Crib Chatter

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)

This 2-bedroom at 1903 N. Fremont in Lincoln Park came on the market in June 2024.

If it looks familiar that’s because we chattered about it in 2019. Back in 2019, some of you were surprised at the list price, which was $409,000.

Several thought it should be in the $300,000s and one said the $200,000s.

It ended up selling for $395,000.

You can see our chatter here.

If you recall, the building was built in 1895. It was converted into 12 condos in 2006.

It has a shared rooftop deck and a private storage room. There’s no parking.

The listing says this unit is “absolutely charming.”

It has custom bookcases surrounding the wood burning fireplace in the living room and some exposed brick walls.

There is a separate dining room area.

The kitchen has dark wood cabinets, black granite counter tops and stainless steel appliances. The listing says it has been “upgraded” but it appears to be the same kitchen as 2019’s listing.

There is only one bath and it has been “updated” with all white finishes.

The condo has a private porch along with the shared roofdeck.

It has some of the features that buyers look for including central air and washer/dryer in the unit. But there is only permit parking.

This building is in a prime Lincoln Park location near the Armitage shopping corridor and the Clybourn corridor as well as the Brown and Purple line Armitage El stop.

Since we last chattered about this unit, it has actually sold twice, in 2019 and also in 2021.

Listed in June 2024 at $425,000, that is $33,500 above the 2021 sales price of $391,500.

Will this seller finally be the one who gets a sales price above $400,000?

Douglas Smith and Robert Calvin at @properties Christie’s have the listing this time. See the pictures and floor plan here.

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

• Sold in March 2006 for $278,000
• Sold in November 2009 for $322,500
• Sold in July 2013 for $347,000
• Originally listed in August 2019 for $419,000
• Sold in December 2019 for $395,000
• Sold in October 2021 for $391,500
• Currently listed at $425,000
• Assessments are now $427 a month (they were $393 a month in November 2019 (includes exterior maintenance, scavenger and snow removal)
• Taxes are now $9666 (they were $8753 in November 2019)
• Central Air
• Washer/dryer in the unit
• No parking- street parking only
• Wood burning fireplace
• Bedroom #1: 11×10
• Bedroom #2: 9×12
• Kitchen: 17×11
• Living/dining room: 24×13
• Porch

This 3-bedroom duplex penthouse at Six North Michigan at 6 N. Michigan in the Loop came on the market in June 2024.

Six North Michigan was built in 1923 and is the former Montgomery Ward headquarters. The listing says when it was built it was the tallest building in Chicago.

The building was converted into 119 luxury condos in 2008. It has an attached garage and 24/7 door staff. It also has a fitness room, sauna and steam room, media room, community room, and a rooftop garden.

This penthouse has contemporary finishes including hardwood floors, oversized windows and a wet bar.

There’s a floating staircase connecting the two levels.

On the main level is the open concept living/dining room and kitchen along with a half bath.

The kitchen has been “upgraded’ with blue and gray wood Scavolini modern cabinets, quartz countertops, and luxury appliances including Subzero, Wolf and Miele.

The lower level has all three bedrooms and 2 full baths.

The primary suite has a walk-in-closet and an en suite bathroom with dual vanity, steam shower and 2-person whirlpool.

There’s also a laundry room with a Whirlpool Duet washer/dryer.

It has central air and two car garage parking is included.

But one of the big selling points is that this duplex has 3 outdoor spaces. There are two 20×5 balconies, one on each level, as well as a raised private terrace with park, city and lake views.

The listing says $150,000 was invested in building and landscaping the terrace which is accessed from the lower level. No pergola, however.

This building is directly across from Millennium Park and the Bean. There are shops and restaurants in all directions as well as bus lines, trains and subway lines nearby.

Listed at $1.45 million, that is $75,000 above the 2021 purchase price of $1.375 million.

This duplex almost acts like a townhouse layout.

Is this a townhouse alternative?

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

You can see it at the Open House on Saturday, June 8, 2024 and Sunday June 9, 2024 from 12 to 2 PM.

Unit #1804: 3 bedrooms, 2.5 baths, 3230 square feet

• Sold in December 2012 for $1.040 million
• Sold in May 2021 for $1.375 million
• Currently listed at $1.45 million
• Assessments of $3686 a month (includes heat, a/c, gas, doorman, cable, exercise room, exterior maintenance, scavenger, snow removal)
• Taxes of $31,540
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 18×17 (lower level)
• Bedroom #2: 14×12 (lower level)
• Bedroom #3: 19×14 (lower level)
• Kitchen: 16×16 (main floor)
• Living room: 19×16 (main floor)
• Dining room: 19×14 (main floor)
• Walk-in-closet: 5×5 (main floor)
• Walk-in-closet: 15×7 (lower level)
• Laundry: 5×10 (lower level)
• Balcony: 20×5 (main level)
• Balcony: 20×5 (lower level)
• Terrace: 15×43 (lower level)

This 3-bedroom in The Montrevelle at 520 N. Halsted in River West came on the market in March 2024.

The Montrevelle was built in 2005 and has 89 units. It’s an elevator building with an attached garage.

It does not have door staff but does have an on-site engineer, professional management, a sun deck, party room and fitness room.

The listing says this unit has had “recent” lengthy list of smart and modern improvements.

It has a foyer and a storage closet.

The kitchen has been recently renovated with white 42 inch cabinets with crown molding, new quartz countertops, a glass tile backsplash and new stainless steel GE appliances.

It is open to the living and dining room. The living room has a fireplace and there is a balcony with room for a grill.

There is a primary suite with an en suite bathroom with dual vanity.

The third bedroom does not have a window.

The unit has Hunter-Douglas shades.

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

This building is surrounded by restaurants and is next to the Grand Avenue blue line stop and several major bus routes. It’s also a short walk to the Fulton Market restaurants.

Originally listed in March 2024 at $595,000, it has been reduced $20,000 to $575,000.

Is this a deal for a 3-bedroom with parking in this location?

Jeanine McShea and Erin McShea at @properties Christie’s has the listing. See the pictures and floor plan here.

Unit #518: 3 bedrooms, 2 baths, 1720 square feet

• Sold in July 2005 for $402,000
• Sold in April 2014 for $401,000
• Originally listed in March 2024 for $595,000
• Reduced
• Currently listed at $575,000
• Assessments of $722 a month (includes cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $11,589
• Central Air
• Washer/dryer in the unit
• Heated parking space included
• Fireplace
• Bedroom #1: 16×19
• Bedroom #2: 11×14
• Bedroom #3: 22×9
• Kitchen: 17×13
• Living room: 16×16
• Foyer: 11×10
• Dining room: 16×9
• Balcony: 13×5

This 3-bedroom in the Brownstone at 1440 N. State Parkway in the Gold Coast came on the market in October 2023.

The Brownstone was built in 1974 and has 75 units. It has attached garage parking which is rental.

The building has 24/7 door staff, on-site maintenance staff, an exercise room, party room and a roof deck with a pool and grilling area.

Believe it or not, I don’t think we’ve ever chattered about this building before.

The unit has floor-to-ceiling windows and Juliette balconies.

It has hardwood and marble floors and a formal dining room.

The third bedroom is currently being used as a library with built-in bookcases.

The kitchen has off-white cabinets (?) and orange counter tops (not sure what they are made out of) along with stainless steel appliances.

The primary bedroom has an en suite bathroom.

The unit has the features buyers look for including central air, washer/dryer in the unit and garage parking is rental for $220 a month.

This building is near the shops and restaurants of Old Town and Rush Street. It’s also a quick stroll to Lincoln Park.

This unit sold last year, in August 2023, for the first time since 1985, for $440,000.

It was then relisted just 3 months later at $595,000.

It doesn’t appear from the prior, or current listing pictures, that any renovations were done to the unit.

The unit was removed from the market at the end of May and relisted in June 2024 for the same price of $595,000.

Will this seller get the premium if they continue to be patient?

Michael Mandera at Jameson Sotheby’s has the listing. See the pictures and floor plan here.

Unit #7D: 3 bedrooms, 2.5 baths, 2200 square feet

• Sold in 1985 (no price)
• Sold in August 2023 for $440,000
• Listed in October 2023 for $595,000
• Removed in May 2024
• Re-listed in June 2024 for $595,000
• Assessments of $2133 a month (includes heat, a/c, doorman, cable, exercise room, Internet)
• Taxes of $12,468
• Central Air
• Washer/dryer in the unit
• Garage parking is available for $220 a month
• Bedroom #1: 18×19
• Bedroom #2: 13×15
• Bedroom #3 (currently the library): 14×15
• Living room: 22×18
• Dining room: 11×12
• Kitchen: 11×12

The April sales data is out from the Illinois Association of Realtors.

Inventory remains near record lows in Chicago. But sales appear to have bottomed for this cycle as they jumped 5.5% year-over-year in April.

The city of Chicago saw a 5.5 percent year-over-year home sales increase in April 2024 with 2,189 sales, up from 2,074 in April 2023. The median price of a home in the city of Chicago in April 2024 was $370,000, up 8.8 percent from April 2023 when it was $340,000.

Here are the sales statistics for April since 2007:

• 2007: 2419 sales
• 2008: 1886 sales
• 2009: 1407 sales
• 2010: 1984 sales
• 2011: 1466 sales
• 2012: 1816 sales
• 2013: 2392 sales
• 2014: 2256 sales
• 2015:  2435 sales
• 2016: 2706 sales
• 2017: 2647 sales
• 2018: 2700 sales
• 2019: 2595 sales
• 2020: 2057 sales
• 2021: 3360 sales
• 2022: 3249 sales
• 2023: 2074 sales
• 2024: 2189 sales

Here are the median prices:

• 2007: $289,800
• 2008: $300,000
• 2009: $218,000
• 2010: $225,000
• 2011: $169,000
• 2012: $182,000
• 2013: $223,500
• 2014: $250,000
• 2015: $271,325
• 2016: $286,000
• 2017: $297,500
• 2018: $307,500
• 2019: $310,000
• 2020: $338,000
• 2021: $373,750
• 2022: $370,000
• 2023: $340,000
• 2024: $370,000

“In April, closed sales and median sales price increased, which are signs of an active spring season and consistent with historical trends this time of year,” Erika Villegas, president of the Chicago Association of REALTORS® and broker and owner of RE/MAX In the Village said. “Sellers considering listing may want to make plans to act quickly in a pinched inventory market and buyers should talk to their REALTORS® about multiple offer scenarios in a competitive Chicago market.”

It still remains difficult to buy a single family home versus a condo. Sales of single family homes fell 1.6% to 726 while condo sales were up 9.5% to 1463.

Median price of single family homes soared 14.3% to $340,000 whereas condo median price was up just 1.3% to $385,000. But, remember, median price is about the mix.

“It is pleasing to see the increase in home sales from a year ago, but interest rates and the limited numbers of homes available for sale are still a major concern for consumers right now,” says Matt Silver, Illinois REALTORS® 2024 President and partner and senior broker for Corcoran Urban Real Estate in Chicago. “We are trying to work with elected officials at every level to provide incentives and take other steps to increase the number of affordable, available homes in Illinois.”

Statewide, inventory was at the second lowest in the last 16 years, which is when the data was first collected. 16,403 homes were available in April 2024, down 5.3% from 17,322 last year.

For comparison, statewide inventory was 56,094 homes in April 2019.

However, April 2024 was up from March 2024 when it was 15,988. March 2024 was the lowest level for statewide inventory since 2008.

In Chicago, inventory continued to decline. It fell 9.4% to 4,495 homes from 4,964 homes last year. There doesn’t appear to be a bottom yet in falling inventory.

• April 2021: 8,502
• April 2022: 6,681
• April 2023: 4,964
• April 2024: 4,495

Days on the market fell 18.4% year-over-year to 31 days from 38 days. However, last year it was the complete opposite. Days on the market jumped 18.1% to 38 days from 32 days in 2022.

Days on the market has hovered around 30 days throughout this cycle so I don’t consider April’s data to be out of the norm.

Average 30 year fixed mortgage rate rose to 6.99% in April from 6.82% in March. It’s also higher than last year when it was 6.34%.

After 2 years of mortgage rates over 6%, Chicago buyers have seemed to have adjusted.

Inventory in the GreenZone, which are among the most in-demand neighborhoods in Chicago, remains near record lows.

As of May 31, 2024:

• Lincoln Park: 201 properties
• Lakeview: 234 properties
• Bucktown: 72 properties
• Andersonville: 34 properties
• West Loop: 178 properties (includes east of the expressway per Redfin)
• River North: 371 properties

There are currently no new condo buildings under construction downtown. New buildings were always a source of more inventory but for the next several years, there isn’t going to be any.

Will Chicago home prices keep rising due to lack of inventory?

Illinois home sales rose in April despite lagging inventory [Illinois Association of Realtors, Press Release, by Bill Kozar, May 22, 2024]