Thursday, July 18, 2019

Update! 2 East Oak in Gold Coast to sell to investor

I just posted today about the potential sale of 2 East Oak high rise in Chicago's Gold Coast. Investors have won the support of over 75% of the condo association to sell the building according to Crain's Chicago Business.

We've had a lot of experience with this building over the years. I think it is in good position to charge more affordable rents then the recent trend of new construction luxury rental condo buildings near downtown. 

Lively Gold Coast condo building rejects $92 million offer

Investors made a bid to buy 2 East Oak in the heart of Gold Coast to convert back to rental apartments. For now the owner's vote has "rebuffed" the $92 million offer. (All photos Eric Rojas, Broker, Kale Realty)
My business partner once lived in venerable... maybe infamous... 2 East Oak in the heart of Gold Coast. The condo building offers mostly smallish condos at a decent bargain for the neighborhood. The rooftop pool deck is worth the looonnnng winter wait!  A recent $92 million offer to buy the entire building and convert the building back to rental apartments has been turned down so far. 

If I'm an owner I may not want to give up these pool deck views!
It is not unusual for an entire condo building to be purchases. Association owners must approve a sale by 75% vote of its members. Crazy right? I've researched condo building purchases from twelve units to 100s of units. The idea is unit owners will cash out on their units for a higher price than they would if they sold individually on the market.  The investor then converts the building to rental apartment units. My guess is the investor could position these units as more affordable than the newer construction luxury market.

2 East Oak Sales
22 units have closed over the past 12 months. The median price is about $223,000. 

Tuesday, June 25, 2019

River North land sold for $110 million, now massive "One Chicago" development underway

The construction site of One Chicago Square was a parking lot and collection of older buildings.  The Archdiocese Of Chicago sold the land in 2017 for a reported $110 million.  All photos Eric Rojas, Broker, Kale Realty

Property showings and sales, my kids' athletics and my wife's work (at Lurie Children's) bring us to the Dearborn / Superior area of River North often. It's now shocking to see the former Holy Name Cathedral parking lot site is under construction. One Chicago Square could take up to four years to complete.  I imagine the parking alternatives are for the Catherdral, Francis Xavier Warde` school and other area workers must be a hassle.

Holy Name Cathedral sits directly east across the street at 730 N Wabash.
Looking east.

Looking southeast.

Thursday, June 20, 2019

Under contract! Two beds Lincoln Park condo sales

Our client locked down a rare vintage condo unit with ALL the fix'ns a tad over $350K (well, without designated parking but don't get crazy!). 2155 North Seminary pictured.  All photos Eric Rojas, Broker, Kale Realty
We recently helped our first time buyer client reach terms on a two bedrooms, one bath condo in Lincoln Park. The fantastic DePaul neighborhood location is just the start. Somehow we found an updated place with two large bedrooms, central AC, a great deck, dishwasher AND in-unit washer dryer... a home run! It's tough to get the all of these most desired features in a small building at $350K! The home purchase closes next week.

Thirty-two condos sold in the past twelve months with two bedrooms and in building less than 36 units (criteria for our client). The median price of a sale is $343,000.  Very few units under $350K feature a true deck, Central AC, in-unit washer and dryer... and it they do look out for teensy-tiny bedrooms! All the sold condos matching the few criteria (two beds, under 36 units, Lincoln Park) were in vintage converted buildings.

Call/ email us to buy/ sell your next Lincoln Park or North Side condo!

The remaining vintage apartment and mixed-use buildings help make Lincoln Park one of the more desirable locations in Chicago... more so than the uber huge and expensive new construction homes.

Wednesday, June 19, 2019

Lincoln Park vintage multi-unit building sells for $1.2 million, torn down

1656 West Wrightwood sold in 2018 for $1,200,000 was torn down on Monday.
There are many significant "tear down properties" in Lincoln Park and around the city.  Sometimes we pass one (big deal or not) while we are working in the neighborhoods that catches our eye. A west Lincoln Park vintage mixed use building circa 1920 on a 32' x 125' recently sold in 2018 for $1.2 million and is being torn down. 1656 West Wrightwood  sold previously in 2010 for $400,000. The original listing at the address was back in 2008 was for a 58'x125' property asking $1,750,000.  It was eventually split and sold as the single lot.


The property was listed as a 32' x 125'  lot and zoned RT4 (can build a multi-unit building).  That's $300.00 a sq/ft for the dirt.  The demo took place June 17th of this week.  There is no construction permit on the property yet and I don't know what the new building will ultimately be.


Thursday, June 13, 2019

Video! Meeting contractors on behalf of our clients



We try and make the home sale, buying and owning process easier!  This week we met with contractor's at two of our home listings on behalf of our clients for repair estimates.  We leverage our resources gathered over many years to help make smart, efficient decisions concerning all sorts of home owning fun!

Please contact us for real estate related resources, market advice and to even meet contractors at your home. You can also contact me concerning kids' sports programs LOL 💀.




Friday, June 07, 2019

New! Take a sneak peek at 522 N Marion in Oak Park for sale $449,900



New for sale! 522 N Marion, Oak Park IL 60302 asking $449,900. Fantastic location in the Frank Llyod Wright Historic District of Oak Park and Holmes Elementary School district.

More Property Information HERE







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 Listed by Eric Rojas, Broker, Kale Realty
2447 N Ashland, Chicago IL 60614
773-510-1597 - erojas@kalerealty.com
ericrojasblog.com

Wednesday, June 05, 2019

For sale: East Lakeview heated garage parking space for sale $29,900

Heated garage parking spot for sale at 450 West Briar in East Lakeview
Heated garage parking spot for sale at 450 West Briar, Chicago IL 60657 asking $29,900. (Car not included!)

East Lakeview is a high density neighborhood with little street parking. If you are in need of a parking spot you can purchase this heated garage spot in the heart of the neighborhood for $29,900.

Anyone can buy this parking space and store their car.  As the owner you may also rent out the parking space to outside residents. 
Heated garage parking space for sale in 450 West Briar... the heart of the East Lakeview neighborhood. Asking $29,900

Exclusively listed by:
Eric Rojas, Broker, Kale Realty
2447 N Ashland, Chicago IL 60614
PH: 312-939-5253
erojas@kalerealty.com

Tuesday, June 04, 2019

Sold for $3,140,000 Lincoln Park brewery building torn down for new development

The long time Lincoln Park site of various bars, brew pubs and bowling has been has been torn down for development. 

The Burnt City building (also formerly The Lucky Strike AKA Seven Ten Lounge etc...) in Lincoln Park at 2747 North Lincoln Avenue in Lincoln Park has been torn down. According to public records the land (2747-2749 North Lincoln Ave) was sold for $3,140,000 in 2017. We passed the site this past week while on condo showings with a Lincoln Park buyer.

I poked around but have yet to find out what will be built on the site. I was never a big fan of the businesses here. However I'm no stranger to Delilah's on the block... a rare hold out of my youth.

Update! Land sold for $4.4M... 80 units at 450 West Belmont in Lakeview near completion

A busy strip of Lakeview near fantastic lakefront amenities gets a new shiny building. The glassy 450 West Belmont rises in the left of the photo. All photos Eric Rojas, Broker, Kale Realty
Our Lakeview condo search for a client brought us past a new construction building taking full shape. 450 West Belmont is stepping out among the vintage buildings in East Lakeview. The 80 unit rental apartment development adds highly demanded new construction units among the 60s built high-rise buildings the area is known for. We reported the original vintage buildings and lots (450-454 West Belmont) were sold for $4.4M. 

On a related note I often wonder how long those 60s high-rise building along Lake Shore Drive will last.  They are not necessarily cheap to maintain! Will they last 100 years like the vintage mid-rise buildings we often revere?