Saturday, March 30, 2019

Will this Lincoln Park hold-out cash in?

The vacant lot shown at 2511 North Halsted above sold in 2018 for $1,500,000 (all photos Eric Rojas, Broker, Kale Realty).
A double lot (50'x126') was sold at 2511-2513 North Halsted for $1,500,000 last year. We don't yet know what will be built (it will be six condos with or without retail on main floor).  As you can see a vintage building remains on the adjacent lot on the south. The circa 1890s vintage two-flat at 2509 North Halsted is also for sale at an asking price of... wait for it.... $925,000 (@Properties). That's almost $200,000 more than a single lot would "comp out" to next door (and you get a premium for the double lot).

2509 North Halsted is a vintage two-flat building sits in the middle of typical North Halsted Street developments. It remains to be seen if someone will pony up $925,000. An improved two story restaurant/ bar building at 2721 North Halsted (Trinity Bar) did sell for $870K recently on a 26'x134' lot. 
2509 N Halsted was for sale from 2008-2011 when my business and office was at Rubloff over the Home Depot a few doors north.  The lowest price it dipped to was $779,900 in 2011... the bottom of the market after the 2008 financial crash.  Things started to clean up and head upwards from 2012 on. This strip of Halsted from West Fullerton to West Diversey is a collection of mostly mixed use three-to six-flat buildings, restaurants and bars.  Many shacks have been torn down but the 2509 N Halsted building looks in great condition.

Will "another one bite the dust"? Or, is this seller going to deal anytime soon...
About fourteen condo units have sold on Halsted Street from Fullerton to Diversey in the last twelve months. The median price of a sold condo is about $512,000.  The highest sold condo in the last 12 months is 2503 North Halsted Unit 4 for $730,000.

Friday, March 29, 2019

Photo update: Huge Old Town apartment development at former Marcello's location

Looking east down West North Avenue
216 units are under construction at North and Larrabee in Old Town. The development goes up on the former Father and Son Plaza at 609-657 West North Avenue... also former home of Marcello's Father and Son Restaurant. I went to the restaurant often for industry breakfast events. The new development address is 633 West North Avenue, Chicago IL 60610

The Village Garden Express building (former Terry's Red Hots) somehow remains along North Larrabee and the tracks.
A small restaurant building and parking lot remain on the Larrabee side.  
This is that development you see heading downtown on the CTA Brown Line.

View from across the street.
West North Avenue from about North Wells to North Halsted will be adding around 406 finished residential condo and apartment units in a year's time to this Old Town/ Lincoln Park area. The larger developments are the "Father and Son Plaza", 301 West North, 750 West North Avenue and 1550 on the Park . This doesn't count any small developments north and south of North Avenue.

1550 N Wells at West North Avenue across the street from Latin School is adding 32 luxury condo units to Old Town.

Wednesday, March 27, 2019

Pre-MLS For Sale: Logan Square church building with gym $1.59M, Zoned RS-3, Total Land Area 9,375 sq. ft.

3301 West Wrightwood in Logan Square. 
Fantastic pre-MLS opportunity for your organization. Multi-purpose church building in the heart of Logan Square. *Contact Eric Rojas, Broker, Kale Realty only. Do not disturb current owners, congregation or visitors of the church property.* All inquiries must provide their full name, contact information, name of organization they represent and nature of inquiry. No exceptions. erojas@kalerealty.com or 773-510-1597

We have been hired to broker the sale of 3301 West Wrightwood asking price $1,590,900 (AKA 3325 West Wrightwood). The building is currently an active church organization zoned RS-3. Please see the high level details below.  This will be placed on the MLS some time next week. For sale now.


Corner of Wrightwood and Kimball


West facing elevation, south side of building houses finished basement meeting room/ studio, offices/classrooms on main level and top floor gymnasium 
Property Details

  • Mailing address 3325 West Wrightwood, Chicago IL 60647 (TAX PIN 13264200010000 address is 3301 West Wrightwood) Corner of Wrightwood and Kimball (75' north facing on Wrightwood, 125' west facing on Kimball)
  • Asking price $1,590,900
  • Currently tax exempt
  • Total Land Area 9,375 sq. ft.
  • Building Area 14,240 above grade, 5,797 sq. ft. per independent appraisal
  • Current use religious organization
  • Zoned RS-3 (Order a zoning report instantly at MAPS)
  • 1.9 blocks from CTA Logan Blue Line at Milwaukee and Spaulding (1,268 feet) 
  • Large finished meeting room/ yoga studio (basement)
  • Fellowship hall with large kitchen (basement)
  • Office/ classroom wing
  • Sanctuary (130-150 seats)
  • Floor plan and survey available for serious inquiries only
  • Potential use for school, religious organization, arts organization, theater company, single family development (Order a zoning report instantly at MAPS)
  • Building needs extensive brickwork, interior plaster repair, windows, facility updates, mechanical updates
  • Please see 35th Ward Community Driven Zoning and Development 
  • All info gathered from independent 3rd party appraisal, survey, church organization documents and Chicagocityscape.com deemed reliable but not guaranteed

2nd floor gym

Sanctuary (130-150 seats)

Reception room


Sanctuary

Entry foyer
Large classroom southwest corner


Large classroom/ meeting area (southwest corner)
Classroom 2

Meeting room

Office (south exposure)
West exposure with classrooms, offices and gym

Exclusively listed by: 
Eric Rojas, Broker, Kale Realty
2447 N Ashland
Chicago IL 60614
erojas@kalerealty.com
773-510-1597
Office: 312-939-5253




Tuesday, March 26, 2019

Quick note on Lincoln Square single family home sales this year

Single family homes converted from two-flats remain arguably the most attractive and desirable housing stock around Lincoln Square. All photos Eric Rojas, Broker, Kale Realty (get out and take your own photos)
It's high season to shop Lincoln Square single family homes.  The trend lately has been slow fall seasons followed by super-hyper spring markets starting earlier every year (January). Several homes I have viewed or presented to clients this spring had been listed "pre-MLS" (pocket listing) or in the MLS Private Network. It takes research and digging every day to get the jump on these "pre-market" homes.
I sent this Lincoln Square entry level home out to my network three days before it hit market.
For example 4838 N Oakley asking $1,138,000 was listed on a private network for Top Producing Agents that I belong to. I was able to send it to my clients to consider pre-open market. Prior to going on the the MLS for the public to see an open house was held and a contract accepted prior to being listed on the open market.  I sent another "off-market" gorgeous single family home in Waters School district to my clients. It was sold before going to open market.

23 single family homes are currently under contract in all of Lincoln Square. The median asking price of those homes is about $600,000.

Monday, March 25, 2019

Purchased for $11M West Loop industrial loft remains vacant for now

1212-1220 West Van Buren has been vacant since late 2016.  The property sits a block from the Racine CTA Racine Blue Line, half block west from a Target Store, close to Skinner School among many other neighborhood amenities and services. The bustling and insanely active Fulton Market is about 5 blocks north. 
We've had several dealings in the 1224 West Van Buren condo building (Van Buren Lofts). Next door sits a vacant and gutted former Oxxford Clothes industrial loft. Crain's reported the building was purchased around $11 million in 2016.  The real estate group discussed converting office lofts but were open to other uses. I have not found any information on pending development.

1220 West Van Buren with Rush University Medical Center in the background.
A permit was issued back in 2017 to "Removal of non-bearing partitions - fixtures (m.e.p) and finishes for investigative purposes in an existing 7-story bldg - no structural demo included." 

The interior courtyard/ light well of 1220 West Van Buren industrial loft building.

Sunday, March 24, 2019

New Goddard School for early childhood development opening in North Center

A new Goddard School for early childhood development will open in the commercial complex at 2500 West Bradley Place.  This location is chock-full of kid fun... neighbors include Windy City Ninjas, Bradley Sports Center, IK Gymnastics and Goldfish Swim School

After our last visit to Bradley Sports Center last week I noticed the new playground construction at a new preschool.  The Goodard School looks pretty close to opening up at the commercial complex at 2500 West Bradley Place in North Center.  WGN studios is near by along with many businesses and services known to area parents and 

Two playground areas have been built out.  

Windy City Ninjas is next door. 
The location serves the gangbusters single family home and condo construction markets of surrounding North Center, Irving Park (Horner Park) and Lincoln Square.  Professional (and expensive) early childhood care / pre-school options have exploded in these neighborhoods over the past five years. 

A familiar early spring training location for my kids just a few doors down from the new Goddard School (my arm already hurts). Bradley Sports Center

Tuesday, March 19, 2019

We're there for you... when you can't be there!

Everything must go! 1224 W Van Buren #624
We spent several hours Sunday coordinating a furniture move for one of our listings in West Loop. To get the unit leased quickly the furniture had to go. Our clients are out of state.  We were able to get several groups in to remove the furniture and lease the unit over the weekend.

1224 West Van Buren Chicago IL 60607
Prior to the move out we coordinated the painting and repairs of the condo rental.  We are there to help out clients with all sorts of situations.  We can make the market preparation, sale, rental or buying of property easy even when you can't be there. Call or email us today.

Eric Rojas, Broker, Kale Realty
erojas@kalerealty.com
773-510-1597






Monday, March 18, 2019

Raising money for Common Pantry Chicago and Open House this Saturday in North Center


Last Friday Eric Rojas, Broker, Kale Realty sponsored a lane for Common Pantry Chicago's 10th Annual Bowl-a-Thon.  Jill and I raised almost $500.00 for their over-all most successful event to date!  It was our first year participating in the super fun evening held at local North Center institution Timber Lanes.  We thank our friends at Common Pantry for the invite!

I sponsor and donate for several events a year including for local schools and orgs including Northeastern Illinois University, St. Matthias School and Amundsen High School.  This was our first time participating with Common Pantry. We'll be back next year!
The packed house enjoyed drinks, pizza and raffle prizes. Some teams sported sweet bowling shirts and serious rollers! I did not meet my predicted scores which meant more donations on my part. 


Please visit the family friendly Common Pantry Open House this Saturday March 23rd.  Here is the sign up link.  We'll be there with the entire family at the 10:00am segment. Common Pantry is located at 3744 N Damen Chicago IL 60618 in North Center.
Serious form there!

Wednesday, March 13, 2019

East Lakeview "double lot" vintage sold for $1,275,000 in 2014, now new construction condo development

The original vintage property at 625 West Cornelia prior to 2014. The property was eventually torn down for development.   Photo provided by http://cookcountypropertyinfo.com/PINResults.aspx

We were back on the 600 West block of Cornelia in the East Lakeview neighborhood where a couple of our clients have bought condos.  We remembered a unique double lot vintage property (50' wide x 90' deep) sold for $1,275,000 in 2014 (pictured above).  It was eventually torn down and the new development is now almost complete five years later. 

625 West Cornelia is almost complete.  Six new construction units are offered for sale. 
The result is six  new construction units added to East Lakeview. Presently two units are being marketed on MLS.  A two beds one bath bath "Garden Unit" (1251SF) asking  $385,000 is under contract and a three beds, two baths "Unit 3" (1966SF) asking $825,000. You can see the listing and floor plan HERE
625 West Cornelia
New condo development along the residential streets of East Lakeview is relatively rare in this dense lakefront neighborhood. The packed leafy streets offer vintage beauties and we are often sad when they meet their demise. A little more delicate detail might have served this new building well.

A vintage building adjacent to the east with true sun rooms. 

East Lakeview condo sales last 12 months (Irving Park to Diversey/ Halsted to the lake)
164 condos listed at three bedrooms (3) sold in the last 12 months. The median price of a three bedrooms condo sale is $565,000 over the last year.

336 two bedrooms condos sold over that same period with a median price of only $287,000. 

388 one bedroom condos sold with a median price of $190,000.


Friday, March 08, 2019

Sold for $1,250,000 this Lincoln Park "Don Erickson renovation" will be replaced by a three-flat

1850 North Sedgwick photo taken in January at the late end of the polar vortex. The property was sold in 2018 for $1,250,000. A demo permit was issued in February and a three unit new construction building is in the works.  The renovated house is a great example of the many fairly wild 80s renovations around Lincoln Park. All photos Eric Rojas, Broker, Kale Realty

1850 N Sedgwick is located in an expensive area of East Lincoln Park. The single family home property on a 24'x125' lot sold in 2018 for $1,250,000.
   ChicagoCityscape.com points out a new construction permit was recently issued to build a new construction three unit building with carport (you need an account to see what they are building). According to the listing the "architect Don Erickson" designed the gut renovation completed in 1987. It remained in tact by the same owner until the sale.


The housing on the 1800 block of North Sedgwick is a mix of vintage single family homes, frame multi-units, high-end newer construction houses and 60s-70s town homes. A 70s built town house recently sold on the block for $885,000 and dated single family home built in 1999 sold for $1,900,000 this year. Another home is currently listed for sale at $4,350,000.

Despite the high-end price tag the block scores low on shoveling!

Thursday, March 07, 2019

Bring back coach houses in Chicago (a case for ADUs)

How much a month on the shed? All photos Eric Rojas, Broker, Kale Realty
My client Sarah and I got a kick out of the "tiny house" garden shed in a huge Portage Park yard last week.  We're looking for multi-units for and any extra unit or parking space income helps! It's common to find non-conforming in-law units in the bungalows of Portage Park for "related living". In all seriousness there is very good information and writing on making coach houses and other forms of accessory dwelling units (ADUs) legal. 

Check out Steven Vance's latest post at ChicagoCityScape.com and learn more about coach house and ADU advocacy. You can join others advocating for and lobbying local Alderman to consider bringing these types of housing to the forefront of policy. As a real estate broker (Realtor) I support the creation of legal ADUs.

A large coach house sits behind a four unit building at the end of my block. This one is an entire single family home with an inviting front porch!

I can SEE three separate coach house residences from my own Lincoln Square backyard and know of several others on my surrounding blocks. 
The units are simply affordable housing for great neighbors in what otherwise would be garages full of junk.


This unit is seen from my yard. It is another full single family unit that has been incorporated into a condo association with the front multi-unit building. 

Various ADUs would allow extra income for property owners looking to maximize their personal properties and better afford their neighborhood and property taxes.  Coach houses and garden units would fill many niche's including short-term housing for students and contract workers. I'm often asked to find temporary, reasonably affordable living spaces for people transferring to Chicago for jobs... it ain't easy! There are typically heavy restrictions on short-term rentals in large buildings and corporate housing is expensive. ADUs on private property would make things easier.

Tuesday, March 05, 2019

Lincoln Park vintage property sold for over $2.3 million is now million dollar condos

The original vintage property at 2252 North Orchard. In the current Lincoln Park real estate environment the value was in the wide 46' foot lot. All photos Eric Rojas, Broker, Kale Realty
We posted about the sale of 2252 N Orchard April of last year.  The attractive Lincoln Park vintage multi-unit with relatively affordable apartments was sold for $2,325,000 and in the process of demolition.  The new five unit condo building has been built and the new units are listed as high as $1.39M.  One unit is listed under contract at $1.29 million.

2252 N Orchard just off North Lincoln Avenue near the old Children's Memorial site is nearly completed and listed for sale. All the units are priced over $1 million.
The new building is a familiar brick and limestone design that blends into Lincoln Park. Fairly innocuous... if not a ubiquitous building around the neighborhood.

The building is adjacent to the existing Chipotle, the handful of shop owners that have hung on during Lincoln Common construction and steps from the many new buildings and shops coming. Oz Park is down the block.

Two buildings of the massive Lincoln Common development across the street built on the old Children's Memorial site.