Wednesday, September 28, 2016

New six unit building construction at former Lincoln Square produce market

5131 N Western Chicago IL 60625 is being prepped for a new building foundation (All photos Eric Rojas, Broker, Kale Realty).
Six new residential units are coming to Lincoln Square at the corner of Western and Winona.  The not-so-sexy location of 5131 N Western is nevertheless desirable as it is close to the restaurants and retail of Lincoln Square and Andersonville. The former produce market lot has been an eyesore and vacant for over 10 years.   

The property measuring about 60'x100' closed for $475,000 cash in March of this year.  The development will be all residential and will face West Winona Street. My guess is it will be condos offered for sale rather than rental units (due to similar successful condo buildings nearby).

The Martinez Produce sign remained for many years and was just recently torn down with new construction approved.
The lot sits at the end of a residential street and neighborhood close to Winnemac Park. Single family home median price nearby is well over $700,000.  Condos types and prices vary but new construction three bedrooms condos nearby on West Foster and North Oakley (5202 N Oakley) have been selling at $450,000-$550,000.

The corner of Western and Winona needs some love. The west side of the street has a tiny used car lot, older apartments and empty commercial space.  The new building will anchor a corner that is near lots of amenities and good transportation (quick buses to CTA Brown and Red lines).
The house next door will finally get a neighbor (and lose some southern light).

Tuesday, September 27, 2016

New house, new Bentley SUV in Gold Coast

It has been a fairly long road for 25 East Cedar in Gold Coast
Lest we not forget this is the Gold Coast.  During condo showings over the weekend we checked out progress on the new construction home at 25 East Cedar.  We've been following this property for almost six years or so.  The rare new construction single family home looks like it is close to completion. In the last 4 years only a few "newer" construction single family homes have sold in the Gold Coast market.  Those were built in 1985, 2009 and 2010. 

Although there may be another one or two new private builds out there over the past 4 years it is no doubt elusive in Gold Coast.  Overall, about 78 single family residences have sold in Gold Coast over the past four years with a median price around $2.3 million.
Bentley Gold Coast at 834 N Rush Street, Chicago IL 60611
We then passed by the Bentley dealership to see the newest, "most expensive" SUV in the world being delivered. The Bentley Bentayga just rolled in and we stopped the sales representative for a look.  The starting price tag is $229,000.  The Bentayga is already sold out for the year and this one is spoken for.

Love that red interior.

Sold! North Center vacant land in Coonley school district gets mutiple offers (and we make another donation!)

Congrats to our sellers on their recent sale of investment property at 1801 W Cuyler in North Center.  The buyers will have the opportunity to build in one of the hottest neighborhoods on the North Side of Chicago.

Watch the video!

 This sale also qualifies for another $250.00 donation to St Matthias Parish and School Capital Campaign to build a new addition!  Whoooo!

1801 W Cuyler 
Vacant Land For Sale $199,900
Sold for $190,000
Approximately 17.5' wide by  124' long 
 Exclusively listed by Eric Rojas, Kale Realty
2447 N Ashland, Chicago IL 60614

1801 West Cuyler, Chicago IL 60613 looking south (Photos Eric Rojas, Broker, Kale Realty) satellite image

  • North Center neighborhood
  • Current zoning RT3.5 
  • Survey and house  plans available for review
  • Coonley elementary school district
  • Unique urban area  steps from CTA Irving Park Brown Line train, tons of businesses and adjacent to  many new construction single family homes
  • Begyle brewery across the street... very convenient!
  • Corner lot with full east and south exposure, great sunlight for gardening

Great opportunity to build a home out of the pages of Dwell magazine

    Looking south

    Nice view of the Deagan building clock tower

    Monday, September 26, 2016

    Southport Corridor favorite Cafe Tola expanding to booming Avondale neighborhood

    I spotted the new Cafe Tola space in Avondale this month (Cafe Tola Loncheria y Tacos at 3324 N. California Ave).     The popular Lake View purveyor of empanadas takes over the former Hot Doug's space.
    Here's some good info by on the good people of Cafe Tola.  The family owned company known for it's food, teensy Southport Corridor outpost and over-sized murals will open an Avondale restaurant in the former - and famous - Hot Doug's space.

    Cafe Tola at 3621 N Southport in Southport Cooridor
    I've really enjoyed the food and atmosphere over the past four years at the original location. I think the diverse food and bar scene of Avondale and the rising real estate market are a good fit for a new Cafe Tola.

    Avondale home sales
    A modern conversion home I spotted back in 2011 on the 2800 block of North Rockwell.
    The Hot Doug's Affect:  Lots of real estate activity in the four block radius surrounding the new Cafe Tola location at 3324 N California. 59 single family home properties have been closed in the last 12 months in the nearby sales area with a median price of about $435,000.  Most lower end properties below the median are being bought for renovation or tear down to build new.
    60 single family homes sold in the same sales area over 2015 with a median price of $431,500.

    Just 4 years ago in 2012, 50 single family home properties closed with a median price of just $300,000.
    The Avondale sales area surrounding the new Cafe Tola concept has been very active with renovations and new construction.

    There has been a hot market for buying and converting two-flats to single family homes in Avondale over the past 4 years.
    32 small multi-unit buildings (2-4 unit buildings) have closed over the last 12 months in the same sales area with a median price of $342,000.  My guess is at least 30% of those purchases will be for single family conversions and/ or new single family construction houses.  36 small multi-unit properties sold in 2015 with a median price of about $312,500.  In 2012 (the start of the North Side price recovery) 38 small multi-units sold with a median price of only $161,000.  

    78 attached units have sold (condo and town house units) over the past 12 months with a median price of $285,000.  38 of those units were listed at 3 bedrooms or more with a median closing price of $379,000.

    Update: Viceroy rises from former Cedar Hotel site, oh the memories...

    The Viceroy Hotel at 1118 North State Street, Chicago IL 60610 (Photo from the past weekend, Eric Rojas, Broker, Kale Realty)
     The new Viceroy Hotel makes its splash at North State and Cedar in the Gold Coast.  The have been several changes in the "Triangle" over recent years. Maybe none more physically evident than the closing of Cedar Hotel and party patio for the new, larger mid-rise hotel.  Here's some background on the project.

    The drinking and people watching at the old Cedar front patio was awesome.  Kept the Gold Coast a little less sophisticated... and fun.  The trendy hotel will make a nice city neighborhood alternative to downtown locations.

    Thursday, September 22, 2016

    BOOM! Two more NEW developments coming to Lawrence Avenue in Lincoln Square

    The large Chase Bank property at 1825 West Lawrence Avenue, Chicago IL 60640 in Lincoln Square. All photos Eric Rojas, Broker, Kale Realty
    There is no doubt we are in the middle of boom times in Lincoln Square. Patty Wetli of DNAinfo breaks the story  today on a large development proposed for the Lawrence Avenue Chase Bank property.  The development calls for a smaller Chase branch, 114 small apartments, retail space and 152 parking spaces (garage and surface parking). Many knew this parcel re-development was long coming but the reality is now upon us.  

    47th Ward development cases HERE

    Kinda sorta dream location for Lincoln Square/ Ravenswood peeps across from LA Fitness, Mariano's and the Ravenswood Metra station (shown below). Creative people, business people, foodies and techies have a lot of opportunity up and down North Ravenswood Avenue adjacent to the Chase property.

    The closed Sears store just diagonal  of the Chase property will be redeveloped to residential units and retail as well.
    McPherson Elementary School is across the street from the Chase property.
    It will be nice to develop the two large surface parking lots that border both North Wolcott and West Lawrence on the Chase property.

    The apartment development will be adjacent to a nice row of residential homes on North Wolcott.
    Wintrust Bank parking lot development

    The northeast corner of West Lawrence Avenue and North Claremont is being re-developed into residential units. 
    A nine unit mixed use residential and retail building is being built on a portion of the Ravenswood Wintrust bank parking lot. The addresses are listed as 2322 West Lawrence, Chicago IL 60625 and 4805 North Claremont, Chicago IL 60625.
      Plans for the building can be viewed HERE 

    Further detail from the 47th Ward Alderman's office: "The developer, Mavrek Development, started demolition of the parking lot this week and excavation should occur next week (only digging down 4’) with concrete and masonry to follow. They are hoping to have the entire structure under roof by Christmas and deliver the units in the summer of 2017."

    The strip mall retail across from the new Lawrence and Claremont development.
    Located at the doorstep of the popular Lincoln Square retail, restaurants, Giddings Plaza, the CTA Brown Line and many fests these residential units will be in high demand.
    This third wave of new mixed use residential development adding many apartments will join the large retail/ residential development of LA Fitness/ Mariano's/ Ravenswood Terrace  of 2014 and the more recently announced bevy of units following the Roots/ The Sixth arrivals.  Check out my older post on development along West Lawrence Avenue from last November.  Lots of changes in just one year's time!

    Wednesday, September 21, 2016

    New Horner Park play-lot opening soon, home prices UP nearby

    Looking north at the new play lot equipment at Horner Park.  The field house is in background. (All photos Eric Rojas, Broker, Kale Realty)
    I took a few photos last week of the large new play-lot construction at Horner Park. The renovation is part of the Chicago Plays! Program.  Completion for the new play-lot is slated for 2017 but it looks ahead of schedule.

    Horner Park area real estate
    About 21 single family homes have closed in the neighborhood immediately to the west of Horner Park over the last 12 months.  In median price of a sold home is the last 12 months is $665,000.
    Horner Park sales area

    In 2015, 20 houses sold in this area for a median price of $515,000.
    In 2014, 19 homes closed for a median price of $450,000.

    *2012 is where we see the upturn in most North Side neighborhoods. It marked the time where homes were getting bought up and developed again after the 2008 mortgage and financial market crash.  19 homes sold that year with a median price of only $225,000 in the Horner Park sales area (the median priced homes were mostly tear downs)*


    The Horner Park field house with gyms and workshops.

    Tuesday, September 20, 2016

    Rare modern build house on Foster Avenue in Bowmanville, Lincoln Square

    The modern build at 2234 West Foster in Bowmanville/ Lincoln Square is taking shape.  The property was bought for $190,000 cash (a bargain now even for Foster) last year and joins a bevy of new construction single family homes in the neighborhood. I like that the owner chose a more modern build for the busy Foster location. I may have opted for less window exposure in the front (due to the traffic) and opened up the back with the huge windows and access to the outdoors.

    At this point i don't know if this will be a house for speculation sale or is being built as a primary residence.
    Read some more Bowmanville posts here

    Orangetheory Fitness moving into prime Lincoln Park

    Orangetheory Fitness is coming soon to a prime Lincoln Park location. We passed the new studio at 2209 N Halsted near West Webster Street on the way to a showing. The popular fitness chain has popped up in many high profile, walkable neighborhood locations this past year including the retail center of Lincoln Square.

    It will take the spaces of the former New Elephant re-sale store (moving to Clark Street).

    River North three bedrooms condo sales in 2016, median price a stunning $800,000

    An attractive block on West Huron at North LaSalle (All photos Eric Rojas, Broker, Kale Realty).
    A client is looking for a three bedroom condo in River North.  They prefer a "non high-rise" building like the ones shown above.  Let's check out over-all three bedrooms condo sales in the happening hot River North neighborhood.

    River North neighborhood sales area
    46 River North three bedrooms condos have sold from January 1st to September 16th, 2016.  The median price of a three bedrooms condo is $800,000. 

    The lowest sold three bedrooms condo thus far is at 208 West Kinzie Street, Unit 3, Chicago IL 60654 for $427,000. The rare foreclosure sale is a cool live/ work loft at over 1500 sq/ft has a $500.00 per month assessment and did not include parking.

    The highest sold unit is 500 West Superior Unit 2305 for $2,275,000.  The modern 3600 sq/ft home in the sky includes two car parking.
    River North is known for it's fantastic gallery and restaurant scene incorporated into industrial loft buildings.
    Smaller River North Buildings
    The stakes get a little higher if looking for a smaller building like our clients.  Only 15 three bedrooms units have sold in buildings under 40 units.  The median price is about $900,000.