Tuesday, March 31, 2020

Chase Bank, Sears redevelopments moving ahead along Lawrence Avenue, Lincoln Square

The large Chase branch at 1825 West Lawrence is closed for re-development.  The 166 unit residential development was approved back in 2017. The 47th Wrad Aldeman Matt Martin suggested construction will start in the fall. All photos Eric Rojas, Broker, Kale Realty
West Lawrence Avenue in Lincoln Square has seen a resurgence of development since the "road diet" changes reduced it to a manageable two lanes from a frenzied four lanes. Over the past five years many residential units have been completed along West Lawrence between Ashland and Western and many more are in the works. Newer businesses over the past five years like Roots, The Sixth, Iris and Steven Poldosky Family Center, Borellis Pizza, Marianos, El Dorado #2 and L.A. Fitness have prospered.

As a nearby resident and home owner I love the Lawrence Avenue road diet and the subsequent development. Density has made Lawrence Ave more lively and infrastructure improvements more pedestrian friendly. Prior to the corona-virus shutdown I attended a Greater Ravneswood Chamber of Commerce panel with 47th Ward Alderman Matt Martin.  Among many things the Alderman addressed a few of the developments along Lawrence Avenue.

The Chase Bank branch at 1825 West Lawrence is now empty. A smaller branch was built adjacent to the east.

Chase Bank redevelopment:  Alderman Martin suggested the Chase Bank property development at 1825 W Lawrence (pictured above) is schedule to break ground in earnest this fall. That will bring 166 new residential housing units to the strip nearly adjacent to the Ravenswood Metra station.

The old Sears building at 1900 West Lawrence Avenue. Photo taken during this March.
Sears/ DeVry development: Construction at the old Sears building had stopped some time after the New Year.  The developer basically "ran out of money". However new financing was attained and construction continued in March. The building will house DeVry University and add 59 new residential apartments.

The play-lot at McPherson Elementary in Lincoln Square. A new turf field addition is planned for the school.
McPherson Elementary: McPherson is a neighborhood Chicago Public School serving Lincoln Square. The school is to build a new turf field as part of $1.4 million in state funds coming it way. McPherson is working hard to achieve 1+ status among several nearby top ranked schools. A 1+ rated school district is a boon to local real estate prices.

Friday, March 27, 2020

West Ridge condo median price dips a little 1st Quarter 2020

Our most recent West Ridge listing is at 6015 N Mozart Unit 102, Chicago IL 60659 in the West Ridge neighborhood.
We have a listing back on the market in the West Ridge Community Area of the North Side. The first time we listed the unit we had lots of showings and multiple offers in the first week. Unluckily those buyers backed out due to the current virus outbreak situation.  The market has been climbing in West Ridge and the demand for nice condos in stable buildings is strong. Those priced out of Lincoln Square and/or Edgewater are turning to West Ridge to be close to amenities like parks, grocery stores, restaurants and services for less money.

West Ridge attached unit sales (condo/ townhouse)
Sixty attached units have sold from January 1st to March 26th, 2020. The median price of a sold condo is about $126,000. Median price is down about $10,000 from same period in 2019. Condos in the southeastern portion of the West Ridge Community Area tend to sell for more than in the northwest portion of the area. Since 2016 median price is up over the same period about $20,000.

Over the same period of 2019 sixty-four attached units sold with a median price of about $138,500.
Over same period of 2018 sixty-five attached units sold with a median price of about $135,000.
Going back to 2016 sixty-six units sold for a median price of only $105,000.

398 total attached units sold over 2016 with a median price of about $110,000. Three years later in 2019 about 345 attached units sold overall with a median price of about $145,000. Median price climbed about 31%

Wednesday, March 25, 2020

South Loop townhouse sales: Up and down unit sales and median price

We viewed three bedrooms townhouses this morning in peaceful, well located Dearborn Park II development of the South Loop. This particular section is across from South Loop Elementary and conjoining park.
We're all dealing with the reality of the coronavirus outbreak. However some folks have the added complication of needing to move. They may have leases coming up, home sales under contract or moving to Chicago for a new job. Most of our business is on hold while folks wait this out. We currently have some essential business to take care of while taking appropriate precautions. Additionally I'll keep posting observations to my blog and Facebook site as much as possible (when I'm not homeschooling my kids). 
Stately town homes line Jones Park in South Loop. I think most people would be surprised by the tranquil life offered in the middle of South Loop.

We have clients looking to upgrade space from their South Loop two bedroom condo. They want to keep their small family in the immediate area. The convenience to work, shopping, the lakefront and cultural events are too great a draw to jump ship! It's a good time to take a look at South Loop townhouse sales numbers in the ever evolving lakefront neighborhood.
Greater South Loop neighborhood sales area we generally monitor.  All stats based on this footprint.

South Loop Townhouse Sales
In the first three months of 2020 (January 1st to March 20th) eleven townhouses closed in South Loop. The median price is about $600,000. 320 East 18th Street was the highest priced closing at $860,000. Over the same period of 2019 thirteen townhouses closed with a median price of about $500,000.  The highest priced closing reached $1.7M with another closing at $1.5M.

There have been interesting swings in units sales and median price over the last four years. If the $600,000 holds up this year we'll see another swing back up. What's interesting there were no new town homes built over the last four years that might have explained the over $100K median price spike in 2018. Unit sales jumped to ninety-one townhouses sold in 2017 over just fifty-nine sold in 2016.

2019: Sixty-one total townhouses closed with median price of  about $530,000.
2018: Eighty-three townhouses sold with a median price of a whopping $770,000!
2017: Ninety-one townhouses closed with a median price of about $635,000.
2016: Fifty-nine townhouses closed with a median price of about $565,000

One of my favorite South Loop sight-lines... driving northbound down South Indiana Avenue!

Sunday, March 22, 2020

Quick Tempel Steel sales update in Bowmanville

A gated entry to the Tempel Steel manufacturing campus. The entire 21 acre property is for sale. All photos Eric Rojas, Broker, Kale Realty
I attended a Greater Ravenswood Chamber of Commerce meeting March 11th with 40th Ward and 47th Ward Aldermen just days before social distancing and the consequent "shelter in place orders progressed. Roots Pizza hosted. We were doing elbow bumps instead of handshakes. What innocent times! We received updates on legislation and services they were focusing on and participated in a Q/A session.

The Tempel Steel site is for sale in the Bowmanville neighborhood of the 40th Ward. This is a hot development topic for surrounding North Side neighbors and businesses. Any development can have an up or down effect on surrounding property values. It would be the largest property sale in the new 40th Ward alderman's early term (and maybe the entire term) and will surely impact housing in Bowmanville and western Edgewater in some way or another.

The building stock on the 1800 Block of West Balmoral (photo above) across from Tempel Steel remain largely original. There are a handful of converted two-flats to single family homes but much less renovation and new construction activity than you's see on other residential blocks around Bowmanville.  Properties across from the current plant sell for at least a 10% discount than similar properties on fully residential blocks. 
I jotted down some of 40th Ward Alderman Vasquez comments about the prospective development:
First, the alderman stated he'd been approached about residential development. He is adamant that a zoning change application for residential must include an affordable housing component - which is expected and required. However, I took it the affordable housing component must well exceed any minimum required by the City of Chicago Affordable Requirements Ordinance. 

It could stay and industrial/ manufacturing campus "as of right". It won't necessarily be converted to a residential development.

The bottom line is there is nothing close to getting done at the time of the meeting. Any re-development would have to go through the Community Zoning Process of the 40th Ward.  Here's a past statement from Alderman Vasquez and a Block Club story on the Tempel Steel sale offering.

Thursday, March 12, 2020

Aldermen debate stronger house sharing regulation

Chicago house sharing regulation may become stricter in the coming months. All photos Eric Rojas, Broker, Kale Realty
I've recently subscribed to The Daily Line for Chicago City Council committee reporting.  Real estate issues are churned out in committee hearings. Developments and housing ordinances live and die in zoning, housing and economic committees.

Recently The Daily Line reported aldermen debated strengthening regulations for the Chicago Shared Housing Ordinance. The new ordinance would prohibit listing a home share on a platform before the City of Chicago approves the registration. Home share operators would have to register with the City first. Among other items the City wants to access more information about the home renters to follow up on complaints and violations. 

Tuesday, March 10, 2020

Penthouse hoops!

A basketball hoop graces the roof deck of a condo building at the 2200 block of North Lincoln Avenue. All photos Eric Rojas, Broker, Kale Realty
Hat's off to this Lincoln Park condo owner on the 2200 block of North Lincoln Avenue. I appreciate Chicagoans carving out space anywhere they can to hoop it up! A top floor unit in this building happens to be under contract.  The two beds, two and one-half baths condo at 2230 N Lincoln Avenue Unit 504 is under contract with an asking price of $750,000! Maybe the neighbors will invite the new owners over for a game of HORSE.

Monday, March 09, 2020

NEW FOR SALE: West Loop loft at 728 West Jackson, one bed, one bath 1400 sq/ft $319,900

The living room at 728 West Jackson Unit 226. 8ft tall windows, gas fireplace, amazing brick, timber and iron details. Photo virtually staged, VHT.com and Eric Rojas, Broker, Kale Realty.

728 West Jackson Unit 226, Chicago IL 60661 asking $319,900. 
Deeded garage parking available for $30,000.
More photos and info here!

Wow! Enormous West Loop brick and timer 1400 sq/ft loft with 12ft ceilings! Amazing architectural details, iron and wood beams throughout. Freshly painted and new carpet. Large entry foyer and hallway with 5'x5' coat closet and greeting area. 

The Haberdasher Square lofts is one of the better known residential buildings at the doorstep of the Loop. A+ location combined with terrific management. 
The building features two common roof decks with iconic views.  Gas grills and tables provided.

Entry foyer allows for greeting area, hanging space and plenty of storage for your everyday accessories needed to take on the city. 5'x5' walk-in closet is just off the entry door (to the left in the photo).  

Loads of entry space and the fantastic gallery wall make this loft layout special.  Create your city dream loft with your art collection. Wall off an area for a study or line the wall with your extensive library.

Truly must see unique 5'x26' galley is an outstanding opportunity for artists, collectors or create a library, den / study. Open, flexible layout for living and dining, 8ft tall windows and gas fireplace. 
Fresh paint and brand new carpet accentuate the many architectural details. 

Large space and neutral decor provides a truly move-in condo.

Updated kitchen includes brand new refrigerator, new gas range and kitchen pantry. 

Refreshed kitchen with brand new refrigerator and gas range. 14'x14' bedroom with 10ft long double closet. Spacious double vanity bathroom (one sink) and IN-UNIT washer and dryer. Deeded large garage parking space available for purchase at $30K. 

Popular Haberdasher Lofts features 24/7 door staff, bright well equipped fitness room, laundry room, roof deck with iconic views, grills and tables, party room and 1/2 basketball court. Strong reserves and amazing on-site management. A+ location steps from H-Mart, Whole Foods, Greek Town, the Loop business district. Endless eating/ cultural opportunities. Close to Clinton Blue Line, Union Station and immediate 90/94 access. Two pet limit, one dog per unit. No rental restrictions great for flexibility, one year lease required. Deeded Garage available for $30,000.

Skip the gym membership! Bright and well equipped fitness room on the penthouse level.
$670.00/ month assessment includes Heat, Air Conditioning, Water, Gas, Parking, Common Insurance, Doorman, TV/Cable, Exercise Facilities, Exterior Maintenance, Scavenger, Snow Removal.

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

Wednesday, March 04, 2020

Quick video walk-through of West Loop loft, for sale this week

Video sneak peek! 728 West Jackson Unit 226, Chicago IL 60661 asking $319,900 plus $30K for garage parking.
View from kitchen to living room.
Deeded garage parking
In-unit washer and dryer
Storage room
Elevator building
Door person
Fitness room
Common roof deck
Meeting room
670.00 assessments include: heat, gas, cable and Internet, scavenger, common insurance and maintenance, door person, fitness room

Great rooftop deck views from today.

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