Wednesday, May 31, 2017

Quick look! Six new Portage Park gut rehabs from $450,000 to $550,000

As prices rise near the city center single family home rehabs have pushed out little further west and north.  People looking for a city home are turning to Portage Park for a newly renovated four bedrooms homes under $600,000. Even under $500,000!  

Portage Park is mainly west of 90/94.
A quick look at Portage Park shows six of the eighteen new listings this week are gut rehabs (the 6 highest priced listings as well).  The prices range from about $450,000 to $550,000.  Portage Park has many pleasant tree lined streets, good parks and is close to 90/94 to get in and out of the city. I'm in Lincoln Square and the one thing I hate is how long it takes to get to highways!

(All market stats analyzed from

Wednesday, May 24, 2017

Marina City condo sales: 300 N State in downtown Chicago

The unmistakable Marina City, 300 N State Street. The condos are often referred to as Marina Towers. All photos Eric Rojas and Bob DePalma, Brokers, Kale Realty

We have clients looking at two and three bedrooms Loop condos up to one million ($1,000,000) for their next home. It's a fun, bustling area where they walk to work and take in any number of cultural events any day of the week! We checked out Marina City for a renovation project. Although smaller and low in the price-point the great balconies are a big draw for our buyers.

MLS listings at iconic Marina City condo towers suggest their are 896 total condo units in the towers.  The past 12 months show 37 closed deals and over the past 24 months we see 88 closed deals on our MLS (MREDLLC).

Photo Eric Rojas, Bob DePalma - Kale Realty

However, only 5  two bedroom, two baths units have closed in the past 24 months ranging from $360,000 to most recently $565,000 for a completely remodeled unit on a high floor. The $565,000 was by far the biggest sale number by far for the building for some time.

In the last 12 months (5/24/16 to 5/24/17) 37 units have closed on our MLS.
  • Five studio apartments sold with a median price of about $162,500.
  • Thirty one bedroom units sold with a median price of about $248,000
  • Only one two bedroom unit sold in the past 12 moths for $565,000.  The home was purchased, renovated and resold (flipped, if you will...) to a happy new buyer.
One bedroom condos have a monthly assessment of about $450.00 and cover in part: Water, Common Insurance, Security, Doorman, TV/Cable, Exercise Facilities, Exterior Maintenance, Scavenger, Snow Removal. Coin laundry is on site as are several restaurants, cleaners and other amenities.
.Photo Eric Rojas, Bob DePalma - Kale Realty
Currently nine units are for sale with a median price of about $240,000.  There is a 57th floor two bedrooms unit on sale for $465,000.  57th floor! No way I get out on that balcony!

Learn more about Marina City HERE.  For a great downtown local news source check out Loop North News.

Wednesday, May 17, 2017

Belmont Cragin Chicago home sales see value and mulitple offers

Rows of smart bungalows and well kept lawns on the 4900 block of West George. My favorite part? Spotless street and neighbors out talking, smiling and waving.
You need house? Belmont Cragin got nice house under $300K. And it go fast! We are in our second multiple offer situation this month on "move in" quality brick homes. Let's take a look at neighborhood house sales and prices so far in 2017.

The Belmont Cragin neighborhood is basically North Cicero on the east, North Narragansett on the west, West Belmont Ave to the Metra's Milwaukee District/West tracks to the south. First time buyers from Wicker Park, Logan Square/ Hermosa neighborhoods are looking just west for an affordable, well conditioned house. Developers/ flippers are selling fully renovated one story bungalows in the $300s. Market prices are heating up as older neighbors sell dated but well kept homes.

Belmont Cragin home sales January 1st to May 12th.
107 houses have closed in 2017 so far. The median price of a sold single family house is $219,000. Median price is up $60,000 since 2014!  Many houses around the median price (and for a bit more) are brick homes in really good shape. Additionally homes listed around the median price usually sell in multiple offers.

130 houses sold over the same period last year with a median price of $212,000.
In 2015, 99 homes sold with a median price of only $185,000.
In 2014, 96 homes sold over the same period with a median price of $159,900.

The highest homes sale thus far in 2017 is 5337 W Barry Ave, Chicago, Illinois 60641 for $445,000.  The gut renovated two story home featured four bedrooms, four bathrooms and contemporary finish level.

Mint Mini is open on North Damen Ave, Lincoln Square

The Damen retail strip gets a really nice addition (All photos Eric Rojas, Broker, Kale Realty)
Mint Mini at 4949 N Damen in Lincoln Square is a new, smart furniture outpost of Mint's larger store at 2117 West Irving Park Road in North Center.  I really like their selection.

Check out the great mix of retail and restaurants that have filled in North Damen Avenue North of Lawrence Ave in Lincoln Square.

Get your coffee and eats on at Groundswell and Bang Bang Pie, peruse furniture or buy a condo all on North Damen in Lincoln Square.

Thursday, May 04, 2017

North Center homes growing like weeds in an alley!

This North Center new construction home is being built on an irregular lot off West Pensacola... in an alley! (all photos Eric Rojas, Broker, Kale Realty0
You know your neighborhood is hot when houses spring up in peculiar places. Every so often there is a unique house built among the many nice - dare I say vanilla - new construction homes around the North Side. This little ditty near Pensacola and Lincoln Ave above is a good reminder to check in on North Center single family homes this year. 

North Center single family home sales January 1st to April 30th, 2017
62 North Center homes closed in the first four months of 2017.  The median sales price for a closed house is a measly $1,100,000 (that gets you a house in an alley... j/k).  Over the same period in 2016, 53 homes had closed with a median price about the same at $1,150,000. 

Looking back at 2012 only 25 single family homes sold with a median price of about $680,000. Like half the houses and sales price only five years ago.  As the saying goes "hindsight is... making me depressed!" or something like that.
Dreamy North Center, Chicago

But hey! There is plenty of inventory at the moment.  About 111 homes are listed for sale in North Center at the time of this writing so let's get shopping.  Median asking price for a house is about $1.2M and I know there is a deal in there somewhere.

Tuesday, May 02, 2017

Sad! Lincoln Park vintage stunner on Wrightwood gone forever

We always stopped for a second look while passing 1117-1119 West Wrightwood in Lincoln Park. The vintage building was recently torn down. (All photos Eric Rojas, Broker, Kale Realty)

Oversized lot 48 x 124.5. Sale is not on MLS but the recorded deed has an amount of $2,435,000.

@_GXM  tipped us off on the demo delay list and demo permit.

Guide to who lived in your house

Who lived in your bungalow? ran a cool story with tips to looking up the history of your property.  Check it out in the link.  It may help you pay tribute to the ghosts!

Lake View condo sales 2017, median condo price up 20% since 2012

Corner of North Seminary and West Barry, Chicago (All photos Eric Rojas, Broker, Kale Realty)
Lake View community area of Chicago is typically one of the most dynamic market in condo unit sales and pricing. As city real estate values go, Lake View goes.  Let's take a look at condo sales this year.

Lake View condo sales January 1st - April 30th, 2017
139 One Bedroom condos sold this year with a median price of about $208,000.
253 Two Bedrooms condos sold this year with a median price of  about $368,000.
149 Three Bedrooms condos sold this year with a median price of $590,000.
29 Four Bedrooms (or more) condos have sold with a median price of about $790,000.

In the first quarter of 2017 (1/1/17 to 3/31/17) 385 over-all condo units with a median price of about $362,000.   348 units sold over all same period last year with a median price of about $357,000.  Back in 2012 (when things really began to pick up) only 238 units closed in first quarter for a median price of $300,000.   

Median sales price of a Lake View condo is up over 20% since 2012.