Friday, December 21, 2018

Two small Lincoln Square vintage homes sold side by side (will they be demolished?)

4951 N Claremont on the right and 4955 N Claremont, side by side houses in Lincoln Square, both were for sale simultaneously and closed within two weeks of each other.
Two recent Lincoln Square home sales caught my eye (I live a couple blocks away and walk by all the time). Both houses were for sale at the same time.  I was certain the two relatively inexpensive adjacent single-family properties would be bought by a developer to build larger homes.

4951 N Claremont (to the right) sold for $460,000 and sits on a 33' wide and 125' long lot.  A small house sold in the $400s on such a wide lot in Lincoln Square is almost certain to be redeveloped! However, the new owners moved in after modest renovations.
4951 North Claremont sold for $460,000.  The wide lot home seemed ripe to build a larger single family home on the 33' wide lot.  The only caveat is the property is adjacent to a church parking lot.  However at the sale price and size of the lot a large single family redevelopment seemed inevitable.  No major permits were pulled and the new owner moved in with minor interior renovations.

4955 North Claremont sold for a bargain $410,000.  The small house sits on a desirable 33' wide by 125' long lot. The house is yet to be occupied and there are no demolition or construction permits pulled. If I were a betting man I'd put money on this being redeveloped into a larger home.  This was a great deal. This would also be a great spot for a three-flat considering many multi-units on this mixed use block. However, current zoning in this neighborhood does not allow new multi-unit construction on the residential blocks.

The single family home market in the immediate Lincoln Square area around Winnemac Park has pushed into the high-end territory. The median price of a sold home around Winnemac Park in 2018 is about $850,000.

Thursday, December 13, 2018

Gold Coast hoop dreams

Squeezing in some hoops in Gold Coast.  Alley courts are as old as most bungalows but this one caught my eye. The basket is installed on a new garage next to the coach house of a vintage mansion at Burton and Dearborn.  The alley neighbor directly to the west is the Faulkner House high-rise that is part of Sandburg Village.  It is a little known fact that William Faulkner shot his free throws "granny style". I made that up.

Faulkner House at 70 West Burton Place, Chicago IL 60610 overlooks the hoop. 
The amazing vintage property at Burton and Dearborn and owner of the alley basketball hoop.

Tuesday, December 11, 2018

Streeterville condo sales this year

A mix of commercial and mixed use residential buildings fill the Streetrville landscape steps from the lake.
We often work with clients employed by the Northwestern hospital system and Lurie Children's located in Streeterville. The hospitals (with other medical and professional institutions) make for a bustling, high energy area with lots of amenities and services.  Occasionally our clients prefer to live right in the neighborhood close to work.  Let's take a look at Streeterville condo sales for 2018.

Streeterville condo sales January 1st to December 7th, 2018.  

585 condos (attached units) have closed in the Streeterville neighborhood thus far in 2018. The median price of a sold condo is about $420,000.  Of course, Streetrville can have some very high-priced, high powered units. The highest priced condo sale is 159 East Water Street Unit 23A, Chicago IL 60611 for $6,250,000.  21 units sold for over $2,000,000 this year.

The recently built Lurie Hospital facility is a boon to condo sales in Streetrville as another large, prestigious employer.
The lowest priced sold condo recorded on the MLS is an interesting case.  201 East Delaware Place Unit 908, Chicago IL 60611 at The Hotel Raffaello sold for $99,995 as a short sale.  The unit is a hotel-condo that may not be occupied full time by the owner! What an "interesting" ownership relationship with the hotel. The lowest non hotel-condo sale is a studio at 260 East Chestnut Unit 401, Chicago IL 60611 for $130,000.

2 beds, 2 baths
185 two, beds, two baths condos sold with a median price of $522,500. This price does not guarantee you parking and of course there are those expensive high-rise monthly assessments.  But... you have the world at your door!

Friday, December 07, 2018

Infamous Boomer's property in Lincoln Square nears redevelopment

The entire Boomer's property is up for redevelopment. I'm all for more density and residential at this site. However there has been little (open) opportunity for public scrutiny.  All photos Eric Rojas, Broker, Kale Realty
The elephant on North Lincoln Ave in Lincoln Square may finally leave the room.  The Boomers restaurant site located at 5015-5039 N Lincoln Avenue is up for redevelopment.  The site also includes the Pizza Hut take-out storefront and the long time MRI Center which my photos conveniently leave out... oy.

Inexplicably, there has been very little fanfare surrounding the potential development for this long vacant albatross.  Back on JUNE 5th, 40th ward Alderman's office posted an article on their site describing the private proposal process leading up to the final project. The Alderman asks for public comment BY JUNE 6th LOL.  The commercial lot would require subdivision and a zoning change.  No little thing and usually the stuff of public meetings.

Typically a zoning change for a relatively large development and dramatic change in height of an existing structure receives a public meeting. But whatevs!

Back in in 2015, local journalist Patty Wetli reported on the woes of the 13 year vacant Boomer's. The struggling owner explained at the time selling the property was not an option despite neighbor's angst at the eyesore. She sited sentiment more than viability. However, market conditions are so good now I imagine even the owner's convictions have been swayed by an offer they could not refuse.

Anyway, look for 28 condos at the site and no retail at the site.