Are Streeterville condos a bargain?

 

Buildings surrounding Bennett Park in Streetrville. 

A year of pandemic conditions, bouts of protest and civil unrest cast a negative light on the downtown and Near North condo markets. With shuttered shops, restaurants, bars and cultural institutions Streeterville high-rise life (and taking elevators with strangers) became suddenly less desirable. Does one year of instability make for condo bargains? How do unit sales look today?

Streeterville condo unit sales, median price 2021

80 condos have sold from January 1st to March 12th this year. Unit sales are up almost 10%. The median price of a sold condo is $400,000.  Median price however dipped about -7%. 73 condos sold over the same period of 2020 with a median price of about $430,000.

It's not clear if the median price decrease is due to 2020 conditions.  Just looking at the past five years we see a median price dip in 2019 despite good over-all Chicago market conditions. In a "normal" year of 2019, 73 condos also sold over the same period with a median price lower at $347,000.  

January 1st though March 12th closings:

2021: 80 condos sold with a median price of $400,000
2020: 73 condos sold with a median price of $430,000
2019: 73 condos sold with a median price of $347,000
2018: 70 condos sold with a median price of $395,000
2017: 96 condos sold with a median price of $364,000

So far demand for Streeterville condo units looks normal... even good. Unit sales are up. The dip in median price may signal there are some bargains out there. The lower median price can also be attributed to a reduced demand for higher-end bracket sales. Less new construction condos were delivered in the pandemic year as well. Some reports show the very high-end luxury sales have shifted more towards the non-downtown neighborhoods and suburbs offering more land and space.

Over-all Near North Community Area (including Streeterville, Gold Coast and Old Town) condo sales and inventory are up. Through February, new listings were up almost 20% over 2020.  Closed sales are up almost 8%. 

The Streeterville neighborhood is doing just a bit better at +10% in unit sales year to year. However, median price is down a bit. The inventory issue will be the key factor to watch when tracking prices. If investors continue to have trouble renting their high-rise units to the typical in-town workers and empty nesters they may choose to sell. It remains to be seen if we're already on a bounce back or if we'll decline in prices while pandemic conditions gets sorted out.

Stats gathered from MREDLLC.com and Chicago Association of Realtors by Eric Rojas, Broker, Kale Realty. Analysis is based on sales stats and anecdotal information.

Q1 Near North condo sales consistent over five years

SoNo condos on the left.  The popular Near North luxury towers bordering Lincoln Park and Old Town feature a condo tower and separate rental apartment building with 24/7 amenities for residents.  The surrounding area has countless dining, fitness, shopping and entertainment opportunities. All photos Eric Rojas, Broker, Kale Realty.

Before the COVID crash I started the year spending some time in the Near North Side Community Area (with highly desirable Old Town, Gold Coast, River North, Streeterville neighborhoods). Let's take a look at greater Near North condo sales.

30 West Oak in Gold Coast of the Near North Side Community Area. The desirable luxury condo building known for large units was built in 2006-2007.

Near North attached sales (condo, townhouse) Jan 1st to March 31st

456 attached units sold in 1st quarter of 2020 with a median price of about $400,000.  The highest  priced sale in Q1 is 451 East Grand Unit 6311, Chicago IL 60611 for  $6,250,000 .  The lowest priced condo sold is 233 East Erie Street, Unit 1205, Chicago IL 60611 for $120,000. The one bed, one bath unit was a foreclosure sale.

In 2019 Q1 430 units sold with a median price of about $370,000.
2018, 543 units closed over Q1 with a median price of $415,000
Looking back at 2015, 488 units closed with a median price of  $390,000.

Gold Coast modern town homes at 1009 North Dearborn

Unit sales and median price have been consistent Q1 over the past five years with very similar numbers in 2015 and 2020. 

Old Town's former Noble Horse Theater property now luxury condo development

Two new construction condo buildings are under development at Orleans and Schiller in the Old Town neighborhood. All photos Eric Rojas, Broker, Kale Realty.

The lot has been cleared at 1400 N Orleans at West Schiller

We were in the Old Town neighborhood of Chicago's Near North side last week showing condos.  One new and interesting development is on the former Noble Horse Theater and Stables property at 1400 block of North Orleans. The Equis development  (the website has a cool video driving down North Wells on a summer night) offers a more accessible condo building with smaller units starting in the $290s. A second tower offers luxury full floor units starting in the $800s. Curbed Chicago has a run down here of late last year.

I took photos of the closed down Noble Horse Theater and Stables in 2014 when there was little hope of saving the property.

Carriages for downtown rides were still stored on the property.

The Old Town towers will afford unobstructed downtown views from many of the units.

2017 Old Town condo sales

204 condos (attached units and town houses) closed in the Old Town footprint (North to Division and LaSalle to Larrabee ) with a median price of about $455,000.  If you exclude high-rise buildings (buildings over 50 units) the median price is $525,000.

The highest attached condo unit sale in 2017 was 1418 N LaSalle Street Unit B, Chicago IL 60610 sold for $1,330,000.  

Back in 2012 as things started to get cooking again 168 units closed for a median price of $315,000. 82 non-high-rise units closed for a median sales price of $390,000.  





Near North Chicago single family home sales in 2015: Median price over $2.1 million

 

The high end homes of River North (All photos Eric Rojas, Broker, Kale Realty)

 If you are in the market for a single family home in the Near North Side community area of Chicago we can make it happen! Near North is close to downtown and features two of the most desirable Chicago neighborhoods Old Town and River North.

A handful of single family home charmers remain in Old Town of Near North.

A total of 26 single family homes were sold in 2015 (per MLS data for code 8008 Near North Side community area). Closed prices ranged from $920,000 for a 1997 built house at 1521 N Larrabee St , Chicago, Illinois 60610 and topped off at $4,689,900 for 729 N Kingsbury St , Chicago, Illinois 60654 in River North's mansion row. The median sale price is near $2,170,000 for 2015. Property taxes for these homes ranged from around $11,000-$57,000/per year making the average around $27,000/year.

For Sale Now

There are 31 Near North single family homes  active on the market. Current asking prices range from $1.5 million to (wait for it....)       $17 million.  Two homes are under contract at the moment for $2.1 million and $2.9 million asking prices respectively.

Overall market time for closed homes is around 75 days however the majority of homes sell within 21 days. Market times are determined from the last ascertainable listing date (keep in mind a listing may have been on the market then cancelled and brought back new at some point).  The latest "NEW" listing duration would be tallied for the closing stats.

 

Data, as usual, culled from MREDLLC.com and read, packaged, analyzed, computed and spit out by Eric Rojas and Bob DePalma Brokers, Kale Realty

 

More Old Town

More River North

New for sale! Great kitchen, great views at Sandburg Village condo in Old Town/ Gold Coast $199,900

New for sale today! 1460 N Sandburg Terrace #808, Chicago IL 60610 asking $199,900.

Renovated one bedroom, one bathroom condo at iconic Old Town/  Gold Coast Sandburg Village. Watch the video walk through!



1460 N Sandburg Terrace (Alcott House) is steps from the Old Town and Gold Coast action.  It's one block west from the heart of Wells Street dining and shopping, three blocks to the CTA Red Line and four blocks to the lakefront.

Sandburg Village features a landscaped campus with open spaces, seating areas, tennis courts, swimming pools, fitness center, club room, doormen and more.

East view with lake.

Pool view north

Renovated, open kitchen.

Wine fridge and lots of storage.

Huge sectional! Plenty of room for flexible dining and living room furniture layouts.

Wide open north and east views.

Bright move-in ready unit.

Large bedroom will fit king size furniture.  Built-in desk.

10 ft wide closet.  Plenty of room to expand to a walk-in closet!

Spacious bath just off the hallway, bedroom and linen closet.

Unit #808 is freshly updated and painted.  The kitchen has been completely opened up with huge breakfast bar and wine refrigerator. The desired "08" tier features both open north and east views with a good look at the lake! Parking is rental in the building and usually available (or short wait list).

Great pool!

Landscaped campus

1460 N Sandburg #808
One bedroom, one bathroom
Open north and east views
Fully renovated kitchen
Fresh, modern paint and lighting
Updated AC units
24/7 door man, storage unit, bike room, laundry room
Rental parking (apprx $175.00 per month)
Assessment $432.00 includes heat, cable doorman, water maintenance etc...
Taxes $2,578
Outdoor Pools/ Tennis Courts/ Fitness Room (annual fee)

The Alcott House is just steps from historic landmark Germania Club building, Chicago History Museum, surrounding shops, tennis courts and the unit has a view of the pool.

Local Potash market and tennis courts across the street.

Your Starbucks!

Exclusively listed by Eric Rojas, Broker
Kale Realty
542 W Roosevelt Road
Chicago IL 60607
773-510-1597

erojas@kalerealty.com

Call us to buy and sell Chicago properties

All prospective buyers must be mortgage pre-approved or show proof of funds (cash buyer) prior to any confirmed showing.

Cash is King! 34% of Chicago's Near North condo deals all cash

Views from 451 W Huron in the River North neighborhood of Chicago's Near North.  About 34% of attached unit sales were all cash transactions in 2014. (All photos Eric Rojas and Bob DePalma, Brokers, Kale Realty)

Boy we love cash!  And so do Chicago sellers.
We took a look at cash deals in four of our more active markets.  Downtown/ Loop (Area 32), Near North (Area 08), Lincoln Park (Area 07), and Lakeview (Area 06). Looks like big spenders spent big cash.  Here are the percentage of cash deals on attached homes (condos/ townhouses) for each of these neighborhoods in 2014.

2014 average sale price and percentage of cash deals

Near North had 2,538 attached home sales (condo and townhouse) with an average sale price of $565,226.  About 34% of those deals were recorded in our MLS as all cash. Interestingly the cash deal average was a whopping $634,552.  Financed sales averaged less at $528,558.

About 32% of Loop condo deals were all cash.

Downtown/ Loop had 788 attached unit sales with an average price of $475,254.  About 33% of those sales were all cash. Cash sales averaged $447,919 while financed sales averaged $488, 484.

About 18% of Lincoln Park sold condo deals were cash in 2014

Lincoln Park had 1248 attached unit sales with an average price of $530,948.  About 18% of those sales were cash.  Cash sales average price was $472,934.  Financed sales averaged $543,847.

About 17% of condo units sold in Lakeview were cash deals.

Lakeview had 1798 attached unit sales with an average price of $370,981 (far less than the other three examples).  About 17% of those sales were cash with an average price of $283,307.  Financed deals averaged $389,317.


All stats gathered and interpreted by Eric Rojas and Bob DePalma, Kale Realty from MREDLLC.com our member MLS.  Call us to buy, sell, rent in South Loop, Downtown/Loop and the greater North Side.

 

Trumped! Top 3 Condo Sales in Chicago's Near North for 2014

A near 15,000 square penthouse at Trump International Tower and Hotel, 401 N Wabash, Chicago IL 60611 was the highest sale in Near North Community Area this year at $17 million cash. It is reportedly the highest ever price paid for a condo in Chicago. Photos Eric Rojas and Bob DePalma, Brokers, Kale Realty

The List: Top 3 Condo Sales in the Near North Community Area for 2014

A Trump Tower unit led an impressive year of luxury condo sales in 2014. Price per square foot for luxury homes in the most desirable locations seemed to know no bounds this year.

1. $17,000,000, Trump Tower, 401 North Wabash, Unit 89A, Chicago IL 60611.  The "5 Bed, 7.2 Bath" 14,260 square foot River North unit Closed 10/7/14, Cash deal.  The condo is raw, unfinished space and had an asking price of $32 million. Trump Tower had 55 closed sales in the MLS for 2014 with a median price of about $1,170,000.

 2. $7,400,000, 209 East Lake Shore Drive, 11-E, Chicago IL 60611. 3 Bed, 3.2 Bath, 5,700 square feet. Closed 6/26/14. Cash deal in a Co-op building.

 3. $5,250,000, 159 East Walton, 21A Chicago IL 60611  "Pamolive Building". 3 Bed, 3.1 Bath, 4,732 square feet. Closed 7/3/14. Conventional mortgage financing. The Pamolive Building had 14 unit sales in 2014 for a total of $22,334,375 in sales volume.

All sales stats gathered and interpreted from MREDLLC.com by Eric Rojas and Bob DePalma.

Photo from Michigan Avenue Bridge, Eric Rojas, Broker, Kale Realty

Near North: Sandburg Village one bedroom condo sales

Walking up to Sandburg Village last week (Photos Bob DePalma, Broker, Kale Realty)

We've spent a lot of time viewing and researching one bedroom condos with our clients in the Sandburg Village development of Near North Community Area.  The location is directly between Old Town nightlife and Gold Coast shopping.  Owners and renters of the Sandburg Terrace buildings also have access to outdoor pools (about $140.00 for a season pass) and tennis courts in the warmer months.

James House at 1560 N Sandburg Terrace, Chicago IL, 60610

OK, let's take a look at 2014 sales. Around 60 one bedroom units sold across all the Sandburg Village buildings after you strip out all the junior one beds. A closer look at a couple buildings we work in often reveals typical price ranges from $200,000 to $275,000.

1560 N Sandburg Terrace, Chicago IL 60610 (James House) is the largest, newest and nicest (in our opinion) with 520 units. 17 one bedroom units sold in 2014, ranging from $200K for a low floor, no view unit to $273,500K for a high floor east facing unit.

1355 N Sandburg Terrace, Chicago IL 60610 (Dickinson House) is more typical on the Sandburg campus with 243 units. 10 one bedroom units sold in 2014 from $189K to $247K.

The leafy primo location offers a terrific Chicago high-rise lifestyle at a relatively affordable price.  Amenities, views and quick access to several of the city's most venerable neighborhoods can be found in Sandburg Village units. Someone new or old to Chicago can also find a common bound with neighbors in this "campus" environment.

It's the views, stupid: Renting the penthouse at SoNo condos

The private terrace at unit 2806. I didn't get too close to the railing (all photos Eric Rojas, Broker, Kale Realty)

 We recently represented clients leasing a top floor (penthouse) condo at SoNo (860 W Blackhawk) in the Near North area adjacent to the Lincoln Park and Old Town neighborhoods. The views of the 28th floor east facing unit are fantastic.
YoChicago.com filmed a short panoramic video from basically the same angle on the 23rd floor in 2011.


SoNo condo building sales and rentals:
14 units have sold over the last 12 months at SoNo condos with a median price about $360,000.  The closed prices range from $329,000 for a 905 sq/ft one bedroom condo with garage parking to $660,000 for a highly upgraded two bedrooms, two baths unit with two garage spots.  

SoNo condo tower at 860 W Blackhawk

12 units have been recorded rented in the MLS over the 12 months with monthly leasing prices ranging from $2,200 a month to $3,900 a month. 

Objects are closer than they appear in this photo... it's better in person!

The Whole Foods is downstairs

The building is tucked away off a small commercial area with lots of conveniences. Taverns, yoga, pet day care, The British School and... PUMP IT UP!

The mega New City development is a couple blocks away... along with all the Lincoln Park Clybourn corridor stores.

Yoga across the street

The very important doggie daycare around the corner at Unleashed!

All sales and rental stats gathered from MREDLLC.com... all opinions and photos mine!

Take a picture! River North condo delivers the views

I was out showing condo units with a client on Sunday.  One of the more desirable units we've seen in awhile is 873 N Larrabee #601 listed and shown by Lauren Schreyer Coldwell Banker. 

The views from 873 N Larrbee on Sunday (photo Eric Rojas, Real Estate Broker)

OKAY it's sort of River North (technically the we're a little north of Chicago Avenue here, but still in Near North).  This little "in-between spot" has some traction.  The 873 N Larrabee building has a Goddess and Grocer downstairs and is steps to hot restaurants of River North.  Lobby, elevator, the unit's outstanding kitchen and master suite, the garage parking... all affordable luxury at $367,900 plus $25K for the parking all in.  Assessment is $350.00 a month.

View looking south down Larrabee with Chicago Ave at the end of the block

The building is part of an enclave of many newer construction condos and townhouse developments between Division and Chicago in Near North.