The Chicago Real Estate Local: April 2012

Monday, April 30, 2012

Bucktown single family home sales start slow

Bucktown on the North Side these days in known for great retail, dining and night-life. It is also known for fairly modern new construction houses and eclectic renovations with an easy commute downtown.

The Bucktown neighborhood sales area

In first quarter 2012 (January-March), 5 single family home closed in Bucktown. The median for this small sample size was just over $700,000 which is about right for the neighborhood over a longer period of time. Unit sales are down from first quarter 2011 when 12 homes closed for a median of about $780,000. In all of 2011, 58 homes sold for a median price about $770,000

This modern new construction on North Hoyne closed last year for $1.3M.

21 Bucktown single family homes are currently under contract ranging from $564,000 on the low end to $2.7 million. One small bungalow in need of renovation or tear down on a 24' x 100' lot is under contract at 2042 W Cortland (offered at $270,000), but will most likely sell for more in what was surely multiple offers.

All statistics gathered by Eric Rojas, Real Estate Broker from MREDLLC.com, our member MLS. Al photos and analysis Eric Rojas, Real Estate Broker.

Go West: "Addison Mall" in Irving Park for affordable single family homes

If you'd like a move-in quality single family home in the $300-$500s check out the "Addison Mall" neighborhood in the Irving Park community area just west of North Center and the Chicago River (California to Kedzie, Addison to Irving Park). The Addison Mall moniker can be attributed to the shopping center at the 2900 block of West Addison... adjacent to this four square block mini-neighborhood. There is a nice Target store that now anchors the convenient retail mall.

North Center is one of the most popular markets for single family homes due, in part, to great public school choices and access to retail, parks and transportation downtown. Median price for a house, however, is over $700,000 (with modest size and finish level). Addison Mall keeps you close and offers "budget diversity".

In 2011, 11 single family homes closed in the Addison Mall neighborhood for a median price of only about $200K. However, the top three sales prices were $790,000, $620,000, and $562,500 all large new construction homes. Re-sale homes varied greatly. A home in the $400s will be a three or four bedrooms, two+ baths fully renovated house.

The mid $300s can also get you a nice move-in quality home with either two or three bedrooms, but you start to see modest finish level and smaller bedrooms. Under $300K will usually need a good amount of work, but a modest move-in home can still be done under $300K.

In 2012 at the time of this writing (April 30th) 6 single family homes have closed for a median price of about $200,000 again. The highest closing this year to date is $466,000 for a newly renovated 4 bedrooms, three and one-half baths home. There are currently 3 homes under contract and another 6 offered for sale in this Addison Mall neighborhood (some of good quality in the $300s) . The over-all sales may end up very close to 2011 numbers.

Thursday, April 26, 2012

Bob around town: Downtown at Daley Plaza B-Day Party!

Bob was downtown for a couple closings today and caught an exuberant performance in honor of Israel's independence at Chicago's Daley Plaza. There's always something going on!

Friday, April 20, 2012

Home sales booming in Horace Mann School district...Oak Park!

Here's a look at housing unit sales and prices in Oak Park's desirable Horace Mann School district located in the northern section of town. It's hard to find a more attractive "small town" yet urban area!
The attendance boundaries are roughly Harlem Avenue to East Avenue and Thomas Street to North Avenue.

Produced from www.MREDLLC.com mapping features.

So far this year in 2012 (Jan 1st to April 19th) 10 homes have sold in Mann School District for a median price of about $500,000. That price will get you a beautiful 3-4 bedrooms, 2 1/2 baths brick bungalow or a spacious Colonial style home with updates. The lots average about 50'x150' for $500,000 price point.
That's up 233% over the same period in 2011 which saw only 3 homes sold for $560,000, $670,000 and $675,000 respectively.

Attractive corner lot home on North Marion and Thomas Street in Mann School district

The scoop:
*Currently, there are 20 houses under contract in Horace Mann School boundaries and 23 offered for sale. In all of 2011, 33 houses sold in Mann School district with a median price at about $450,000. With 10 closed and 20 under contract already this year, 2012 should surpass 2011 unit sales.

Data gathered and analyzed by Eric Rojas, Real Estate Broker from various sales sources. All photos Eric Rojas

The smelt have arrived!

The smelt are on at Miller's Pub in the Loop

Bob caught this shot a few moments ago in the Loop. It reminds me of two things: Staying up all night smelt fishing with my uncle at the lakefront harbors as a kid and "happy hours" with clients at Miller's Pub. Both good memories!

Thursday, April 19, 2012

Under contract in Lake View, Lincoln Park and Ravenswood

From time to time we show some examples of properties we've recently either sold as listing agents or we represented clients as their buyer's agent.

Lake View Condo:
We are the buyers agent on 2842 N Burling #2, a huge one floor condo on the border of East Lake View and Lincoln Park currently under contract (the list price was $619,000). Great location near the new Trader Joe's on Diversey Parkway and the many new and old boutique shops and restaurants...like the new Ann Taylor Loft (shown below).

Lincoln Park Town House:
Our buyer client did alright on this sublime location. Now under contract, 1833 N Hudson Unit G, asking $339,000, is East Lincoln Park at it's best..a stone's throw from the lake and Old Town Triangle. The town home pictured below has two bedrooms up, two full baths, a main floor open living room/ kitchen and a lower level family room and PARKING.

The town homes at 1833 N Hudson in Lincoln Park

Under Contract in Ravenswood/ Andersonville:
We listed this two bedrooms, one bath top floor condo at 5027 N Hermitage #3 for sale at $239,000. It's just recently under contract. This is a great location, very close to the very cool Andersonville shopping and entertainment district as well as Winnemac Park.

The living room at 5027 N Hermitage

Tuesday, April 17, 2012

Duplex-up roof top views + location in Lincoln Park

A couple weekends ago our clients were considering a couple three bedrooms "duplex-ups" asking upper $500,000s in the Wrightwood/ Racine area of Lincoln Park. We took a look at the roof terrace views just off an upper floor family room.

Right behind this particular building is a nearly completed new construction house at the corner of West Drummond Place and North Racine.

This Wrightwood Avenue duplex-up is surrounded by multi-million dollar homes on Lill Street, Wrightwood, Drummond Place and Schubert Avenue. We like our clients to buy condos surrounded by single family homes if possible. There is less density, often times better views and the feeling of more space in the surroundings (unless, you are facing the lake!). You can also throw a rock at the newly remodeled Starbucks directly across the street (not that you would, but it's that close). Our clients' parents warmed up there while we waited for our showing.

Tax Man!

Enjoy!

Monday, April 16, 2012

Chappell School Tour: This Monday April 23rd, 2012 at 9:30AM!

Parents gather in Chappell's lunch room for a tour earlier this month

Meet the principal and tour award winning Eliza Chappell Elementary School in Ravenswood, named Illinois Honor Roll Spotlight School 2010 and 2011 for academic performance. Experience a well run, professional and caring school environment for your child's education. Keep your children in district and be part of the positive growth that has seen ISAT scores rise 10% in two years.

Chappell School

2135 W Foster Ave

Monday, April 23rd 9:30AM

(Foster main entrance, check-in at office)

PH: 773-534-2390