Gold Coast Chicago residential sales (single family median price up 25% from 2021)

 

The Gold Coast neighborhood is a great walk even when rainy and gloomy.  Fall weather seemly transforms you to a past era! All photos Eric Rojas, Broker, Kale Realty

 

We're back in the Gold Coast looking for a condo under $500K for out-of-state buyers. They will spend half the year here in Chicago and want an iconic neighborhood address.  

Gold Coast real estate has a mind of it's own. The single family and row house market does not necessarily mimic Chicago's other North Side neighborhoods due to the historic architecture and its unique location. Condos are a mixed bunch of vintage conversions, mid-rise and high-rise options (not to mention very elusive new construction options!). Market times can be very high for many of these elaborate and sometimes eccentric single family homes and condos... some over 1000 days on the MLS.

Greater Gold Coast sales area 

Single Family Home Sales January 1st to September 22nd, 2023

- 15 single family homes have sold in Gold Coast this year from January 1st to September 22nd. The median price of a sold home is about $2,500,000.  Unit sales have remained remarkably consistent over the past three years. 

- 16 homes sold over the same period over 2022 with a median price of about $2,600,000. 

- Interestingly only 17 homes sold over the frenzy of 2021 with median price of about $2,000,000.  We generally see much more units sales in 2021 than 2023 due to low interest rates and a quickly moving market. Gold Coast house unit sales have remained consistent despite the high mortgage interest rates and inventory problems plaguing most markets.

-Currently there are 28 single family homes for sale listed on our MLS. 16 of those homes have an asking price of over $3 million. The highest asking price at the moment is $17,750,000 for 3 West Burton Place.

Condo Sales January 1st to September 22nd, 2023

-552 attached condos sold this year with a median price of about $315,000.  This includes high-rise units. In the 2021 frenzy of low interest rates 612 condo units sold with a median of $315,000 as well. 

-If we look at buildings with 40 or less units only 54 condos sold with a median price of $885,000. Smaller buildings with larger units are a premium.

Small Multi-Unit Sales (2-4 units) 

- Only two small multi-unit building sold in the Gold Coast neighborhood so far this year. One four-unit billed as a redevelopment opportunity sold at 55 East Cedar Street, Chicago IL 60611 for $1,660,000. A three-flat with a beautiful duplex "owners unit" at 46 Est Cedar sold for $2,520,000. 

-There were no residential two-four unit buildings sold in 2021 or 2022.

Contact me with any real estate related questions involving your home price, selling, buying, rentals, real estate related referrals, taxes and more erojas@kalerealty.com 

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Chicago home sales plodding along through 2023

 So... what's happening?? Chicago sellers are still in a pretty good spot!

-During the recent housing boom of 2019-2022 the City of Chicago saw all City median price raise +24% (reported by Crain's Chicago Business). Soooo if you bought a $400,000 home in 2019 it may sell today for $500,000.

-Low inventory and 7% interest rates (to slow inflation) slowed unit sales in 2023

-2023 Year to date Closed Sales for ALL Properties in the City of Chicago is down almost -19%

-2023 Attached Unit median price (condo, townhouse) is even with last year

-2023 Detached Single Family Home median price is down -7.7% over the same period of 2022

In our personal experience we see many of Chicago's most active markets are seller's markets. Late summer median prices were up month over month with plenty of "multiple-offer" situations in neighborhoods like Lake View, Lincoln Park, North Center and Lincoln Square.

Interest rates may come down a little in the coming months but I feel low inventory + pent-up demand will keep asking and sales prices steady. Chicago (and much of the country) doesn't have a very good solution to the inventory problem as homeowners hang on to their 2% and 3% mortgage rates while affordable unit development does not keep up.

Please contact me at erojas@kalerealty.com to help you plan, buy or sell a home in this market. Questions... just ask!

Condo median price UP in tight Lake View market

 

The front entrance at 450 W Briar condo building in Lake View. New listing inventory has been low while condo sales prices ticked up in July.  All photos Eric Rojas, Broker, Kale Realty.

We have several clients actively looking for a condo or townhouse in Lake View. The Lake View community area may be the largest condo market in Chicago. The numbers in Lake View are a bellwether for popular North Side neighborhood sales. 2023 has been the year of low inventory yet strong sale prices for many of our most desirable Chicago neighborhood markets. Lake View is no exception and has been a challenging buyer market for our clients.

Statistics compiled from the Chicago Association of Realtors chicagorealtor.com

 

2023 Lake View condo sales (attached and townhouse units)

July new listings were down -30.5% and closed sales were down -11.7% for the same month in 2022. Despite high mortgage interest rates and a slower market median price for a sold condo in July was up +6.6%. Most condos sold for at the list price or over! 

Lake View condo sales year to date (January 1st through July 30th) are down -37.6% from 2022.  Median price has managed to push up +1.5%  year over year.

Contact: Eric Rojas, Broker, Kale Realty

2447 N Ashland, Chicago IL 60614

Office 312-602-3367

erojas@kalerealty.com

Evanston home sales this year: Fewer listings, prices up year over year

Most years we have clients considering a move to Evanston.  Single family home inventory seems tighter than ever this year.  The number of unit sales is down 20% year to year.

Evanston homes near the lakefront (all photos Eric Rojas, Broker, Kale Realty)

-As of today only six homes are NEWLY listed in the past seven days. 

-33 more homes remain actively on the market (listed for mor than a week without contract). The median price of an Evanston single family home currently offered for sale is about $685,000.

-7 homes are listed on our Broker MLS Privet Listing Network with  median price of about $899,900.

-233 single family homes closed this year (January 1st to August 11th) with a median price of about $720,000. Over the same period last year 290 listings closed with a median price about $700,000.  

Contact: Eric Rojas, Broker, Kale Realty

2447 N Ashland, Chicago IL 60614

Office 312-602-3367

erojas@kalerealty.com

Kale Realty sponsors 3rd Annual Amundsen Homecoming Golf Classic

Having a blast at last year's Amundsen High School Homecoming Golf Classic  hosted at Sydney R. Marovitz Golf Course  

I'm sponsoring the 3rd Annual Amundsen Homecoming Golf Classic for my third year! The event takes place Sunday, September 17th Sign-up, play or sponsor HERE

Amundsen High School in Lincoln Square/ Ravenswood is arguably the best academic and athletic neighborhood high school in Chicago. It's no secret that great schools help your property values. Supporting your Chicago Public Schools neighborhood school is as good as a hole-in-one!

Eric Rojas, Chicago Real Estate Broker and Kale Realty have been proud contributors to Amundsen High School for over ten years. The teachers, administrators, coaches and staff have been supportive of my kids and those of our friends. We are thankful to have their hard work and dedication.

Contact: Eric Rojas, Broker, Kale Realty

2447 N Ashland, Chicago IL 60614

Office 312-602-3367

erojas@kalerealty.com

Listing photo of the day

Actual listing photo of a home listed in Chicago. I'm not sure what I'm learning about the house but they certainly get an "A" for effort! (photo MREDLLC.com)

Only 3.63 NEW single family home listings per Chicago Community Area

Chicago new listings are low (duh!).  As of today there are 280 single Chicago family homes listed as NEW across all 77 Chicago Community Areas. That's only 3.63 NEW listings per Community Area🤯 

Ravenswood Manor single family homes (all photos Eric Rojas, Broker, Kale Realty).

A new listing is a home listed on MLS within the past seven days.  Couple low inventory with the fact many of these new listings are re-treads of homes already on the MLS (cancelled or expired listings brought back as NEW).  We have our eyes peeled every day for the very few NEW opportunities that hit the open market and private market. 

Contact: Eric Rojas, Broker, Kale Realty

2447 N Ashland, Chicago IL 60614

Office 312-602-3367

erojas@kalerealty.com

1st half Lincoln Square home median price over $1M for first time

 

Lincoln Square Community Area new construction and high-end renovations coupled with low inventory continues to push the single family home median price to record levels. All photos Eric Rojas, Broker, Kale Realty

My neighbor (fellow school parent and golf buddy) asked me when home prices will come down.  We're in Lincoln Square... don't hold your breath! For the first time Lincoln Square single family home sales over the 1st half of any year have a median price over $1 million. 

-From Jan 1st to June 30th of this year 49 Lincoln Square single family homes have sold with a median price about $1,025,000.  The median price is up $300,000 since 2019. Unit sales are down due to low inventory coupled with high mortgage interest rates pricing out buyers.

-In 2022 over the same period 87 homes sold with a median price of about $950,000. 

-In 2021, 87 homes sold with a median price about $875,000. Mortgage interest rates hit the 2s and 3s!

-The 1st half of 2020 was the beginning of the pandemic shutdowns. Only 36 homes closed Jan 1st to June 30th, 2020 with a median price of $732,500 (2nd half of 2020, 81 homes closed with a median price of $828,000!). 

-2019 - a hot relatively hot market before the pandemic and record low interest rates - 47 single family homes sold over the 1st half with a median price of only $705,000. 

To buy, sell, invest in Chicago and burbs or just get real estate related help
(contractors, attorney, survey, appraisals) contact me! 

Eric Rojas, Broker, Kale Realty

2447 N Ashland, Chicago IL 60614

erojas@kalerealty.com - Office 312-939-5253 

Portage Park single family home sales come back to earth

A typical Portage Park block west of North Cicero Avenue.  Pleasant, well cared for brick bungalows and tidy blocks are common for the area. Many home renovations have featured "pop top" second stories to add loads of living space. All photos Eric Rojas, Broker, Kale Realty

Portage Park Community Area of Chicago has gone on a hot run of single family home rehabs and new construction over the past 10 years.  The low mortgage interest rates of 2020-2022 and "pandemic phenomenon" of buying for more space helped produce more new construction and higher-end renovations than typical for the neighborhood.  Easy access to highways for the burbs or downtown is convenient.  The eastern portion of Portage Park is near Grayland Metra stop (Milwaukee District- North) making public transportation to downtown or the North Shore easy.

Portage Grounds is my favorite coffee shop in the neighborhood and has the best soundtrack bumping! 

174 single family homes have sold this year (Jan 1st to July 7th) with a median price of $380,000. That's down from the $405,000 same period last year. The highest price sale this year is 3450 N Keating for $901,000.  The fully gut renovated house is located west of Kilbourn Park and a half-mile from the Grayland Metra station. While it's more common to buy homes pushing the $800-$1M over-all unit sales and median price have come down off the pandemic run. Interest rates and low inventory remain the common culprits. 

In 2022 over the same period 226 single family homes sold with a median price of $405,000.  The highest priced home sold during that time was 4722 W Belle Plaine for $835,000.  This home was a little west of North Cicero Ave and over a half-mile from the Grayland Metra. During same period of 2021 and the pandemic boom roaring 268 single family homes closed with a median price of $377,000.  

Single Family Home Sales Jan 1st to July 7th

2023: 174 single family homes sold with a median price of $380,000
2022: 226 single family homes sold with a median price of $405,000
2021: 268 single family homes sold with a median price of $377,000
2020: 160 single family homes sold with a median price of $351,500
2019: 217 single family homes sold with a median price of $335,000
2018: 240 single family homes sold with a median price of $327,000
2017: 249 single family homes sold with a median price of $313,000

Prior the pandemic we saw very active unit sales numbers and home prices steadily moving up. Rehabs were snatched up! The quality of homes (better finish level) has increased in Portage Park attracting new buyers with higher budgets to the area that want space and may need less proximity to the office.

*All data MREDLLC.com and analyzed/ organized by Eric Rojas, Broker, Kale Realty

Contact me to buy and sell in Chicago and near suburbs! 

Eric Rojas - Broker - Kale Realty
Lincoln Pak - 2447 N Ashland, Chicago IL 60614
Office: 312-939-5253
erojas@kalerealty.com

Developer looking for $2M record price in Lincoln Square

 

New construction homes in Lincoln Square north of West Lawrence Avenue continue to break price records. All photos by Eric Rojas, Broker, Kale Realty

The Lincoln Square Community Area could see the highest priced home sold north of West Lawrence Avenue this year. 5115 N Claremont, Chicago IL 60625 is for sale at the nice round number of  $2,174,999.  The high-end developer home sits on an over-sized 39'x133' lot in a desirable school district of Chappell Elementary and Amundsen High Schools. The former two-flat and property at 5115 N Claremont sold for $650,000 before the redevelopment.

Anywhere near that two million closing price will blow away the current record of $1,740,000 at 4945 N Claremont, Chicago IL 60625 (sold in July of 2022).  Lincoln Square north of Lawrence Avenue features the popular areas of Winnemac Park, Bowmanville and Budlong Woods.  The median price of a home in this area is $850,000.  The median price of Lincoln Square homes south of West Lawrence Avenue is about $1,090,000. 

I do not have financial interest in nor represent any of the mentioned listings.  To buy, sell, invest in and around Lincoln Square and surrounding Chicago neighborhoods please reach out to me at erojas@kalerealty.com !!