New for sale! Bucktown three bedrooms condo with huge private deck, two car parking $539,999

1653 W Cortland #2 features a spacious living room leading to 200 sq/ft walk-out private deck.

 

Check out our new Bucktown listing at 1653 West Cortland #2, Chicago IL 60622. Asking $539,999.  The three bedrooms, two baths home features a huge walk-out deck and two car (tandem) parking.  

Exclusively listed by Eric Rojas, Broker - Kale Realty

2447 N Ashland Chicago IL 60614 - erojas@kalerealty.com

Check out the 3D tour link for walk-through! BUCKTOWN 3 beds condo with fantastic walk-out deck and two car parking (tandem). Spacious and open living/ dining area, gas fireplace. Living room opens to huge almost 200 sq/ft private south facing deck for amazing indoor/ outdoor living. Large kitchen area with new range, new counter tops, backsplash and renovated island all in 2022. New refrigerator 2020. 

Love, love, love this open airy kitchen and dining areas!

Primary suite with Juliet balcony, WIC, ensuite bathroom in marble tile, dual sinks, dual shower heads, and body massage sprays. 

In-unit laundry w/large capacity w/d. Large 6'x10' exterior storage closet in basement. Freshly painted, new outlets, light fixtures, dimmers (2022), building roof maintenance (2020), rear metal stairwell painting and new landings (2020), NEW AC unit (2020), building sealing (2022). One block from the 606 Trail & Walsh Park, 2 blocks to Armitage Metra (new station renovations!) and the new Lincoln Yards development! Unique and charming block close to Blue Line and all Bucktown has to offer. 

-Property tax successful appeal, tax savings of $2,900 per tax year 2021-2023. 

-Monthly assessment $225.00. 

-Self managed building. 

-2 pets okay, no weight limit.

-Rentals allowed, minimum 6 month lease. 

-Boutique four unit building, 100% owner occupied. 

Charming block with local shops, restaurants and bars steps away.

Super tight Ravenswood Gardens / Ravenswood Manor home sales market

Ravenswood Gardens and Ravenswood Manor neighborhoods are popular for their vintage custom homes and leafy riverside location close to CTA Brown Line transportation. 

Our clients are prepping their home for sale in the Ravenswood Manor neighborhood of the Albany Park Community Area.  The greater area of Ravenswood Gardens (east of the river) / Ravenswood Manor (west of the river) is known for it's custom over-sized bungalows, Craftsmans and stately stuccos. Let us not forget the riverside views, local businesses and great schools.

Ravenswood Gardens / Ravenswood Manor sales area. 

So far in 2022 only five homes have sold in the Ravenswood Gardens / Ravenswood Manor neighborhoods.  About 45 Ravenswood Gardens/ Ravenswood Manor single family homes sold over the past twelve months. The median price of a home sale during that time is about $815,000.  

Currently there are only two homes actively for sale in the above pictured area, both listed at over $1.6M.  Only two homes are currently under contract. Active listings, contracts and sold units reflect incredibly low inventory for this spring market!

Recent home sales:

2021: 44 single family homes sold with a median price of about $800,000

2020: 38 single family homes sold with a median price of about $650,000

2019: 39 single family homes sold for a median price of $650,000

2018: 34 single family homes sold for a median price of about $790,000

2017: 34 single family homes sold for a median price of about $787,000

2016: 39 single family homes sold for a median price of about $620,000

Did you buy a house around 2010? If so you're house wealthy

 

The sun has been shining on home ownership over the last decade

A recent report by the national Association of Realtors researches shows homeownership brought tremendous wealth gains over the past decade:

• A homeowner who purchased a typical single-family existing home 10 years ago at the median sales price of $162,600 is likely to have accumulated $229,400 in housing wealth
• Total housing wealth rose $8.2 trillion from 2010 through 2020, with 6.3 million more new homeowner households.
• From 2010 through 2020, the metro areas with the greatest increase in middle-income homeowners were Phoenix, Austin, Nashville, Dallas, Houston, Atlanta, Orlando, Portland (Oregon), Seattle and Tampa.
• The aggregate value of housing wealth rose across all income groups, but those in the high-income group gained 71% of the increase in housing wealth.

If you bought just about anything in Chicago in over 2010-2012 you are doing really well on re-sale.  This is not always the case.  Often too many people look at their home as an investment rather than where they really need or want to live.  However it is undeniable you have a chance to gain wealth over time by owning your home. You almost always get something back when selling real estate after holding for a little while... never the case when renting.

Bucktown condo sales in 2022

"Newer" construction condos and mixed use buildings with popular Bucktown businesses line North Damen Avenue.

We're working with clients on the sale of their Bucktown condo.  The three bedrooms, two baths home with two car parking and enormous deck will hit the market this spring. The neighborhood is among the best in Chicago for walkable restaurants, cafes, shops and transportation. Let's take a look at over-all condo sales around Bucktown.

Bucktown sales area

Bucktown condo sales January 1st to March 11th

58 condos sold so far in 2022 with a median price of $467,500. 75 condos sold in the crazy market of 2021 over the same period with a median price of $480,000. 

• 8 one bedroom condos sold with a median price of  $250,000
• 24 two bedrooms condos sold with a median price of  $410,000
• 25 three bedrooms condos sol with a median price of $607,000
• Only one four bedrooms condo has sold thus far for $660,000

 

Lincoln Square home sales (new construction pushes up price-point)

 

Green wind screens and new construction are the norm around Lincoln Square, Chicago. Single family home construction and prices have been soaring. Pictured is one of three homes under construction on West Ainslie near Lincoln Ave. The homes have 165' long lots. (Photos Eric Rojas, Broker, Kale Realty)

Home Sales This Year

28 single family homes have closed in Lincoln Square from January 1st to March 10th of this year.  The median price of a closed home during this time is $784,000. That median price isn't eye popping for the area... BUT 12 of the homes closed sold for over $1M and one home sold for over $2M.   

Currently 22 single family homes are under contract with a median asking price of $1.1M (much higher than the $784,000 closed median price so far this year). 13 of the 22 homes under contract are listed over $1M and one is $2.45M.

A two-flat building sits between newly built homes on West Winona of Lincoln Square.  The house  pictured on the right sits on          a 30'x150' lot.

I know of over a dozen new construction homes in Lincoln Square currently under contract from $1.395M to $2M. Many of these new construction homes under contract are not listed (shown) on the MLS.   We'll probably see a record average price and record median price for homes by the end of 2022.

Chicagoland area residential prices up as inventory lags last year

New construction is the name of the game in Chicago (all photos Eric Rojas, Broker, Kale Realty)

 The story of spring 2022 in our MRED market? From January 1st to March 7th of the year:

🤔UNDER CONTRACT UNITS are DOWN

🤔NEW LISTINGS are DOWN

BUT

🧐OPEN HOUSES are UP

🧐SOLD PRICES are UP🔥

🧐NEW residential listings lag same time last year

Tight inventory and high prices have slowed sales a little bit from last year's record pace. However people are lining up for open houses and every transaction we are personally involved in is a MULTIPLE OFFER

Check out all the recent stats HERE

Holy cow over 2,500 Lakeview condos sold last year

A popular condo conversion in a former church building sits at North Seminary and West Barry in Lakeview (All photos Eric Rojas, Broker, Kale Realty)

A whopping 2,596 condos (attached units/ townhouses) sold in Lakeview over 2021. It may be a calendar year record! This is the highest number of unit sales recorded in the MLS since 2007 where 2,316 condos sold. 2007 is as far as I can go back on unit sales and the year prior to the mortgage meltdown of 2008. 

• 2,596 condos sold in 2021
• 1,868 condos sold in 2020
• 1,739 condos sold in 2019
• 1,901 condos sold in 2018
• 2,061 condos sold in 2017
• 2,002 condos sold in 2016
• 2,042 condos sold in 2015
• 2,316 condos sold in 2007

The 2,596 condos sold blows away the 1,739 sold in 2019. In that year we had very low interest rates and no pandemic. The Lakeview condo sales trend has bucked the pandemic conventional wisdom of many! The relatively dense Lakeview area has churned out sales rather than pile up months of inventory. 2020 unit sales (height of pandemic unknowns) even surpassed 2019. Anecdotally speaking the majority of sales appear to be locals making lateral and move-up purchases. 

Typical condo construction around Lakeview over the past ten years.

Tough to buy...

One group of our clients is looking for a "duplex" home (multi-level attached unit) with minimum three bedrooms in Lakeview.  This is a hard score if you're on a budget.  Currently there are fifteen duplex condo homes listed that meet the criteria. The median asking price is about $900,000!

Twenty-seven Lakeview duplex condo homes (minimum three bedrooms) are under contract with a median asking price of about $700,000. 

Read more at www.facebook.com/chicagorealestatelocal

To buy and sell in Chicago's Lakeview and surrounding neighborhoods please contact erojas@kalerealty.com

Uptown condo sales (minimum three bedrooms or more)

We looked at a "duplex down" condo on nice block of the Buena Park neighborhood in Uptown. Budget, transportation and proximity to the lake are factors that make Uptown appealing. All photos Eric Rojas, Broker, Kale Realty 

Our clients are looking to buy a large condo (attached condo unit and townhouses) with minimum three bedrooms or more. They currently live in a small two bedrooms, one bath condo in East Lakeview.  Looking in Uptown is a good option for their budget and their desire to stay near the lake.

Uptown three bedrooms condo sales

-268 three bedrooms or more attached units (condo/ townhouses) sold in Uptown.  The median sales price for this type of condo was $450,000.  

-2021 unit sales are up 22% and median price are up 7% over 2020.  In 2020, 219 condo homes with minimum of three bedrooms sold with a median price about $419,000.

-Going back about five years to 2017 we see that 200 condos with a minimum three bedrooms sold in Uptown with a median price of $388,000.

-Currently in 2022 (Jan 1st-Feb 20th) twenty-three condo homes with three bedrooms or more have closed with a median price of about $400,000. 

About nineteen condo homes with minimum three bedrooms are currently listed for sale in Uptown with a median asking price of $439,000.  

Visit www.facebook.com/chicagorealestatelocal

Tight real estate market for Chicago January 2022

Not a ton of relief in January 2022 for Chicago house hunters.  Inventory was low and average prices high.  As market time creeps up sellers need to be aware of rising mortgage interest rates that were about 3.7%  for a 30yr fixed last week.

MARKET SNAPSHOT — CITY OF CHICAGO

*The City of Chicago Market Snapshot represents the residential real estate activity within the 77 officially defined Chicago community areas as provided by the Chicago Association of REALTORS®.

• 1,821 properties were sold in the City of Chicago in January 2022. This is a 7.3% increase from January 2021.
• The median sales price in the City of Chicago for January 2022 was $310,000, the same as this time last year.
• The City of Chicago saw listings average 89 days on the market until contract, a 4.7% increase from January 2021.

INVENTORY

• The City of Chicago’s inventory is down 32.7%, from 8,294 homes in January 2021 to 5,578 homes in January 2022.
• The month’s supply of inventory decreased 45.9%, from 3.7 in January 2021 to 2.0 in January 2022.

Evanston single family home sales (median price up about 9%)

 

It was cold on Evanston's bustling Central Street on Saturday! My partner Bob took the Metra to the Central Street Station and waked to our house showings. Our clients would still like walkable businesses nearby the house. This makes homes near Central Street attractive to them. 

We have a couple groups of clients looking for a single family home in Evanston. Proximity to Metra stations and a good sized yard are priorities for both. In fact, it's the yard size that is pushing them out of the city to Evanston. They both have the budget for a nice house in the Lincoln Square, Chicago area but the yards will be comparatively small.  Here's a look at over-all single family home sales over the past few years.

A familiar looking brick bungalow in north Evanston.  Our clients are moving from a similar Chicago bungalow!

Evanston Single Family Home Sales

-38 single family homes have already closed in 2022 (January 1st through February 13th) with a median price of $585,000. Eight of these home sales have been over $1,000,000.

-504 single family homes sold in Evanston in all of 2021. The median price was $630,000.  The median price is up about 9% year to year over 2020.

-The highest priced sale in 2021 is 706 Sheridan Road, Evanston IL 60202 for $2,400,000 (I thought there may be a higher priced sale considering the explosion of the high-end market over the last 18 months). Six houses sold for over $2 million.

-The lowest priced single family home sale was $151,500 at 1712 Grey Ave, Evanston IL 60201.

-537 single family homes sold in 2020 with a median price of $580,000. More houses sold in that first and more uncertain pandemic year than the crazy heated 2021. Sales in 2021 reflect low inventory and priced going up (making home buying more competitive). Inventory could not keep up with buyer demand.  Four houses sold for $2.5 million or more in 2020.

A typical block of homes near Central Street, Evanston.

• 2021: 504 single family homes sold with a median price of $630,000
• 2020: 537 single family homes sold with a median price of $580,000
• 2019: 431 single family homes sold with a median price of $508,000
• 2018: 422 single family homes sold with a median price of $550,000

Going back several more years:

• 2015: 492 single family homes sold with a median price of $504,000
• 2012: 431 single family homes sold with a median price of $440,000