Monday, January 14, 2019

Density for the few: Median asking price for new Old Town condos about $2.5 million

The pricey condo development at the corner of North and Clark in Old Town. All photos Eric Rojas, Broker, Kale Realty

We took some construction pictures of Old Town's new high-end condo before and after the holiday season.  Fifteen Fifty on the Park is a 32 unit new construction condo building  just steps from historic landmark Germania Club buildingChicago History MuseumLatin School and Second City. Not to mention all the great Wells Street restaurants and the lakefront.  BuildingUpChicago.com has photos and info of the old structures and preservation on the site.

Germania Club building (with a lively Starbucks) in the foreground.  The 1550 N Clark Street construction crane looms high over the busy corner. 


There are presently 6 units listed on MLS starting at $1,625,000 for a 2 bed/2.1 bath 2300 SF to $5,650,000 for a 4 bedroom/4.1 bath 4518 SF penthouse unit. Heated garage parking is an additional $66,000 per spot. Check out the listings at Realtor.com

The desirable Latin School of Chicago is across the street from the new condos.  Our kids have played some basketball at the school over the past year.
Enjoy cultural events across the street at the Chicago History Museum
Check out just a few of our property sale videos nearby in Sandburg Village, Old Town and Old Town Triangle over the years. 

Lincoln Park high-rise condo sales 2018

Wow, finally a sunny day. We had some business around the Lakeview / Deming area of Lincoln Park just prior to the holiday. Looking north from the Peggy Notebaert Nature Museum. We recently sold a unit at 330 West Diversey Parkway pictured in the middle. All photos Eric Rojas, Broker Kale Realty.
North Pond Restaurant and the park serenity is steps away from several Lincoln Park high rise buildings.


We've spent more and more time with clients riding in high-rise elevators around Lincoln Park! Lincoln Park high-rise living is pretty good. My wife and I consider the area a top contender for our empty nest apartment one day as we both love our careers here (I'll probably croak on the job).  Let's take a look at high-rise sales around the neighborhood (buildings 7 stories or taller).

Lincoln Park high-rise condo sales 2018
188 high-rise condo units sold in 2018.  The median price of a Lincoln Park high-rise condo over this time was about $289,000. The vast majority of condos sold under $289K were one bedroom units. Only two units recorded as closed on the MLS (MREDLLC.com) under $289,000 were two bedroom units.

Views from Diversey Harbor.  The lakefront amenities are extremely accessible from many Lincoln Park high-rise buildings.  
The highest priced high-rise condo sale was at 2550 N Lakeview, Unit 1001S, Chicago IL 60614 for $3,900,000.  The luxury high-rise development Lincoln Park 2550 tops the sales charts since it's completion in 2012. The lowest priced high-rise condo sale is 2626 N Lakeview Unit 1410 for $132,000. The updated studio apartment makes a great in-town or just live simple and cheap in
a fantastic location!

We love helping our clients find their first, trade-up or in-town condo! We also love showcasing your unit for sale with great preparation, photography and video.  Contact us today!

The Bel apartments in Lakeview rise up (is that a pigeon?)

The Bel is a 37 apartment transit orientated development (TOD) at 941 West Belmont, Chicago IL 60657 adjacent to Belmont Red Line station. All photos Eric Rojas, Broker, Kale Realty
We got a up close and personal look of The Bel apartment development in Lakeview. It could not be closer to the CTA Belmont Red Line station.  Is that a pigeon staring at us? A pigeon? The bane of all apartment dwellers??

The median price of a rental on the block is about $2,000 per month. Around $2,000 a month you can expect a two bedroom, one or two baths renovated apartment. Some exceptions include more vintage 3 bedroom apartments and dedicated parking availability varies at $2,000/ per month.



Wednesday, January 09, 2019

Edgewater two-flat sales (and small multi-units)

Our client lives near one of the coolest restaurant, bar and retail strips in the city.  She aims to stay here trading in her condo for a two-flat. All photos Eric Rojas, Broker, Kale Realty
Stumble home from Hopleaf? Yes please! Many of us remember the small, smokey front room with the great jukebox of one of Andersonville's finest institutions. Hopleaf has grown in size with the mega popularity of this Edgewater neighborhood and real estate prices have followed. Our client is looking to upgrade to a two-flat in Edgewater.  Let's take a look at recent two-flat sales prices.

No matter how hard you squint (and dream) it's a dump! This grey-stone on the 1700 block of West Winona needs a gut renovation along with expensive exterior maintenance.
Edgewater two-flat sales in 2018

21 Edgewater two-flat buildings have closed over 2018.  The median sale price of  a two-flat over that time is $600,000. At $600,000 you get a nice conditioned building near the Andersonville strip. We're not talking luxury here.  The building will be serviceable with good location. In 2016, 28 two-flat buildings closed with a median price of $605K and in 2014 another 28 two-flat buildings sold with median price of  $515,000.

There is still a good stock of two, three and four-flats in Edgewater.  Not every sale is converted to a single family home (buildings on the 1400 block of West Winona).
18 three-flats closed over 2018 with a median price of about $790,000. The highest priced three-unit building to sell is the beautiful 5915 N Magnolia for $1,060,000.    One smallish four-unit building at 1752 West Catalpa sold in 2018 for $660,000. 

Only five two-flats are currently available for sale in Edgewater with a median asking price of $500K (and $500K ain't getting you much).