For quite some time in recent years there were no new condos to buy or new apartments to rent in Lincoln Square. We may have had a three year run (2009-2011) after the 2008 housing crash with no new units built. Since 2012 it has become more and more common to see new units added to this thriving Chicago neighborhood on every major throughway. Damen, Lincoln, Western and Lawrence continue to evolve with residential units.
I took a couple photos a few weeks ago of a new Peruvian restaurant coming to Lincoln Park. Chopo Chicken will move into the space at 2460 N Clark. I checked out the Facebook page and it does not look to have opened yet. It will be a great addition to the diverse offerings of North Clark Street. It's one of my favorite areas to eat in the city.
They've created a really cool mural facing Arlington Place. Good luck this New Year!
Watch the video walk-through of our latest sale at 2623 West Logan Boulevard, #1W Chicago IL 60647.
We just represented our sellers in closing their three bedroom Logan Square condo today. The newer construction garden unit at 2623 West Logan Boulevard #1W surpassed all comparable unit closing prices at $320,000. More photos and information here.
Once inside most potential buyers forget they are in a garden unit. Tall ceilings, huge space and lots of light. All photos Eric Rojas, Broker, Kale Realty and VHT.com
Thank you to our repeat seller clients. We've helped them sell investment properties and buy their primary home over the years. From prepping units for sale to the final walk-throughs and closings we have enjoyed each and every project!
Logan Boulevard closings in Logan Square
11 condo units have closed on historic Logan Boulevard with a median price of $360,000.
The lowest priced sale is
3003 W Logan Blvd Unit 1, Chicago, Illinois 60647 a two beds, one bath vintage home with no designated parking for $235,000.
You may be able to rent newly renovated high-rise apartments steps from Belmont Harbor soon (All photos Eric Rojas, Broker, Kale Realty)
Our office chatted about a Crain's story today reporting thepossible "de-conversion" of 420 West Belmont in East Lake View. The 50 year old high-rise condo building may have been sold to investors that will convert the condos back to rental units. Other than the number of units involved (207) a de-conversion to rentals is not unusual in this market. 75% of the condo owners must vote to sell the building as a whole with proceeds paid out as a percentage of ownership.
The entire condo building at 555 West Arlington in Lincoln Park was "sold to a developer for land value".
Another recent Lincoln Park de-conversion I've come across is 555 West Arlington in the gorgeous Deming-Arlington Historic District. The 36 unit 1960s condo building with unfortunate architecture was "sold to a developer" for "land value" earlier this year. MLS and Recorder of Deeds records show last unit sales to the developer in the mid $300s for one bedroom condos. $100-$200K above the market rate prices for individual market rate condos in the building.
We have one client and their condo board in North Center who have discussed selling their whole building so they may receive much higher sales prices than their individual condos would achieve. It is on the table for this spring.
A new, modern development is proposed for this site adjacent to the existing building shown. The hits keep coming in the Ravenswood, Lincoln Square, Uptown area (all photos Eric Rojas, Broker, Kale Realty)
There are a handful of condo buildings and town home developments within a few blocks of this new proposal. Attached unit median sales price is around $400,000. The most recent and immediate sales have been existing re-sale units. A brick two-flat in nice condition at 5070 N Ravenswood recently sold for $670,000 on an oversized 30'x175' lot.
There are relatively few residential units along North Ravenswood itself from West Irving Park Road to West Lawrence. Density of condo units, single family homes and mulit-units picks up north of Lawrence (4800 North).
I took a few early November shots of the 600 block of West Arlington in Lincoln Park. The block is part of the beautiful Deming-Arlington Historic District. It is also home to the Chicago Getaway Hostel housed in a gorgeous vintage building. It is an unbeatable representation of Lincoln Park living for our domestic and international guests.
High-end vintage properties are the standard here. 623 W Arlington is currently listed at $6.9 million. The highest closing within a block over the last two years is 626 W Arlington for $2,675,000 closed in June 2016. The double lot home maintains the vintage facade with modern updates. Considering the oversized 50'x174' lot in this location $2.6 million was a bargain.
A beautiful residence on the 600 block of West Arlington. #FLYTHEW Go Cubs Go!
The area can be enjoyed with affordable accommodations for visitors at the hostel and for relatively cheaper means for locals. Studio and one bedroom apartments on the street have some from $110,000 to $239,000 and smaller two bedrooms sales from $300,000-$340,000.
555 W Arlington offers entry level purchase prices and rents to a premier Chicago location
We took a few shots this week of the new MiCa Chicago at 2733 N Milwaukee Avenue in Logan Square. MiCa is an early entry - in a series of large Milwaukee Avenue developments - that extremely changes the street-scape. The 216 unit rental building has current units available ranging from $1,695 for a studio apartment to $3,345 for a three bedroom unit according to their web site.
A more typical milieu of mixed use buildings at the corner of Milwaukee and California
We have sold properties nearby the development and have clients looking for a single family home in the area. The rental density will be good for a vibrant business environment that, in return, will strengthen home values.
The former Tag Outlet warehouse 1730 West Wrightwood, Chicago IL 60614 has been demolished to make way for residential condo development in Lincoln Park (All photos Eric Rojas, Broker, Kale Realty)
Cha-cha-changes on the former Tag Outlet site.Norweta Rowis a substantial high-end residential development in the far western portion of Lincoln Park. A condo portion will be 32 units and rental building approximately 44 units. The immediate area is almost entirely newer construction built up over the past 15 years. A penthouse unit on our MLS is listed as 2633 N Hermitage PH2N for $2,995,000
The Lincoln Park Patchwork mural on at the construction site late November.
We're looking in greater Bucktown / Wicker Park of West Townabove - generally Armitage to Chicago Ave and 90/94 to Western Avenue.
We have clients looking for a "move-up" single family home in the Bucktown/ Wicker Park area where they currently own a condo. The target area west of 90/94 in West Town is in play including parts of Bucktown, Wicker Park, Noble Square, Ukrainian Village and East Village.
97 single family homes have sold in the map area above from January 1st to November 30th of 2016 in the shaded area shown. The median price is just over $1,000,000 for a sold house. The highest priced sale this year is a modern new construction stunner at 1763 W Wilmot sold at $3,800,000 (cash). The lowest priced home sale is 1468 N Ashland for $300,000 (cash). The odd one story residential property was bought by a development brokerage.
50 of the sold 97 homes closed for over $1,000,000.
In 2012, 104 single family homes closed with a median price of $700,000. Median price is up $300,000 from 2012 to 2016 in the West Town area shaded above.
Here's a flashback video to 2010 a couple years prior to the price explosion. Lots of units were getting sold and purchased at bargain prices. Condo unit sales in West Town began to rival those of high density Lake View. Enjoy!
Progress photo of the Benchmark development on the 2700 block of north Magnolia in Lincoln Park earlier today (photo Eric Rojas and Bob DePalma, Brokers, Kale Realty). Kale is not the listing brokerage.
Condos in the development are listed from $650,000 to just under $1.3 million for a penthouse unit (several units are under contract). A single family home in the development at 2742 N Magnolia is listed at just under $2 million on a 24'x125' lot. The block is turning mostly new construction with several other recently built single family homes offered and new construction closed sales.
A few modestly updated homes sold from $850,000 to just over $1 million over the last 24 months. A new construction home at 2730 N Magnolia built in 2015 and closed early this year sold for $3,050,000 on a 40'x125'. This block backs up to the 2700 block of North Lakewood which has also been transformed from mixed housing and industrial to mostly new construction single family homes and condos along an old rail line.
This location is across from Point at Clark featuring several chain retailers DSW, Marshalls and Michael's.Briar Street Theater , Binny's and dozens of restaurants/bars/shops are near the parcel. One can expect another large chain retailer. The area (and Chicago's North Side in general) has seen so much large commercial redevelopment that it is hard to believe this site would not be redeveloped into two story retail space for a new store.
The corner of Broadway and Sheridan where 3833 N Broadway will be built. Image Google Maps
Curbed Chicago has more information on the project HERE
The Curbed article also mentions another 100+ unit building that will be developed across the street at 3901 N Broadway. Wow, over 234 units at the busy corner near the lake!
The Meadow Ridge community in Northbrook features beautiful views of the Techny Towers.
Congrats to our newly retired snow birds on their home purchase in Northbrook, IL! These repeat clients needed a home near their daughter in Chicago for half the year. The other half of the year is spent in sunny Florida. The Glenview / Northbrook area offered several great choices for newer homes near shopping, golf and easy highway access to the city. The North Shore village provides a beautiful lakefront nearby, cultural activities and the civic community they desire for their active retirement years.
Our clients closed today on their Northbrook home at 2282 Washington Drive in the Meadow Ridge gated community. The new construction home features a ground floor
A landscaped "prairie" with flowing stream winds through the property.
We secured the new construction 2282 Washington Drive Unit C for $689,000. The newly designed, more open plan "Model C" has one of the more upgraded kitchens and master baths we've seen! The home features three bedrooms, a separate office, a large bonus room, two car attached garage and terrace. New construction closings for all models in the last year have gone from $580,000 to $780,000 (also a "Model C").
The Meadow Ridge development in Northbrook is squeezed between a couple golf courses and adjacent to convenient, walk-able shopping and dining.
Contact Bob and I to find your next home in Chicago, the North Shore or near west and south suburbs.
A demo permit was issued yesterday for this attractive brick and masonry home at 2042 N Fremont in one of the more expensive enclaves of Lincoln Park. The property is already listed on the MLS as a design and build project for $3,599,000. Photo Cook County Assessors office via ChicagoCityscape.com.
I took notice this week of a couple more recent demo permits in East Lincoln Park. The buildings happened to grab my attention due to our dealings near by. They are the types of original buildings I'd love to see stick around in the neighborhoods. I post these tear downs from time to time to point out market activity and prices around some of the neighborhoods we do business.
726 W Diversey was sold in June for $975,000 and will be torn down to erect a new 3 story residential building. The East Lincoln Park units will be in high demand in this highly desirable, walk-able location near the lakefront. A three beds, two baths newer construction condo next door at 725WDiverseyPkwyUnit 4W, Chicago, 60614 recently sold for $680,000.
2350-2358 N Lincoln across from the Children's Memorial main building demo and just north (adjacent) to the old parking garage began demolition last week. The entire development site is in full demolition stage. The changes to this busy section of Lincoln Park are certainly dramatic as more than just old hospital buildings are torn down.
You have to visit the site to get the full effect of the eerie Children's Memorial demolition in the heart of a busy Lincoln Park neighborhood. I took a few more photos last week after visiting 444 West Fullerton. The large hospital structure is almost entirely gone and the site lines driving west up Fullerton are striking. Here's a look at the over-all development plan.
I can't help but double take when I approach the open space at the corner of West Fullerton and North Orchard in Lincoln Park. The tedious demolition of the former Children's Memorial Hospital nears completion.
Our family owns a good sized brick bungalow in Lincoln Square near Winnemac Park. We love our house, our neighbors and this desirable area in high demand. However, the homes that have tempted me many, many times are in Forest Glen. Beautiful old homes, scenic blocks, great schools and easy access to the highway and Metra are tough deny when showing homes!
206 Forest Glen Community Area single family homes closed so far in 2016 (January 1st to November 9th). The median price is about $445,000. 219 homes closed over the same period last year with a median price of about $430,000. Looking back to 2012, only 157 houses closed over the same period with a median price of $385,000.