Crib Chatter

This 2-bedroom corner unit at 809 W. Wellington in Lakeview just came on the market.

Built in 1892, this building has 15 units.

The listing says this unit is “not your cookie-cutter condo.”

It has newly refinished hardwood floors and exposed brick along with a bay window in the dining room.

There’s a wood burning fireplace in the living room.

The listing calls the kitchen “updated” with 42″ shaker style cabinets, stainless steel appliances and what look like stone counter tops.

There is an over sized primary bedroom measuring 14×21.

There is a back deck area which has space for a small table and chairs as well as a common courtyard with a shared grill.

The unit has central air and heat but no in-unit laundry although the listing says you can install an all-in-one in lieu of the dishwasher.

The building has coin laundry.

There’s no parking with the unit but the listing says there is rental parking 2 blocks away for $177 a month.

This building is near the brown line, bus lines, and shops and restaurants of central and east Lakeview.

Listed at $350,000 for 1300 square feet, is this a deal for the neighborhood?

Lauren Bergiel at Dream Town has the listing. See the pictures here.

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

• Sold in September 1991 for $145,000
• Sold in June 1995 for $146,000
• Sold in May 2002 for $275,000
• Sold in April 2005 for $330,000
• Currently listed at $350,000
• Assessments of $333 a month (includes exterior maintenance, lawn care, scavengers, snow removal)
• Taxes of $7172
• Central Air
• No washer/dryer in the unit. Coin laundry in the building.
• No parking. Rental available for $177 a month 2 blocks away.
• Wood burning fireplace
• Bedroom #1: 14×21
• Bedroom #2: 13×11
• Living/dining room: 23×17
• Kitchen: 13×6
• Office: 11×7
• Deck: 4×3
• Foyer: 17×4

We have an update on the first quarter luxury apartment rental market and it’s a doozy.

Defying experts who believed it would take until 2023 for occupancy, and rental prices, to re-take pre-pandemic levels, the Chicago Class A luxury rental market has come storming back in 2021.

Crain’s reports:

In one sign of the market’s stunning recovery, absorption, or the change in the number of occupied apartments downtown, jumped to 2,667 units in the first quarter, according to the Chicago office of Integra Realty Resources, a consulting and appraisal firm. That’s a record for a single quarter and a halfway decent figure for an entire year’s worth of leasing.

“People were probably feeling that they’re going to be going back to work downtown in the near future, and these fire sales aren’t going to last forever, so let’s go get an apartment,” said Integra Senior Managing Director Ron DeVries.

After dropping as low as 86.5 percent at the end of 2020, the downtown occupancy rate rebounded to 91.1 percent in the first quarter, according to Integra. That’s still a few percentage points below 2019 levels, but you won’t hear many landlords complaining.

Class A rents rose to $2.98 per square foot in the first quarter, up 18% from the pandemic bottom in the third quarter of 2020 when rents fell to $2.53 per square foot. These rents include incentives.

It’s still below the all-time high which was in the second quarter of 2019 when Class A rents hit $3.31 per square foot.

But the “V” recovery in the apartment market appears to be in full swing.

Rents tumbled last year as the market shifted in reverse, with absorption totaling minus 238 units, the first year of negative absorption in downtown Chicago since 2005, according to Integra. After such a strong first quarter, Integra now forecasts that downtown absorption will jump to 5,400 units this year, the most absorbed on an annual basis since at least 1999. But tenants won’t be able to find the tantalizing deals that were available just months ago.

“I think rising pricing (rents) is going to slow absorption a little bit, but if you were sitting on the fence, now is the time to move,” DeVries said.

One of the largest downtown apartment projects since the South Loop’s NEMA, One Chicago across from Holy Name Cathedral, is getting ready to finish construction and the developer now sounds bullish.

The market is turning around at the right time for Chicago-based JDL Development, which plans to begin leasing this weekend at One Chicago, a two-tower project with 735 apartments it’s wrapping up in River North. Rents will exceed $4 per square foot, and JDL CEO Jim Letchinger doesn’t initially plan to offer any free rent to tenants, a strategy many developers use to fill up new buildings. The development’s first residents should move in by October.

“The timing worked out well. We’re seeing tremendous demand,” Letchinger said. “By the time every office says, ‘This fall you’ve got to be in the office,’ it will be the perfect time to have all those units available.”

Will the absorption rate of apartment rentals, and lack of new construction in the pipeline, put pressure on the downtown condo market in the next few years as renters look for alternatives?

Good times rolling again for downtown apartment landlords [Crain’s Chicago Business, by Alby Gallun, June 2, 2021]

This corner 2-bedroom in Park View at 505 N. McClurg in Streeterville came on the market in May 2021.

Park View was built in 2008 and has 268 units and garage parking.

It’s a full amenity building with a 24-hour doorman, an outdoor pool, exercise room, bike room, hot tub and club room.

The listing says it has a 4 pipe heating and cooling system.

This corner unit has floor to ceiling windows on the 39th floor with north and direct views east of Lake Michigan.

It has new wide plank flooring in the living/dining area and “new upgraded” carpet in the bedrooms.

The listing says it has new motorized blinds.

The kitchen has dark wood cabinets, granite counter tops, a gas cook top and stainless steel appliances along with a breakfast bar.

It has a split floor plan.

The primary bedroom faces east for sunrise views along with an en suite bathroom with a double vanity, whirlpool tub and separate shower stall and a walk-in-closet.

It has the features buyers look for including central air, washer/dryer in the unit and garage parking is $50,000 extra.

In 2019, according to Redfin, this unit “sold before print.”

This unit is listed at $815,000, with the parking, which is $20,000 above the 2019 price of $795,000.

Will it sell quickly like it did in 2019?

Gail Spreen at Jameson Sotheby’s has the listing. See the pictures and floor plan here.

Unit #3902: 2 bedrooms, 2 baths, 1464 square feet

• Sold in June 2008 for $850,000 (included the parking)
• Sold in July 2019 for $795,000 (included the parking)
• Originally listed in May 2021 for $765,000 (plus $50,000 for parking)
• Currently still listed at $765,000 (plus $50,000 for parking)
• Assessments of $1102 a month (includes heat, a/c, gas, doorman, cable, exercise room, pool, Internet)
• Taxes of $16,726
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 15×13
• Bedroom #2: 13×10
• Living/dining combo: 16×17
• Kitchen: 12×8
• Laundry room: 3×3
• Balcony

This 2-bedroom at 158 W. Burton Place in Old Town just came on the market.

Built in 1900, this building has 4 units but no parking.

This unit is on the first floor and has its own private entrance.

Although it’s in a vintage building, this unit doesn’t have any vintage finishes.

It has hardwood floors throughout and a living/dining room combination with a wood burning fireplace.

The listing says the kitchen has been “updated” with white cabinets, quartz counter tops and stainless steel appliances.

The primary bedroom appears to be en suite.

It has features that buyers look for including central air and washer/dryer in the unit, but it doesn’t have parking which is available for rent in the neighborhood.

But the biggest feature is the rate private brick walled front patio that measures 14×13.

This property is located in the heart of the Old Town restaurants and shops.

Listed at $485,000, that is $97,500 above the 2013 purchase price of $387,500.

Will the outdoor patio in this location close the deal?

Lauren Mitrick Wood at Compass has the listing. See the pictures here.

Unit #4: 2 bedrooms, 2 baths, 1100 square feet

• Sold in August 2000 for $249,000
• Sold in September 2013 for $387,500
• Currently listed at $485,000
• Assessments of $150 a month
• Taxes of $7583
• Central Air
• Washer/dryer in the unit
• No parking
• Wood burning fireplace
• Bedroom #1: 14×10
• Bedroom #2: 15×8
• Living room: 18×17
• Dining room: 11×10
• Kitchen: 11×10
• Foyer: 13×7
• Walk-in-closet: 8×8
• Laundry: 3×3
• Private patio: 14×13

This 3-bedroom townhouse at 414 W. Wellington came on the market in May 2021.

Built in 1939, this townhouse complex has 10 units around a courtyard.

The listing calls it “mid-century.”

This townhouse has hardwood floors throughout, a wood burning fireplace and built-in bookshelves.

The listing says the kitchen has been recently renovated with custom white cabinets, quartz counter tops, mosaic backsplash, stainless steel Jenn Air appliances and a gas range with hood.

There’s a first floor updated powder room.

Two of the three bedrooms are on the second floor along with two en suite baths.

One of those bathrooms includes the side-by-side laundry.

The third bedroom is in the lower level, along with a family room, an office and the third full bathroom.

There’s also a unique sauna in the lower level along with storage.

The townhouse has central air and an exterior outdoor parking space (see pictures).

This townhouse sold just a few months ago, in February 2021 for $670,000.

It has come back on the market just $9,000 more at $679,000.

Will this sell quickly in this hot market?

Leslie Glazier at @Properties has the listing. See the pictures here. (The floor plan is available in the Feb 2021 listing).

You can also see it at the Open House on Saturday, May 29, from 11 am to 1 pm.

414 W. Wellington: 3 bedrooms, 3.5 baths, 2700 square feet, townhouse

• Sold in September 1981 for $125,000 (per Redfin)
• Sold in June 1983 for $135,000 (per Redfin)
• Sold in August 1993 for $250,000 
• Sold in June 2009 for $508,500
• Sold in February 2021 for $670,000
• Currently listed for $679,000
• Assessments of $290 a month (includes exterior maintenance, lawn care, snow removal)
• Taxes of $11,785
• Central Air
• Wood burning fireplace
• Sauna
• Bedroom #1: 16×12 (second floor)
• Bedroom #2: 18×11 (second floor)
• Bedroom #3: 15×10 (lower level)
• Living room: 19×15 (main floor)
• Dining room: 11×10 (main floor)
• Kitchen: 12×9 (main floor)
• Office: 9×8 (lower level)
• Family room: 14×13 (lowe level)
• Laundry room: 11×9 (second floor)

This 3-bedroom penthouse in Leavitt Church at 1547 N. Leavitt in Wicker Park came on the market in May 2021.

Leavitt Church was converted into 6 condos in 2004. It has heated garage parking, with an electric charging station, and a shared landscaped outdoor terrace.

This penthouse is a duplex up and has authentic loft features including exposed brick and timber ceilings along with timber rafters.

It also has skylights.

The first level includes two bedrooms and two baths along with the kitchen, living room, dining room and family room.

The listing says the kitchen has been “completely updated” with custom white Boffi cabinets, Silestone countertops and stainless steel appliances along with a breakfast bar with seating for 4.

There is a dual-sided fireplace.

The primary bedroom, which is on the first floor, has an en suite bath, a Juliet balcony, and a private lofted space with skyline views which the listing says could be a coffee nook or home gym.

The second floor, which is accessed via a spiral staircase or what looks like a ladder, has a third bedroom and bathroom and an office.

The property has all the features that buyers look for including central air, washer/dryer in the unit and heated garage parking is included.

This is the first time this penthouse has come on the market since 2004.

If this unit looks familiar, that’s because we chattered about the sister penthouse, #3S, when it first came back on the market in 2019.

See our chatter here.

Will this unique property go under contract quickly?

Paige Montgomery at KW Infinity has the listing. See the pictures and the floor plan here.

Unit #3N: 3 bedrooms, 3 baths, duplex, 2400 square feet

• Sold in September 2004 for $460,000
• Listed in May 2021 for $765,000 (garage parking included)
• Assessments of $397 a month (includes security system, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $15,203
• Central Air
• Washer/dryer in the unit
• Dual-sided gas fireplace
• Bedroom #1: 14×13 (main floor)
• Bedroom #2: 14×13 (main floor)
• Bedroom #3: 11×10 (second floor)
• Living room: 16×13 (main floor)
• Kitchen: 17×10 (main floor)
• Family room: 12×18 (main floor)
• Office: 12×11 (second floor)
• Laundry room: 4×4 (main floor)

The Illinois Association of Realtors is out with the April market stats.

It was another red-hot month, even ignoring year-over-year comparisons.

Just a reminder, last April saw sales fall 22.2% to the lowest in 8 years (since the 2012 bottom in the housing bust) due to the first coronavirus lock down and restrictions.

In the city of Chicago, home sales (single-family and condominiums) in April 2021 totaled 3,283 homes sold, up 59.6 percent from April 2020 sales of 2,057 homes.

The median price of a home in Chicago in April 2021 was $374,000, up 10.7 percent compared to April 2020 when it was $338,000.

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: 3283 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: $374,000

The real shocker was the strength of the condo market with condo sales up 76.9% to 2,349 while single family home sales rose 28.1% to 934.

“The market in April was hot! The steep year-over-year increase in closed sales and median price shows the hesitancy of buyers and sellers at the beginning of the pandemic last April compared to the comfort they are feeling in the market now,” said Nykea Pippion McGriff, president of the Chicago Association of REALTORS® and vice president of brokerage services at Coldwell Banker Realty. “Over the last few months, it seems like buyers have re-evaluated their desires, and we’ve seen a considerable uptick in the condo market, which is also a signal of buyer confidence and comfort moving into summer.”

Statewide, the number of days on the market fell to 38 days from 53 days last year.

In Chicago, the number of days fell to 35 from 36 days last year.

Statewide, the number of homes for sale fell 48.7% to 24,749 from 48,232 last year. For comparison purposes, inventory was 56,024 in April 2019.

Chicago inventory fell 6.3% in April to 7,690 from 8,217 properties last year.

The 30-year fixed rate average mortgage was 3.06% in April, down from 3.08% in March. It was also lower than last year, which averaged 3.31%.

“While consumer sentiment indices increased, there was a marked difference in attitudes towards home purchases,” said Geoffrey J.D. Hewings, emeritus director of the Regional Economics Applications Laboratory.

“The Fannie Mae index revealed that the percentage of those who feel it is a good time to buy a home decreased from 53 percent to 47 percent, while on the other hand, the percentage who feel it is a bad time to buy increased from 40 percent to 48 percent. These changes reflect the continuing low inventory problem and the lack of housing variety that seem to override the attractive interest rates that are still available.”

Strangely, even though there is clearly limited inventory, sales continue to be red-hot.

Year-to-date, through April, sales in Chicago are up 33.9%.

How much longer will this hot housing market last?

Will higher prices cool the frenzy?

Illinois home sales jump 35.3 percent in April, statewide median price up 14.5 percent [Illinois Association of Realtors, Press Release, May 21, 2021]

This 7-bedroom single family home at 587 W. Hawthorne Place in East Lakeview came on the market in June 2020.

Built in 1906, it’s on an oversized 45 x 111 lot with a gated driveway on the side of the house that the listing says can fit 3 cars.

There’s no garage.

It has the floor plan that buyers look for with 4 out of the 7 bedrooms on the second floor, including the primary bedroom.

The primary suite has a marble tiled bath and opens to a sheltered balcony that overlooks the trees in the front of the house.

Two of the 4 bedrooms also have sitting areas, including the primary suite.

There are also skylights.

The laundry room is also on the second floor.

The living room, which has a gas fireplace and built-ins, the dining room and the kitchen are on the main floor, along with the 5th bedroom.

The kitchen has wood cabinets, what look like granite counter tops, stainless steel appliances, an island with seating, a built-in dining table and it overlooks the family room.

There is a rear deck for grilling.

The 6th and 7th bedrooms are in the lower level in an apartment, with its own kitchen and separate entrance which the listing says could be rented out or used as a nanny suite.

The rest of the lower level has a half bath and a recreation room as well as storage.

The house has central air.

The listing says its in the Nettlehorst school district.

It’s near all the restaurants and shops of East Lakeview and a short stroll to Belmont Harbor.

According to records, this sale appears to be only the third time the house has been on the market since 1983.

Originally listed in June 2020 at $2,474,400, it has been reduced $307,000 to $2,147,500.

Does this house have it all?

Kim Kerbis at @Properties has the listing. See the pictures and floor plan here.

587 W. Hawthorne Place: 7 bedrooms, 5.5 baths, 4200 square feet, single family home

• Sold in August 1983 for $195,000 (per Redfin)
• Sold in March 2000 for $963,000
• Originally listed in June 2020 for $2,474,400
• Reduced
• Currently listed at $2,147,400
• Taxes of $32,056
• Central Air
• No garage but has a gated driveway
• Oversized lot of 45 x 111
• Gas fireplace
• Lower level apartment with separate entrance
• Bedroom #1: 24×16 (second floor)
• Bedroom #2: 13×23 (second floor)
• Bedroom #3: 10×10 (second floor)
• Bedroom #4: 11×13 (second floor)
• Bedroom #5: 10×12 (main floor)
• Bedroom #6: 12×9 (lower level)
• Bedroom #7: 9×9 (lower level)
• Living room: 15×26 (main level)
• Dining room: 12×15 (main level)
• Kitchen: 13×14 (main level)
• Breakfast room: 10×10 (main level)
• Family room: 15×11 (main level)
• Recreation room: 25×23 (lower level)
• Laundry room: 6×10 (second floor)
• Rear deck: 14×15
• Front decks 12×13

This 2-bedroom on the 37th floor in The Buckingham at 360 E. Randolph in Lakeshore East came on the market in August 2020.

Built in 1982, The Buckingham has 302 units and garage parking.

It’s a full amenity building with a doorman, exercise room, and heated, indoor swimming pool.

No pets are allowed in the building.

This unit is one of the coveted south facing units which overlooks Millennium and Grant Parks, Buckingham Fountain, the Lake, the Museum Campus and the Michigan Avenue “wall” skyline.

The listing says this unit has been “completely renovated in high end finishes.”

It has crown molding.

It has a “gourmet kitchen” but doesn’t show it in the pictures. It appears to have modern wood cabinets, stainless steel appliances and an island.

The floors look to be in the herringbone pattern but the listing details says they are stone (porcelain tiles?).

It has the finishes buyers look for including central air and washer/dryer in the unit. Parking is included in the price.

Listed at $879,000 in August 2020, it has gone under contract once in 2021 only to be re-listed.

It continues to be listed at $879,000.

But with 340 On the Park next door and the nearby newly finished St. Regis, also a “view” building, selling for much higher prices, is this unit a deal for the square footage?

Izetta Carroll at Berkshire Hathaway HomeServices has the listing. See the pictures here.

Unit #3702: 2 bedrooms, 2 baths, 1479 square feet

• Sold in June 2008 for $710,000 (per Redfin- as the PIN isn’t showing up on the CCRD)
• Originally listed in August 2020 for $879,000
• Under contract in March 2021
• Re-listed at $879,000
• Assessments of $1512 a month (includes gas, doorman, cable, exercise room, pool, exterior maintenance, on-site management, lawn care, scavenger, snow removal, Internet)
• Taxes of $12,238
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 17×12
• Bedroom #2: 15×11
• Living room: 25×14
• Dining room: 12×8
• Kitchen: 13×8
• Laundry room: 5×5
• Foyer: 14×7

(Apparently, I don’t have a picture of this building even though I have one of the “sister” building across the street, 3033 N. Sheridan, which was also a condo conversion and sold in a frenzy in the housing bubble as well.)

This 2-bedroom in 2930 N. Sheridan in East Lakeview came on the market in May 2021.

Built in 1968, 2930 N. Sheridan has 252 units in 16 stories and a parking garage.

Originally an apartment building, it was converted into condos during the housing bubble in 2008.

It has a night time doorman, an exercise room and a roof deck.

Valet parking is available.

The listing for this unit says it was just renovated.

It has light wood wide plank hardwood floors throughout.

the kitchen has 42 inch custom white cabinets, premium stainless steel appliances, quartz counter tops, including on the “chef’s island”, a black tile backsplash, a dry bar and a wine fridge.

The bathroom has an updated vanity and mirror.

The second bedroom is fully enclosed and has French doors.

The listing says the primary bedroom would fit a king bed.

It has window a/c units, washer/dryer in the unit and valet parking is available.

This unit is listed at $244,995, which is $19,005 below the 2010 sales price of $264,000.

Is this a deal?

Michael Mandele and Tim Lorimer at Compass has the listing. See the pictures here.

Unit #305: 2 bedrooms, 1 bath, no square footage listed

• Sold in August 2010 for $264,000
• Listed in May 2021 for $244,995
• Assessments of $316 a month (includes doorman, exercise room, exterior maintenance, snow removal)
• Taxes of $3782
• Parking is $200 to $275 a month
• Window a/c units
• Washer/dryer in the unit
• Bedroom #1: 14×12
• Bedroom #2: 8×8
• Kitchen: 10×8
• Living room: 15×13