Home Buying Tips: Clients take pass on two-flat short sale in Roscoe Village

Last week we rushed our clients over to view this short sale two-flat at 3438 N Claremont after the price dropped to $424,900 for two reasons: (1) At the $424,900 asking price, location and size of the units...this is a nice deal. (2) It's in Audubon School attendance boundaries and the rent numbers will work really great for a live-in owner operator.

A short-sale two-flat in Roscoe Village...and my thumb in the left hand corner.

The caveat?  It's a short-sale and it needs a good amount of interior and exterior up-front maintenance. This type of two-flat style (and the fact it's on a standard lot) make it less desirable for a single family home conversion later one. The short sale is not yet "approved" at this asking price.  This is a key point buyers need to understand.


However, the basement is renovated into an existing apartment and could bring extra income for an "in-law" or roommate or could be "duplexed down" to create a large apartment.  The maintenence for the experienced eye is very doable and can be done to keep the building very profitable as an owner operator situation in this great location.


My clients passed... the maintenance for this type of building is a little out of their comfort zone.  My guess is the building has offers on it since the price reduction to $424,900.  Existing offers are not readily known to the public...it takes a little more investigation.

Another luxury home on Giddings in Lincoln Square

I snapped this photo while on my "run" yesterday.  Another luxury new construction home rises on West Giddings in Lincoln Square.

Late last summer in August this frame three-flat above was sold at 2157 W Giddings for $489,000 cash.  The 37 foot wide lots are coveted all over the North Side of the city.  You pretty much know what's coming next.  The new construction home on the right has been going up quickly...aided by the mild winter. 


I'm guessing this will be a owner custom build as they paid a little bit of a premium for the lot.  The same lot and tear down situation was purchased by a professional developer just a block east for $441,000 in August 2011 as well. Primary owners may pay a slight premium as they will live in the house, rather than pure profit motive.


2019 W Giddings below sold for $441,000 also in August and is now marketed as new construction for $1,795,00.  Thus far, the 2000 to 2400 block of  West Giddings will have another two (2) new construction luxury homes and a new gut rehab conversion of a two-flat all completed by the summer.

2019 W Giddings sold as a foreclosure last August for $441,000 in a week.

2007-2011 Lincoln Park "two bedrooms" condo sales decline (non high-rise)

 The number of two bedrooms condo unit sales declined from 451 in the year 2007 to 193 units sold last year in 2011.  Will we see unit sales turn around in 2012?

We wrote in December that we were getting more requests now from condo buyers than in the past few years.  Here's a look condo sales classified as "two bedrooms" in Lincoln Park for buildings 36 units or less.


193 "two bedrooms" condos closed on our MLS in Lincoln Park for the entire year of 2011. The median price was about $359,000.  42 of those condos sold for under $300,000.  



The highest sale in 2011 was $675,000 for a new construction two beds, two baths with full roof deck at 2041 N Racine #3.   The lowest sale was $143,000...a two beds, two baths "cash only" foreclosure offering at 1434 W Fullerton Unit A.


2010:  220 two bedrooms condos sold in 2010, median price of $394,000.
2009:  243 two bedrooms condos sold in 2009, median price of $390,000.
2008:  303 two bedrooms condos sold in 2008, median price of $420,000
2007:  451 two bedrooms condos sold in 2007, median price of $420,000

Lincoln Park 2520 new, large development closings will help the 2012 over-all sales numbers

We helped find some nice condo deals last year.  Please contact us for buyer representation...condos, multi-units or houses.  All photos and statistical analysis Eric Rojas, Realtor. Sales statistics gathered from MREDLLC.com
More Lincoln Park posts here!

Lincoln Park Open House: Huge FEE SIMPLE townhouse, small price $449,900

1827 N Sheffield Unit B asking $449,900

Open House Sunday, January 29th 

 1PM to 3PM

3 beds, 3.5 baths, garage, patio, family room, laundry room, storage room, ready for roof deck, new kitchen and master bath, low taxes, no assessment!

Call Eric 773-510-1597

Watch the Video!

Chicago Local: A city that bikes!

Do what you gotta do.

Update: A North Center "foreclosure flip" sells

2035 W Hutchinson in North Center, Chicago

Last August we viewed this home at 2035 West Hutchinson in North Center, a luxury new construction home that went into foreclosure and suffered damage. Once listed for sale at over $1.2 million as new construction the price was dropped to $750,000 and quickly bought for $660,000 in the state of disrepair.


The new proud (and professional) owners repaired and finished the home and listed it for sale at $1.3 million... quickly securing an offer in about 30 days.  Well done!









View more North Center information HERE!

Photos Eric Rojas, Realtor and Broker

Something unique: Roscoe Village row houses

We stopped over near Damen and Newport in Roscoe Village last week for a client consultation.  Afterwards, I snapped a few shots of the row houses on the 1900 block of West Newport Avenue.  This block looks amazing in the summer!  These are a great choice for those looking to preserve architecture and own in a distinct community. The homes themselves create community!

We saw the last recorded row house sale on the MLS in the past two years was 1922 W Newport Ave, a high-end remodeled home sold for $680K in 2010.  The row homes are located in the very desirable Blue Ribbon winner Audubon School.

 

Notice the changing roof fascia from home to home 

 Photos Eric Rojas and Bob DePalma, Real Estate Brokers unless otherwise noted.

Sunny spring in Gold Coast...it sure feels like it!

Photo: Bob DePalma "out about town".

The mild air this week has made for an early spring atmosphere around the city. Jackets and scarfs were good enough to stay comfortable. Gold Coast has been hopping on these "warm" days as we've shown properties around the neighborhood. Warm is anything over 32 degrees Fahrenheit!

Video! Inside Moss Design live/ work studio in Lake View

We stopped by to visit Moss Design last week in their super cool live-work studio.  Housed in a former City of Chicago industrial space on North Ravenswood Avenue in Lake View, Moss Design spins out residential and commercial renovations, additions, new builds, custom furniture and beyond.





Masters of reclaiming objects to incorporate into their finished projects, they've "re-used" the 1754 W Byron building for a unique live/ work space on the urban mixed use industrial stretch of the "Ravenswood Corridor".


Moss was recognized by the zippy and widely read Curbed Chicago as best renovation for their River North loft masterpiece.

Exterior of 1754 W Byron and Moss Design studio

Garden and deck

View from loft

Kitchen view from loft

Living and work space divider

Love this!

More Lake View posts HERE

Video! A Lincoln Park town house deal near Sheffield and Armitage

Take a tour of 1827 N Sheffield Unit B in Lincoln Park. The updated town home has just about everything for a low asking price of  $449,900, fee simple no assessment and low taxes. 



You need to get inside to appreciate the space and finish level for the money at this location.  We're excited to represent this property and think a buyer will really enjoy the home.



Click on the video or Lincoln Park tags below for more posts!

Brown Line at Armitage and Sheffield, Lincoln Park

Photos and video Eric Rojas and Bob DePalma, Real Estate Brokers and www.YoChicago.com

Photos! Inside the new Children's Memorial Hospital in Streeterville

The new lobby at Ann & Robert H. Lurie Children's Hospital of Chicago

My wife, a director at Children's Memorial Hospital, snapped a few interior photos of the new Ann & Robert H. Lurie Children's Hospital of Chicago.  The new Streeterville building is almost complete with modern atrium and sky gardens! Children's will officially move out of Lincoln Park and into the Streeterville facility in June of this year.

More Streeterville and Children's posts!

New Flirty Girl Fitness brings Pole Dance, 50 classes to Lincoln Park

At least we know what to expect from Zumba!

We passed the new Flirty Girl Fitness location on Halsted Street, Lincoln Park today.  The store will be located in one of the more desirable boutique shopping and restaurants districts in the city. It also continues the boom of fitness and lifestyle outlets around the city. With classes labeled as "Pole Dance", "Video Vixen" and "Bikini Boot-camp" we should all look great in no time!


More Lincoln Park posts HERE!

Illinois Veterans and active duty: New mortgage program can help

Long time associate and mortgage expert Steve Dunnett sent us news of the following mortgage program in Illinois.  Before buying or re-financing, we always check with Steve!


Illinois has a great new program for Veterans, Active Military personnel, Reservists and Illinois National Guard members. Qualified buyers receive a $10,000 grant which is forgivable over a two year period and a mortgage rate that is typically below the market average. This can be combined with VA, FHA or Conventional financing.  

The $10,000 can be used for closing costs and down payment. Although the program is designed for first time buyers Veterans are exempt and do not need to be first time buyers! There are income and purchase price limitations but they are very generous and change from county to county so call me so we can find out if you qualify.

Contact:
Stephen Dunnett, Loan Officer
NMLS ID: 755940
PH: 1-708-289-3408

For Sale: Spacious, attractive Lincoln Park town house $449,900

Grand entry foyer and light filled staircase

1827 N Sheffield Unit B is a spacious, attractive three bedrooms town home at a really great price of $449,900.  The home has all the must have features, a flexible layout for almost any need and private garage parking. Fee simple, no assessment and it's available for showings and sale now.



Features include:
Three (3) true bedrooms
Three (3) full and one (1)-half baths
Private garage off the walk-out terrace
Spacious top floor master suite with new double vanity bath
New cherry and granite kitchen opens to expansive living/dining room with fireplace
Big, warm separate family room with fireplace and wet bar
Separate laundry room and storage room
 Walk-out terrace on main level and several outdoor spaces
Can build roof deck and access easily
Central air conditioning

Large living, dining and kitchen "great room"

Open newer kitchen to living and dining areas

Top floor, huge and bright master suite

Master shower with skylight

Newly renovated double vanity master bath

Large family room, wet bar and fireplace

Large second bedroom with terrace

Fantastic Lincoln Park location between Armitage restaurants and boutiques and the Clybourn/North shopping district. Two blocks to CTA Brown Line and a few blocks to the Apple store!

Call us for showings!


More Lincoln Park information, neighborhood and property tours HERE

Photos YoChicago.com

Great Scott! Recent $3.2 million Gold Coast sale getting spruce up

55 East Scott in the Gold Coast sits on a great little block - almost hidden - near Lake Shore Drive. The home was renovated in the not-to-distant past and recently sold for $3.2 million in December of 2010.


Walking a client down Eat Scott, noticed a little work being done on the interior and exterior of the unique property since the sale.

Eastern exterior of 55 East Scott

You're in good company on the block.  A new, modern luxury masterpiece was built and completed across the street over the last couple years.

All photos Eric Rojas, Realtor and Broker.