Wednesday, January 30, 2013

Under contract in 1 day: Lincoln Park row house in historic "Triangle"

Our clients received and accepted an offer within 24 hours of listing 1826 N Lincoln for sale last week (asking $949,000).  It speaks to the current demand for homes in prime locations. The contract is now in attorney review. We anticipate a successful transaction.
Our listing at 1826 N Lincoln is located in landmarked Old Town Triangle

More of our property videos HERE

Update! New Gold Coast construction on "former Frank Lloyd Wright" plot

Nice location (Photo Bob DePalma)

Bob snapped a couple update photos of 25 East Cedar... the infamous Gold Coast tear down property that was linked to Frank Lloyd Wright.  A new single family residence is being built in this more than prime location (super prime for us anyway).

A rare, new construction and totally detached Gold Coast single family home being built at 25 East Cedar.  The property was acquired and closed for $1.5 million in January 2011. (Photo Bob DePalma)
 New construction in Gold Coast is rare and inherently interesting to us.  It's probably the most desirable ($$$) and best know neighborhood in Chicago. This new house, for better or worse, will be one for the ages.

More Gold Coast HERE

Tuesday, January 29, 2013

Lincoln Park to Lincoln Square: 97 homes under contract, 165 for sale in our 5 key North Side neighborhoods

We search for single family homes everyday in the popular North Side Community Areas of Lincoln Park, Lakeview, North Center, Lincoln Square and Uptown for our current clients (these Community Area are basically all adjacent heading south to north).  This morning (for fun) I took a look at the total number of homes for sale and total number of homes under contract in these 5 Community Areas. Enjoy.
333 W Barry in Lakeview shown here was under contract last fall asking $3.45 million. The home came back on the market and then the listing was cancelled prior to the New Year (Photo Eric Rojas, Broker).

Under Contract Now
On the MLS ( today there are 97 homes either contingent or pending closing (under contract).  One was just put under contract as I'm writing. 

The median asking price of under contract homes is about $945,000.  17 of the 96 homes under contract (18%) are listed at $500,000 or under.

For Sale Now
There are 165 homes listed for sale in these 5 Community Areas.  Only 15 of the 165 homes (9%) are listed for under $500,000. The median price for the listed single family homes in the combined 5 areas is about $1.3 million dollars.  110 of the 165 homes listed for sale (67%) are asking over $1 million.

Highest and Lowest
The highest priced  listing is 1866 N Howe in Lincoln Park asking $10,000,000 for the triple lot, 6 bedroom property including a full lot side yard (3 city lots total).  The lowest priced listing is 5003 N Western Avenue in Lincoln Square asking $189,000.  This small frame home on the busy 4 way street was picked up in foreclosure and now is being re-sold.

New, new, new construction in Lakeview

A noteworthy new construction house nears completion at 1445 W Addison.  The original brick two-flat built circa 1890 was torn down.  The new house facade mimics the original building (although far less ornate). Photo Eric Rojas

 The residential building activity in the last year has been pretty amazing (at least to me).  I took a few shots of new construction homes and condos along West Addison Street in Lakeview during my buyer showings Saturday.  Well be posting several of those photos this week.  Most interesting to me was this new construction house pictured above.

The original building sitting on the 62'x134' lot was purchased in 2011 for $1,325,000.  It's a bold, expensive new home for a busy Addison Street address. Cub's game and Wrigley concert traffic is substantial. However, the Southport Corridor location can easily be considered a Top 10 desired location to live in the city.  There are many substantial homes nearby...few if any on a 62' foot wide lot.

1445 W Addison front (Eric Rojas)

Another beautiful home sits adjacent to the west.

Monday, January 28, 2013

Lakeview, Lincoln Park location boasts new Walmart, Walgreens

We've written about the Trader Joe's and other successful retail activity at the corner(s) of Diversey, Clark and Broadway where Lakeview meets Lincoln Park.

This retail mecca now has a somewhat controversial Walmart store on Broadway just north of Diversey.

Bob took this shot today of the new two story Walgreens store construction at the old Borders bookstore location.  In just the past few years this immediate location has a new Trader Joe's, a new Urban Outfitter's, new Ann Taylor Loft, the Walmart store and a new Domicile Furniture on Clark alongside many existing retailers and restaurants. 

Homeowners and renters in this bustling location are benefiting from the fairly massive investment in new and refurbished retail space.  I know our clients love the amenities and resources, old and new, at Diversey, Clark and Broadway. 

Bowmanville house sells: May the Force be with you

Our listing at 2209 W Farragut on a great Bowmanville block just closed last week for the asking price ($420,000 actually).  The home was under contract on the second day of showings.  I stopped by during the move last Thursday. It's sad to see a good client, neighbor and friend move on but we must stay strong.

The boys of the house get ready for the move.

More Bowmanville HERE

Thursday, January 24, 2013

Established Turin bike shop newest business on Damen Avenue in Ravenswood

Photo (and stroller) Eric Rojas
I took a rare long walk around Ravenswood (snapping photos) with Stanley last week before the temps went down hill.  The new Turin Bicycles sign above signals a new business in the short lived Hoard re-sale shop space at 4710 N Damen. Read more here

We'll have a small cycling mecca with On The Route just a few blocks away on Lawrence.  Get your coffee, candy, beer and bikes on the 4700 block of Damen!

Video! Old Town Triangle historic row house for sale $949,000 (NOW under contract!)

UPDATE:  Under contract in 1 day! Take a walk-through of our new listing at 1826 N Lincoln Avenue in Chicago's Old Town Triangle. Sublime Lincoln Park location in Lincoln Elementary School district.  The updated corner Victorian row house has new baths and kitchen, a true backyard (paver patio), finished basement living space and coveted 1.5 car garage. 

Click the link if problems with playing video

This is a fantastic value for East Lincoln Park.  Architecture, location, outdoor space, style and updates...have it all!  The current owners recalled to us their summer evenings drinking wine on their deck and then strolling the Nature Boardwalk.  Simply fantastic.

Your new front yard

3 bedrooms
2 full baths, 2 half baths
1.5 car garage
Spacious, bright master suite with large closets, new shower and vanity
Wood burning fireplace
New kitchen
2 new baths
New large Trex deck (no maintenance) over backyard
Large sun room with heated floors
Finished basement space
Taxes $12,174

More Lincoln Park posts HERE

Please note, unrepresented buyers will need proof of funds or mortgage pre-approval, subject to verification, prior to any potential showing appointments.

Photo update! NEW DePaul Theater facility takes shape

Bob took this photo after a showing a town house at 2501 N Wayne nearby.
A quick update on the progress of one of DePaul University's latest new construction buildings.  The Theater School new facility is located at Racine and Fullerton in Lincoln Park.

Wednesday, January 23, 2013

Construction! New two-flat conversion on North Artesian, Lincoln Square

I had some business on the 4700 block of North Artesian in Lincoln Square last weekend and noticed this gutted two-flat.  The classic gold brick two-flat at 4720 N Artesian looks like it's being converted to a single family home.  Converted brick two-flats remain a popular option for single family home buyers in the Lincoln Square area. 

It remains to be seen if the owners (since 1986 according to public records) will bring this to market for sale or will be enjoying a brand new home!  I wish them luck...what a great adventure.

Photos! South Loop Scenes

Snapped a couple shots while getting gas on South Jefferson just north of Roosevelt in the deep South Loop.

More South Loop here

Tuesday, January 22, 2013

We're featured in Chicago

Our real estate analysis and opinions are often quoted online news journals and in print publications in Chicago and beyond. features our statistics on North Center single family home sales. 

I've enjoyed the local news coverage by Chicago  since it hit the scene late last year.

Monday, January 21, 2013

Photos! Renovation BUZZ on West Wilson Ave in Lincoln Square

 I took a few shots last week of these three ongoing single family home renovations on 2100 block of West Wilson Avenue in Lincoln Square.  The three homes are bunched together on the same block...creating quite a buzz of activity.
This home is the largest of the construction activity on the block.  There is no current MLS listing for the home.  It could be a private renovation or will go on the market when completed. Great south facing lot.
West Wilson Avenue is a main residential street cutting through Lincoln Square.  It's a little busy with street traffic compared to most other residential streets in the neighborhood, but, it remains a popular street to live on.  Homes generally sell easily and for good relative market prices along Wilson Ave.

This more "modest" looking frame home above has added a cool looking addition in the back.  There is no MLS listing for this home or recent sales records in the past two years.

This ongoing renovation at 2157 W Wilson pictured above (across the street from the two other homes pictured here) is listed for sale on the MLS for just over $1.2 million.  

More Lincoln Square posts HERE

Back in Oak Park!

We saw several 3 bedroom homes (like this one on South Wesley) priced from $300K to $375K (photo Eric Rojas)
We were back in Oak Park this past weekend with our clients looking for a house.  Oak Park has been a solid option for our Chicago clients looking to move from condos or renting and into owning a single family house under $400,000.

More Oak Park house statistics coming up this week.  You may also read more Oak Park posts here!

MLK and Inauguration Day

The kids (5 3/4, 3 1/2, and 10 months) received a short lecture on today's significance... then they were off to the Peggy Notebaert Nature Museum.

Have a good one.

Wednesday, January 16, 2013

North Center condo unit sales up 8%

We posted North Center single family homes sales were up 8% in 2012 over 2011.  Coincidentally, North Center attached home sales (condo and town house) were also up 8% for the year.  The median price of a sold attached home dropped in 2012 from $360,000 to $330,000.  Many North Side neighborhoods experienced increases in condo AND single family home unit sales in 2012. 

Our North Center condo sale at 1958 Byron
 29 of the 246 attached units sold (8.5%) were either listed as a short sale or foreclosure (bank owned, REO).

North Center Attached Home Sales
2010       305 sold units
2011       227 sold units
2012       246 sold units

More Chicago Market statistics HERE

Monday, January 14, 2013

Chappell School Tour: Tuesday, January 15th at 4:30PM

The next Chappell School tour is 
Tuesday January 15th (Today!) at 4:30PM.

Call Chappell and leave a message that you are coming at 773-534-2390
Enter at the main doors on 2135 W Foster Ave.

Next Tour Dates
February 5th at 1:30P
March 5th (time TBA)
April 2nd at 4:15P

Call the school with any questions or feel free to email me Eric Rojas, Parent Representative on the Local School Council
Jackie Herigodt, President of Friends of Chappell

Come and see why Chappell and it Principal Joe Peila are award winning and a true success story.

North Centersingle family home sales up 8% in 2012

We observed that 2011 was a big year for home sales in North Center Community Area with 177 homes sold.  Consumer confidence, stabilizing home prices, low interest rates, resurgence of builder/developers and the three popular public schools (Audubon, Bell and Coonley) all combined to create one of the most dynamic single family home markets in the city. Yet, we predicted better sales in 2012.
A typical North Center block near Western and Irving.

North Center Single Family Home Sales in 2012

191 homes sold in 2012. That's up about 8% over 2011.  The median price for a North Center house was about $800,000 for the year (even with last year's $800,000). The highest sale was 1912 W Belle Plaine for $1,610,000.  The lowest sale was 2425 W Fletcher for $120,888.  This was a tear down property in the less desirable location near busy Belmont and Western. Only 25 of the 191 closings were under $500,000.

53 of the 191 homes (28%) sold over $1 million dollars  in 2012.  That's about the same as the 52 homes sold for over $1 million in 2011.

Short-Sale and Foreclosures (Bank Owned/ REO)

Only 12 of the 191 single family home closings (6%) in North Center were listed as a short sale of foreclosure sale.

We represented seller and buyer clients in the sale and purchase of North Center and Lincoln Square homes from $400,000 to over $1M this past year.  Please contact us if looking to buy or sell a home on the North Side.

Sunday, January 13, 2013

A tale of two short sales

We have two short sale deals under contract and heading to closing (although, we don't actually have closing dates yet).  One is our listing in Ravenswood and one we are the buyers agent in Lincoln Park.

Our listing in Ravenswood went under contract quickly in April and is still not closed.  It took almost 7 months to get a COUNTER OFFER and acceptance from the bank.  During that time we had several rounds of sending the listing agreement out to various parties, getting notarized affidavits for all parties, meeting at the property for lender BPO's (bank/ broker price opinion or something like that) and there was much uncertainty.
Our short-sale listing at 2201 W Winona has taken many months to get approved

The bank on the Lincoln Park buy-side accepted the contract after 30 days or so.  Some typical paperwork has been required from our side and has been processed smoothly.  Communication from all parties has been good and the deal may only take a few months to complete.

Short-sales will continue to be a part of this market as sellers decide they have no other recourse.  Banks have caught up a little and streamlined their short sale procedures and processing.  However, there are many factors involved that will dictate the length of the transaction, the work involved and if the lender of a property will ultimately allow a sale prior to a foreclosure proceeding.

Read a little more at our older post Short Sale Shuffle