National home sales are strong going into fall season

National real estate sales are performing well this early fall season. I somewhat predicted a typical fall season slowdown figuring a bit of exhaustion from the frenzied, pent up demand of June-August and the national election cycle. The over-all market has kept up some steam in early fall.

The Midwest was the most affordable region. Low mortgage rates are an opportunity to plan and purchase a property in the Chicagoland area that will serve you for the long run.

Stuff I read in the latest National Association of Realtors report:

Four week period ending Oct 11th, 2020 (Year to Year)

- Ending OCT 11th, Contact signings are up 21% over a four week period and were up 18% the four weeks prior.

-Median days on the market is 22 days (21 days the four weeks prior)

-Single family homes affordability declined in August. That is home prices increased more than household income for a typical buyer with 20% down payment.

-Mortgage application growth slowed slightly partly due to the decline in home affordability.

-Mortgage interest rates are expected to remain around the 3% level for an extended period.

-Mortgage forbearance (percentage of loans in forbearance) has declined to a 6.32% rate.

Oak Park seeing the most home sales since 2016

 

The Chicago metro real estate market has performed well despite the pandemic conditions in 2020. A lot of media reports have focused on the heated markets in the west suburbs and the North Shore. However many of our clients move to Oak Park adjacent to the city.  Oak Park is popular Chicago alternative. The little city connected by the Blue and Green lines. A place where you can get a relatively affordable house compared to many Chicago neighborhoods and good schools. How has Oak Park done this year?

Winter is coming...in Oak Pak!

Oak Park is seeing the most single family homes sold to date since 2016.  From January 1st to October 15th 406 Oak Park single family homes have closed. The median price of a closed house is $457,000.  The highest sale is 407 North Kenilworth  for $1,975,000.

2019, 321 houses closed with a median price $445,000

2018, 398 houses closed with a median price of $450,000

2017, 398 houses sold with a median price of $457,500

2016, 458 homes sold with a median price $434,900

2015, 383 homes sold with a median price of $424,000

As the pandemic approached and worsened no one could predict what this year's housing market would look like. Unit sales in fact cut in half or more during April and May in many communities. But the Chicago and surrounding single family home markets bounced back like crazy as many buyers took advantage of low interest rates to either move to the burbs or upgrade their square footage in the city.

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

"Keim Furs" building at 1820 West Foster Ave in Lincoln Square / Ravenswood demolished

I've passed the Keim Furs sign my entire life - either living nearby as I do now or visiting family in the area when I was growing up. The vintage building was sold for $980,000 in 2018 and demolished last week. All photos Eric Rojas, Broker, Kale Realty

The "Keim Furs" building at 1820 West Foster, Chicago IL 606025 in Ravenswood / Lincoln Square has been demolished.  The property was sold in 2018 to a development company by the Keim family for $980,000 according to public records.  The B1-2 zoning allows for many, many uses as of right or special use permit.

Mixed use two-story building with a couple apartments over street level retail.

Big Joe's bar is to the right on the corner.

Many North Siders and visitors to the area have seen the "Keim Furs" sign for generations. The fur business storefront looked closed up and dingy for years. I'm not clear of they are still in business somewhere else. In any event it's a classic, vintage sign on a two-story mixed use building.  This area of  Lincoln Square / Ravenswood located in 1+ Chappell and Amundsen school districts is very desirable for residential and business development. 

This area is at the intersection of the Ravenswood/ Andersonville / Bowmanville neighborhoods of Lincoln Square, Uptown and Edgewater community areas.  It's a great area if you like restaurants, breweries, cafes, local shopping and good schools! There is no permit for the new construction and I have not seen any zoning / variance applications submitted to the 40th Ward as of yet. My guess is it will be four residential units with retail on the ground floor.  However I can also see a fully commercial endeavor at this location.

Pandemic proof? Lincoln Square home sales 2020 (highest sale $3,250,000)

 

A certainly charming but modest home for Lincoln Square standards these days.  The median price of sold Lincoln Square single family home for the first three quarters of 2020 is $740,000. All photos Eric Rojas, Broker, Kale Realty

We love Lincoln Square homes.  And... so did the Chicago market. Despite the pandemic almost the same number of Lincoln Square homes have sold this year as the same period of 2019. Median price this year is up slightly over last year.

Lincoln Square single family home sales 2020 (January 1st to September 30th)

81 single family homes have closed in the first three quarters of 2020.  The median price of a sold home is $740,000.  88 homes closed over the same period of 2019 with a median price of $725,000.

The highest priced sold house this year is 4431 N Hamilton Ave, Chicago IL 60625 for $3,250,000. The new construction house sits on a 37' wide x 178' long lot in the heart of Lincoln Square. This is only the 2nd home sale recorded in the MLS for over $3M in Lincoln Square since 2016 and probably only the 2nd ever (maybe a non-listed home traded for this amount over the years). Both were on single 37' wide lots and over 175' deep. I predict a handful of private built homes over the last few years will surely break the $3.5M mark whenever they come on the market.

The lowest priced sold home is a small frame house at 2154 West Foster, Chicago IL 60625 for $275,000. That's a pretty good deal for a popular area across from Winnemac Park. No construction permits have been issued yet but a zoning change to build a new construction three flat is likely. 

2154 West Foster (center). The vintage frame single family home sold for $275K and will most likely be replaced by a new construction three-flat. You can see a new 3-flat under construction to the far right of the photo.

Lincoln Park vintage building in Arlington-Deming Historic District to be demolished

A vintage two-flat with a coach house located in the charming Arlington-Deming Historic District of Lincoln Park will be demolished. My business partner Bob resides in Lincoln Park near this block and noticed the fencing yesterday at 516-518 West Arlington Place, Chicago IL 60614. A quick check at my www.Chicagocityscape.com account shows a demo permit had been issued September 25th, 2020. The RM-6 zoning means a taller building with more units is permitted on the lot.

A small vintage multi-unit building and coach house at 516-518 West Arlington Place (All photos Bob DePalma, Eric Rojas, Brokers, Kale Realty)

The building has some history with zoning and development struggles. Back in 2006 the owner at the time tried to redevelopment the parcel despite the down-zoning of the block in 2002. The plans were rejected by the 43rd Ward alderman and Chicago Plan Commission at the time. That same owner purchased the building in 1996 for $340,000 and recently sold the parcel this year for $2,900,000 (sale was recorded in January of this year, source Cook County Recorder of Deeds). Not bad!

No permits have been issued for new construction on the site as of yet and I have not seen a proposal on  the 43rd Ward alderman site.

Check out more posts around the Arlington-Deming area of Lincoln Park HERE

Big bird at Montrose Harbor

Bird Sculpture looking toward (Montrose Harbor)

A bird sculpture has appeared at Montrose Harbor. I noticed our new friend on a ride last weekend (while waiting for my kids at Margate Park soccer). Others have posted about it since August but it's the first time I've seen it up close and have yet to identify the artist / donor.

The sculpture is located near the Purple Martin houses (not to be confused with the venerable 80s British pop band House Martins).

Purple Martin houses

Montrose Harbor

Healthy home sales in the Ranch Triangle neighborhood, Lincoln Park

Ranch Triangle has a collection of vintage and newer homes among several charming short angled blocks. All photos Eric Rojas, Broker, Kale Realty

I visited a client's home in Ranch Triangle on Friday. They may decide to sell their duplex condo. Ranch Triangle is a desirable Lincoln Park neighborhood located near the popular North and Clybourn retail stretch. Many of the homes are hidden away on angled and short blocks despite being in the middle of Lincoln Park hustle and bustle. It has a "tight knit" community feel where neighbors often know each other.  Let's take a look at recent sales. 

Ranch Triangle in Lincoln Park is roughly West North Avenue, North Halsted, West Armitage and the river to the west. Image from Google.com

Ranch Triangle Single Family Home Sales

16 single family homes sold from January 1st through September 24th with a median price of $1.4 million.  1919 N Dayton, Chicago, IL 60614 is the highest priced closing at $4.275 million. The lowest priced sold home is a rare foreclosure sale at 1840 N Bissell for $401,000.  16 home sales over the period was the most unit sales (by one) in the past five years.

-2019 over the same period 12 homes sold for a median price of about $1.6 million. 
-2018 over the same period 7 homes sold with a median price of $1.37 million.
-2017 over the same period 14 homes sold with a median price of about $1.35 million.

-2016 same period 15 homes sold with a median price of $1.52 million

Popular town homes along North Maud

Ranch Triangle Condo Sales (attached and town house units)

Ranch Triangle condo sales have been amazingly consistent over the past five years.

62 condo units (attached units and town homes) sold from January 1st to September 24th. The median price of an attached condo is a beefy $605,000.  1919 N Sheffield Unit 2, Chicago IL 60614 is the highest priced sold unit at $1.72 million.  The lowest sold condo is 1600 N Halsted Unit 2D for $248,000. 

-2019 over the same period 65 units sold with a median price of $550,000. 

-2018 same period 65 units sold with a median price of $543,000.

-2017 same period 71 units sold with a median price of about $554,000.

-2016 same period 67 units sold with a median price of  about $528,500

Despite this year's economic and social challenges Ranch Triangle and Lincoln Park markets have have remained resilient. The location offers some of the best in amenities and housing variety Chicago has to offer.

Openlands non-profit plants trees in Lincoln Square

Openlands plants a parkway tree on the 2400 block of West Winona. The last tree had been removed well over ten years ago.

 Openlands was spotted planting new parkway trees in Lincoln Square this morning. The non-profit has several programs including TreePlanters Grants. In this instance a long time neighbor organized the TreePlanters Grant project just west of Winnemac Park. We're very grateful he did as our area, like many, lost trees in the last serious storm.

Take the first step in organizing your tree planting day by visiting Openlands.

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.