Monday, September 26, 2016

Southport Corridor favorite Cafe Tola expanding to booming Avondale neighborhood

I spotted the new Cafe Tola space in Avondale this month (Cafe Tola Loncheria y Tacos at 3324 N. California Ave).     The popular Lake View purveyor of empanadas takes over the former Hot Doug's space.
Here's some good info by on the good people of Cafe Tola.  The family owned company known for it's food, teensy Southport Corridor outpost and over-sized murals will open an Avondale restaurant in the former - and famous - Hot Doug's space.

Cafe Tola at 3621 N Southport in Southport Cooridor
I've really enjoyed the food and atmosphere over the past four years at the original location. I think the diverse food and bar scene of Avondale and the rising real estate market are a good fit for a new Cafe Tola.

Avondale home sales
A modern conversion home I spotted back in 2011 on the 2800 block of North Rockwell.
The Hot Doug's Affect:  Lots of real estate activity in the four block radius surrounding the new Cafe Tola location at 3324 N California. 59 single family home properties have been closed in the last 12 months in the nearby sales area with a median price of about $435,000.  Most lower end properties below the median are being bought for renovation or tear down to build new.
60 single family homes sold in the same sales area over 2015 with a median price of $431,500.

Just 4 years ago in 2012, 50 single family home properties closed with a median price of just $300,000.
The Avondale sales area surrounding the new Cafe Tola concept has been very active with renovations and new construction.

There has been a hot market for buying and converting two-flats to single family homes in Avondale over the past 4 years.
32 small multi-unit buildings (2-4 unit buildings) have closed over the last 12 months in the same sales area with a median price of $342,000.  My guess is at least 30% of those purchases will be for single family conversions and/ or new single family construction houses.  36 small multi-unit properties sold in 2015 with a median price of about $312,500.  In 2012 (the start of the North Side price recovery) 38 small multi-units sold with a median price of only $161,000.  

78 attached units have sold (condo and town house units) over the past 12 months with a median price of $285,000.  38 of those units were listed at 3 bedrooms or more with a median closing price of $379,000.

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