Crib Chatter

This 2-bedroom loft in the Lincoln Lofts at 3151 N. Lincoln in Lakeview came on the market in July 2019.

The Lincoln Lofts has 52 units and attached garage parking. It’s an elevator building.

We chattered about this loft last August, as it was the first time it had been on the market in 19 years.

See our chatter here.

We then chattered about it again in November 2019, because it hadn’t yet sold even though renovated properties usually sell quickly.

But it was still priced the same as July, when it was first listed.

See our November 2019 chatter here.

The third time we chattered about it was in April 2020 when it reduced under $500,000.

See that chatter here.

But we’re back to take a look again because it’s still on the market, and has reduced again.

If you recall, this corner loft is in the Tower portion of the building and on the 5th floor, which means it has views and only 3 units per floor.

It has been completely renovated so it’s basically like new.

It has both south and west exposures with a south facing balcony.

This loft has skyline views from all of its southern facing windows, even one that is next to the bathtub.

It has authentic loft features such as exposed brick and 12 foot concrete ceilings as well as large industrial windows.

It has a newer contemporary kitchen with European-style custom cabinets, Silestone quartz countertops, stainless steel appliances and a breakfast bar with the ability for two chairs.

Both bedrooms have windows, which is rare for a loft.

The master suite is fully enclosed with a spa-like luxury bath with a double vanity and a walk-in-shower.

The second bedroom doesn’t have a door or full walls, however.

The kitchen and bathrooms have HansGrohe and Kohler fixtures.

The loft has a floor-to-ceiling tiled fireplace in the living room.

It also has smart technology Nest wi-fi thermostats and Co2 detectors.

The loft has the features buyers look for including central air, side-by-side washer/dryer and rare tandem garage parking for 2 cars, which is included.

The building is near the big Lakeview Whole Foods and the shops and restaurants of West Lakeview, Roscoe Village and Southport.

Originally listed in July 2019 for $519,000, it has been reduced to $485,000.

Buyers love renovated properties. And this one has 2-car parking.

Why isn’t this selling in a low inventory market?

Brian Grossman at @Properties now has the listing. See the pictures here.

Unit #514: 2 bedrooms, 2 baths, 1200 square feet

• Sold in October 1996 for $213,000
• Sold in July 2000 for $317,000
• Originally listed in July 2019 for $519,000
• Was still listed in November 2019 at $519,000 (includes 2-car tandem garage parking)
• De-listed in January 2020
• Re-listed in April 2020 at $499,000
• Reduced
• Currently listed at $485,000 (includes 2-car tandem garage parking)
• Assessments are now $629 a month (they were $605 a month in April 2020) (includes security, cable, exterior maintenance, Internet, scavenger, snow removal)
• Taxes are still $7172
• Central Air
• Side-by-side washer/dryer in the unit
• Fireplace
• Bedroom #1: 14×12
• Bedroom #2: 12×9
• Living room: 15×14
• Dining room: 14×11
• Balcony: 13×5

This 4-level loft in 2222 N. Racine in Lincoln Park came on the market in August 2019.

This building was constructed in 1911 and consists of 16 multi-level lofts and an attached parking garage. Not all of the units have parking.

This 4-level loft functions more like a townhouse or row home, than a condo.

If it looks familiar, that’s because we chattered about it pre-Covid, in January 2020 when it had seen a price reduction which took it $10,000 under the 2017 price.

See our chatter here.

If you recall, it has authentic loft features including several levels of exposed brick and timber along with exposed ductwork.

The main level has a 2-story living room, the dining room and kitchen along with a half-bath which also has the washer/dryer in it.

The old listing said the loft has a “commercial kitchen” with wood cabinets, what looks like stone counter tops and a luxury stainless steel stove.

There’s one bedroom on the second floor, one on the third and the master suite is on the fourth level.

The master suite has an en suite bath. and the private rooftop deck is also accessed from the master bedroom.

The old listing said the bathrooms have been updated with marble.

It has central air and attached garage parking is included.

But the big selling feature in this new COVID-19 world is the private rooftop deck, which is accessed from the master bedroom.

Many lofts don’t have any outdoor space at all.

Originally listed in August 2019 for $679,000, it was reduced before finally being pulled from the market in April 2020 during the lockdown. In April it was listed at $649,000.

It came back on the market this month at $625,000, which is $34,000 under the 2017 purchase price of $659,000.

Will the reduced price and the rooftop deck during a pandemic finally get the sale done?

Tom McCarey at @Properties still has the listing. See the pictures and floor plan here.

Unit #13: 3 bedrooms, 2.5 baths, now listed with a 1816 square footage whereas the last listing didn’t list it, 4-levels, loft

• Sold in June 1987 for $285,000 (per Redfin)
• Sold in May 1992 for $274,000
• Sold in February 1994 for $305,000
• Sold in June 1998 for $380,000
• Sold in May 2002 for $485,000
• Sold in May 2011 for $565,000
• Sold in December 2017 for $659,000
• Originally listed in August 2019 for $679,000
• Reduced
• Removed from the market in April 2020 listed at $649,000 (included attached garage parking)
• Re-listed in August 2020 for $625,000 (includes attached garage parking)
• Assessments are now $342 a month (they were $297 a month in January 2020) (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes are now $7719 (they were $7052 in January 2020)
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 16×14 (fourth floor)
• Bedroom #2: 18×13 (third floor)
• Bedroom #3: 15×9 (second floor)
• Kitchen: 14×8 (main floor)
• Living room: 18×14 (main floor)
• Dining room: 14×12 (main floor)
• Laundry room: 3×3 (in the half bath on the main floor)
• Rooftop deck: 15×15 (fourth floor)

This 3-bedroom townhouse at 171 W. Goethe in Old Town came on the market in April 2020.

Built in 1986, it has 5 units with attached single car garages.

The listing says this townhouse is 18 feet wide and has skylights.

It has a first floor family room with a wood burning fireplace. Is this really the third bedroom?

There’s also a 19×18 patio with brick walls on the main floor.

The kitchen, living and dining rooms are on the second floor.

The kitchen has wood cabinets, granite counter tops and stainless steel appliances with a breakfast bar and a separate breakfast area.

There’s a second floor balcony off the kitchen and breakfast area which overlooks the lower level patio.

There are two bedrooms and 2 full baths on the third floor, including the master suite.

It has central air and a private attached garage.

Listed in April 2020 for $950,000, the listing was removed in May. It came back on the market this August for $899,000 but has quickly been reduced $20,000 to $879,000.

Is the patio and balcony enough outdoor space for buyers during the COVID-19 pandemic?

Leigh Marcus at @Properties has the listing. See the pictures here (no floor plan).

Unit B: 3 bedrooms, 3 baths, 2400 square feet, townhouse

• Sold in August 1991 for $336,000
• Sold in September 1999 for $530,000
• Sold in June 2004 for $613,000
• Sold in April 2015 for $815,000
• Originally listed in April 2020 for $950,000
• Removed in May 2020
• Re-listed in August 2020 for $899,000
• Reduced
• Currently listed at $879,000
• Assessments of $150 a month (includes exterior maintenance and scavenger)
• Taxes of $15,461
• Central Air
• 1 car attached garage
• Bedroom #1: 16×15 (third floor)
• Bedroom #2: 16×12 (third floor)
• Bedroom #3: 18×16 (main floor)
• Living/dining room: 30×18 (second floor)
• Kitchen: 18×14 (second floor)
• Laundry room: 8×3 (main floor)
• Deck: 18×16 (second floor)
• Patio: 19×18 (main floor)

This 2-bedroom in 777 N. Michigan Avenue in Streeterville came on the market in June 2020.

777 N. Michigan Avenue was built in 1964 and has 330 units and attached attendant parking which runs from $195 to $215 a month.

This is a full amenity building with doormen, a clubhouse, exercise room with yoga center and one of the best rooftop pools in the neighborhood.

The pool is heated, and overlooks the John Hancock. There are also private cabanas and grills.

The listing for this unit says it has been “professionally designed and meticulously renovated”.

Both bedrooms have a full bath with Kohler toilets and marble vanities.

There’s also a powder room.

It has 6 1/2″ oak floors along with custom 2-piece crown molding and 6″ base molding.

There are new solid core doors with nickel lever handles and custom LED light soffits in the dining room and master bedroom.

The unit has new ac/heating enclosures with quartz tops and custom grilles.

The kitchen has custom white cabinets with a breakfast bar with Cambria quartz counter tops, a marble and metal tile backsplash, and stainless steel KitchenAid appliances.

The listing says there are custom Bali Silhouette window treatments including Levolor block-out roller shades in the bedrooms.

It has features buyers look for including central air, a Bosch washer/dryer in the unit and attached leased parking.

It is a northwest unit with views directly over the Mag Mile, as well as the Water Tower. The listing says there are Lake Michigan views too, and yes, if you look west past the Water Tower, you can see some lake.

Listed for $649,500 in June 2020, it was under contract in July but has recently fallen out and been re-listed.

This building’s Michigan Avenue location has been its big selling point for decades.

But how hard is it to sell the Mag Mile now?

Elliot Jaffe at Jaffe Realty has the listing. See the pictures and floor plan here.

Unit #1601: 2 bedrooms, 2.5 baths, 1700 square feet

• Sold in March 1999 for $294,500
• Sold in August 2018 for $462,500
• Originally listed in June 2020 for $649,500
• Under contract in July 2020
• Re-listed in August 2020 for $649,500
• Assessments of $1198 a month (includes heat, a/c, doorman, cable, clubhouse, exercise room, heated rooftop pool, exterior maintenance, scavenger, snow removal, Internet)
• Taxes of $7988
• Central Air
• Washer/Dryer in the unit
• Parking is leased in the building for $195 to $215 a month
• Bedroom #1: 14×17
• Bedroom #2: 14×17
• Living/dining room combo: 19×32
• Kitchen: 9×11
• Foyer: 6×7

A few months ago, there was a lot of discussion about city dwellers fleeing big cities for the suburbs because of COVID-19.

There’s evidence that this is the case in New York City, but so far, despite trying to find examples of it, Chicagoans seemed okay with staying in the city despite the pandemic.

But August has seen a second round of looting in the Loop, the South Loop, the Mag Mile and the Gold Coast which has resulted in downtown curfews again.

And now, according to Crain’s, some downtown residents are having second thoughts about where they live.

Jennifer Ames, a partner at North Side real estate brokerage Engel & Volkers, has had calls recently from Chicago clients who have found homes in Montana and Boulder, Colo., to purchase.

“They want to sell their houses here,” Ames says. “People are now shifting ideas about where they want to live and work. Some are deciding they no longer have to be in a city center. The latest violence has prompted people to consider new options for the first time.”

Despite the initial round of smash-and-grab destruction in late May, downtown transactions began to inch back up in June and July as the city entered a more relaxed Stage 4 of recovery from the pandemic. Now, some residential brokers say, the market in August has gone cold again with little hope for a recovery soon.

“A lot of the sales downtown are to either empty nesters or second-home buyers drawn to the museums, theater, restaurants and pro sports here,” says Michael Michalak, a RE/MAX broker in Lincoln Park. “But all of that is closed now. Even with mortgage interest rates below 3 percent, potential buyers are looking at all this crime and deciding to put deals on hold.”

A closer snapshot of particular submarkets shows evidence of a downturn not seen since 2008-10. In the Loop itself this year so far, transactions are down over 30 percent to a mere 347 units compared with the same period last year. Lincoln Park sales were down 31 percent, while in the River North neighborhood condominium sales priced above $1 million were down 37 percent. At lower prices the downturn was more muted, with condo sales under $500,000 in the Near North down 15 percent so far this year, for example.

Until now, price reductions have been modest, mostly falling 5 percent or less, observers say. But some brokers see further declines coming. “People are waiting for lower prices,” says Pat Tobin, president of Tobin Real Estate Advisors based near Millennium Park. “Could prices fall another 5 to 10 percent this year? It’s hard to say, but it certainly could happen.”

But what about the neighborhoods?

They have largely gone untouched by the looting, with the exception of North & Clybourn’s Best Buy in this latest round.

Will Millennials still buy condos in Lakeview?

Ames, the broker, still sees signs of optimism. She listed a two-bedroom house in Jefferson Park recently at $289,000 and within 24 hours fielded a half-dozen offers. She expects the sale to close soon at more than $300,000. She also has a home on a double lot in Lakeview whose sale is pending after receiving multiple offers. The asking price was $2,995,000. “If you live in a high-rise in the Loop and must take an elevator up and down, then your condo is going to be harder to sell,” Ames says. “But if you’re farther north with some yard for kids to play in, that still looks good to families enduring this pandemic.”

Will there be big inventory coming online in the downtown that will lead to significant price declines?

And what happens with all the new condos coming online including the Vista’s 400 units and the rehabbed Tribune Tower?

Will this be 2008-2012 all over again?

Homeowners questioning city life after this week’s unrest [Crain’s Chicago Business, By H. Lee Murphy, August 11, 2020]

This 4-bedroom single family home at 2828 N. Racine in Lakeview came on the market in August 2020.

Built in 1987 it is on a smaller than standard Chicago lot measuring 81x25x92x27 and has a 1-car garage.

The first level has a family room, the fourth bedroom and a full bathroom.

The second level has the kitchen/dining room and living room along with a wood burning fireplace in the living room.

The kitchen has white cabinets, granite counter tops and stainless steel appliances. It is open concept  to the living room but the island does not have seating (see the pictures to see why.)

The house has the preferred buyer layout with the majority of the bedrooms on one floor as 3 of the 4 bedrooms are on the third floor.

The master suite has an en suite bathroom while there is a second full bathroom for the other two bedrooms.

There’s a double tiered deck off the living room.

The listing also says all three full baths have been gut rehabbed.

The house has central air and the listing says a second HVAC was installed for the top floor.

The listing says its in the Agassiz school district. It’s also within walking distance to shops and restaurants of both Lincoln Park and Lakeview.

At $899,900, it’s a rare single family home listed under $900,000 in this neighborhood.

Is this a good starter home for those who don’t want to do a townhouse or duplex down?

John Campas at Dream Town has the listing. See the pictures and floor plan here.

2828 N. Racine: 4 bedrooms, 3.5 baths, 2850 square feet

• Sold in March 1988 for $365,000
• Sold in July 2006 for $750,000
• Sold in July 2012 for $665,000
• Originally listed in August 2020 for $899,900
• Taxes of $14,034
• Central Air
• 1-car garage
• Wood burning fireplace
• Bedroom #1: 20×18 (third floor)
• Bedroom #2: 17×9 (third floor)
• Bedroom #3: 17×9 (third floor)
• Bedroom #4: 18×12 (main floor)
• Living room: 20×18 (second floor)
• Dining room: 18×12 (second floor)
• Kitchen: 12×11 (second floor)
• Family room: 19×18 (main floor)
• Laundry room: 4×5 (main floor)
• Deck: 20×10

This 5-bedroom single family home at 1053 W. Wellington in Lakeview came on the market in July 2020.

Built in 1896, it’s on an extra wide lot measuring 37.5 x 122.75 and has a 2-car garage.

The listing says it was fully renovated in 2017.

The kitchen has white cabinets, a farmhouse sink, a Subzero built-in refrigerator and other luxury stainless steel appliances, along with a massive island with Colorado Lincoln marble which seats 5.

It overlooks the family room which has built-in bookcases.

There’s also a breakfast nook with a built in banquette.

The first floor also has an office.

The second floor has 3 bedrooms, including the master suite which has a walk-in-closet and spa bath. There’s also a second bathroom on the second floor and both bathrooms have heated floors.

The laundry is also located on the second floor.

There’s a lower level which is a walk-out to the backyard patio with full size floor to ceiling windows stretching across the back of the house.

It has a recreation room with a wet bar, full bath and 2 additional bedrooms.

The lower level also has heated floors.

There’s a custom 6-zone whole house audio system.

It also has four outdoor spaces: the front porch, a balcony off the master suite accessed through French doors which overlooks the backyard, a patio off the walk-out lower level and a rooftop deck on the garage with a pergola.

It has central air and skylights.

The house is in a prime part of Central Lakeview with easy access to the Brown Line, shops, restaurants and grocery stores.

Is this a vintage lover’s dream house?

Joel Holland at Keller Williams-Lincoln Park has the listing. See the pictures and floor plan here.

• Sold in September 1995 for $480,000
• Sold in March 2008 for $855,000
• Sold in July 2014 for $1.25 million
• Currently listed at $1.9 million
• Taxes of $24,130
• Central Air
• 2-car garage
• Oversized lot of 37.5 x 122.5
• 2 gas fireplaces
• Bedroom #1: 18×12 (second floor)
• Bedroom #2: 13×11 (second floor)
• Bedroom #3: 11×13 (second floor)
• Bedroom #4: 12×15 (lower level)
• Bedroom #5: 10×9 (lower level)
• Office: 11×12 (main level)
• Laundry: 5×6 (second floor)
• Living room: 12×14 (main floor)
• Kitchen: 18×12 (main floor)
• Family room: 25×12 (main floor)
• Recreation room: 20×14 (lower level)

This 2-bedroom at 3150 N. Southport in Lakeview came on the market in February 2020.

This is a new construction building by Mavrek Development with 13 units, attached garage parking and an elevator at the corner of Southport and Belmont.

This building has only 2 and 3 bedroom units.

It has sold quickly. This 2-bedroom is the last unit available.

The unit has 10′ ceilings and white oak hardwood floors.

It has a custom kitchen with white and black cabinets with Thermador appliances and quartz counter tops.

The baths have heated floors.

This unit is one of the few that has a large deck off the living room which is on top of the garage.

It has central air, washer/dryer in the unit and attached garage parking is included.

Originally listed for $675,000, it has been reduced to $649,000.

Is new construction still the hottest type of housing in Chicago?

Jeffrey Lowe at Compass has the listing. See the pictures and floor plan here.

Unit #203: 2 bedrooms, 2 baths, 1357 square feet

• New construction
• Originally listed in February 2020 for $675,000
• Reduced
• Currently listed at $649,000 (includes garage parking)
• Assessments of $257 a month (includes exterior maintenance, scavenger, snow removal)
• Taxes are “new”
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 14×12
• Bedroom #2: 11×10
• Living room: 19×17
• Kitchen: 17×9
• Laundry room: 4×4
• Deck: 27×17

This 3-bedroom penthouse at 508 W. Melrose in East Lakeview came on the market in July 2020.

Built in 2004, this boutique building has 22 units and a heated parking garage. It also has an elevator and a fitness room.

This penthouse has 3491 square feet, which makes it as large as many single family homes, which is all on one level.

It has hardwood floors throughout and 2 wood burning fireplaces.

There are 4 skylights.

The unit has a custom built entertainment center with speakers.

The kitchen is described as a “Chef’s kitchen” with a large island with seating for 4, Thermador appliances with a wine cooler and a tiled backsplash.

There’s a large library and a bonus room that could be a private office.

The master suite has an attached bath with a duel vanity and walk-in-shower.

The other two bedrooms also have en suite baths.

There’s 2 terraces and the large front terrace has a gas line.

It has all the features buyers look for including central air, side-by-side washer/dryer, and two heated garage parking spaces that are included.

This building is in the middle of all that East Lakeview has to offer and is in Nettlehorst school district.

Originally listed in July 2020 for $1.475 million, it has been reduced $90,000 to $1.385 million.

For the square footage and amenities, is this a deal?

Steven Sims at @Properties has the listing. See the pictures here.

Unit #7B: 3 bedrooms, 4 baths, 3491 square feet

• Sold in April 2005 for $1.466 million
• Sold in May 2011 for $1,011,500
• Looks like it sold in 2018 (I couldn’t find a price)
• Originally listed in July 2020 for $1.475 million
• Reduced
• Currently listed at $1.385 million
• Assessments aren’t listed (anyone know?)
• Taxes of $23,964
• Central Air
• Washer/dryer in the unit
• 2 car heated garage parking included
• 2 wood burning fireplaces
• 2 terraces
• Bedroom #1: 17×17
• Bedroom #2: 15×13
• Bedroom #3: 15×12
• Library: 15×12
• Office: 10×9
• Living room: 33×16
• Dining room: 14×11
• Kitchen: 22×14
• Laundry room: 7×5

This 2-bedroom loft in the Clocktower Lofts at 2300 W. Wabansia in Bucktown came on the market in July 2020.

The Clocktower Lofts was converted into lofts in 1996 and has 113 units, a garage, an exercise room and a rooftop deck.

This loft has authentic loft features including timber ceilings, exposed brick walls and big, industrial windows.

This is a corner unit which has sliding glass doors which lead to a private, fenced patio in the courtyard of the building with mature trees and greenery.

One bedroom overlooks the patio but the other bedroom appears to have no windows.

The kitchen has white cabinets with an island breakfast bar, stainless steel appliances and granite counter tops.

There’s a gas fireplace in the living room and diagonal hardwood floors.

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

Originally listed in July 2020 for $449,900, it has been reduced $25,000 to $424,900.

The Clocktower Lofts is a popular loft building with unique lofts. This is the only unit currently for sale in the building.

Will the private patio get this loft sold this summer?

Michelle Liffick at Jameson Sotheby’s has the listing. See the pictures and floor plan here.

Unit #127: 2 bedrooms, 1.5 baths, no square footage listed, loft

• Sold in January 1997 for $135,500
• Sold in April 1999 for $193,000
• Sold in August 2003 for $290,000
• Sold in April 2012 for $285,000
• Sold in June 2017 for $391,500
• Originally listed in July 2020 for $449,900
• Reduced
• Currently listed at $424,900
• Assessments of $397 a month (includes cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $6264
• Central Air
• Washer/dryer in the unit
• Garage parking included
• Gas fireplace
• Bedroom #1: 15×11
• Bedroom #2: 17×11
• Living room: 18×16
• Kitchen: 18×10
• Deck: 17×14