Find a Million Dollar Condo in Chicago

Find a Million Dollar Condo in Chicago

What’s it like to shop for a $1MM 3 Bedroom condo in the heart of Chicago?

Pretend you’re looking to

Find a Million Dollar Condo in Chicago…

and join me as I recount my day on Monday….

Presidents Day – Weather:  50’s and Rain … ALLLLLLLL  DAYYYYYY…..

8:30 am – Preparation

I reconfirmed all appointments yesterday – unlike just about EVERYWHERE ELSE, in Chicago, the listing agent meets us at a specific time to see each property. We don’t have lockboxes, and the time IS NOT fluid…  If you don’t like the outside of a property, you still have to be polite and go inside, because the seller left and the listing agent is waiting for us!

I’m out the door – running first to the grocery store for water and snacks and then to the  gas station to fill the tank…  it’s raining so hard that I didn’t need to wash the car…

9:15 am

Pick up clients at Presidential Towers in the West Loop –  the husband works in the loop – his wife still lives in Ohio until their daughter graduates from high school this spring…  it’s common to see spouses separate to give kids a chance to stay in their schools.

9:30 –  25 E Superior St

The Fordham is luxury condo building completed in 2003 – found in the River North Neighborhood. (See Market Trends here)

River North

The listing agent is waiting for us in the lobby, and she did a magnificent job of showcasing the property– The 3 BR condo was originally listed at $1,279,000 in May, 2017 and since has been staged and reduced in price  to $1,150,000. It’s well located, with a city view. The unit – under 2100 SF – might be a bit too small…they liked the split BR floor plan.

looking for a million dollar condo in Chicago

We had a quick look at the indoor pool and fitness center before heading off to our next appointment.

It’s pouring rain – ughhh! – we parked in a loading zone with flashers on…the challenge of showing property in downtown Chicago!

10:00  1000 N Lake Shore Plaza

Located at the corner of Oak Street and Michigan Avenue overlooking Oak Street Beach – don’t confuse it  with 1000 N Lake Shore Drive (just to the north). Built in 1964, it doesn’t look very pretty on the outside. I used to avoid showing here, but I’ve since come to appreciate this building – the units are lovely and the building’s well-staffed and the common areas have been updated.

find a million dollar condo in Chicago

find a million dollar condo in chicago

The unit takes up the north half of building – it’s just under 2500 SF (agents have a way of rounding up the square footage!) In general, it’s a pretty unit – but it needs paint and trim clean-up. There’s a gorgeous view, but we can’t see it, as we’re socked in with fog.

I think the price is a bit on the high side for this tier ( C ), but the unit’s on a high floor and clears 1000 LSD to north, so that’s worth several thousand dollars.

The buyers like the size and aren’t fazed by the need for paint and trim work.

See the 1000 N Lake Shore Building Sales History Here:  Select this link 

10:20   950 Michigan Ave – “One Mag Mile”

We head across the street to our next appointment, located at the top of the “Magnificent Mile” – the stretch from the Chicago River to Oak Street.  The unit needs work – it’s dated —  older furniture and the owner was home -sitting in our way as we squeeze by from the dining room to the kitchen. I got the feeling we were “putting him out” by viewing his unit!

find a million dollar condo in chicago

Although the listing agent is ALWAYS charming, the experience wasn’t charming, given the condition of the unit and the uncomfortable feeling with the seller at home.

We had a quick look at the pool/fitness room and ran through the rain back to the car…This could have been a contender for them, but showing experience ruined it for the buyers.

find a million dollar in chicago

My clients are so sweet – I tried to have them wait under cover while I ran to get car, but they were right with me, running through the rain!

Off to the Streeterville neighborhood! (Streetville – Choose Chicago)

10:45  505 N McClurg Ct – “Parkview Condominiums”

I found loading-zone parking on Illinois St in front of a cupcake shop – no time to buy a treat, though!

An energetic and experienced agent meets us, and she does a good job showing the property, given what she has to work with. The floors have just been refinished, and they’re lovely! The unit looks small, though, because it’s vacant and there isn’t a view, thanks to the fog.

find a million dollar condo in chicago

11:10 160 E Illinois St.

We arrived right on time and waited in the lobby but no agent showed up.  I tried to text him; I tried to call. We can’t show without the agent… so at 11:25 we gave up and went on…

11:40  430 North Water St.

This is one of the townhomes near the Spire hole – (article) a peninsula between Ogden Slip, Lake Michigan, and the Chicago River.  they were originally built on a 99-year land lease, but this unit’s owner bought the land. I couldn’t find parking after 2 passes,  but luckily one of my Baird & Warner colleagues lives nearby – I parked in her driveway.

It’s raining hard now – getting soaked while we wait for the agent to show up.

find a million dollar condo in chicago

This 4-story townhouse is dated – although the kitchen is newer, there’s no hiding the honey colored oak staircase.

find a million dollar condo in chicago

View from the bedroom of Ogden Slip

Seeing this confirmed that they don’t want a townhouse- they want a one-floor condo.

I’m hearing this sentiment  more and more with empty nesters- townhomes are out of style- perhaps a good bargain for the right YOUNG buyer?

Onward and upward…

To get south of the Chicago River, we drive to Lower Michigan Ave, threading our way through Stetson St  and Columbus Ave, meandering up 2 levels to upper Randolph St. I feel like I have the secret key to the city, using streets that many don’t know exist!

 

lakeshore east

450 Waterside Dr – “The Chandler”

This is the “most northeastern” building in the Lake Shore East area (See area information here).  I sign in with the doorman, and we chat with a seller who’s about to list her condo. She offers to show us the unit, and we agree to see it. It’s a south view, looking into the lot where 2 buildings will block the view- not for us!

Back downstairs, and the listing agent isn’t there. She texts to tell me to show without her, but the doorman won’t let me in. Even with ID, the permission form requires the listing agent to be present. Time’s up, so we leave and go next door to stay on schedule.

420 Waterside Dr – “The Regatta”

Okay – it’s just next door, but I move my car anyway!

One of my favorite agents meets us – very experienced and knowledgeable. It makes such a difference to be greeted by a great agent!

Sellers who choose to work with a TEAM instead of a seasoned agent run the risk of having an inexperienced assistant “opening the door” for the buyer and not truly showcasing the property.

The unit is traditionally furnished – a bit out of character with this newer building, but it still looks lovely. It’s a northeast view, overlooking the Chicago River and Navy Pier. The buyers like it a lot.

find a million dollar condo in chicago

Next, we go to another unit in the building – the same TIER – meaning same floor plan and view – just a different floor height. It’s priced less. However, the parking is not included in the list price. The seller’s asking $55K for each of the 2 spaces , so it’s not as inexpensive as it originally appeared.  This is annoying – there really should be consistency in pricing!!!

The unit doesn’t show nearly as well as the previous unit – an oversized sectional couch and huge entertainment center make the unit seem much smaller than the other one. What a difference well-proportioned furniture can make in enhancing a condo’s appearance!

I was distracted, though, because I was texting and calling, trying to get us back into 450 Waterside Dr. In the end, a different agent from the company drove over to meet us and showed us the unit.

See what condos have sold for in 420 Waterside – Select this Link

450 Waterside Dr – Second attempt to see the condo there…

The buyers liked it very much – good size – good view – good finishes…  the listing sheet warns us that there is a lawsuit due to “safety issues” need to check that out!

find a million dollar condo in chicago

find a million dollar condo in chicago

We’re all starving!

I drive us over to the Union League Club and run through the lunch line – 30 minutes to inhale lunch…  the 450 Waterside debacle cost us on 30 minutes in our schedule.

Check out sales history at 450 Waterside: Select this link

2:00 pm 6 N Michigan Ave.

I’m really brave now – I park on Madison St. – ½ block West of Michigan Ave – with my hazard lights on…  There are 2 units for sale in the building, and I chose to show the higher floor unit. This is a “sleeper” building- not many people know about it.  It’s not floor to ceiling glass windows, but It has great views and lovely units. They liked it but didn’t LOVE it.

find a million dollar condo in chicago

find a million dollar condo in chiago

See the Pricing Study for 6 N Michigan – Select this link

2:30 1160 S Michigan Ave.

I think 1160 Michigan is a good value. Some think it’s too far south (on Roosevelt Rd –  1200S), but the views are great and the price per square foot is terrific. Here, the tenant, who’s renting from the condo owner, isn’t thrilled to be interrupted on the President’s Day holiday. We take our shoes off and try to be invisible.

find a million dollar condo in chicago

The owner bought the condo for $1.5MM from the developer, and is now motivated to sell. It has been on the market off and on since 2008, originally listed at $ 1,825,000. Because it’s a high floor, it clears the building to the north, and has terrific views of Grant Park, the Museum Campus, and Monroe Harbor.

The buyers were impressed – they have good vision to see the possibilities in this 2567 SF gem.

Check out the sales history and price per square foot of 1160 S Michigan here:  Select this link

 

3:15   2130 N Lincoln Park West

The buyers wanted to see a unit in Lincoln Park, and at the last minute, they asked to see 2130 Lincoln Park West. This is an altogether different building – a 1920’s vintage condo, with a charming view of The Lincoln Park Zoo. The plaster work in the gallery is awesome!

find a million dollar condo in chicago

My sweet clients from Ohio thought the listing agent was making a joke when she showed the “maid’s room… “ – I’m so used to this terminology that I forget that the very small bedrooms off the kitchen in vintage apartments  – designed for staff to sleep in – really WAS the MAID’S Room!!

find a million dollar condo in chicago

Lincoln Park Zoo view

3:45 pm – back at Presidential Towers

The buyers were soaked but content that we saw many great units and they’re closer to understanding the market.

In the end, they most liked 1000 Plaza, 420 and 450 Waterside, and 1160 S Michigan. They feel most comfortable in split bedroom floor plans of 2100-2500 SF. View is important, and they are willing to undertake painting and floor refinishing, but not major renovations.

Our tour gave them a good look at the current inventory, and they’re confident they’ll find something that they’re going to love living in.

So – which are YOUR favorites?!

Check out condos for sale by neighborhood here… Neighborhood Search

 

Ready to Tour Condos for Sale in Chicago?

Contact Anne Today!
Favorite Condos for Sale Today

Favorite Condos for Sale Today

Best Condos for Sale in Chicago?

Here are my top 13 choices for condos that are currently for sale  – either Loop or Near North (including Gold Coast and River North).

The list isn’t complete, however, without including my 2020 N. Lincoln Park Listing. With 3 bedrooms and a den, 2 balconies, and unobstructed park, lake, and city views, you can’t beat it!

The other properties are listed by my colleagues- let me know if you’d like to visit one! I’d love to represent you in purchasing your city condo!

Click on the address to see the full listing information…

# STR # BLT List Price ASF $/SF BR BTH Taxes ASM
2020 Lincoln Park West 28GH 1971 $765,000 1625 $470.77 3 2 $10,486 $1,436
118 Erie 26B 2012 $1,245,000 1505 $827.24 2 2 $28,077 $1,806
161 Chicago 38DE UNK $1,320,000 2783 $474.31 3 3 $21,628 $1,806
57 Delaware 2702 2000 $1,549,000 2015 $768.73 3 3 $16,206 $1,432
800 Michigan 5303 2000 $1,800,000 2000 $900.00 2 2.1 $29,344 $1,215
270 Pearson MSNT101 2004 $1,890,000 2256 $837.77 2 2.1 $15,004 $1,865
6 Michigan 803 UNK $1,100,000 2000 $550.00 3 2.1 $3,448 $1,860
1201 Prairie 3703 2008 $1,100,000 1746 $630.01 3 2 $17,929 $1,073
1530 State 12A 2001 $1,195,000 3100 $385.48 3 3 $13,017 $1,588
411 Ontario 721 1908 $749,000 0 UNK 2 2 $7,217 $672
1110 Lake Shore 7S 1970 $875,000 2300 $380.43 3 3 $9,343 $2,153
225 Columbus 6308 2009 $1,000,000 1547 $646.41 2 2 $12,501 $802
159 Walton 8D 1929 $1,950,000 3157 $617.68 3 3.1 $36,359 $2,774

 

 

 

 

 

Ready to find the best condo FOR YOU?

Send me your criteria- location, price, bedrooms, amenities…. buying a home in chicago is easier with Anne Rossley

and I’ll forward a curated list and tour-

created just for you!

Find my Home...

Chicago Spring Real Estate Market is HOT HOT HOT!

Typically, the Chicago Real Estate spring market kicks off on Super Bowl Sunday.

This year, however, buyers have been out in droves since mid-January.

Today, the activity is off the charts!

real estate 606**

The Real Estate 606** Top Producer group, of which Anne is a member, has been strategizing about ways our buyers and sellers can take advantage of this situation. “How to take advantage of Chicago’s Hot Real Estate Market” will be the topic of the next post.

 

Let’s look at just how busy the market is:

A “healthy” market is defined by lenders as a 6 month inventory of homes available for sale.

anne rossley real estate

Right now, in Anne’s primary market area,

there is only a 3.1 month inventory –

the LOWEST IN RECENT HISTORY!

 

RISMedia just published the Realtor.com HOTNESS index –

the number of days on the market for real estate properties.

hot real estate market

How HOT is Chicago’s Market?

How many days does it take to sell?

This chart shows the # of days between the date the property was listed and the date a contract was agreed upon. The median number of days between list date and contract is

17!

 

 

What is this HOT real estate market doing to Chicago Sales Prices?

Sales prices are increasing rapidly!

  • We’re seeing multiple offers that exceed listing prices.
  • Sometimes, properties are selling without even being listed – either via agent to agent word of mouth, or via systems like MRED’s private listing service or Top Agent Network (TAN), of which I’m a member.

 

Buyers are having difficulty finding and acquiring property…

  • Inventory is so low – there are not as many choices as in a typical Chicago real estate market
  • Buyers have to act quickly in a fast paced real estate market – this can be frustrating
  • Buyers who aren’t working closely with a real estate agent just won’t be able to find the same options as those who rely solely on online listing sites (often out of date and incomplete)

What does this mean to you?

More than ever, it’s critical that buyers and sellers work closely with a real estate agent who has the experience and expertise to guide them.

For Sellers, your expert real estate agent will know how to:

  • Set the right listing price  – not underpricing your home and thereby “leave money on the table” ,
  • Price your home not so high that appraisers can’t support the price and the buyers fail to get the loan,
  • Use a “Hot Real Estate Market Action Plan” that creates excitement, brings all buyers in quickly, and yields a quick, high priced offer
  • Recognize buyers’ remorse, buyer pre-approvals you can count on, and buyers tying up properties while they “make up their minds”

For Buyers, your expert real estate agent will know how to:

  • Educate you so when the opportunity presents itself, you are comfortable enough to act,
  • Find the best property – via TAN, Private Listing Network, the MLS, or word of mouth,
  • Make your offer stand out from the pack,
  • Ensure you don’t overpay and knows how the appraiser will evaluate the home’s value, and
  • Will provide energy, persistence, and determination to help you achieve your goals.

 

Easier_SocialMediaJPG_Cube

 

Do you want to buy or sell but aren’t sure where to start?

Contact Anne and let her guide you!

 

For questions about how to win in this HOT REAL ESTATE MARKET...

12 + 9 =

EasierDoesIt – Thanks, Baird & Warner for making things easier!

EasierDoesIt – Thanks, Baird & Warner for making things easier!

EasierDoesIt !

What are your favorite “Life Hacks” –

those tricks that make day to day living easier?

Share them on social media, and win tickets to see Hamilton in Chicago!

Baird & Warner is making it easy – just post on social media with the hashtag #EasierDoesIt –

          – the “hack with the most views and votes will win

FREE TICKETS!

Want to learn more?

http://BWEasierDoesIt.com

Want to post but you can’t think of anything?

Check out Anne’s Pinterest Page for Ideas…

 Follow Anne on Pinterest

Favorite Tips for Living

Tips and Tricks for the Home

 Want another tip for your real estate search?

Download Anne’s Mobile Search App 

and get info on properties based on your location!

mobile real estate search app

#EasierDoesIt! 

Baird & Warner makes it easy for buyers and sellers…

What makes life easier for you?

We want to hear!

Historic Baird Family Home Sells in Evanston

Historic Baird Family Home Sells in Evanston

Known for not only being rich in Evanston history, vintage details and architectural significance, this was the home to the Baird family for generations. John Baird had to move his family to make room for Steve Baird, his third child. It’s truly the classic story of a move up transaction. They went farther out in the burbs to what was then a new construction.

The award-winning, Queen Anne “Painted Lady” Victorian home located in Evanston recently was sold. Arla Unwin, of the Evanston office, was excited to be the selling broker on this home with such history for the Baird family.

The unique, 1897 landmark features a grand foyer, formal living and dining rooms, library, 3 bedrooms plus huge 3rd floor master suite potential with sun room and office and 2.5 updated baths. For a period of time, the home was known as the “Darth Vader House” because it was painted black. It’s in between two multi-family buildings that both had coal boilers, so the owners couldn’t keep it clean.

This is actually the second time that Arla sold it. The first time was ten-ish years ago. She was also at Baird & Warner then. It’s nice to see the loyalty and kudos for keeping in touch with her client that long.

Check out the home below:            

Contact Anne

6 + 9 =

Choosing An Elder Law Attorney – Chicago Real Estate

seniors making moves

Elder law is a fairly new legal field. It differs from most other areas of practice, which are typically based on a type of law (civil vs. criminal cases, for example) instead of a particular type of client (usually elderly, but also younger people with special needs). Elder law attorneys work with a number of legal areas, including:

  • Guardianships
  • Long-term care planning
  • Government benefit programs (Medicare/ Medicaid/Veteran’s benefits)
  • Advance health care directives • Powers of attorney
  • Competency and mental health Issues
  • Estate planning
  • Elder abuse (physical, emotional and financial)
  • Asset protection
  • Tax law
  • Age discrimination
  • Disability
  • Retirement and/or pensions
  • Trust planning (including special needs trusts)
  • Contract law (for example, reviewing a continuing care retirement community’s contract)

If you think you need more information on Elder Law Attorneys, you may want to consider the following websites:

Senior Real Estate

For your FREE ADVICE on

“The 10 Questions you Should Ask an Elder Law Attorney”,

Select this link:

10 Questions to Ask An Elder Law Attorney

Do You or Your Parent Need a

Senior Real Estate Specialist?

Contact your SRES, Anne Rossley, TODAY!

 

7 + 13 =

Chicago Home Sales Slowing?

 

Are we entering a real estate slump for single family homes in Chicago?

Are Chicago Home Sales Slowing,

and

are we seeing the return of a buyers’ market?

5438 Lakewood

In the prime single family home neighborhoods of:

anne's market area a

 

 

 

 

 

 

The last 3 months have seen the following activity on homes between $1,200,000 and $ 2,500,000

Active

118

New

18

Price Change

1

Total Active

137

Contingent

37

Pending

46

Total Under Contract

83

 Total Closed

48

 

The average number of properties closed/per month is 48/3, or 16.

That means the current ACTIVE inventory on the market (137)

is 8.6 months’ worth –

an OVER SUPPLY!

 

Looking at it further, we see the following breakdown by neighborhood over the last 3 months:

 

Lincoln Square North Center Lake View Lincoln Park
Active 16 47 40 36
Pending 8 19 18 21
Closed 2 21 16 9

 

 

In my total market area (south loop to Edgewater),the inventory of single family homes is rising.

Number of New Listings for Sale

New Listing 3 years

Meantime, the number of closings is declining.

Number of New Closings

H

 Below is the chart for single family inventory in the total market area. The figures supplied by MRED include 12 month sales figures. The trend looks less alarming because we’re just in the beginning of the slow down, and the 12 month sales figure used to calculate inventory is a broader perspective than the 3 month number used above.

Inventory of Single Family Homes

Based on Last 12 months rolling calculations

INVENTORY

So what does this mean for you?

If you’re a single family homeowner that needs to sell,

then you may want to consider pricing your home more aggressively

If you’re a single family home buyer,

it’s a perfect time to get in the market- rates are low and it’s become a buyers’ market for single family homes in Chicago!

If you’re on the sidelines… think about your long term goals…

  • waiting to sell may NOT be a good move if you expect interest rates to rise (as do most consumers), prices to stagnate. There may be fewer buyers in the market when you finally go on the market.
  • If you’re planning on downsizing, and you think the economy is not going to significantly improve after the election, then now may be a good time to be realistic and put your home on the market.
  • Make sure your interest rate is locked in for a year or two MORE than you plan on staying in the home. Should you consider refinancing?

For a quick look at what your home’s worth, select this link:

Home Valuation – Emailed Directly to your Inbox

To find out more precisely what you can expect if you were to sell,

Contact Anne Rossley today!

773-620-5333

4 + 10 =

Top 10 Chicago Bungalows for Sale Today

Chicago Bungalows are one of my favorite options for Living Well in Chicago…

 

Here are my choices for the top 10 available for sale today…

(Note: these are NOT my listings- they’re just my favorites.)

Select this link for a map, info, and photos of these homes:

Top 10 Bungalow Home Tour

Best Chicago Bungalows

To see any of these, or to find a bungalow of your own, contact me today!

Street #Str NameList Price# RmsBRBAASFYr BltLot Dim
4927Keeler$259,0006321250191938 X 125
6439Washtenaw$330,0001032192133X124
5257Bernard$369,000961.22800UNK35X125
5031Kolmar$374,5001152.1192230 X 142
5941Washtenaw$429,0001042.1192330X125
5111Kostner$450,000843192230 X 126
3723Pulaski$499,90012432200190350 X 125
3941DAKIN$519,900832192430 X 130
2246Greenleaf$749,90010435000192640 X 155
4312Francisco$849,0009433400190837X125

4712 Francisco

2246 Greenleaf

3941 Dakin

3723 N Pulaski

5111 N Kostner

5941 Washtenaw

4927 Keeler

albany park bungalow

Find your Chicago Bungalow

Contact Anne for showings and information…

Contact Anne

Chicago streets are on a grid system.

 

The center of the grid is State (0 E/W) and Madison (0 N/S).

 

Each 8 blocks, or 800 in street numbers = one mile

 

For example, Chicago Ave (800N) is one mile north of Madison (0N)

 

If you memorize a few streets, you’ll quickly be able to lose your GPS and find your way around the city like a pro!

 

For example…

Chicago streets

Madison  – 0

Chicago – 800 N

North Ave. – 1600 N

Fullerton – 2400 N 

Belmont – 3200 N

Irving Park Rd – 4000N

 

 

What about “Street”  vs. “Avenue”  vs. “Boulevard” or “Parkway?”

 

Avenue – Streets running North and South. There are exceptions.
Boulevard – Streets where trucks over 5 tons are not permitted.
Court – Short roadway.
Parkway – Street that ends at a park.
Place – Street running the 1/2 block between streets.
Street – Streets running East and West. There are exceptions.

 

North vs. South  East vs. West

Homes on the North and West are EVEN NUMBERS

Homes on the South and East are ODD NUMBERS

 

If you can’t remember how far north/south/east or west a particular street can be found,

 

Here’s your answer!

 

Select this link to download a list of all streets in Chicago.

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This site provides applications using data that has been modified for use from its original source, www.cityofchicago.org, the official website of the City of Chicago.  The City of Chicago makes no claims as to the content, accuracy, timeliness, or completeness of any of the data provided at this site.  The data provided at this site is subject to change at any time.  It is understood that the data provided at this site is being used at one’s own risk.
 
Links:  
How 30 Chicago Streets got Their Names
Chicago Street Maps
Chicago in Maps
Researching Chicago Streets over Time
 

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