Crib Chatter

The Illinois Association of Realtors is out with the May 2024 home sales data.

Sales remain low in Chicago as inventory continues to decline. It was the slowest May since May 2020, which was impacted by the covid pandemic.

However, with such a tight market, median price is still on the rise. But note, that median is determined by the mix of the sales.

The city of Chicago saw a 2.4 percent year-over-year home sales decrease in May 2024 with 2,404 sales, down from 2,462 in May 2023. The median price of a home in the city of Chicago in May 2024 was $362,000, up 8.1 percent from May 2023 when it was $335,000.

May Sales:

• May 2008: 2119 sales
• May 2009: 1557 sales
• May 2010: 2057 sales
• May 2011: 1705 sales
• May 2012: 2037 sales
• May 2013: 2834 sales
• May 2014: 2453 sales
• May 2015: 2750 sales
• May 2016: 2980 sales
• May 2017: 3046 sales
• May 2018: 3047 sales
• May 2019: 2952 sales
• May 2020: 1701 sales
• May 2021: 3453 sales
• May 2022: 3374 sales
• May 2023: 2462 sales
• May 2024: 2404 sales

Median Price Data:

• May 2008: $319,500
• May 2009: $225,000
• May 2010: $230,000
• May 2011: $190,000
• May 2012: $203,000
• May 2013: $234,000
• May 2014: $269,250
• May 2015: $281,000
• May 2016: $290,750
• May 2017: $305,600
• May 2018: $305,000
• May 2019: $315,000
• May 2020: $313,000
• May 2021: $350,000
• May 2022: $350,500
• May 2023: $335,000
• May 2024: $362,000

“In May, we saw closed sales and days on market decrease while median sales price increased,” Erika Villegas, president of the Chicago Association of REALTORS® and broker and owner of RE/MAX In the Village said. “Sellers should work with their REALTORS® to be prepared for a quick sale and buyers should get the ball rolling sooner rather than later as sales prices drift upwards. If you haven’t already, now is the time to talk to a REALTOR® to start exploring your options.”

For the first time in several years, statewide inventory actual rose year-over-year. It rose 2.1% to 18,295 from 17,925 in May 2023.

Is this a sign that inventory has finally bottomed?

In Chicago, however, inventory fell again. It declined 5.2% to 4,808 from 5,073 last year. For comparison:

• May 2019: 10,096
• May 2022: 7,115
• May 2023: 5.073
• May 2024: 4,808

The average 30-year fixed rate mortgage was up from April to 7.06% from 6.99%. It was also higher than a year ago when it was 6.43%.

It’s been pretty clear that any time the mortgage rate is above 7%, sales slow.

“Prices and the number of sales continued to increase during May,” said Dr. Daniel McMillen, Professor of Real Estate and Associate Dean for Faculty Affairs at the University of Illinois-Chicago College of Business Administration. “Our forecasts indicate that prices will begin their typical seasonal decline over the next three months. The number of sales is forecast to decline also. Surveys provide a mixed picture of the state of consumer confidence in the economy, despite low unemployment rates and significant declines in the rate of inflation.”

In May, days on the market actually declined 20.6% to 27 days from 34 days last year as buyers moved quickly to purchase once a new property was listed.

The spring market remained tight but now that summer is here, is it finally loosening?

Illinois home sales increased in May as the number of available homes rose [Illinois Association of Realtors, Press Release, by Bill Kozar, June 21, 2024]

This 4-bedroom historic row home at 1820 N. Lincoln (the one with the blue door) in the Old Town Historic District came on the market in June 2024.

Built in 1879, this row home is on a 23×70 lot. It’s a fee simple row home so there are no assessments.

There is no parking. It is leased in the neighborhood.

The listing calls this “vintage Chicago charm.”

It has a foyer with the living room, dining room and kitchen on the main floor.

There are hardwood floors, oversized windows and the original fireplace in the living room.

The row house has two other fireplaces, including one in the dining room and one in the lower level, in the family room.

The kitchen has gray cabinets, stainless steel appliances and a tile backsplash.

There is also a half bath on the main floor.

Leading off the kitchen is a private patio.

Three bedrooms are on the second floor with the fourth in the lower level. The lower level bedroom is en suite.

The laundry room and mud room are also in the lower level.

The row home has central air.

There are pictures in the listing of a roof top deck, but it’s unclear from the floor plan or listing how you access it.

This property is near the shops and restaurants of Old Town and East Lincoln Park. It’s also just a few blocks from Lincoln Park and the Zoo.

This row home has rarely been available. The last sale was in 2001.

Listed at $1.05 million, is this a dream home for vintage lovers?

Karen Schwartz at Dream Town has the listing. See the pictures and floor plan here.

1820 N. Lincoln: 4 bedrooms, 2.5 baths, no square footage, row home

• Sold in December 1986 for $205,000
• Sold in June 1994 for $305,500
• Sold in April 2001 for $500,000
• Currently listed at $1.05 million
• No assessments (fee simple)
• Taxes of $14,280
• Central Air
• No attached parking- but rental in the neighborhood
• 3 fireplaces
• Bedroom #1: 16×14 (second floor)
• Bedroom #2: 11×11 (second floor)
• Bedroom #3: 9×8 (second floor)
• Bedroom #4: 9×8  (lower level)
• Living room: 11×14 (main floor)
• Dining room: 12×13 (main floor)
• Kitchen: 11×10 (main floor)
• Family room: 11×20 (lower level)
• Laundry room: 11×11 (lower level)
• Private patio
• Rooftop deck?

This 5-bedroom single family home at 1225 W. George in Lakeview originally came on the market in April 2023.

We have chattered about this home several times, including last year.

You can see that chatter here.

If you recall, the base of this home is an old Culinary Foods Inc. warehouse. It was transformed into a single family home in 1999 by architect Larry Booth and has won architecture awards.

The home has many loft like features including heated concrete floors on the main level as well as exposed brick walls and high ceilings.

It has skylights.

Built on an irregular lot measuring 75 x 102 x 87.99 x 56.4, it has a 2-car garage.

The kitchen has modern cabinets, luxury stainless steel appliances and two islands with quartz countertops. One island seats 6.

The second floor has 4 out of the 5 bedrooms and they are all en suite. This includes the primary suite which has an en suite bathroom with dual vanities and a walk-in-closet.

You will also find the laundry room on the second floor.

The fifth bedroom is on the main floor and has its own separate entrance. It’s marketed as a studio space as it has a kitchen.

The indoor lap pool is also accessed from this level.

There are several outdoor spaces, including a garden off the kitchen and a terrace off the primary suite which overlooks George Street, and the listing says there is the “ability” to build out more space on the rooftop.

The house has central air.

This property is in central Lakeview but is near the shops and restaurants on Lincoln, Wellington and Diversey. The listing says it’s in the Harriett Tubman school district.

Listed in April 2023 for $4.175 million, it has a new agent and has been reduced $675,000 to $3.5 million.

This is $100,000 below the 2017 sales price.

Last year, when we chattered about this house, several of you thought it was overpriced at the $4 million level.

After the price reduction, is this house now a deal for the square footage?

Emily Sachs Wong at @properties Christie’s now has the listing. See the pictures here. Sorry, still no floor plan.

1225 W. George: 5 bedrooms, 5.5 baths, 7400 square feet, single family home

• Sold in July 1997 for $114,500
• Then renovated into a single family home in 1999
• Sold in February 2017 for $3.6 million
• Originally listed in April 2023 for $4.175 million
• Reduced
• Currently listed at $3.5 million
• Taxes are now $78,115 (they were $76,371 in 2023 and $35,492 in September 2016)
• Central Air
• 2-car garage
• Fireplace
• Indoor lap pool
• Studio with a kitchenette
• Bedroom #1: 23×19 (second floor)
• Bedroom #2: 17×13 (second floor)
• Bedroom #3: 17×10 (second floor)
• Bedroom #4: 23×13 (second floor)
• Bedroom #5 (studio): 30×22 (main floor)
• Living room: 28×25 (main floor)
• Dining room: 23×21 (main floor)
• Kitchen: 22×15 (main floor)
• Foyer: 21×9 (main floor)
• Den: 13×13 (second floor)
• Laundry: 7×7 (second floor)
• Family room: 22×16 (main floor)

This vintage 3-bedroom at 537 W. Roscoe in East Lakeview came on the market in May 2024.

Built in 1923, this building has two wings with 26 units. It appears to have a common outdoor space (see listing pictures with a patio with couches). There’s no parking or other amenities.

This unit has some of its vintage features including vintage doors with crystal doorknobs, hardwood floors and vintage French doors that lead to the primary suite.

There’s no fireplace.

It has a unique 3 exposure living room with “recently refinished” French windows.

The unit has a separate dining room.

The kitchen has been “updated” and has custom white cabinets, with open walnut shelving (new since the 2020 sale), stainless steel appliances and a reverse osmosis filtration system.

Unusual for many vintage units, there is actually a primary suite with a walk-in-closet and en suite bathroom with Kohler fixtures and a Toto washlet with heated seat.

The other two bedrooms are “queen sized.”

The second bathroom has been “renovated to perfection” with a walk-in rain shower with body sprays and a Toto washlet with heated seat.

This unit has the features buyers look for including central air and in-unit washer/dryer but it doesn’t have any parking. Rental parking is available in the neighborhood.

The building is in the Nettelhorst school district and near the shops and restaurants of Broadway and East Lakeview.

Originally listed in May 2024 for $565,000, it went under contract in just a week. But it has come back on the market at the same price in June, at $565,000.

Buyers love “new.”

Will this go under contract (again) this month?

Leslie Glazier at @properties Christie’s has the listing. See the pictures and floor plan here.

Unit #2: 3 bedrooms, 2 baths, 1500 square feet

• Sold in September 1991 for $120,000
• Sold in November 1994 for $170,000
• Sold in August 2011 for $352,500
• Sold in April 2017 for $447,500
• Sold in July 2020 for $456,500
• Originally listed in May 2024 for $565,000
• Under contract in May 2024
• Re-listed in June 2024 for $565,000
• Assessments of $666 a month (includes heat, gas, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $8684
• Central Air
• Washer/dryer in the unit
• No parking- rental in the neighborhood
• Bedroom #1: 13×15
• Bedroom #2: 13×12
• Bedroom #3: 9×12
• Kitchen: 10×13
• Dining room: 16×13
• Living room: 21×13

This vintage 3-bedroom at 653 W. Buckingham in East Lakeview came on the market in June 2024.

Built in 1916, 653 W. Buckingham has 6 units and outdoor assigned parking. The building has a backyard and storage lockers in the lower level.

This unit has many of its vintage features including wood crown molding and doors, and beams on the ceiling of the separate dining room.

The dining room also has a wood built-in buffet.

It also has hardwood floors throughout.

The living room has a gas fireplace.

The kitchen has wood cabinets, a tile backsplash, granite counter tops and stainless steel appliances. There is also an in-unit washer/dryer in the kitchen.

There’s only one bathroom.

The unit has no central air but does have window cooling units.

It has one assigned outdoor parking space and a storage locker in the lower level.

The unit has 2 outdoor spaces including a north facing forward balcony and a south facing private deck.

The listing says this building is in the Nettlehorst school district. It also is located near the “best dining, shopping and entertainment Lakeview East offers.”

Listed at $424,950, is the 3/1 vintage unit still a popular starter condo option?

Martin Kalachev and Benjama Sansak at @properties Christie’s have the listing. See the pictures and floor plan here.

Unit #2W: 3 bedrooms, 1 bath, no square footage included

• Sold in January 2005 for $356,000
• Sold in March 2008 for $380,000
• Sold in July 2020 for $390,000
• Currently listed at $424,950
• Assessments of $376 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $7610
• No central air. Window units only.
• Washer/dryer in the unit
• Assigned parking spot
• Gas fireplace
• Storage locker in the lower level
• Bedroom #1: 13×11
• Bedroom #2: 13×11
• Bedroom #3: 12×9
• Living room: 17×12
• Dining room: 16×11
• Kitchen: 13×12
• Balcony: 11×9 (front)
• Deck: 16×7 (back)

It’s time for me to take some time off. I’ll be out all through next week but will be checking in from the beach.

The Chicago market remains robust with very low inventory in the GreenZone neighborhoods. However, in a few neighborhoods such as Lakeview, the properties seem to be staying on the market a bit longer and inventory has risen slightly.

Here’s the current inventory per Redfin:

• Lakeview: 241 homes (up about 50 properties from the lows)
• Lincoln Park: 187 homes (still near the lows)
• Bucktown: 64 homes (still near the lows)
• Wicker Park: 49 homes (still near the lows)
• West Loop: 174 homes (still near the lows)
• River North: 364 homes
• Streeterville: 354 homes
• Gold Coast: 231 homes
• Loop: 312 homes
• South Loop: 247 homes

Reminder: a new condo building like 850 N. Lake Shore Drive, has 198 units itself. These inventory levels in the downtown high-rise neighborhoods are extremely low.

The low inventory, especially in certain price points, should keep prices elevated.

I’ll see you on June 24.

Sabrina

This 3-bedroom penthouse at 3144 N. Sheridan in East Lakeview came on the market in June 2024.

Built in 1914, 3144 N. Sheridan has 16 units and a common courtyard with grills and tables and a bike room.

There is no door staff or parking except for 3 guest/temporary spaces on the side of the building.

This penthouse is a corner unit with “vintage charm” but “modern convenience.”

It has some of its vintage features including moldings, built-ins and a working fireplace.

The unit has the floor plan of a vintage unit with a foyer, a sunroom and a separate dining room.

There are hardwood floors.

The listing says the penthouse has been “renovated.”

Updates include newer windows, newer central heating and cooling, renovated kitchen and baths, fresh paint and recessed lighting.

It has an “updated” eat-in kitchen with 42 inch stained wood cabinets, new stainless steel appliances, and new granite counter tops.

The primary suite has an updated en suite bath and dressing area.

The third bedroom is set up as a den and has a bar and built-ins.

There are several sets of French doors.

This unit has the features buyers look for including central air, washer/dryer in the unit but there’s no parking. Rental parking is available next door.

There’s also a circular staircase leading to a large private roof deck with lake views.

It is near the shops and restaurants on Broadway as well as Lincoln Park Zoo. The listing says it’s in the Nettlehorst school district.

We have actually chattered about this unit before, all the way back in May 2013. Back in 2013, some of you loved the vintage features but worried about noise from Sheridan.

Madeline actually went and saw the unit:

The bad: The kitchen needs work. You could live with it in its current condition, but you probably wouldn’t want to for too long. Spiral staircase up to the rooofdeck is kind of awkwardly placed in the dining room. Parking is across the street or two buildings away on Sheridan (the parking situation is somewhat mitigated by the fact that there are 2 or 3 temporary parking spaces in the back of the building – so you can park there while you unload the car, or load up the kids, etc.)

The ugly: A whole lot of stairs – 3 flights – probably an issue for most people with kids (especially if you rely on an elderly or getting-close-to-elderly family member for child care). 3rd bedroom is tiny. It’s currently set up as an office with a wet bar in what used to be the closet. If you wanted to use it as a bedroom, you couldn’t fit anything bigger than twin bed in there.

You can see our 2013 chatter here.

Listed at $650,000, that is $114,500 above the 2013 sales price of $535,500.

Even without the parking, is this priced to sell?

Amanda McMillan at @properties Christie’s has the listing. See the pictures and floor plan here.

Or see it in person on Friday, June 14, 2024 from 4 pm to 6 pm.

Unit #A3: 3 bedrooms, 2 baths, 2000 square feet, penthouse

• Sold in October 1992 for $320,750
• Sold in August 1996 for $229,000
• Originally listed in September 2009 for $598,000
• Sold in August 2013 for $535,500
• Currently listed at $650,000
• Assessments of $614 a month (they were $559 a month in May 2013) includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $11639 (they were $6847 in May 2013)
• Central Air
• In-unit washer/dryer
• No parking- available for rent next door for $200 to $260 a month
• Bedroom #1: 16×12
• Bedroom #2: 13×13
• Bedroom #3: 13×8
• Kitchen: 10×13
• Living room: 19×16
• Dining room: 13×15
• Sun room: 12×8
• Foyer: 9×8
• Laundry: 5×7
• Deck: 8×6
• Deck 30×22

This 3-bedroom at 2523 N. Burling in East Lincoln Park came on the market in May 2024.

Built in 1896, this greystone has 4 units and outdoor parking.

The unit is the first floor unit with both front and back entrances. (Is that a garden unit?)

It has refinished hardwoods throughout and exposed brick accents.

The kitchen is a “culinary haven” with black and white cabinets, quartz counter tops, a brass-finished sink and stainless steel appliances.

There is a dining area.

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

This unit has the features buyers look for including central air, washer/dryer in the unit and one outdoor parking space included.

This building is near the shops and restaurants of central and east Lincoln Park, the Lincoln Park Zoo and the farmer’s market.

Listed in May 2024 for $650,000, it has been reduced to $619,000.

Is this a deal for a three bedroom with parking in this location?

Elizabeth Licata at Compass has the listing. See the pictures and floor plan here.

Or see it at the Open House on Saturday, June 15, from 1 to 3 pm.

Unit #A: 3 bedrooms, 2 baths, 1316 square feet

• Sold in April 2016 for $438,000
• Sold in October 2020 for $543,000
• Originally listed in May 2024 for $650,000
• Reduced
• Currently listed at $619,000
• Assessments of $200 a month (includes exterior maintenance, lawn care, scavenger)
• Taxes of $8638
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 12×12
• Bedroom #2: 11×10
• Bedroom #3: 9×9
• Kitchen: 16×9
• Living room: 11×31
• Dining room: 7×16
• Laundry: 4×3
• Walk-in-closet: 9×4

We’ve chattered recently about how there are no new condo towers going up downtown. There are some that have finished construction, but none that are going up.

That’s the first time in a decade.

Additionally, the downtown market has seen many older condo buildings “de-convert” back into apartments. This is the opposite of what we saw from 1995 to 2008 when apartments were converted into condos at a quick pace.

But it’s finally happening.

The first apartment to condo conversion of this cycle.

Crain’s is reporting that the Lake Shore Athletic Club at 850 N. Lake Shore Drive in the Gold Coast will convert to condos.

Built in 1927, it has 198 units ranging from 1 to 3 bedrooms. It was a dorm for Northwestern University which abandoned it in 2005.

In 2014, it was converted into luxury apartments.

It has an attached garage (currently valet parking), a landscaped rooftop terrace with grills and seating, a fitness room and an indoor pool.

It also has a Grand Lounge area overlooking the lake.

The units have tall ceilings and hardwood floors.

In March, a Crescent Heights-related legal entity bought the building for $79.75 million, according to the Cook County Clerk. That’s about 57% of the $140 million that an affiliate of J.P. Morgan Asset Management paid for the 19-story, 198-unit building in 2016.

Buying the building at a hefty discount “is what makes the numbers work” for going condo, Buchberg said.

Units will start at $240,000 and go up to $1.17 million+ for the 3-bedrooms.

Current tenants are being given the first right to buy their unit. But once the leases are up, the unit will go on the market.

Currently, there are 10 units on the building’s website.

You can see the floor plans and pricing here.

The developer is keeping the finishes “as is” because it was only converted 10 years ago. That means wood cabinets, granite counter tops and stainless steel appliances. The original apartments were built out by Booth Hansen.

“That part of the neighborhood,” bounded by Oak Street Beach and the southward turn in DuSable Lake Shore Drive, “is its own submarket where people really want to be, and they’re loyal to it,” Buchberg said. He feels the aerial view of the downtown market doesn’t capture details such as the strong demand he and Wolf say is in this particular neighborhood.

The prices on the units — again, made possible by a hugely discounted building price — are mostly below the luxury level, which affluent buyers, including suburban empty nesters, have been reluctant to buy in recent years.

Some of the two bedrooms are listed on the building site with these prices:

• $762,000
• $873,000

This is cheaper than the luxury buildings like Tribune Tower, St Regis and One Chicago.

Will this building sell well given that there are no other new condo developments in this price point in this neighborhood?

In a counter-trend move, Gold Coast apartments going condo [Crain’s Chicago Business, by Dennis Rodkin, June 6, 2024]

This 6-bedroom vintage row house at 31 E. Scott in the Gold Coast came on the market in June 2024.

It was built in 1889 and does not have parking.

From Crain’s:

Built around 1889, the house was purchased in 1922 by Joseph and Grace Allworthy. Joseph Allworthy painted portraits of, among others, Illinois Gov. Adlai Stevenson, brewer Fred Pabst and, for the walls of the old Saddle & Sirloin Club at the Stockyards Inn, a couple dozen cattle barons.

In the early 1990s, ownership transferred to the Allworthys’ daughter, Dorian Allworthy, whose etchings are in the collection of the Art Institute of Chicago. She died in 2023.

The current floor plan has the living room, dining room, and kitchen on the main floor.

There are 2 bedrooms on the second floor along with a full bathroom.

The top floor has three bedrooms including, according to Crain’s, the old ballroom which the owners used as a painters studio. It’s the room in the picture with the big window.

The lower level has the laundry room, a half bath and a utility room.

It does have some of its vintage features including staircase spindles, crown moldings and fireplace.

But updating is needed. The listing says it’s an “opportunity to create your own work of art.”

The price, Ginsberg said, accounts for the need to rehab the house.

Susan Ginsberg, executor of Dorian Allworthy’s estate, said proceeds from the sale of the house will be donated to two causes Allworthy supported: historical farm preservation and clean water.

Listed at $1.199 million, without any parking, is it truly priced to sell?

Charles Ginsberg at Mark Allen Realty has the listing. See the pictures and floor plan here.

31 E. Scott: 6 bedrooms, 2.5 baths, 2835 square feet, row house

• No prior price available. Last sold in 1922.
• Currently listed at $1.199 million
• Taxes of $25,299
• No central air
• No parking
• Fireplace
• Bedroom #1: 12×18 (second floor)
• Bedroom #2: 12×13 (second floor)
• Bedroom #3: 10×12 (second floor)
• Bedroom #4: 16×20 (third floor)
• Bedroom #5: 11×15 (third floor)
• Bedroom #6: 8×8 (third floor)
• Kitchen: 6×14 (main floor)
• Dining room: 11×17 (main floor)
• Living room: 13×16 (main floor)
• Laundry: 17×20 (lower level)
• Utility: 18×21 (lower level)