Streeterville neighborhood condo sales bounce back huge

 

Ohio Street Beach views at Olive Park from 600 N Lakes Shore Drive (all photos Eric Rojas, Broker, Kale Realty)

Streeterville is known for luxury and efficiency condos in one of the most bustling areas of Chicago. Restaurants, personal services, hair salons, top ranked hospitals, museums, beaches and amusements... its got it all. However we all know dense, heavy service areas were particularly vulnerable to the pandemic. How have Streeterville condos sales looked in 2021 versus "normal" years?

Streeterville Condo Sales January 1st to August 15th, 2021

442 Streeterville condos closed so far this year with a median price of $450,000.  These are the highest unit sales numbers and median price year to year since 2015. For a moment it looked like there would be a glut of Streeterville condos and deals to be had.  That opportunity was short lived!

258 condos sold over the same period in the pandemic year of 2020 with a median price of $427,000.  This was a very anxious time early in the crisis with little known about how the year would play out. 

In 2019, 355 condos sold with a median price of $400,000

In 2018, 402 condos sold with a median price of $420,000

2017, 412 condos sold with a median price of $383,000

2016, 412 condos sold with a median price of $415,000

2015, 444 condos sold with a median price of $450,000

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.

The Real Real retail store coming soon to the Magnificent Mile

 

The Real Real brick and mortar store at 940 North Michigan Avenue. It is still valuable to see and feel the goods before a luxury purchase!

While downtown Chicago is taking a hit during the societal shifts caused by the coronavirus  new openings on the Magnificent Mile must go on.  The Real Real luxury brand consignment store and services coming soon to 940 North Michigan Avenue. Their offices are currently located at 980 N Michigan Ave.  There will be retail churn and burn this next few years but I think the result will be bold new brands finding their home along the Chicago lakefront.

Views from 980 North Michigan Avenue yesterday

NEWS: Downtown condo supply up, "party house" crack down

Looking for a downtown condo?

Crain's Chicago Business reported at the end of August a 15 month supply of condos in the Lakeshore East area of #downtown and over 11 month supply of condos in popular #Streeterville. Meanwhile many North Side neighborhoods outside of downtown have less than a 3 month supply. A healthy balanced market is considered 4 to 5 month supply.

Many reasons are cited for high downtown supply... including large high-end new construction buildings delivering units, less necessity to live near offices, investor sell-off and real and perceived unrest. The question is how far and how long the dip will last. Story HERE

The party is over!

Chicago has a new Short Term Rental ordinance that cracks down on "party houses" and lowers fees for smaller host businesses. Two new rules include banning single night rentals and preventing listing the short-term rentals online prior to city approval.

Near North Chicago condo sales

Gold Coast and Streeterville high-rise condos fuel Near North Side sales. Being close to the lake front, dining and shopping is the name of the game. (All photos Eric Rojas, Broker, Kale Realty) 

 

We're back in the Near North Side Community Area with new listings and buyer clients. Near North is home to famous neighborhoods such as Gold Coast, Old Town and Streeterville. It's a fantastic area to enjoy the high-rise life. Near North is also home to many mid-rise and smaller walk-up vintage buildings.  A spattering of expensive single family homes grace Old Town and Gold Coast. But make no mistake: condos dominate Near North.

Near North Condo Sales 2020 (Jan 1st - Aug 7th)

About 1149 condos have sold in the Near North Community Area from January 1st to August 7th. The median price of a sold condo is about $410,000. 

High Rise Units (50+ units in a building) accounted for 959 of the sales with a median price of about $355,000. Condo buildings with 2-49 units accounted for 190 sales with a median price of about $567,000. Large condos in smaller buildings sell for a premium in Near North. 

Starting the year in Streeterville (and a look at condo sales)

A very nice plaza view looking from The Children's Museum at Navy Pier. The nearly completed Vista Tower sits just across the river from Streeterville in the Lakeshore East development.  

We've had a busy December and start to the New Year. I'm going to try and post a LOT more (like the old days) about our daily business adventures a observations while working around town.

I've really enjoyed the Streeterville neighborhood over the years. My wife works at Lurie Children's Hospital (formerly in Lincoln Park) and we've taken advantage of the dining and entertainment and cultural events in and around the area. It's also a favorite place for Bob and me to show condos! Bob is a former resident of several Streetrville buildings.

556 condo units sold over 2019 with a median price of about $325,000.  That relatively affordable number for the primo location does not take into account high monthly building assessments. They can easily reach $800 to $1,000 a month on a two bedroom unit. The vast majority of condos at or under the median price are one bedroom units.

The real Streeterville... this view from Lurie Children's Hospital. Mix of old and oldish high-rise buildings in the heart of the neighborhood.

Our current first-time buyer has a budget in the median price range (max $330,000 depending on taxes and assessment). Streeterville is their near work.  The "must haves" are two bedrooms and in-unit laundry. Not the easiest thing in the world to find in the neighborhood on a budget! Our client will have to look in buildings most likely built in the 60s and 70s.

One unit that meets our criteria is 222 East Pearson Unit 609, Chicago IL 60611 closed at $292,500. The two beds, one bath unit has in-unit laundry, in building parking, gym, 24 hr doorman and great location.  The assessment in this example is relatively high at $733.00 a month but the sale price range would make it work in the budget.

Currently there are only two Streeterville condo units listed active for sale that have at least two bedrooms, in unit washer and dryer and priced under $350,000! If you are looking for a home this season downtown, Streeterville, North Side or even the near suburbs contact us.

Streeterville condo sales this year

A mix of commercial and mixed use residential buildings fill the Streetrville landscape steps from the lake.

We often work with clients employed by the Northwestern hospital system and Lurie Children's located in Streeterville. The hospitals (with other medical and professional institutions) make for a bustling, high energy area with lots of amenities and services.  Occasionally our clients prefer to live right in the neighborhood close to work.  Let's take a look at Streeterville condo sales for 2018.

Streeterville condo sales January 1st to December 7th, 2018.  

585 condos (attached units) have closed in the Streeterville neighborhood thus far in 2018. The median price of a sold condo is about $420,000.  Of course, Streetrville can have some very high-priced, high powered units. The highest priced condo sale is 159 East Water Street Unit 23A, Chicago IL 60611 for $6,250,000.  21 units sold for over $2,000,000 this year.

The recently built Lurie Hospital facility is a boon to condo sales in Streetrville as another large, prestigious employer.

The lowest priced sold condo recorded on the MLS is an interesting case.  201 East Delaware Place Unit 908, Chicago IL 60611 at The Hotel Raffaello sold for $99,995 as a short sale.  The unit is a hotel-condo that may not be occupied full time by the owner! What an "interesting" ownership relationship with the hotel. The lowest non hotel-condo sale is a studio at 260 East Chestnut Unit 401, Chicago IL 60611 for $130,000.

2 beds, 2 baths
185 two, beds, two baths condos sold with a median price of $522,500. This price does not guarantee you parking and of course there are those expensive high-rise monthly assessments.  But... you have the world at your door!

A few photos of One Bennett Park construction in Streeterville (units under contract up to $6 million)

No way I ride in one of those exterior high-rise construction elevators! All amazing photography Eric Rojas, Broker, Kale Realty (on way old Samsung Galaxy)

One Bennett Park (451 E. Grand Ave. Chicago, IL 60611) is a luxury new construction condo and apartment tower in Streeterville.  The location, among the many glassy and classy buildings, is close to the lake, Navy Pier and the recognizable Lofts at River East across the street on 445 East Illinois (not so glassy). I snapped some photos of the One Bennett Park site on Monday. I'm still amazed after all these years how they build these things in tight quarters adjacent to completed buildings.

Great lake of shiny glass buildings in the eastern portion of Streeterville near the lakefront.

The popular Lofts rental apartments across the street to the south at 445 East Illinois. One Bennett Park is also across from the Target store at McClurg and Illinois, Pinstripes, and Cupital.

The One Bennett Park site boasts a large central park at the base of the building.

MREDLLC.com (our MLS) shows units under contract from $1.8 million to $6.2 million. We often visit sales centers with our clients to help them research available options.  Pre-construction buildings do not typically list all there available units. One Bennett Park only shows a handful of listed units on the MLS.

A single family home in Streeterville? Dreamy!

The single family home at 212 East Ohio, Chicago IL 60611 is a throwback oasis to the eyes in Streeterville dominated my high-rises, mid-rise and commercial buildings. All photos and research Eric Rojas, Broker, Kale Realty.

Jillian and I passed this house on the way home from dinner last Friday night.  I just had to look into it.  212 East Ohio is a super rare single family home located in one of the most dense and bustling area of Chicago... Streeterville. According to Cook County Recorder of Deeds the home last sold for $2,200,000 in 2008 (no MLS listing).

212 East Ontario among the street traffic and between more typical, larger buildings in busy Streeterville. Some other passers by admire the home as well.

The property has two businesses associated with the address. One an IT business consultant and the other a Medical Doctor.  Both persons are listed as the owners of the property.  There is no record of any Streeterville detached single family home sale or attempted sale in the MLS going back to 2008.  There may be a very small handful of sales but this is the only one I'm personally aware of during that time.

 

Arts and crafts at Chicago's Children's Museum, Navy Pier

Learning how to work with clay in the Children Museum's classroom last week.

We still enjoy the Chicago Children's Museum at Navy Pier after nearly 10 years of visits.  With four kids now from 9 1/2 yrs old to 15 months we utilize a lot of the family friendly institutions and public parks around the city.  We've asked grandparents, aunts and uncles to think about museum memberships for gifts rather than "plastic stuff".  The Children's Museum and surrounding area offers us a lot of bang for the buck.

The water feature is a hit and allows for some outdoor fun along with the museum.

We can usually get some guests in on our passes and bring our kids' friends to keep everyone busy.  Navy Pier has been going through a lot of renovations and the public park with water feature is a great activity to run the kids tired.  The Streeterville neighborhood at Navy Pier offers a lot of great places to eat along with Olive Park and Ohio Street Beach more outdoor fun.

After the museum we often stop at Ohio Street Beach right near the pier.

247 East Chestnut iconic views and unit sales in Streeterville

We enjoyed a roof deck event Wednesday night with a homeowner at 247 East Chestnut in the Streeterville neighborhood.  Located at Chestnut and Dewitt behind Water Tower Place the boutique high rise affords fantastic city views of the John Hancock Center and even the lake.

We didn't get the best photos last night but the roof deck atmosphere on a hot summer night is spectacular.

Seven units have sold over the last 12 months.  A couple three bedrooms units have sold for $410,000 and $415,000 at the top end with assessments ranging from $1,300 to $1,800 a month. The assessment includes heat, Internet and a new fitness area.  Parking is available in the building for $185.00 / month... not bad for the prime location. Pets OK!

The least expensive unit to sell in the last 12 months is Unit 1904 for $175,000 ($685.00 assessment).  The one bedroom corner unit needing "full remodel".

Streeterville is a fantastic location for down town workers and for residents who want to take in the cities major cultural events.

Historic 25 East Erie courtyard gets facelift, new construction and other Streeterville views

The historic Driehaus Capital building at 25 East Erie is a must see if you're shopping the Mag Mile or otherwise hanging out in Streeterville.  We stopped for a quick look this week on the way to appointments. I say it all the time... I never tire of the diversity of buildings, business and hustle bustle of our downtown.

Curious passersby take a peek at the courtyard renovation. 

The rear structure at 25 East Erie.

A look at Streeterville from rather peaceful North Lake Shore Drive at Chicago Avenue.

Newer construction and icons.

That empty lot yonder is the future home of Northwestern's biomedical research center

The current, and soon to be former, Rehabilitation Institute of Chicago

The new Rehabilitation Institute of Chicago (pictured below and just south of the current building) nears completion.

Old standby 680 N Lake Shore Drive condo residences and shops

Stopping by the Axis Apartments in Streeterville

Winter plantings at the Axis (Photos Eric Rojas, Broker, Kale Realty)

I started this pleasant December in Streeterville meeting clients.

The Axis Apartments in Streeterville has one of the more elaborately decorated building entries in the area at 441 East Erie, Chicago IL 60611.  Streeterville is an urban wonder of skyscrapers, hotels, restaurants, elaborate medical and university campuses and historic vintage buildings.  It is hard to stand out.  The luxury Axis entry and lobby make a nice statement for city dwellers looking to rent in this bustling location. Yo Chicago has some background on the building and notes it's "best views".

 
RENTS: The Axis site lists one beds available from about $2,000 a month, two beds from about $2,400 a month (most over $3,000). Studios at $1,400 and even a three bedroom listed at $4,000 are available as well on the site.  Expensive, so it's time to buy for our people!

"The Oasis" installation at Arts Club of Chicago building

The Oasis, Erik L. Peterson at the Arts Club of Chicago. Photo, Eric Rojas, Broker, Kale Realty

I really enjoyed seeing the Erik L. Peterson art installation at The Arts Club of Chicago building at 201 East Ontario in Streeterville. The panels are at the winter garden on the North Saint Clair side of the building. The piece runs through February 2016.

Stuck! Construction progress at NEW Northwestern Simpson Querrey Biomedical Research Center

The Northwestern Simpson Querrey Biomedical Research Center construction site. View looking north from East Huron.

I was in Streeterville yesterday and walked over to my wife's office on East Chicago after my appointments.  Among several construction sites in progress is the Northwestern Simpson Querrey Biomedical Research Center at 333 East Superior, Chicago IL 60611. The site is the former Prentice Women's Hospital demolished after much controversy.

I suggest walking through the area... not driving.  With all the construction you never know when a tractor trailer hauling a massive sewer main will get stuck right in front of you.

Stuck between parked cars at at Huron and McClurg.  A few minutes later cars were a few dozen cars backed up on McClurg around to Erie Street.  With all the one way streets there was nowhere to go.

"Target" Streeterville for great shopping/ drinking on October 11th

The Target store at 401 East Illinois Street, Chicago IL 60611 taken yesterday on the way to Shakespeare Theatre Navy Pier

I miss the old Fox and Obel at 401 East Illinois Street in Streeterville.  With four kids we make the occasional detour to Navy Pier and enjoyed the café there.  It offered great food choices for the whole family in a nice setting.

In with the new Target store set to open October 11th. Here's hoping they will step up the café food game in this attractive urban location along with serving wine and beer for mom and dad.

Condo units at nearby 160 East Illinois and 240 East Illinois buildings sell at a median price over $500,000.

Happy Easter Streeterville style!

Photo Bob DePalma and Eric Rojas, Brokers, Kale Realty

Spotted the Easter Bunny's private car at the Peninsula Hotel 108 East Superior, Chicago 60611 this week. Even "His Bunniness" needs a little pampering after being petted, pulled, and kicked by egg and chocolate craving kids. 

Happy Easter.

Stuck bus Streeterville!

Just a little back up on West Ontario in Streetrville

Dropped my wife off at work this morning and parked in the garage. Walked out towards one of my regular Starbucks at Ontario and McClurg (401 East Ontario) to this familiar scene.  A car parked too close to the intersection and too far from the curb prevented the bus from turning in morning rush hour.  Glad I was on foot.

In case you were wondering... 6 condo units have closed over the last six months in the 401 East Ontario, Chicago IL 60611 building.  Closed price range over that period is $269,000 to $735,000. With all the street action and a Starbucks in your building you get your money's worth!

Timber lofts in Steeterville... Really?

 

The entrance at 540 N Lake Shore Drive, Chicago IL 60611. All photos Bob DePalma, Broker, Kale Realty

 We were recently contacted by a condo owner at 540 N Lake Shore Drive in Streeterville. We quickly recognized the address as a vintage loft conversion. Yes, it's true. In this dense luxury high-rise neighborhood -where new construction seems to have  no end in sight- is a unique timber loft property. If that is your style, the location at 540 North Lake Shore Drive can't be overlooked.

Not your typical Streeterville building these days. 540 N Lake Shore Drive, Chicago IL 60611 is a timber loft throwback at the lakefront in a densely populated glass and steel jungle. It's more famous neighbor Lake Point Tower at 505 N Lake Shore Drive peeks over the top.  Photo Bob DePalma, Broker, Kale Realty

Built in 1912, and converted in to condo in 1992, 9 loft style homes sold in 2014 ranging from a short sale studio apartment at $171,500 for 772 square foot unit (quite a deal) to $750K for a combined duplex unit of approximately 2500 square feet.

YoChicago.com has a nice write up from about two years ago with a little history on 540 N Lake Shore Drive.

While 540 N Lake Shore perseveres new glass towers continue to rise in Streeterville.

Call us to buy or sell or rent Streeterville units... Bob is a veteran of the neighborhood!

Stan's Donuts opens in Streeterville, I get fat

The second Chicago Stan's Donuts and Coffee opened in 259 East Erie, Chicago IL 60611 in Streeterville circa November. Photo Eric Rojas, Broker, Kale Realty

I've pretty much "checked out" over the last two weeks for anything healthy or exercise related. That made stumbling on the Streeterville Stan's Donuts and Coffee double awesome.  I could not help but to stop in last Friday on my way to meet my wife for lunch near Ann and Robert H. Lurie Children's Hospital of Chicago and the Northwestern Medical campus.