Tuesday, November 30, 2010
From Alderman Gene Schulter's office today:
Chicago's Overnight Winter Parking Ban begins tonight (12/01/10) at 3:00 am. The ban resumes for 107 miles of Chicago's most critical arterial streets. It will be in effect from 3:00 a.m. to 7:00 a.m. every night until April 1, 2011. This ban is in effect regardless of snow. Ignoring the Winter Overnight Parking Ban can result in a $150 towing fee, a $50 ticket, and a daily storage fee of $10 that increases over time.
The other pertinent ban that can be activated during a heavy snow at any time of the year is the 2 Inch Snow Ban. This restriction is technically in effect all year round, but realistically only a factor in the winter months. The 2 Inch Snow Ban is not activated often, but does assist in snow removal when more than two inches has been accumulated.
Motorists need to watch for and obey both restrictions.
To learn more or to view maps featuring both the Overnight Winter Parking Ban and the 2 Inch Snow Ban, please visit the News section of our website at www.ward47.com.
Alderman Gene Schulter's
47th Ward Public Service Office
I was researching for a client and noticed two penthouse units for sale in the same Old Town condo building at 1436 N Wieland prominently feature pool tables in the common living areas.
Photo from www.pooltablenow.com, who by the way, can move pool tables.
Curbed Chicago posted a follow up on a two bedroom West Town condo that closed recently for $610,000. Although considered in the "Ukrainian Village" neighborhood, Wicker Park better represents the amenities one is probably moving here for... and the boundaries can be blurred and subjective (cough).
I had commented on the the original post that $689K asking price was not "bad", considering the look, feel and killer roof deck of the home. I did feel it was high, but not terrible. Wicker Park and East Village condos, for the most part, have done pretty well when straddling trendy Division Street. Modern new construction is the coup de grat in Wicker Park.
Here's a West Town duplex down condo sale we represented recently. We sold several West Town properties with under one week's market time for each!
Monday, November 29, 2010
Some owners may try their hand at selling their renovations in the retail market due to low carrying costs (i.e. no or low mortgage). The upper bracket buyers are custom gut rehabbing existing buildings or building luxury new construction "in-fill" single family homes.
The existing two flat building at 2242 W Leland shown here was in great shape and sold for $580,000 in October of 2009. It looks like the current owners are "gut rehabbing" the building, although I could not tell from my quick look from the sidewalk if they are maintaining any wood trim etc... In any event, this is another example we are seeing in Lincoln Square of taking advantage of low mortgage interest rates and favorable loan terms to create a custom home in a wonderful location.
Friday, November 26, 2010
Down go gas stations and up go PNC Bank green branches... like the one above in Lincoln Park at Halsted and Wrightwood that was a Shell gas station. Another branch shown below at the corner of Ashland and Addison in Lake View was formerly a Shell gas station. Will green branches be enough to switch your bank?
If you walk around the North Side of Chicago, you probably have noticed PNC Bank's green branches. It's an impressive green branding initiative that goes back to 2002. The company now has over 97 LEED certified buildings.
This Northcenter green branch location is on the site of a former independent gas station at the corner of Lincoln Avenue and Berteau. It was most recently marketed to be a condo building prior to PNC acquiring the land.
Read about more green discoveries in our daily dealings here
Wednesday, November 24, 2010
The unique block of row homes on 24x40 lots are a bit of a luxury in and of themselves for real vintage lovers. Speaking of luxury, one row home on Alta Vista Terrace is currently for sale at $899,000. It's offered as a fully renovated six(!) bedroom home. That's a lot of bedrooms for a 24x40 lot.
Click here for more posts and information on Alta Vista Terrace in Lake View
Tuesday, November 23, 2010
Trader Joe's at 667 W. Diversey on the border of Lake View East and Lincoln Park.
Progress rapidly continues as the store is tentatively scheduled to open for business in 2010. This will be in walking distance for many of our clients and around the corner from our office...we are excited!
Monday, November 22, 2010
We've seen a lot of custom single family home construction and gut rehabs around the Ravenswood neighborhood of Lincoln Square lately. It appears existing property owners and luxury buyers are looking to take advantage of the low interest rates on loans and the current market conditions for land. We are seeing less developer driven speculation and more custom builds which has made for interesting results.
However, it remains to be seen if this gut renovation at 4706 N Damen will be a speculation house or will be a private residence. The bank owned property on a 34 x 124 closed in May of this year for $250,000. With a median price for single family homes around $700K in the immediate area, there is room for a professional to turn a profit.
It's a nice location just a block from the CTA Brown Line, a few blocks from the heart of Lincoln Square retail, and plenty of hyper local coffee shops (The Perfect Cup next door) and restaurants to walk to. The location does deal with some Damen traffic during the rush hours and there is a popular bar across the street amongst the mixed retail.
A large residential land parcel closed in Ravenswood early this month. The 92 X 165 lot sold for $1,456,000 in a cash deal. The church owned vacant parcel was listed at $1,200,000 and sold quickly for $256,000 over list price. Hallelujah.
The several blocks of North Hermitage between West Montrose Avenue and West Lawrence Avenue is home to recent custom new construction homes among the classic turn of the century Victorians (and we mean 1900). The several blocks of this Ravenswood neighborhood have offered attractive lot sizes for substantial luxury single family residences to cluster.
Sunday, November 21, 2010
Thursday, November 18, 2010
Many people live adjacent to the Chicago Transit Authority elevated train tracks to get their top location for less money. We get a lot of questions about buying on the "El" and we see a lot of Google searches on the subject. Some of our clients have opted for a home adjacent to the tracks to stay below budget.
Anecdotal to our experience and statistically speaking, a town home on the elevated tracks in Lincoln Park can sell at 20% to 30% less than a comparable unit on a quieter residential street. It's no surprise the lowest sold true three bedrooms, two and one-half baths town home with garage parking and roof top deck in Lincoln Park in the last 12 months was adjacent to the "El". 931 W Wrightwood located in a fairly busy area next to the CTA elevated tracks sold for a mere $350,000 in great condition.
Now, look at a similar looking property at 2020 N Dayton with only two true bedrooms, a rooftop deck, garage parking and two blocks off the elevated tracks in Lincoln Park sold for $400,000. There are also several examples of older build same style, two bedrooms town homes with outdoor parking spaces and one less bath selling at $369,000 and up nearby. Another is a two bedroom plus family room (like a third bedroom), garage space much further west in Lincoln Park closed at $400,000 at 2737 N Janssen.
There is a market for Lincoln Park town homes backing up or adjacent to the "El" tracks. The only question is: Will the noise be worth the discount you get for a top neighborhood location?
Live on the "El" tracks?
Wednesday, November 17, 2010
The big news for Big Ten fans on the North Side is the upcoming Northwestern versus University of Illinois football game to be played at Wrigley Field. The famous red Wrigley Field marquee sign gets the Northwestern purple paint treatment for the week!
We think this a great boost to the neighborhood bars and restaurants of Wrigleyville that would normally host a smaller crowd of college game day fans this Saturday. Partnerships done well, Chicago.
Click here for Lake View blog posts!
On an over sized 50 x 164 Chicago lot, 4436 N Hermitage is a stunner among the many beautiful homes of this Ravenswood block. The home has changed hands a few times in the last 20 years. In 1991 it sold for $200,000. In 1996 it was purchased again for $355,000 with some updates such as central air and finish work. Then is 2004 the current owners purchased the fully renovated home for $1,450,000.
Built in the 1880s (according to the MLS records) among many grand Victorian style homes, this home caught our eye due to the bolder Craftsman style lines and strong front porch pillars. There may have been modifications over the years such as the stucco facade and front porch... if so, well done! The landscaping is simply a pleasure rolling along the 50 foot wide lot and well appreciated in the fall months. You know your in good shape when the side of the home looks almost better than the front!
Please contact us if you are interested in purchasing or selling a Ravenswood or other North Side Chicago neighborhood single family home.
Tuesday, November 16, 2010
After a Monday around here with a fender bender (taxi cab), a boiler malfunction and a little sewer back-up in the basement, we figured we'd post a little good news on a Tuesday.
From Forbes: Where Housing Prices Are Rising
Only five big U.S. cities saw housing prices rise in August, according to the latest data published by the S&P/Case-Shiller home price index. But four of those cities have posted at least four consecutive months of positive home price increases.
In the nation's capital, housing prices have increased for five straight months. According to the S&P/Case-Shiller index, housing prices in Washington, D.C., have risen 4.8% in the last year, with monthly increases of 0.3% in August and a full 1% in July.
The nation's biggest metropolitan area has seen four months of home price improvements, going up 1.2% in July and 0.2% in August. Home prices in New York have risen by 2.9% over the last year.
Chicago's residential real estate market may be rebounding. Home prices in Chicago remain 2.9% below where they were one year ago, but home prices here have risen for five straight months, and were up 1% in July and 0.4% in August, the S&P/Case-Shiller index shows.
Another California housing market that appeared to be recovering nicely, but then suddenly fell by 0.3% in August. Home prices have still been boosted by 7.8% over the last year, more than any other city tracked by the S&P/Case-Shiller index.
L.A. home prices are up a nice 5.4% in the last year, but cooled off a bit in August, dropping 0.4%.
You know us and we are not doing a happy dance. However, it may mean that more desirable properties are becoming available to the market rather than just the distressed, second tier variety dragging down average and median prices. Certain sellers with good product may be finally ready to go.
I spotted this free standing solar panel powering the music outside the DePaul University Concert Hall at 800 West Belden Avenue in Lincoln Park. Could one of these power my house? How much to install this in my front yard?
I was surprised North Pond, also in Lincoln Park (literally in the park shown below), was not on the two or one star list reported by Crain's.
Living in Lincoln Park is looking and tasting good these days. We can probably find you a townhome for less than the cost of a dinner at Alinea!
Monday, November 15, 2010
As of November 15th 2010, 157 Lincoln Park townhomes have been sold with a price range of $220,000-$1,465,000.
When working with our clients we look at very specific segments of the market. Sometimes we find some interesting numbers.
Click here for more of our Lincoln Park blog posts!
Saturday, November 13, 2010
We have closets, closets, closets! This unique three level town home style condo has two bedrooms plus a penthouse level family room, two and one-half baths, no neighbors above or below, a great top floor deck with views and attached two car heated garage. A real laundry room? Yes. This is a sharp home in a fun location great for a singles, couples or roommate situations. Buy the place and have a roommate with their own private suite paying your mortgage!
Skip to minute 3:55 to view the property in this video:
Stumble home from Tiny Lounge, get your coffee on at Starbucks and Red Eyes, brunch at Julius Meinl, dine at upscale Sola and Brown Trout... skip over to Jewel Food Store or Welles Park. It's ALL steps away.
Click the photo below for more details and call/email me for a showing.
Friday, November 12, 2010
My business partner and I call Prudential Rubloff Properties home for our real estate business due to the brokerage's fantastic marketing, professional resources and flexibility in a changing market. The training and ethical standards when conducting business are the highest in the industry. We are able to tap into a wealth of experience for any situation to broker top notch real estate transactions.
Watch the LXTV Open House Show this Sunday on NBC to view some terrific Chicago real estate.
Thursday, November 11, 2010
With the leaves finally falling off this Lincoln Square tree the many birdhouses are revealed. We love this neighborhood!
We can get you a good deal on a three bedrooms, two baths birdhouse... just ask!