Crib Chatter

Housing demand continued to be strong into the end of the year as December sales were up double digits year-over-year after sales were up 9% last December.

It was the highest December sales since the housing boom year of 2006.

From the Illinois Association of Realtors:

In the city of Chicago, home sales (single-family and condominiums) in December 2020 totaled 2,220 homes sold, up 17.3 percent from December 2019 sales of 1,892 homes. Year-end 2020 home sales totaled 25,999, down 0.8 percent from 26,217 homes sold in 2019.

The median price of a home in Chicago in December 2020 was $307,500, up 11.4 percent compared to December 2019 when it was $276,000. The year-end 2020 median price reached $316,000, up 7.1 percent from $295,000 in 2019.

• December 2004: 3719 sales and median price of $267,000
• December 2005: 2847 sales and median price of $283,000
• December 2006: 2241 sales and median price of $279,000
• December 2007: 1629 sales and median price of $287,000
• December 2008: 1263 sales and median price of $235,000
• December 2009: 1820 sales and median price of $208,000 (34% short/REO sales)
• December 2010: 1475 sales and median price of $166,000 (43% short/REO sales)
• December 2011: 1536 sales and median price of $156,000 (44% short/REO sales)
• December 2012: 1806 sales and median price of $185,000 (39.7% short/REO sales- according to Gary Lucido’s data)
• December 2013: 2137 sales and median price of $210,000
• December 2014: 2020 sales and median price of $228,000
• December 2015: 2077 sales and median price of $242,000
• December 2016: 1974 sales and median price of $260,000
• December 2017: 2058 sales and median price of $265,500
• December 2018: 1708 sales and median price of $251,500
• December 2019: 1892 sales and median price of $276,000
• December 2020: 2220 sales and median price of $307,500

“December created great opportunities for buyers and sellers. All signs are pointing to a robust January, and now is not the time to let off the gas,” said Nykea Pippion McGriff, president of the Chicago Association of REALTORS® and vice president of brokerage services at Coldwell Banker Realty. “With sales prices up 11.4 percent and interest rates still low, buyers who are on the fence should be encouraged to make their move. Prospective sellers with home prices aligned with market needs should be encouraged to sell, with days on the market down 19.1 percent.”

The sales mix in Chicago still showed a bias towards single family homes as sales rose 25.1% year-over-year to 1,001. But condos were still up double digits as well, gaining 11.6% to 1,219.

In Chicago, average days on the market fell to 38 from 47 days a year ago, down 19.1%.

Statewide average days on the market fell to 42 from 57 days last year.

Chicago inventory was up 0.2% year-over-year to 7,594 from 7,578 properties.

The 30-year fixed mortgage rate also cooperated declining again to an average of 2.68% from 2.77% in November.

It was down over a point from December 2019, where it averaged 3.72%.

“Housing sales and prices are expected to continue their positive trends into the first quarter of 2021,” said Geoffrey J.D. Hewings, emeritus director of the Regional Economics Applications Laboratory at the University of Illinois.

“A major source of continuing demand is likely to come from those seeking to relocate to accommodate opportunities to sustain the percentage of time spent working from home. Declining housing affordability and a decrease in rental prices may serve to dampen housing demand especially at the lower end of the price spectrum,” Hewings said.

Historically, the spring buying season begins after the Super Bowl, but the housing market remains strong in January despite another outbreak of the coronavirus.

Has the spring home buying season already begun?

Will inventory come on the market to provide relief for buyers?

Illinois housing market ends 2020 strong with December and year-end jumps in sales, prices [Illinois Association of Realtors, Press Release, January 22, 2021]

This 4 bedroom full-floor penthouse at 257 E. Delaware in the Gold Coast came on the market in January 2020.

Built in 1917, 257 E. Delaware only has 13 units.

It does not have a doorman. The elevator opens by key on each floor.

There’s no parking but the listing says there is valet parking “right outside your front door.” It doesn’t list the cost.

The building has a private garden and storage as well as an on-site engineer.

The listing says this unit was renovated in 2019 and was created by merging two units.

We chattered about the bigger of those units, #10A, in 2018.

You can see our chatter here.

It now has modern finishes including stone floors in the living/dining rooms and kitchen.

The kitchen has white modern cabinets with a double oven, a Subzero dual refrigerator, a walk-in-pantry and an island with waterfall countertops.

There’s a wet bar and powder room off the kitchen.

There’s a wood burning fireplace in the family room with a large slab stone surround.

The unit also has a 10 foot wide porcelain and glass enclosed wine cellar overlooking the kitchen.

Every bedroom is en suite.

The primary bedroom has a gas burning fireplace and dual walk-in-closets with a white marble bathroom with steam shower and heated floors.

This penthouse has features buyers are looking for including central air and a laundry room.

The listing says this building is in the Gold Coast, but there’s some dispute on this site whether this is the Gold Coast or Streeterville.

In 2018, I called it the Gold Coast, so I’m going with that here.

It’s near the Mag Mile, museums, Oak Street Beach and the restaurants of Streeterville and the Gold Coast.

Listed at $2.65 million for 4,000 square feet, is this the perfect mixture of vintage and modern?

Kelly Angelopoulos and Ivan Madera at Jameson Sotheby’s have the listing. See the pictures and floor plan here.

Unit #10AB: 4 bedrooms, 4.5 baths, 4000 square feet, penthouse

• Unit #10B: 2 bedrooms, 1 baths sold in November 2018 for $440,000 per Zillow
• Unit #10A: 2 bedrooms, 3 baths, sold in November 2018 for $550,000 per Zillow
• Originally listed in January 2020 (I couldn’t find a price)
• Withdrawn in September 2020
• Re-listed in December 2020 for $2.65 million
• Currently still listed at $2.65 million
• Assessments of $2740 a month (includes cable, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $21,858
• Central Air
• Washer/dryer in the unit
• 2 fireplaces (one wood burning, one gas)
• No parking but 2 car leased valet parking available
• Bedroom #1: 16×17
• Bedroom #2: 10×14
• Bedroom #3: 13×12
• Bedroom #4: 9×10
• Living room: 25×10
• Family room: 25×23
• Dining room: 25×10
• Kitchen: 25×15
• Laundry room: 7×7
• Pantry: 7×8
• Wet bar: 8×5

This 3-bedroom duplex penthouse loft in the 300 W. Grand Lofts at 300 W. Grand in River North came on the market in January 2021.

300 W. Grand was built in 1928 and converted into 51 lofts in 1998. It has some parking in the building but some owners also bought deeded parking spaces in the building next door.

The building has a 24-hour doorman and a fitness center.

This is an authentic loft with exposed brick walls and 16 foot timber ceilings.

The listing for this penthouse says that it has been “fully renovated.”

It has newly installed real oak hardwood floors in an antique white finish.

Two of the bedrooms are on the main level while the third is on the second level.

The primary bedroom has walls to the ceiling. It’s not clear from the pictures about the second main floor bedroom.

The third bedroom is on the second level, accessed via a spiral staircase, and has a wet bar.

The rooftop private deck with south facing city views is accessed off the third bedroom.

The loft also has a south facing balcony off the living room.

The kitchen has charcoal gray 42″ Brookhaven cabinets, Calcutta Marbled Classique Quartz counter tops with a waterfall edge, all new Samsung stainless steel fingerprint resistant appliances, including a 5-burner stove.

There are 2 marble and granite bathrooms.

It has an extra walk-in-storage room in the basement.

The loft has all the features buyers look for including central air, side-by-side laundry in the unit and 2 garage spaces are available for $30,000 each.

This loft last sold in 17 years.

It has come on the market at $719,000.

For loft lovers looking for outdoor space, does this loft fit the bill?

Tracy Boyce at @Properties has the listing. See the pictures here.

Unit #408: 3 bedrooms, 2 baths, 1700 square feet, duplex penthouse loft

• Sold in August 2001 for $370,000
• Sold in September 2004 for $370,000
• Listed in January 2021 for $719,000
• 2 garage parking spaces available for $30,000 each but don’t have to be sold with the unit. Each rented for $200 a month.
• Assessments of $754 a month (includes parking, doorman, cable, Internet, exercise room, exterior maintenance, lawn care, scavenger and snow removal)
• Taxes of $9133
• Central Air but the listing also says there’s a window unit. Does the top floor bedroom have a wall unit?
• Side-by-side washer/dryer in the unit
• Bedroom #1: 17×11 (main level)
• Bedroom #2: 14×12 (main level)
• Bedroom #3: 13×14 (second floor)
• Living/dining room: 15×26 (main level)
• Kitchen: 12×9 (main level)
• Laundry room: 8×5 (main level)
• Rooftop deck: 17×10 (second floor)

This 3-bedroom penthouse in 55 E. Erie in River North came on the market in July 2020.

55 E. Erie was built during the housing boom in 2004. It has 214 units and a parking garage.

It’s a full amenity building with a 24-hour doorman, a pool, an exercise room and a clubhouse.

This half floor listing is a “custom end penthouse” on the 53rd floor.

The listing says it has unobstructed north, east and west views.

It has three private recessed balconies.

There are 3 entrances to the barrel vaulted hallway with archways and moldings.

All doors and trim work are custom from Muench Woodwork.

There are motorized blinds throughout.

The penthouse has 2 gas fireplaces.

The kitchen has Clive Christian French Oak and Yew Wood custom cabinets with black granite limestone countertops and Paris Ceramic French Refined Limestone floors along with a double Subzero refrigerator freezer, a 60″ Viking Range and Perrin and Rowe faucets.

The kitchen overlooks the family room and has coffered ceilings.

The living and dining room rooms have hand-carved mahogany cabinetry with a gas fireplace which was built from Clive Christian Cabinetry from London.

There is also a mahogany bar with a Subzero wine cooler and refrigerator and built-in TV.

The primary suite has arched double doors, 2 walk-in closets and a spa-like bathroom with heated limestone floors.

There’s a laundry room in the unit, central air and 2 “prime” side-by-side parking spaces are included.

At 4200 square feet, it’s as large as many city single family homes.

Listed at $4 million, is this a good single family home alternative?

Joshua Lipton and Heather Ditlevsen at Compass has the listing. See the pictures and floor plan here.

Unit #5302: 3 bedrooms, 3.5 baths, 4200 square feet

• Sold in April 2004 for $2.12 million
• Originally listed in July 2020 at $4 million
• Currently still listed at $4 million (but is listed as “temporarily no showings”)
• Assessments of $3075 a month (includes heat, a/c, gas, doorman, exercise room, clubhouse, pool, exterior maintenance, snow removal, lawn service, scavenger)
• Taxes of $60,830
• 2-car side-by-side parking spaces included
• 2 gas fireplaces
• Bedroom #1: 32×17
• Bedroom #2: 12×18
• Bedroom #3: 13×18
• Living room: 22×20
• Family room: 23×14
• Dining room: 15×12
• Kitchen: 16×11
• Laundry room: 11×5
• Walk-in-closet: 11×13
• Bar: 15×16
• Balcony: 23×8
• Terrace: 14×14
• Balcony: 20×8

This 3-bedroom penthouse in The Neapolitan at 1212 N. Wells in Old Town came on the market in August 2019.

The Neapolitan was built in 2001 during the housing boom. It has 95 units and garage parking.

It’s a full amenity building with 24-hour doormen, tennis courts, dog run, clubhouse and exercise room.

This penthouse has new hardwood floors throughout and a gas fireplace.

The listing says there is a “newly updated gourmet kitchen” with white cabinets and Lapis Lazuli countertops, Subzero appliances, and a 6-burner stove with a pot filler.

There’s a primary suite with a walk-in-closet and en suite bathroom.

It has a full-sized washer/dryer in the unit, central air, and 3-car parking is available, including a 2-car tandem space and one single space.

Parking is extra at $45,000 for the tandem space and $30,000 for the single space.

The unit has two outdoor spaces which the listing calls “oasis terraces.”

The building is located amidst the restaurants and shops of Old Town.

Originally listed in August 2019 for $1.099 million it has been under contract once, in July 2020, but has now been reduced to $840,000.

The penthouse originally sold in 2001 when it was “new” for $865,500, and it included the parking.

Is this a deal?

Howard Thomas at Re/Max Premier has the listing. See the pictures and floor plan here.

Unit #1701: 3 bedrooms, 3 baths, no square footage listed

• Sold in November 2001 for $865,000 (3 parking spaces included)
• Sold in May 2016 for $905,000 (3 parking spaces included)
• Originally listed in August 2019 for $1.099 million
• Reduced
• Under contract in July 2020 listed at $840,000
• Currently still listed at $840,000 (parking is $45,000 extra for the tandem space and $30,000 extra for the single space)
• Assessments of $1563 a month (includes parking, doormen, cable, clubhouse, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $20,347
• Central Air
• Full-size side-by-side washer/dryer in the unit
• Gas fireplace
• Bedroom #1: 14×14
• Bedroom #2: 11×13
• Bedroom #3: 10×12
• Living room: 12×29
• Dining room: 11×20
• Kitchen: 11×10
• Terrace: 10×10
• Terrace: 10×10

This 3-bedroom townhouse at 2044 W. Roscoe in Roscoe Village came on the market in January 2021.

Built in 1893, this building was converted into 6 townhouses in 1999.

It has heated garage parking and there are multiple decks.

This townhouse has a first floor living area that is 22 feet wide with a wall of windows, exposed brick and 10 foot ceilings.

There’s a first floor fireplace that has a sitting area in front of it.

The kitchen has white cabinets which the listing says are “newly refinished”, along with stainless steel appliances, quarter countertops and a 6 foot island with seating which is open to the dining room.

There are oak hardwood floors throughout the first floor and designer lighting.

The first floor has a half bath.

All three bedrooms are on the second floor along with the two full baths.

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

There’s a small patio area off one of the secondary bedrooms which leads to stairs, which are outside, up to the rooftop deck on the third floor.

The townhouse has central air, a washer/dryer and heated garage parking spaces for 2 cars are included.

This building is surrounded by the shops and restaurants of Roscoe Village.

With Roscoe Village single family home prices usually well over $1 million, is this an affordable single family home alternative?

Mathew Boemmel at Compass has the listing. See the pictures and floor plan here.

Unit #3S: 3 bedrooms, 2.5 baths, 2100 square feet, townhouse

• Sold in July 2005 for $582,000
• Sold in May 2012 for $515,000
• Listed in January 2021 for $679,990
• Currently still listed at $679,990
• Assessments of $265 a month (includes cable, exterior maintenance and snow removal)
• Taxes of $13,123
• Central Air
• Heated garage parking for 2 cars included
• 1 fireplace
• Bedroom #1: 22×17 (second floor)
• Bedroom #2: 12×11 (second floor)
• Bedroom #3: 11×10 (second floor)
• Living room: 24×11 (main floor)
• Dining room: 18×11 (main floor)
• Kitchen: 17×11 (main floor)
• Sitting room: 14×11 (main floor)
• Walk-in-closet: 7×6 (second floor)
• Foyer: 20×7 (main floor)
• Deck: 28×22 (third floor)

This 3-bedroom vintage single family home at 306 W. Concord in Old Town came on the market in January 2021.

If it looks familiar, that’s because we chattered about it in June 2019.

You can see our chatter here.

It didn’t sell in 2019 and was withdrawn from the market.

Built in 1896 on a smaller than average 24×94 lot, it has a 2 car garage.

The listing again says the house was “totally renovated” in 2006/2007.

A great room and master suite were added on to the back of the house which expanded the square footage to 2500 square feet.

The kitchen has white cabinets, black counter tops, white subway tile, a farmhouse sink and luxury stainless steel appliances.

There’s a separate breakfast room and an office, with French doors, on the main level.

All three bedrooms are on the lower level including the master suite which has a spa bathroom.

You’ll recall, that there’s a deck on top of the 2-car garage but because of the addition, and the smaller lot, there’s no backyard.

The house has central air.

It also literally has a white picket fence on the front of the property.

Originally listed in September 2018 for $1.35 million, it de-listed in August 2019, but it has now come back on the market and been reduced to $1.195 million.

With the pandemic putting outdoor space at a premium, does a home on a smaller than standard Chicago lot have a disadvantage?

Or will ANY single family home do right now? (especially one with 2-car parking in Old Town)

Emily Sachs Wong at @Properties still has the listing. See the pictures here.

306 W. Concord: 3 bedrooms, 2.5 baths, 2500 square feet

• Sold in July 1996 for $290,000
• Sold in December 2005 for $643,000
• Sold in April 2016 for $1.25 million
• Originally listed in September 2018 for $1.35 million
• Reduced
• Was listed in June 2019 at $1.295 million
• De-listed in August 2019
• Re-listed in January 2021 at $1.195 million
• Taxes are now $21,770 (they were $20,402 in 2019)
• Central Air
• 2-car garage
• Bedroom #1: 16×13 (lower level)
• Bedroom #2: 12×10 (lower level)
• Bedroom #3: 11×7 (lower level)
• Living room: 12×11 (main level)
• Dining room: 12×10 (main level)
• Office: 10×9 (main level)
• Kitchen: 12×9 (main level)
• Family room: 17×15 (main level)

This 4-bedroom in 399 W. Fullerton Parkway in East Lincoln Park came on the market in June 2019.

Built in 1926-27 by McNally & Quinn, according to Chicago Apartments, it’s in the French Renaissance style.

It’s an exclusive building with just 2 units per floor and just 32 units in the 17 story building.

It’s also unusual for a building in this period in that there’s a garage on the first floor. Garage and guest parking is available in the building.

It has 24-hour door staff.

Here’s an interesting tidbit: the building stands on the site of the former Loeb estate which stretched along Fullerton Parkway.

Nellie Loeb was the daughter of Adolphus Busch, the St. Louis brewer.

This unit has views overlooking the park and lake.

It has wood crown molding in the living room along with a gas fireplace.

There are hardwood floors in the living and dining room.

The listing says there are hardwoods under the carpet in the bedrooms.

The kitchen has white and black (gray?) cabinets along with Subzero appliances.

It has central air and radiant heat along with washer/dryer in the unit. Valet garage parking is available for $300 a month.

If you’re thinking about what this apartment could look like remodeled, the sister unit, #14E, is also available.

It’s gone under contract at $1.495 million but you’ll get some ideas of the possibilities.

You can see the pictures here.

Originally listed in June 2019 at $899,000, it has been reduced $224,000 to $675,000.

Given the price of the sister unit, is this a deal for someone who wants to do a renovation?

Randy Nasatir and Jeremy Steward at @Properties have the listing. See the pictures here.

Unit #14W: 4 bedrooms, 3 baths, 3000 square feet, co-op

• I couldn’t find a prior sales price as it’s a co-op
• Originally listed in June 2019 at $899,000
• Reduced numerous times
• Currently listed at $675,000
• Assessments of $4549 a month (includes heat, doorman, cable, exterior maintenance, lawn care scavenger, snow removal and taxes- which the listing says was $1856 a month. That means the rest of the assessment is $2593 a month)
• Taxes included in the assessments
• Central Air
• Washer/dryer in the unit
• Valet garage parking for $300 a month
• 1 fireplace
• Bedroom #1: 19×12
• Bedroom #2: 20×13
• Bedroom #3: 16×12
• Bedroom #4: 13×9
• Living room: 29×16
• Dining room: 19×14
• Kitchen: 17×13
• Foyer: 14×8

This 4-bedroom vintage row house at 3342 S. Giles in the Gap/Bronzeville neighborhood of Douglas just came on the market.

Built in 1902, it’s on a 16.7×125 lot which has a 1-car garage and a small back deck.

What is The Gap neighborhood?

This is a description of how the neighborhood got it’s name from a Chicago Tribune article in 1987 calling it the “next hot neighborhood”:

Poor black neighborhoods to the north, east and west were bulldozed and redeveloped during the late `60s and early `70s. But the urban-renewal binge hardly touched the area bounded on the east by King Drive, on the north by 31st Street, on the west by Michigan Avenue and on the south by 35th Street. This rectangle became known as the Gap, an area of run-down late-19th Century brick and stone houses surrounded on three sides by spanking new buildings like Lake Meadows Apartments, Dunbar Vocational High School and the Illinois Institute of Technology.

The listing describes it as being in Gap/Bronzeville as the Gap might not be a familiar designation to most.

According to the listing this row house has custom finishes and hardwood floors throughout.

If you look at the pictures from the 2015 sale, the interior had been completely stripped out and had to be rebuilt. No vintage features remain.

There are 2 fireplaces, one in the living room and one in the primary bedroom.

The listing calls the kitchen a “chef’s kitchen” with white cabinets, stone counter tops and luxury stainless steel appliances along with a kitchen island that seats 3.

There’s no dining room but there is breakfast room.

3 out of the 4 bedrooms are on the second floor including the primary suite which has an en suite bath with double vanity and walk-in-closet.

The lower level has the fourth bedroom, a family room and a wet bar along with a bathroom.

The house has central air.

The Gap has one of the largest collections of 19th century buildings, some designed by Chicago’s most famous architects.

This row house has come on the market at $649,995 for 3000 square feet.

Has the Gap and Bronzeville become the “next” hot neighborhood once again?

Joshua Mercer at Premier Chicago LLC has the listing. See the pictures here.

3342 S. Giles: 4 bedroom, 3.5 baths, 3000 square feet, row house

• Sold in June 1994 for $52,500
• Sold in November 1994 for $108,750
• Sold in July 1995 for $269,250
• Sold in February 1999 for $201,000
• Lis pendens foreclosure filed in December 2009
• Bank owned in November 2012
• Sold in January 2015 for $135,000 (no interiors- total rehab job needed)
• Listed in January 2021 for $649,995
• Taxes of $3873
• Central Air
• Lot of 16.7 x 125
• 1 car garage
• 2 fireplaces
• Bedroom #1: 14×22 (second floor)
• Bedroom #2: 8×9 (second floor)
• Bedroom #3: 11×10 (second floor)
• Bedroom #4: 11×11 (lower level)
• Living room: 15×29 (main level)
• Kitchen: 12×14 (main level)
• Breakfast room: 12×9 (main level)
• Family room: 15×25 (lower level)
• Laundry room: 6×6 (second level)

We’ve been chattering about the low inventory in parts of Chicago for a couple of months.

But now, Dennis Rodkin at Crain’s, is reporting that Chicagoland inventory is just 1.8 months, which is the lowest in 13 years.

From Crain’s:

The market is so tight now that “the only homes that aren’t selling are overpriced or quirky places with a limited audience,” said Susan Maman, an @properties agent based in Glencoe. “Some of us have never seen a market like this.” Inventory was in the range of three to seven months from January 2013 through October 2020, when the year’s booming market cut the stock of homes on the market to 2.8 months.

With the holidays and cold weather, the end of the year is typically a low-inventory time, but to be clear: The 1.8-month figure for December compares to inventory of at least three months in each of the four prior Decembers and inventory over four months in each of the three Decembers before that.

But these numbers are for the entire Chicago area.

As we know, in the city, while single family home inventory remains tight, the downtown condo market is flooded with supply.

“It’s kind of a tale of two cities,” said Jenny Ames, a partner in the Engel & Volkers Chicago brokerage. “The market is definitely tighter on single-family homes outside downtown, where you see a lot of inventory and longer market times.”

What are the implications for the upcoming spring home buying season?

Will prices soar this spring?

Or will this big COVID outbreak delay sellers from listing in February and March for the second year in a row?

Home shoppers find slimmest pickings in 13 years [Crain’s Chicago Business, by Dennis Rodkin, January 7, 2021]