Crib Chatter

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It didn’t sell in 2019 and was withdrawn from the market.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

This 1-bedroom in 2020 N. Lincoln Park West in East Lincoln Park came on the market in September 2020.

Built in 1972, 2020 N. Lincoln Park West has 433 units and leased parking.

It’s a full amenity building with a doorman and resort-like amenities including an outdoor pool with sundeck, a gym, a yoga room, tennis courts, a whirlpool and sauna.

This unit faces south and the terrace overlooks the tennis courts.

The listing says it has been “completely rehabbed and upgraded.”

It has a new kitchen with white upper cabinets and gray lower cabinets, stainless steel appliances, a tile backsplash and quartz counter tops with a breakfast bar.

It has new hardwood floors throughout.

The bathroom has new tiling and the on trend gold faucet and other gold finishes including the mirror.

This unit has central air, but no washer/dryer is in the unit. There is coin laundry in the building.

Garage parking is available for lease.

Listed in September 2020 at $250,000, it has been reduced $1,000 to $249,000.

With a location directly across from Lincoln Park and the Zoo and resort-like building amenities including the pool and tennis courts, is this a fun option for those looking for a weekend place?

Rohit Malik at KellerWilliams ONEChicago has the listing. See the pictures here.

Unit #2J: 1 bedroom, 1 bath, no square footage listed

• Sold in November 1990 for $71,500
• Sold in December 1997 for $112,000
• Sold in October 2019 for $189,000
• Originally listed in September 2020 for $250,000
• Reduced
• Currently listed at $249,000
• Assessments of $610 a month (includes heat, a/c, doorman, cable, clubhouse, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $4392
• Central Air
• No washer/dryer in the unit
• Leased parking available
• Bedroom: 15×11
• Living room: 22×13
• Kitchen: 11×8
• Balcony: 10×6

This 1-bedroom loft in the Franklin Building at 720 S. Dearborn in Printers Row came on the market in January 2020.

Built in 1910, the Franklin Building has 59 lofts. It was converted to loft homes in the 1980s.

There is no doorman nor parking. The building has a bike room and a laundry room.

This unit has some authentic loft features including exposed brick, industrial windows that face east on Dearborn, and concrete beams and columns.

It has 10.5 foot ceilings.

The kitchen has white cabinets and appliances.

There are hardwood floors throughout the living room and bedroom.

There’s central air, washer/dryer in the unit but no parking. There is parking available for lease in the neighborhood.

Originally listed at $230,000 in January 2020, it has been reduced $32,500 to $197,500.

Is this loft a deal for those looking for a pied-a-terre or for first time buyers?

Karmen Spears at POWER Realty Chicagoland has the listing. See the pictures here.

Unit #305: 1 bedroom, 1 bath, 650 square feet, loft

• Sold in March 1995 for $80,000
• Sold in September 1997 for $105,000
• Sold in August 2017 for $190,000
• Originally listed in January 2020 for $230,000
• Reduced several times
• Currently listed at $197,500
• Assessments of $499 a month (includes heat, air, cable, gas, exterior maintenance, scavenger)
• Taxes of $3536
• Central Air
• Washer/dryer in the unit
• No parking
• Bedroom: 12×11
• Living room: 18×16
• Kitchen: 10×6

This 1-bedroom in 2400 N. Lakeview in East Lincoln Park came on the market in December 2020.

2400 N. Lakeview was designed by Mies Van Der Rohe in 1963. It has 264 units with floor-to-ceiling windows.

It’s a full amenity building with an outdoor pool and a doorman.

The listing says this unit has been “redone” in 2015.

It has dark wood floors throughout.

The kitchen has dark wood cabinets, marble counter tops, white subway tiles and white appliances.

The listing says it has a new bath with subway tile walls and white marble herringbone floors along with a porcelain vanity.

This unit faces west but the bedroom is on the corner and has two walls of windows.

It has central air but no in-unit washer/dryer. There is coin laundry in the building.

The listing says parking is available, either exterior or valet garage parking, for between $150 and $245 a month.

This building is near Lincoln Park, the Zoo, the Conservatory and the shops and restaurants on Clark.

Is Lincoln Park an ideal in-town neighborhood?

Karen Ranquist at BerkshireHathaway HomeServices has the listing. See the pictures here.

Unit #815: 1 bedroom, 1 bath, no square footage listed

• Sold in March 2015 for $178,500
• Originally listed in December 2020 for $245,000
• Still listed at $245,000
• Assessments of $572 a month (includes heat, a/c, doorman, cable, pool, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $2939
• Central Air
• No washer/dryer in the unit. Coin laundry in the building
• Garage parking available for between $150 to $245 a month
• Bedroom: 12×16
• Living room: 11×25
• Kitchen: 7×11
• Foyer: 14×4

This 1-bedroom maisonette in 1120 N. Lake Shore Drive in the Gold Coast came on the market in August 2019.

1120 N. Lake Shore Drive was built in 1924-25 by Robert S. De Golyer.

According to Chicago Apartments: A Century of Lakefront Luxury, it was Chicago’s tallest co-op at the time it was completed in 1925, at 18 stories.

The upper floors have duplexes.

Originally planned to have 58 apartments, the book says there are 40 apartments today but the listing for this unit says there are 61.

It was built as a co-op in 1925 with apartment prices starting at $12,800.

It remains a co-op today.

It’s a full service building with a 24-hour doorman and on-site maintenance staff. It has an exercise room and garden patio.

Up to 2 dogs are allowed, with no weight limit restrictions.

This unit is one of the maisonettes.

At 658 square feet, it has hardwood floors throughout and 11’4″ ceilings.

The listing says it has a “high end” kitchen with dark cabinets, what look like granite counter tops and Subzero and Viking appliances.

The listing says the bathroom has been updated.

The assessment includes the property taxes.

It has space pac a/c, but no parking nor washer/dryer in the unit. Washer/dryer is coin laundry in the building.

The listing calls this unit the “perfect pied-a-terre.”

For vintage lovers, is this the perfect weekend apartment?

Linda Shaughnessy at Jameson has the listing. See the pictures here.

Unit #1B: 1 bedroom, 1 bath, 658 square feet

• No prior sales price because it’s a co-op
• Originally listed in August 2019 for $230,000
• Still listed at $230,000
• Assessments of $1823 a month (includes heat, doorman, cable, exercise room, exterior maintenance, scavenger, snow removal, taxes)
• Taxes included in assessment
• Space pak A/C
• No washer/dryer in the unit (coin laundry in the building)
• No parking (available to rent in the neighborhood)
• Bedroom: 13×11
• Living room: 13×17
• Kitchen: 7×8

This 2-bedroom in The Silver Tower at 303 W. Ohio in River North came on the market in June 2020.

The Silver Tower was built at the end of the housing boom in 2009.

It has 229 units and a parking garage. It’s a full amenity building with doormen, an exercise room and outdoor decks.

This unit is a southeast corner unit with a south facing balcony.

The listing says it is “highly upgraded” with wide plank dark wood floors.

According to the listing, the kitchen was “completely updated in 2019.”

It has custom white shaker style wood cabinets with soft closing doors and under mount lighting with a rustic mirrored backsplash and 3 inch quartz counter tops, including on the island which seats 4.

It has “all new” Bosch appliances and a high-end LG refrigerator.

The primary bedroom has an updated bathroom with double vanity.

The listing also says the second bathroom was recently updated.

Other finishes include automatic blackout roller shades and teak wood tiles on the balcony.

It has the features buyers look for including central air, washer/dryer in the unit and garage parking is available for $35,000 extra.

Originally listed in June 2020 for $575,000, it’s  now listed at $535,000.

Can buyers get deals in River North in 2021?

Bruce Glazer at @Properties has the listing. It is broker owned. See the pictures here.

Unit #1403: 2 bedrooms, 2 baths, 1138 square feet

• Sold in May 2011 for $342,621 (per Redfin)- appears to have been bank owned
• Sold in June 2014 for $492,000 (included parking)
• Originally listed in June 2020 for $575,000
• Reduced
• Currently listed at $535,000 (plus $35,000 for parking)
• Assessments of $713 a month (includes doorman, cable, exercise room, exterior maintenance, scavenger, snow removal, Internet)
• Taxes of $10,705
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 13×11
• Bedroom #2: 12×10
• Living/dining combo: 18×18
• Kitchen: 10×9
• Balcony: 15×5

The Illinois Association of Realtors is out with the November sales data.

And despite a surge in the coronavirus throughout the state, sales were hot once again.

Or were they?

The city of Chicago saw year-over-year home sales increase 17.6 percent with 1,965 sales in November, compared to 1,671 a year ago. The median price of a home in the city of Chicago in November was $295,000, up 9.3 percent from November 2019.

Last year’s November sales actually saw a decline and were the lowest number of sales since 2015.

Year-over-year numbers weren’t going to be hard to beat.

Here is the November sales data for the last 14 years (thanks to G for some of the data):

• November 2007: 1859 sales and median price of $290,000
• November 2008: 1093 sales and median price of $222,500 (16% short/REO sales)
• November 2009: 1905 sales and median price of $215,000 (29% short/REO sales)
• November 2010: 1144 sales and median price of $182,500 (39% short/REO sales)
• November 2011: 1429 sales and median price of $157,000 (43% short/REO sales)
• November 2012: 1750 sales and median price of $180,000
• November 2013: 1844 sales and median price of $200,000
• November 2014: 1638 sales and median price of $230,000
• November 2015: 1661 sales and median price of $233,500
• November 2016: 1937 sales and median price of $260,000
• November 2017: 1959 sales and median price of $256,000
• November 2018: 1852 sales and median price of $261.745
• November 2019: 1671 sales and median price of $270,000
• November 2020: 1965 sales and median price of $295,000

“The November data is showing supply and demand at work in the city of Chicago,” said Nykea Pippion McGriff, president of the Chicago Association of REALTORS® and vice president of brokerage services of Coldwell Banker Realty.

“As each of our 77 neighborhoods is performing differently, low inventory across some neighborhoods is causing prices to rise and market time to decline; those shopping for a home right now are focused. The 17.6 percent increase in closed sales compared to last November demonstrates that the city remains desirable, and properties of all types are moving in the market.”

Low mortgage rates continued to stay low with a 30-year average fixed rate mortgage of 2.77% down from 2.83% in October.

It was also down from 3.7% in November 2019.

Chicago inventory rose 3.1% to 9,329 properties from 9,046 last year.

But statewide, it was a different story as inventory declined 36.8% to 34,486 from 54,604 properties.

Single family homes remain hotter than condos in the city. Single family home sales rose 26.1% to 933 properties while condo sales rose “just” 10.8% to 1,032.

“For the last five months trend, both Illinois and Chicago housing markets recorded positive year-over-year increases in both prices and sales,” said Geoffrey J.D. Hewings, emeritus director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois. “The forecast for next year suggests a continuation of those trends, provided the distribution of vaccines presages a more robust and extensive recovery of the economy beyond the stock market.”

With mortgage rates still remaining near record lows, is the desire to buy a home going to remain strong into the start of 2021 or is the pandemic buying nearly over?

Strong homebuyer demand pushes home sales and prices to double-digit gains in November [Illinois Association of Realtors, Press Release, December 22, 2020]