Tuesday, November 21, 2017

No real estate transfer stamps... no sale!


Our single family home listing at 706 Cynthia, Glendale Heights IL 60139 is closing next week.
Real estate transfer stamp programs can vary from city to city, village to village. The application process, cost and time line to get transfer stamps on a real estate sale are important details few sellers and buyers consider. However these small details can become costly and hold up a sale! We recommend hiring a local real estate attorney familiar with the various village requirements early on in the sale process.

We recently sold a house in Glendale Heights where all homes must pass a city inspection before the transfer stamp may be applied. An escrow amount in lieu of transfer stamps is held by the city until; 1) the seller cures the inspection violations or, 2) the buyer signs a disclosure (and pays the escrow) acknowledging they will cure the issues. This is a much different process in Chicago where no physical city inspection takes place as part of the real estate transfer.  

In Glendale Heights, a seller pays $3.00 per $1,000 of the sale price as a real estate transfer tax while Chicagoans also pays $3.00  per $1,000 (buyers pay $7.50 per $1,000!).

The more you know!


Friday, November 17, 2017

Re-sold for $3 million early this year, former Threshold's row house now Titanic renovation

A huge "stop and notice" row house on North Lakeview gets a gut renovation.  The impressive property will maintain it's vintage panache! (All photos Eric Rojas, Broker, Kale Realty)
The Lincoln Park corner row house at 2700 N Lakeview at West Wrightwood most recently operated as a social services facility by Thresholds was re-sold for $3 million early this year.  2700 N Lakeview is the largest of four row homes built circa 1917 and designed by David Adler among others.  It is now an extensive gut renovation by a developer. Dennis Rodkin reported in 2015 the home was originally built for a survivor of the Titanic. In May, Ted Cox reported the new owner Foster Design Build planned either three large condos priced from $3.5M to $4.5M or one single residence priced up to $10M.

Two other row houses in the group have recent re-sales.  2704 N Lakeview was sold in 2016 for $1.8 million and is now under gut renovation by a private owner. 2708 N Lakeview had sold in 2013 for $2.65 million.

2704 N Lakeview , sold in 2016 for $1.8 million, looks over Lincoln Park.
The entrance to 2704 N Lakeview row house now under renovation by a private owner. It was listed at 8,800 sq/ft according to the listing on MREDLLC.com.

2708 N Lakeview sold for $2.65 million in 2013
The row homes are located in a beautiful stretch of northeast Lincoln Park (across from the parks adjacent to the lakefront) near another iconic building.  The Elks National Memorial sits just north of the 2700 N Lakeview development.



Elks National Memorial 2750 N Lakeview, Chicago IL 60614
The four row homes are wonderful in their own right but much of the value is built into the location. Need a cocktail? Walk into the actual Lincoln Park and take a seat at the classy North Pond front bar. The life!

North Pond at 2610 N Cannon Drive, Chicago IL 60614 in the park.

Thursday, November 16, 2017

Chicago Tree Project in Lincoln Park

Sculptures in the Chicago Tree Project located in Lincoln Park open field north of North Avenue (just before the snow!)
We've had a bit of a "bummer fall" season with the early first snow on November 10th (a birthday present to me!).  It feels like the heavy leaves just dropped early with little time to view the changing colors.

One of our favorite things about Lincoln Park is all the opportunity to stop and look at interesting things; architecture, new business and public art.  The Chicago Tree Project helps pick up the slack for the early bare trees, dying trees and those decimated by Emerald Ash Bore beetle. Supported in part by the Chicago Sculpture International these damaged trees remain in the landscape as sculpture.


We are continually impressed by the partnerships forged by the Chicago Park District in so many areas of sports, art and recreation.

Here is a great run down of many public art sites

Wednesday, November 15, 2017

Making the goods at Lill Street Art Center, Ravenswood

Lill Street Art Center 4401 N Ravenswood Ave, Chicago, IL 60640
We've been all sports, sports, sports with our kids but my daughter's penchant for artistic endeavors could no longer be denied.  We enrolled our plucky eight year old in a pottery class at Lill Street Art Center in the Ravenswood area of Uptown. What a great experience it has been!

Hopefully she is making me a coffee cup! We can't wait to see her creations and enroll in more painting and pottery classes (after the winter basketball season of course).  Thanks to the Lill Street instructors for providing a terrific environment for our kids.


Lincoln Park single family home sales 2017, 83% sold over one million

Many million dollar homes have been built in the Wrightwood/ Lakewood area (old industrial train route) over the last five years as all of Lincoln Park, east and west, has filled in. Photo Eric Rojas, Broker, Kale Realty.
A recent report cites Lincoln Park leading Chicago in million dollar property sales in the 3rd quarter of 2017. The rate of both residential and commercial tear downs in Lincoln Park may seem shocking. But the redevelopment payoff is big. Let's take a look at over-all Lincoln Park single family home sales as we near the end of 2017.

Single family home sales January 1st to November 10th
176 single family homes have been recorded closed from January 1st to November 10th according to MREDLLC.  The median price of a sold home is $1,565,000. Over the same period in 2012 (as the market was taking off) 164 single family homes closed with a median price around $1.2 million.

146 of those Lincoln Park single family home closings this year were $1 million dollars and over.  That edges out North Center which sold 140 single family homes $1 million dollars and over.

The highest Lincoln Park sale was 542 West Grant Place, Chicago IL 60614 for $7,200,000. 

With many impressive properties new and old it is not hard to imagine Lincoln Park leading the city in million dollar sales.

Monday, November 13, 2017

The next wave of development on Lawrence Avenue, Lincoln Square

The Surpless Dunn building development is underway at 2150 W Lawrence (one conversion building and one new building for a total of 59 units) All photos Eric Rojas, Broker, Kale Realty
When showing houses in the Winnemac Park/ central Lincoln Square buyers tend to be unaware of the next wave of Lawrence Avenue development. There are some hints of development but many people don't pay much attention sleepy Lawrence while heading to a residential street. A six block strip will bring many new residential and commercial units online in the next 3-5 years and could stoke another round of  businesses too.  This is a great selling point I'm always sure to share!

The 1600 to 2400 blocks of West Lawrence fall in the 47th Ward.  The 47th Ward has fantastic development information posted to their site.

The Wintrust Bank parking lot development 2322 W Lawrence (at Claremont) was completed late summer and has a total of nine condo units.The highest priced closing in the building thus far is $624,000.

The Sears store development will consist of 59 units and ground floor retail.

New condos at Hamilton and Lawrence
The Chase Bank property development will feature 166 residential units.
The old garden center development is under construction at 2242 W Lawrence will have 14 residential condos.
The lot just west of Roots Pizza remains vacant but the owner had originally proposed a 24 unit rental building.
This is not a complete list.  There is a vacant lot next to Roots Pizza that was to be a 24 unit rental building and a 24 unit redevelopment of the Wintrust Bank processing building at 2247 W Lawrence. We've also seen the gut renovations of a couple apartment and office buildings along the strip!

Thursday, November 09, 2017

Lincoln Park vintage two-flat torn down for new house


2219 N Dayton was sold earlier this year for $1.7 million. We happened to walk down Dayton on Monday between some showings and caught the demolition in action. It is old news that Lincoln Park has seen more than it's share of vintage building tear downs. The distinct cornice of this lovely building had already been removed at time of the photo. The new property will be a single family home according to building permits.

Google image of 2219 N Dayton from August 2016. It would be nice (and my preference) to save more of these original two-flats.
This is an attractive stretch of North Dayton with high-end homes and some vintage holdovers that preserve the distinct feel of leafy Lincoln Park.  The median price of a property sold on the block over the last 24 months is $1.7 million.  A double lot vintage home conversion sold this summer for $4.8 million.

A familiar site in Lincoln Park.  I don't know if there is another old established neighborhood across the country that has seen such a long run of tear downs and astounding dollars spent on residential "infill" redevelopment. Redevelopment is good for the vibrancy of the city but I think the rate of attractive brick building tear downs is shocking and ultimately sad.
More Lincoln Park posts here

Wednesday, November 08, 2017

Condo sales at 200 N Dearborn... the heart of downtown!

200 N Dearborn, Chicago IL 60601 has 309 condo units in the heart of downtown (All photos Eric Rojas, Broker, Kale Realty).
We have out of town clients looking to sell their corner one bedroom condo at 200 N Dearborn early next year. 200 North Dearborn is a Chicagoan's Chicago location! Brawny steakhouses, the theater district, transportation, City Hall, pizza(!) and more just steps away.  We stopped by the condo building over the weekend to take a look at the unit. Amenities include coin laundry, exercise room, indoor pool, doorman, sundeck, dry cleaners, food store and party room. Investor friendly (rentals ok), pets allowed and heat/AC is included in the monthly assessment.

Work, live and play downtown Chicago! 200 N Dearborn overlooks the Goodman Theater and features  and is part of the pedway connection to other buildings.
The owners currently have a tenant as the building allows rentals.  There are many decisions to be made concerning listing preparation, timing, pricing and the tenant's situation. Once we evaluate the unit we are able to put together a plan to best serve the needs of the seller. We love the balcony and closets of this place and look forward to getting this condo to market!

Sales at 200 N Dearborn
Eleven units are recorded as sold over the last twelve months with a median price about $226,000. Two of the units are 2 beds/ 1 bath and the other nine sales are relatively spacious 1 bed/ 1 bath units.  Some units were sold with deeded parking and there is usually rental parking available in the building.

Back in 2012, forty units were recorded on the MLS as closed over the year with a median price of about $225,000.  Fast forward to 2016 and we see only twelve units closed for the year with a median price of $237,000.  Thus far in 2017, nine units have closed with a median price back down a notch to $225,000.

If you are looking in the downtown and River North areas for a condo please contact us!

Taste of Ravenswood this Friday November 10th, 7pm-10pm

Taste of Ravenswood is this Friday November 10th, 2017. Photo ravenswoodchicago.org
Get real local in the Lincoln Square / Ravenswood neighborhoods this Friday! Try some of the best local food, spirits and beer while meeting the neighbors that bring it to you!

Taste of Ravenswood will take place on Friday, November 10th from 7-10pm at the Ravenswood Event Center 
(4043 N. Ravenswood Ave)

Friday, November 03, 2017

The two Targets of Lakeview are one mile apart

Target Store at 3300 North Ashland
The Target takeover of Lakeview is complete.  This second Target store opened at 3300 N Ashland replacing the Whole Foods Market. The new Whole Foods flagship was built just a couple blocks south and opened in March of this year.

Belmont and Clark Target on the site of the infamous Dunkn' (Punk'in) Donuts.
Another Lakeview Target store opened at Belmont and Clark earlier this year.  We have clients living in between the two Target stores! Fairly convenient.  You can walk from one Target to the other Target in this busy, popular neighborhood in about 15 minutes.

It reminds me of this Lewis Black comedy bit