, emeritus director of the Regional Economics Applications Laboratory at the University of Illinois.

“Price appreciation also continued with median prices up over 12 percent from a year ago in Chicago and 14 percent in Illinois. Further, these positive trends in sales and prices are expected to continue for March, April and May.”

A secondary story is the strength of Chicago’s condo market. Single family home sales actually fell year-over-year by 1.8% so it was the strong condo sales that boosted the market.

If the downtown condo market is grim, where are all these condo sales happening?

Or are some buyers snapping up downtown bargains?

Illinois continues double-digit home sales and price increases in February [Illinois Association of Realtors, Press Release, March 22, 2021]

This 2-bedroom duplex down at 3521 N. Lakewood in Southport neighborhood of Lakeview came on the market in October 2020.

This building was built in 1914 and has 14 units. The picture above is from the side of the building.

It was converted into condos in 1999 and does not have parking.

There’s a common area behind the building which has tables and chairs.

This unit has 1100 square feet with the living room and kitchen on the main floor.

There are cherry wood floors on the main floor.

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

It has a butcher block island with seating for 2.

There’s no dining room.

Both bedrooms are on the lower level. It’s unclear if both of the bathrooms are also there.

The listing says there is new carpeting in the bedrooms.

This unit has central air, but there’s no washer/dryer in the unit (presumably there is one in the building?) and there’s no parking.

This building is in the heart of the popular Southport neighborhood, near shops, restaurants, Wrigley Field and the Brown Line or Red Line stops.

Originally listed in October 2020 at $395,000, it has been reduced $30,000 to $365,000.

Is Southport still a hot neighborhood for entry level condo buyers 15 years after the housing boom?

Edwin Aloisio at d’aprile properties has the listing. See the pictures here.

Unit #1: 2 bedrooms, 2 baths, 1100 square feet

• Sold in April 1999 for $189,000
• Sold in September 2001 for $250,000
• Sold in June 2006 for $319,000
• Sold in December 2012 for $228,000
• Sold in April 2016 for $330,000
• Originally listed in October 2020 for $395,000
• Reduced
• Currently listed at $365,000
• Assessments of $260 a month (includes exterior maintenance, lawn care, snow removal)
• Taxes of $3872
• Central Air
• No washer/dryer in the unit (is it in the building?)
• No parking
• Bedroom #1: 16×12 (lower level)
• Bedroom #2: 11×12 (lower level)
• Kitchen: 25×12
• Living room: 17×12

This 3-bedroom in Bellevue Place at 100 E. Bellevue Place came on the market in November 2020.

Built in either 1969 (or 1971- as I’ve seen both listed), Bellevue Place has 181 units and attached heated garage parking that is leased.

It’s a full amenity building with a doorman, an exercise room, an outdoor pool on the roof along with a sundeck and grills.

This unit is a northeast corner unit and has 2 walls of windows which includes some lake views.

The listing says it has been “professionally designed” and “completely renovated.”

It has wide plank flooring throughout.

The kitchen has white cabinets, black matte finishes, a farmhouse sink, stainless steel appliances and a peninsula with waterfall quartz counter tops.

The listing says the electrical and plumbing have been updated.

The bathrooms have mosaic and marble floor tiling and rainfall shower systems.

It has central air, washer/dryer in the unit and leased heated garage parking is available.

This unit sold in June 2020 for $435,000, was renovated, and re-listed in November 2020 at $693,561.

It has been reduced to $664,900.

What will get this unit sold?

Todd Stephens at Winnetka Realty has the listing. See the pictures here.

Unit #5A: 3 bedrooms, 2 baths, 1800 square feet

• Sold in July 1998 for $355,000
• Sold in August 2001 for $539,000
• Sold in Mary 2006 for $544,000
• Sold in June 2020 for $435,000
• Originally listed in November 2020 for $693,561
• Reduced
• Currently listed at $664,900
• Assessments of $1450 a month (includes heat, a/c, gas, doorman, outdoor pool, exercise room)
• Taxes of $9816
• Heated garage parking is available for rent
• Guest parking also available
• Bedroom #1: 15×14
• Bedroom #2: 13×11
• Bedroom #3: 13×12
• Living room: 20×10
• Dining room: 14×10
• Kitchen: 14×8
• Laundry room: 4×8
• Walk-in-closet: 5×8

This 3-bedroom penthouse at 2845 N. Burling in Lakeview came on the market in March 2021.

Built in 1915, this building has 8 units and assigned exterior parking.

It was converted into condos during the housing boom in 2006.

This is a top floor unit which has 12 foot ceilings.

The listing says it has had an “exquisite” remodel and has designer finishes.

It has an open living/dining and kitchen concept.

There’s a chef’s kitchen with white cabinets that go to the ceiling, gold cabinet hardware, faucet and pendants, a white quartz island, marble tile backsplash, open wood shelving, high-end stainless steel appliances and a beverage refrigerator.

French doors open into the third bedroom.

The primary suite has wainscoting to the ceiling and an en suite bath with double vanity, jetted tub and walk-in shower.

The third bedroom also has wainscoting to the ceiling.

There’s a private deck off the back of the unit and the listing says the unit has roof rights.

It has the features buyers look for including central air, washer/dryer in the unit and an assigned exterior parking space included in the price.

Burling is a favorite street for many because it is leafy and private yet is steps from the Trader Joes and the shops and restaurants of East Lakeview.

If this building looks familiar to some of you, that’s because this unit was on the market last year and sold during the height of the first coronavirus shutdown, in April 2020, for $626,000.

It has come back on the market after the remodel at $715,000.

Will it get the premium a year later?

Julie Busby and Ali Rozina at Compass have the listing. See the pictures here.

If you have a Redfin account, you can also see the 2020 sales pictures and floor plan to see what was done in the remodel.

Unit #3N: 3 bedrooms, 2 baths, 1825 square feet

• Sold in April 2006 for $553,000
• Sold in April 2020 for $626,000
• Currently listed at $715,000 (includes exterior assigned parking space)
• Assessments of $441 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $10,345
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 13×13
• Bedroom #2: 14×11
• Bedroom #3: 12×9
• Kitchen: 14×9
• Living room: 16×14
• Dining room: 14×9
• Foyer: 8×4
• Walk-in-closet: 4×4
• Walk-in-closet: 3×3
• Deck

This 4-bedroom duplex down at 1165 W. Eddy in Lakeview came on the market in March 2021.

Built in 2015-2016, this all-brick building has 6 luxury units and 6 garage parking spots

We first chattered about this building in 2016 when it was newly built as it replaced two vintage Victorian homes that we had chattered about previously.

In 2016, we chattered about the buyers of these luxury condos in a neighborhood that used to be known for “starter” condos for 20-somethings.

Russ commented:

Most of the buyers are young married DINKs. Usually late 20s or early 30s. Both husband and wife are typically recent graduates of top MBA or law programs. Almost always work in consulting, PE, i-banking, brand management or BigLaw firms. Usually putting 20% down, although it isn’t uncommon some portion of that is a gift from parents.

They will typically stay in the place three to five years before moving up to a single family. The move is always precipitated by children hence why there is a crib in nearly every resale condo listing.

North Shore is usually the suburb of choice. Every now and then, they will stay in the city, but most don’t. Occasionally, a few move to western burbs. A decent number wind up relocating out of Chicago.

See our 2016 chatter here.

This unit is one of the larger 2600 square foot duplex downs on the first floor.

The living room, dining room, kitchen and family room are all on the main floor.

It has wainscoting, crown molding, built-ins and a coffered ceiling on the main floor.

The chef’s kitchen  has white cabinets, Subzero and Wolf appliances, quartz counter tops, subway tile backsplash and an oversized island which seats four.

There’s also a butler’s pantry with a wine fridge.

All 4 bedrooms are in the lower level including the primary suite which has a marble bath.

The lower level has heated floors.

There are 3 outdoor spaces including a front balcony, a back deck and a private garage rooftop deck.

There are gas lines for the front and back decks.

It has central air, washer/dryer in the unit and one garage parking space.

It has come on the market at $975,000.

Is this a single family home replacement for those who want to stay in the Wrigleyville/Southport neighborhood but are priced out of single family homes?

Lauren and Kyle Shimmon at Dream Town have the listing. See the pictures and floor plan here.

Unit #1E: 4 bedrooms, 2.5 baths, 2600 square feet, duplex down

• Sold in April 2016 for $899,900 (according to Redfin)
• Currently listed at $975,000 (includes garage parking)
• Assessments of $212 a month (includes exterior maintenance, lawn care, scavenger)
• Taxes of $17,371
• Central Air
• Washer/dryer in the unit
• Fireplace
• Bedroom #1: 16×14 (lower level)
• Bedroom #2: 13×11 (lower level)
• Bedroom #3: 12×11 (lower level)
• Bedroom #4: 11×11 (lower level)
• Living room: 20×16 (main level)
• Dining room: 16×12 (main level)
• Family room: 21×17 (main level)
• Kitchen: 14×12 (main level)
• Breakfast room: 12×7 (main level)
• Balcony: 16×7 (main level)
• Terrace: 17×6 (lower level)
• Deck: 29×19 (on garage)

This 2-bedroom in Chicago Place at 100 E. Huron in River North came on the market in June 2020.

Built in 1991, Chicago Place was built on top of a shopping mall on the Mag Mile, now shut. It has just 204 units and an attached valet rental garage.

I believe the mall has been converted into commercial office space.

It’s a full service building with a doorman, an indoor pool, exercise room, and sundeck.

This unit is on the 31st floor and appears to be west facing.

The kitchen has modern white and wood cabinets with stone counter tops, a tile backsplash, stainless steel appliances and a breakfast bar.

There are hardwood floors in the living/dining room, the kitchen and the second bedroom which has French doors.

The primary bedroom appears to have carpet and a bathroom with dual vanity.

It has the features buyers look for including central air and washer/dryer in the unit. Parking is available to rent in the building.

It’s near all the shops and restaurants of River North and all of the Mag Mile.

Originally listed in June 2020 for $639,000 is has been reduced $139,000 to $509,000.

That’s $120,000 below the 2018 purchase price of $629,000 as well as $5,500 under the 2007 price.

Is this a deal?

Judith Pielet at Baird & Warner has the listing. See the pictures here.

Unit #3107: 2 bedrooms, 2 baths, 1309 square feet

• I couldn’t find an original sales price from the 1990s
• Sold in October 2007 for $514,500
• Sold in June 2013 for $530,000
• Sold in July 2018 for $629,000
• Originally listed in June 2020 for $639,000
• Reduced
• Currently listed at $509,000
• Assessments of $1063 a month (includes heat, a/c, doorman, cable, Internet, exercise room, indoor pool, exterior maintenance, scavenger, snow removal)
• Taxes of $10,696
• Central Air
• Washer/dryer in the unit
• Garage parking available for $265 to $325 a month
• Bedroom #1: 21×15
• Bedroom #2: 11×12
• Living/dining room: 17×20
• Kitchen: 17×8

This 2-bedroom at 460 W. Deming in East Lincoln Park just came on the market.

I can’t find out when this building was built, but it’s a vintage building with 6 units and deeded parking behind the building.

It was converted into condos during the housing boom in 2007.

The listing says this unit has been “meticulously renovated.”

It has crown molding, wall moldings, ceiling medallions and 4 Swarovski crystal chandeliers throughout.

The living room has a fireplace with a new Carrera marble surround and built-in bookcases.

The kitchen has been renovated with a new island. It has white cabinets, new stainless steel appliances and Vermont Danby marble counter tops.

The dining room has a built-in dry bar with a wine refrigerator.

The primary suite has a sunroom, a walk-in-closet and a spa bath with double vanity.

The second bedroom has a wall of custom storage.

The second bathroom also has a double vanity.

There’s a sound speaker system throughout, custom window treatments, and a new security system.

It has 2 south facing Juliet balconies as well as a back deck, accessed from the kitchen.

This unit has the features buyers look for including central air, washer/dryer in the unit and a deeded parking space directly behind the building.

This building is in a prime East Lincoln Park location, near shops, restaurants, grocery stores, coffee shops and Lincoln Park.

Listed at $699,000, that’s $146,500 over the 2012 sales price of $552,500.

Will it get the premium?

Jennifer Ames at Engel & Voelkers has the listing. See the pictures and floor plan here.

Unit #2E: 2 bedrooms, 2 baths, 1570 square feet

• Sold in January 2007 for $587,000
• Sold in November 2012 for $552,500
• Currently listed at $699,000 (deeded parking space behind the building included)
• Assessments of $462 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $10,468
• Central Air
• Washer/dryer in the unit
• Gas fireplace
• Bedroom #1: 12×18
• Bedroom #2: 11×13
• Living room: 14×18
• Dining room: 16×13
• Sunroom: 9×5
• Deck: 11×10
• Kitchen: 13×12

This 3-bedroom in 1720 S. Michigan in the South Loop came on the market in March 2021.

Built in 2007, by CMK at the height of the housing bubble, this building has 498 units and an attached garage.

It’s a full service building with a 24-hour doorman, bike room, dog run and has an attached grocery store on site.

Many of these units were being flipped by investors in 2007 and 2008.

We have chattered about foreclosures in this building in the past.

But that was then, and this is now.

This unit is the largest floor plan in the building at 1400 square feet.

It has northeast views of the skyline and Lake from floor to ceiling windows and its balcony.

The unit has tall ceilings and exposed concrete.

There are hardwood floors throughout.

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

There’s a separate dining space.

The unit has the features that buyers want including central air, side-by-side washer/dryer and garage parking is available for extra (it doesn’t say how much).

The listing says this building is “investor friendly” and also that “investors welcome.”

Listed at $499,000, plus additional for the parking, that is over $65,000 above the 2007 sales price of $434,000.

Has the South Loop finally recovered from the housing bust?

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

Unit #2401: 3 bedrooms, 2 baths, 1400 square feet, northeast views

• Sold in November 2007 for $434,000 (included the parking)
• Sold in July 2008 but unclear on the price (typo in the public records)
• Sold in October 2015 for $435,500 (included the parking)
• Currently listed for $499,900 (plus extra for parking)
• Assessments of $658 a month (includes heat, a/c, gas, doorman, Internet, cable, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $3967
• Central Air
• Side-by-Side washer/dryer in the unit
• Garage parking is extra
• Bedroom #1: 15×11
• Bedroom #2: 10×10
• Bedroom #3: 10×10
• Living room: 16×11
• Dining room: 10×9
• Kitchen: 14×8

This 3-bedroom penthouse in One Museum Park East at 1211 S. Prairie in the South Loop came on the market in February 2021.

Built in 2008, just as the housing bubble was ending, One Museum Park East has 289 units and an attached parking garage.

It’s a full amenity building which the listing says has “24 hour door staff, In/outdoor Pools, State of the art health Club, Outdoor Grill deck with Custom Fire pits, Men/Women’s locker rooms with Dry Sauna and Showers, In unit package delivery, Car wash, Dry cleaning Service, and Secured pet exercising area.”

This unit is on the 62nd floor and the living and dining rooms face north with views of the skyline, Grant Park, Navy Pier and the Lake.

It has a gourmet kitchen with custom wood cabinets, Subzero and Wolf appliances, granite counter tops with a breakfast bar and a wine cooler.

There are walnut hardwood floors throughout.

The unit has automatic blinds on the floor to ceiling windows and Wi-Fi controlled thermostats.

The closets have custom shelving.

The private suite has a marble and stone bath and a walk-in-closet.

The other two bedrooms have west and southwest views.

The property includes features that buyers look for including central air, washer/dryer in the unit and 2 side-by-side climate controlled parking spaces.

This penthouse sold in 2009 from the developer at $1.4 million, including the parking.

It’s again listed at $1.4 million, including the parking.

Is this a deal?

David Auffarth at Keller Williams ONEChicago has the listing. See the pictures here. (Also shows some cool pictures of next door neighbor NEMA.)

Unit #6205: 3 bedrooms, 3 baths, 2375 square feet, penthouse

• Sold in May 2009 for $1.4 million (included 2 parking spaces)
• Originally listed in February 2021 for $1.4 million (included 2 parking spaces)
• Currently still listed at $1.4 million (including 2 parking spaces)
• Assessments of $2489 a month (includes heat, a/c, gas, doorman, cable, exercise room, pools, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $40,323
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 16×12
• Bedroom #2: 14×10
• Bedroom #3: 11×10
• Living/dining room: 38×19
• Kitchen: 12×10
• Den: 10×8