Monday, September 17, 2018

Little building boom on North Clark Street in Lincoln Park asking premium prices

2050 North Clark, a 32 unit rental building, nears completion.  We last wrote about the project in 2017 after the existing building was demolished. 12 units are shown as rented on the MLS as of last week. All photos Eric Rojas, Broker, Kale Realty.
2050 N Clark Street in 2017 after the existing property was demolished.
The back of the 2050 N Clark Street development on North Orleans Street.
If you live in Lincoln Park or drive through the neighborhood you know it's a construction mess! Large developments and street work everywhere.  This is true for one of my favorite areas of the city to eat and enjoy the lakefront. Two new developments are taking shape just one building apart from each other along the 2000 Block of North Clark Street in Lincoln Park. 

2050 N Clark Street  called Twenty Fifty Lincoln Park (shown above) is a fairly straight forward 32 unit luxury apartment development.  The previous structure was a 1970s looking retail structure and no great loss. 12 units are shown rented on the MLS with monthly rents ranging from a one bedroom unit for $2,650 to $5,995 for a three beds two baths unit (about 1,750 sq/ft).  Several units are shown available on their web site.

2036 N Clark Street shown above was the former Buddy's Garage building. The condo development was a little more controversial according to reports.  225 public, rent-able parking spots were eliminated. The facade of the building remains while a modern glassy addition pops up top. The DNAinfo report quotes the developer suggesting the condo building would have asking prices from about $1M to $3M per unit.  Both buildings stretch back to North Orleans.

The back side of the 2038 North Clark Street development along North Orleans. In a rare gesture both the front and back facades remain in the luxury condo development.

The North Orleans side of the 2036 N Clark development.  

Rogers Park condo sales: Median price up 100% over five years ago

Murals at the Morse CTA Red Line station. All photos Eric Rojas, Broker, Kale Realty
There is a lot to see in Rogers Park.  Murals, public art, eclectic homes, local business, parks, Loyola campus and the lake for example. You can experience various pockets of this large Chicago community area each with their own feel. However, the Rogers Park condo market was one of the worst hit on the north side after the financial crash of 2008.  With several clients looking to dip their toes in the area it's a good time to look at recent condo sales.

A new residential 50 unit apartment development nears completion at 1323 West Morse.
339 condo units (attached units including town homes) sold in 2018 so far.  The median price for a sold condo is a wallet pleasing $185,000.  The highest sold condo this year is 7631 West Eastlake Terrace, Unit 2EF for $435,000. The unit is probably the closest unit to the lake in the city!  The lowest priced sold unit is 2032 West Jarvis Unit 1B for $60,000.  The one bedroom "English Garden" unit is in move-in condition. 

A private residence features a Little Free Library and art pieces. 
The Morse CTA stop anchors northern Rogers Park. Primarily local businesses line Morse and Ravenswood. 
In 2017, 352 condos sold over the same period with a median price of  $175,000.  Go back five years to 2013 and 322 units sold with a median price of only $90,000.  Wow.  Probably some good investments to be had no?

Rogers Park Social has upped the bar game near the Morse CTA REd Line stop.

Lots of murals and charming brick roads.
The Heartland Cafe property and Lunt and Greenwood is up for sale.
Lots of vintage buildings in the RP.

Bikes and books, bikes and books...

Friday, September 14, 2018

Turtles in the North Pond Nature Sanctuary

Can you spot all the turtles in this photo? (No turtles were hurt in the taking of this picture but my feet did get wet).
My favorite benefit of living in buildings like historic The Marlborough or tony Lincoln Park 2550 in Lincoln Park is nature outside your door.  I never tire of the North Pond Nature Sanctuary wildlife and views.  Bob lives across the street and we spend a lot of time with clients in the area. We frequent Lurie Children's Hospital Outpatient Center down the block (for our kids' visits and my wife is a nursing director at Lurie).  The occasions allow us to take the kids to the North Pond Nature Sanctuary often.

I would camp out here too!
And when you've had enough of the North Pond ecosystem... go to North Pond to eat.

To buy, invest or sell Lincoln Park homes call or email me.  Check out this video of our all-time favorite Lincoln Park listings near the lakefront lagoons.

Apartment / retail development begins at huge Chase Bank site, Lincoln Square

The retail building at the corner of Lawrence and Ravenswood is one of three new construction buildings going up at the site.  A total of 166 rental units and 175 parking spots will grace the corner.   All photos Eric Rojas, Broker, Kale Realty
Construction on the corner of Ravenswood and Lawrence has ratcheted up!  This bustling intersection is home to a huge Chase Bank branch (a new bank branch will be incorporated into the development). Adjacent to the east is the Ravenswood Metra station. Across the street to the north is Mariano's and LA Fitness.  The new units can look straight into the pool LOL.  I never understood why that pool window is not frosted glass but enjoy the show I guess.

A portion of the Chase Bank building is shown behind the new corner building.  The exiting property has a large parking lot which will fill up with residential apartments.
Here's the project details with renderings.  A friend in city planning reminded me this project was approved by the Plan Commission in June of 2017.  The bank property is still open while the corner building goes up.  I really like the brick buildings (material and design) that will go up according to the plan.  Wish the Mariano's across the street would have used similar design rather than the spaceship thing.  The corner would look much warmer.

The Mariano's went with a more "contemporary" design.  I think a red brick design would have better anchored the corner among brick apartment and loft buildings. 
The new 1825 West Lawrence development will mimic the brick loft buildings, apartments, brick single family homes as well as the newly built Metra station that make the city special.

The new Metra Station has a warm red brick, classic small town center design. 

Thursday, September 13, 2018

Sad! Heartland Cafe, Red Line Tap property in Rogers Park for sale

I stopped by the Heartland Cafe at 7000 N Glenwood in Rogers Park yesterday for a few photos and review of the surrounding area. All photos Eric Rojas, Broker, Kale Realty.
There have been several high profile reports that Rogers Park institution Heartland Cafe has recently been listed for sale. I rode my bike up to Rogers Park for showings and swung by the property for some photos. Over the years I've both stopped in for coffee and taken clients here for lunch when buying or selling in the area.  Been awhile so I enjoyed the visit.

The recent owner since 2012 has enlisted a commercial broker who posted... wait for it... a Craigslist ad with "price negotiable".  Oy. It is definitely quirky this desirable lot and location is listed with a Craigslist ad with no price.  It is also posted at LoopNet with brochure HERE... but I digress.

The popular and huge outdoor seating area at West Lunt and North Glenwood.
The advertisement suggests you may buy the building with existing businesses and "own a piece of history" OR redevelop into 33 units in a transit orientated development... hmmmm. Yeah, it will be 33 units.

The property stretches back a good half block.

Mostly true. I can think of a few I would not welcome...

This wonderful "green" friendly community may lose a way of life in Rogers Park.
The property is located directly across from the CTA Morse Red Line station. The immediate area enjoys a handful of local businesses and just around the corner is the major development 1323 West Morse. The advertisement points out "The arrival of Target, launch of a 50-unit Pritzker-backed development at 1323 W. Morse Avenue, and opening of the Sheridan Road Hampton Inn are just a few of the new developments defining the neighborhood". 

CTA Morse Red Line station across the street.

I took a good look at 1323 West Morse. Construction updates from the Alderman's office located here
My suggestion is visit Heartland Cafe and Red Line Tap before they are gone. 90%
this lot will get maxed out to it's development potential. 50% chance at best the Heartland will be brought back in the new retail space.

Wednesday, September 12, 2018

Video! Check out the Chicago lakefront lifestyle in a Mies van der Rohe building

330 West Diversey Unit 2304 Chicago IL 60657 asking $309,900

330 West Diversey Chicago IL 60657 Unit #2304 listed at a great value price of $309,900
We listed this renovated condo at Mies Van Der Rohe's  330 West Diversey after the Labor Day weekend. Commonwealth Plaza borders the East Lakeview and Lincoln Park neighborhoods and is a fantastic place to live.  Steps from Diversey Harbor, golf, tennis, lakefront parks, trails and fantastic dining. The building itself has doorman service, dry cleaner, fitness room, pool and convenience store with good food, wine and beer options.

Open, renovated kitchen.
Really large living room and dining space with lake views.
Wake up to bright and spacious bedrooms with lake views.
Master bedroom with lakefront views and walk-in closet.
Master bath.

Second bedroom with large closet.

Second bathroom.
The unit is freshly painted with new modern baseboards for a terrific clean look. Assessment includes water, insurance, cable, Internet, heat and A/C! Parking garage on site with spots around $200 / month.  Building owners may rent out the units.  Storage space included, bike storage available for $75.00 / month.

The kitchen has been opened up to the living space for optimal entertaining.

Open, bright living space.

The large outdoor pool area is beautifully landscaped and looks out over Lincoln Park
Living at 330 West Diversey is all about lifestyle. Enjoy endless leisure and fitness activities steps from the famous Chicago lakefront. It is a really beautiful area filled with parks, restaurants, bars and every day services to make life easy.
330 West Diversey is only steps from Diversey Harbor

Endless opportunities for recreation in the park filled lakefront at your doorsteps!
Exclusively listed by
Eric Rojas, Broker
Kale Realty
2447 N Ashland, Chicago IL 60614

Home buying tips: Loans for self employed may get easier

The home market is always changing... and so are mortgage requirements.
Small business owners, real estate brokers, "gig" economy workers... the self employed have faced extra hoops to qualify for home loans.  Those regulations may be changing soon to keep up with the new economy. Here's an easy read on the changes a coming.   

Make sure you are working with a great loan officer that can help prepare yo to get a loan when that awesome property hits the market.  Be ready with my guy Steve Dunnett, Blueleaf Lending.
Ask Steve!

Thursday, September 06, 2018

Parking: Lincoln Park edition

You know there is some Grey Poupon in one of those cars.

Wednesday, September 05, 2018

Progress at 59 unit Surpless Dunn development in Lincoln Square

The Surpless Dunn building development will add 59 residential rental units (I believe rental) to this growing stretch of Lawrence Avenue in Lincoln Square. The top photo was taken before work started.  The lower photo is from last week.
Two stories are being added.  From another angle belkow you can see the extended elevator shaft rise from the center of the building.  A new construction building will be built as part of this development adjacent to the east.

This large residential project will replace an old industrial loft and parking lot.  

Check out the drawings here at the 47th Ward web site.

Edgewater home sold for $790,000 gets the extreme gut renovation treatment

The vintage facade of a corner property at North Ravenswood and West Rosehill in Edgewater remains. A permit was issued to convert the property to a single family home at 1775 West Rosehill in August of 2017 at estimated cost of $2,000,000.
The massive house project sits across the street from Rosehill Cemetery and adjacent to Fireside Restaurant.
It has been a crazy summer full of our client business but not a lot of posting. Hopefully I will be posting more of the day to day stuff we come across this fall season.  Like this house shown above at 1775 West Rosehill.  It looks like it was purchased in early 2016 for $790,000.  I don't have photos of the before or the date originally built.  However, it looks like the owners have elected to keep the facade during the otherwise complete new construction of the house.  The construction permit also states this is a conversion to a single family house... interesting multi-unit.