Thursday, July 18, 2019

Update! 2 East Oak in Gold Coast to sell to investor

I just posted today about the potential sale of 2 East Oak high rise in Chicago's Gold Coast. Investors have won the support of over 75% of the condo association to sell the building according to Crain's Chicago Business.

We've had a lot of experience with this building over the years. I think it is in good position to charge more affordable rents then the recent trend of new construction luxury rental condo buildings near downtown. 

Lively Gold Coast condo building rejects $92 million offer

Investors made a bid to buy 2 East Oak in the heart of Gold Coast to convert back to rental apartments. For now the owner's vote has "rebuffed" the $92 million offer. (All photos Eric Rojas, Broker, Kale Realty)
My business partner once lived in venerable... maybe infamous... 2 East Oak in the heart of Gold Coast. The condo building offers mostly smallish condos at a decent bargain for the neighborhood. The rooftop pool deck is worth the looonnnng winter wait!  A recent $92 million offer to buy the entire building and convert the building back to rental apartments has been turned down so far. 

If I'm an owner I may not want to give up these pool deck views!
It is not unusual for an entire condo building to be purchases. Association owners must approve a sale by 75% vote of its members. Crazy right? I've researched condo building purchases from twelve units to 100s of units. The idea is unit owners will cash out on their units for a higher price than they would if they sold individually on the market.  The investor then converts the building to rental apartment units. My guess is the investor could position these units as more affordable than the newer construction luxury market.

2 East Oak Sales
22 units have closed over the past 12 months. The median price is about $223,000. 

Tuesday, June 25, 2019

River North land sold for $110 million, now massive "One Chicago" development underway

The construction site of One Chicago Square was a parking lot and collection of older buildings.  The Archdiocese Of Chicago sold the land in 2017 for a reported $110 million.  All photos Eric Rojas, Broker, Kale Realty

Property showings and sales, my kids' athletics and my wife's work (at Lurie Children's) bring us to the Dearborn / Superior area of River North often. It's now shocking to see the former Holy Name Cathedral parking lot site is under construction. One Chicago Square could take up to four years to complete.  I imagine the parking alternatives are for the Catherdral, Francis Xavier Warde` school and other area workers must be a hassle.

Holy Name Cathedral sits directly east across the street at 730 N Wabash.
Looking east.

Looking southeast.

Thursday, June 20, 2019

Under contract! Two beds Lincoln Park condo sales

Our client locked down a rare vintage condo unit with ALL the fix'ns a tad over $350K (well, without designated parking but don't get crazy!). 2155 North Seminary pictured.  All photos Eric Rojas, Broker, Kale Realty
We recently helped our first time buyer client reach terms on a two bedrooms, one bath condo in Lincoln Park. The fantastic DePaul neighborhood location is just the start. Somehow we found an updated place with two large bedrooms, central AC, a great deck, dishwasher AND in-unit washer dryer... a home run! It's tough to get the all of these most desired features in a small building at $350K! The home purchase closes next week.

Thirty-two condos sold in the past twelve months with two bedrooms and in building less than 36 units (criteria for our client). The median price of a sale is $343,000.  Very few units under $350K feature a true deck, Central AC, in-unit washer and dryer... and it they do look out for teensy-tiny bedrooms! All the sold condos matching the few criteria (two beds, under 36 units, Lincoln Park) were in vintage converted buildings.

Call/ email us to buy/ sell your next Lincoln Park or North Side condo!

The remaining vintage apartment and mixed-use buildings help make Lincoln Park one of the more desirable locations in Chicago... more so than the uber huge and expensive new construction homes.

Wednesday, June 19, 2019

Lincoln Park vintage multi-unit building sells for $1.2 million, torn down

1656 West Wrightwood sold in 2018 for $1,200,000 was torn down on Monday.
There are many significant "tear down properties" in Lincoln Park and around the city.  Sometimes we pass one (big deal or not) while we are working in the neighborhoods that catches our eye. A west Lincoln Park vintage mixed use building circa 1920 on a 32' x 125' recently sold in 2018 for $1.2 million and is being torn down. 1656 West Wrightwood  sold previously in 2010 for $400,000. The original listing at the address was back in 2008 was for a 58'x125' property asking $1,750,000.  It was eventually split and sold as the single lot.


The property was listed as a 32' x 125'  lot and zoned RT4 (can build a multi-unit building).  That's $300.00 a sq/ft for the dirt.  The demo took place June 17th of this week.  There is no construction permit on the property yet and I don't know what the new building will ultimately be.


Thursday, June 13, 2019

Video! Meeting contractors on behalf of our clients



We try and make the home sale, buying and owning process easier!  This week we met with contractor's at two of our home listings on behalf of our clients for repair estimates.  We leverage our resources gathered over many years to help make smart, efficient decisions concerning all sorts of home owning fun!

Please contact us for real estate related resources, market advice and to even meet contractors at your home. You can also contact me concerning kids' sports programs LOL 💀.




Friday, June 07, 2019

New! Take a sneak peek at 522 N Marion in Oak Park for sale $449,900



New for sale! 522 N Marion, Oak Park IL 60302 asking $449,900. Fantastic location in the Frank Llyod Wright Historic District of Oak Park and Holmes Elementary School district.

More Property Information HERE







Add caption

 Listed by Eric Rojas, Broker, Kale Realty
2447 N Ashland, Chicago IL 60614
773-510-1597 - erojas@kalerealty.com
ericrojasblog.com

Wednesday, June 05, 2019

For sale: East Lakeview heated garage parking space for sale $29,900

Heated garage parking spot for sale at 450 West Briar in East Lakeview
Heated garage parking spot for sale at 450 West Briar, Chicago IL 60657 asking $29,900. (Car not included!)

East Lakeview is a high density neighborhood with little street parking. If you are in need of a parking spot you can purchase this heated garage spot in the heart of the neighborhood for $29,900.

Anyone can buy this parking space and store their car.  As the owner you may also rent out the parking space to outside residents. 
Heated garage parking space for sale in 450 West Briar... the heart of the East Lakeview neighborhood. Asking $29,900

Exclusively listed by:
Eric Rojas, Broker, Kale Realty
2447 N Ashland, Chicago IL 60614
PH: 312-939-5253
erojas@kalerealty.com

Tuesday, June 04, 2019

Sold for $3,140,000 Lincoln Park brewery building torn down for new development

The long time Lincoln Park site of various bars, brew pubs and bowling has been has been torn down for development. 

The Burnt City building (also formerly The Lucky Strike AKA Seven Ten Lounge etc...) in Lincoln Park at 2747 North Lincoln Avenue in Lincoln Park has been torn down. According to public records the land (2747-2749 North Lincoln Ave) was sold for $3,140,000 in 2017. We passed the site this past week while on condo showings with a Lincoln Park buyer.

I poked around but have yet to find out what will be built on the site. I was never a big fan of the businesses here. However I'm no stranger to Delilah's on the block... a rare hold out of my youth.

Update! Land sold for $4.4M... 80 units at 450 West Belmont in Lakeview near completion

A busy strip of Lakeview near fantastic lakefront amenities gets a new shiny building. The glassy 450 West Belmont rises in the left of the photo. All photos Eric Rojas, Broker, Kale Realty
Our Lakeview condo search for a client brought us past a new construction building taking full shape. 450 West Belmont is stepping out among the vintage buildings in East Lakeview. The 80 unit rental apartment development adds highly demanded new construction units among the 60s built high-rise buildings the area is known for. We reported the original vintage buildings and lots (450-454 West Belmont) were sold for $4.4M. 

On a related note I often wonder how long those 60s high-rise building along Lake Shore Drive will last.  They are not necessarily cheap to maintain! Will they last 100 years like the vintage mid-rise buildings we often revere?  

New Gold Coast retail development to service high end condo dwellers

The 1139 N State mixed retail development in Gold Coast. All photos Eric Rojas, Broker, Kale Realty
Gold Coast is getting shiner and "shoppier" again.  We spotted construction progress while delivering earnest money checks nearby.  The new three story retail development at State and Elm is taking shape. Curbed has the story from last October with a good photo of the old building that was torn down (sad trombone). According to the developer  Newcastle Limited's site Rumble Boxing has signed on. A restaurant space with patio is slated for the top floor. Additional retail is available for lease.


The retail is adjacent to the very successful, upper bracket 4 East Elm residential condo building. Of the six sold and for sale condos over the last 12 months the median price is about $3.25M.

Friday, May 31, 2019

Senior living in top Lincoln Park location!

Belmont Village 700 West Fullerton Avenue, Lincoln Park is a new senior living center at the massive Lincoln Common redevelopment site (former Children's Memorial Hospital). All photos Eric Rojas, Broker, Kale Realty
We have talked a little about some of the hot categories of business and construction around Chicago. Senior housing is popping up (and trying to pop up) in many north side neighborhoods.  The growth area is answering the need for both market rate and affordable places for seniors to stay in the city and even their immediate neighborhoods.

Belmont Village  (pictured above) is a new construction senior living facility built on the site of a former Nellie Black vintage building... that looked almost identical. The former Children's Memorial owned Nellie Black building would have been too costly to retro-fit for the senior center.  I passed by the facility yesterday on the way to showings. The senior living center is expected to open this summer.

Just a few examples: A new Northtown Library Branch was recently built in West Ridge with 44 affordable senior units.   Artis Senior Living was recently completed at 3535 North Ashland in Lakeview.  Another 200 unit affordable senior housing center is to be developed at one of the old Ravenswood Hospital buildings at 4501 N Winchester in Lincoln Square.


Sunday, May 26, 2019

That huge black wall in Logan Square will be changing soon

The round-a-bout at Logan Boulevard is a familiar site framed by a classic church building and the black, black side of the old Grace's Furniture building at 2616-18 N. Milwaukee Ave. Changes are finally coming to improve this highly visible location.
The old Grace's furniture building that used to be "graced" by billboard advertisements will soon be a boutique hotel. The Logan Square neighborhood project has been in the development process for over two years.  Block Club has details about the project HERE.  What should be a really cool site driving west on Logan Boulevard has been unsightly for many years due to billboard ads and now an imposing wall.


Twisted Hippo confirms Irving Park / Albany Park is getting cool

This place is truly different from the outside and in!
I finally made it out to Twisted Hippo this week (what else would you do while your daughter is at basketball practice?).  Great beer and really cool room. My friends have enjoyed the food menu too. The location is just to the north of Ravenswood Manor and resides on the border of the Irving Park and Albany Park Community Areas. This enclave has become hot in the housing market but also has some hip spots like Montrose Saloon and the Hippo among others.

The bright and colorful main room bar pictured above. The 2nd floor features more seating and various video games. The ownership is dedicated to the employees and community with unique pricing to support both. 

House sales
The median price of a single family house located within two blocks of Twisted Hippo is about $625,000 over the past 24 months! The highest priced sold home over this period is 4529 North Sacramento for $1,045,000  Several clients of ours live in this easy walking range to great bars and restaurants.


Thursday, May 09, 2019

For sale! North Center home in Coonley and Amundsen school districts $749,900

Inviting three bedrooms home with side drive... just steps from Welles Park!
2137 West Montrose, Chicago IL 60618 
For Sale $749,900
Open House Saturday, May 11th from 11am to 1pm

Take a video walk-through. CLICK HERE for more photos and property information. This is an amazing value in one of Chicago's most desirable neighborhoods.











Add caption

Click HERE for more photos and property information

You won't believe this! Move-in ready North Center single family home in Coonley Elementary and Amundsen High School districts. Amazing urban location on super wide unique lot. Three true bedrooms up, two and one-half baths, central air and heat, brick one car garage and SIDE DRIVE (3 car parking total or park a boat/ trailer on side drive). 
Steps to Welles Park field-house, gyms, nature preserve, pool and play-lots.
Renovated full finished basement with professional waterproofing and laundry room. Main floor entry foyer, powder room, open plan living and dining room and updated kitchen w/breakfast bar. Three beds up with large updated bathroom. Finished walk-out basement w/family room, good ceiling height, full bathroom, storage room and laundry. THAT yard! You can host a wedding here with that charming brick garage and blue door in the back drop. 

Two blocks away!
Steps from Welles Park, Sulzer Library branch, Old Town School of Folk Music, Lou Malnati's, Half Acre Brewery, Jewel grocery and scores of bars, restaurants and amenities outside your door. Three blocks to CTA Montrose Brown Line. Outstanding value in a fantastic location.

Exclusively listed by Eric Rojas, Broker, Kale Realty
2447 N Ashland, Chicago IL 60614
ericrojasblog.com
erojas@kalerealty.com
773-510-1597

Friday, May 03, 2019

NEW for sale! Lincoln Square single family home steps from Winnemac Park $949,900

4817 N Seeley. Chicago IL 60625 offered for sale at $949,900 (All photos Eric Rojas, Kale Realty and VHT.com unless otherwise noted)
OPEN HOUSES 
Saturday May 4th 11am to 1pm and 
Sunday May 5th 1pm to 3pm

Wow! We're excited to to present for sale 4817 N Seeley in Lincoln Square. This house has great mojo! The terrific location just a few blocks from the Damen CTA Brown Line, Ravenswood Metra station, Winnemac Park, Giddings Plaza and all the restaurants, cafes, bars and services of one of Chicago's best neighborhoods. First time on the open market for this semi-custom house.

Centerpiece kitchen with high-end GE Thermadore appliances
Open floor plan main level with coffered ceilings and stylish staircase
Gorgeous dining area
Walk-out deck from the great room. Finished garage roof deck and paved patio
Better than a yard... no maintenance!
Massive island for your gatherings
Impress your guests with your stocked beverage center and "butler's pantry"
King size master bedroom with tray ceiling and custom walk-in closet
Master bathroom with separate walk-in shower
Double vanity and soaking tub
Contemporary Lincoln Square single family home steps from Winnemac Park. Crisp newer construction with graceful decor. Open concept main floor, eye catching coffered ceilings and gorgeous centerpiece kitchen instantly draws you in. 

High-end Thermadore appliances, smart "butler's pantry" w/ beverage center delivers at your parties! Great room leads to over-sized deck, garage roof-deck and low maintenance paved patio. Three beds up with king size master bedroom, walk-in closet and tray ceiling. Dual vanity master bath w/ huge soaking tub and separate shower. 2nd and 3rd beds with organized closets. 

Finished lower level has it all! Comfy family room, large laundry closet w/utility sink, spacious 4th bedroom, guest bathroom, storage closets and mud room. "3 zone" heating and cooling. A+ location just a few blocks to Damen Brown Line, Ravenswood Metra, Mariano's, L.A. Fitness, scores of cafes, bars and services. Have all of Lincoln Square, Ravenswood and Andersonville outside your door. Located in 1+ Rated Amundsen High School district.


Fantastic indoor/ outdoor entertaining space
Steps to Winnemac Park and 1+ Rated Amundsen High School  All photos Eric Rojas, Kale Realty

We're sad to see these great neighbors pack it up. Do not let this value and opportunity slip by!

Check out more information and photos  HERE

Exclusively listed by:
Eric Rojas, Broker, Kale Realty
2447 N Ashland, Chicago IL 60614
PH: 773-510-1597
erojas@kalerealty.com