Eric Rojas, Chicago Real Estate Broker

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Monday, August 16, 2021

Streeterville neighborhood condo sales bounce back huge

 

Ohio Street Beach views at Olive Park from 600 N Lakes Shore Drive (all photos Eric Rojas, Broker, Kale Realty)

Streeterville is known for luxury and efficiency condos in one of the most bustling areas of Chicago. Restaurants, personal services, hair salons, top ranked hospitals, museums, beaches and amusements... its got it all. However we all know dense, heavy service areas were particularly vulnerable to the pandemic. How have Streeterville condos sales looked in 2021 versus "normal" years?

Streeterville Condo Sales January 1st to August 15th, 2021

442 Streeterville condos closed so far this year with a median price of $450,000.  These are the highest unit sales numbers and median price year to year since 2015. For a moment it looked like there would be a glut of Streeterville condos and deals to be had.  That opportunity was short lived!

258 condos sold over the same period in the pandemic year of 2020 with a median price of $427,000.  This was a very anxious time early in the crisis with little known about how the year would play out. 

In 2019, 355 condos sold with a median price of $400,000

In 2018, 402 condos sold with a median price of $420,000

2017, 412 condos sold with a median price of $383,000

2016, 412 condos sold with a median price of $415,000

2015, 444 condos sold with a median price of $450,000

Lincoln Square multi-unit sales (two-four unit)

 

We listed and sold 5138 N Claremont in the Lincoln Square neighborhood early this year.  More information on this three-flat here 

We started the year selling a nice true three-flat in Lincoln Square for $815,000 and a two-flat in Alabany Park for $515,000.   Another client in the neighborhood is considering selling their Lincoln Square three-flat building.  Let's take a look at small multi-unit sales in Lincoln Square so far this year. 

Lincoln Square Small Multi-Unit Sales January 1st to August 10th  (two to four unit buildings)

61 multi-unit buildings have sold in Lincoln Square from January 1st to August 10th, 2021. The median price of a sale is about $645,000. 

Two-flats: 43 sales were two-unit buildings with a median price of about $655,000. 

Three-flats: 12 sales were three-unit buildings with a median price of $610,000.

Four-flats: 6 sales were four-unit buildings with a median price of about $780,000.

Two-flats this year have a higher median price than three-flats. Two-flats are more often renovated to a higher finish level and / or feature an "owner's duplex" unit.  This will raise the value over a three-flat building that needs more renovation or updating.

  • Over the same period of 2020 (the height of the pandemic and unknowns) only 21 multi-unit buildings sold with a medina price of about $600,000.  
  • 30 multi-units sold over the same period in 2019 with a median price of about $670,000. 
  • In 2018, 36 multi-units sold with a median about only $545,000.




Sunday, August 01, 2021

Help me support student scholarships at Northeastern Illinois University

 

Despite the myriad of challenges we successfully raised money at the 48th NEIU Kane event last year!  

I'm happy to announce I'm once again the Welcome Kit Sponsor for the 49th Northeastern Illinois University Chuck Kane Scholarship Golf  Event.  Kale Realty has really stepped up this year and will bring 12 golfers to our outing! We'll take to the course and slice a drive Monday, August 2nd so you won't have to!

The outing is sold out for this year but you may support student scholarships at your very own public university on the North Side of Chicago.

You may still support student scholarships by going to this link

DONATE NOW 

*Please designate the donation to the 

Alumni Travel Study Scholarship* 

We're helping give every student the opportunity to study abroad!


We're proud of our many years supporting NEIU student Scholarships!

If you have any questions about the event and would like to donate please contact me at erojas@kalerealty.com

Special thank you to Steve Dunnett with Blueleaf Lending for his many years of sponsorship support! Get your mortgage and refinance through Steve!

Sunday, June 06, 2021

Helping clients renovate for sale

Tile Outlet is a regular stop when improving kitchens and baths before listing a home. All photos Eric Rojas, Broker, Kale Realty

We love to help our clients prepare their homes for sale. Sometimes they need to do more than declutter to sell for top dollar. We make our many resources and years of experience available to our clients. We arrange the contractors, service partners and quickly select finish material. Many of our clients never lift a finger. No muss, no fuss. Our clients appreciate saving time and money!

Check out just a handful of recourses we scour when helping our clients renovate for sale. We also help our clients make improvements while they enjoy their homes! We ask they they give us a call for advise and contractors before they delve into any expensive renovations. 

We often find quality and fashionable products from Studio 41 outlets located near West Fullerton and North Pulaski. I personally make selections and pick them up from the warehouses. This is a huge relief and time saver for our clients!

We recently picked up an awesome all wood vanity cabinet at the Studio 41 outlet for a Southport Corridor renovation.  The listing will hit the market next week. 

We love B&B for counter tops. It's very satisfying to walk the remnant warehouse and hand pick granite, quartz and marble to have expertly cut and installed. 


Allied Plumbing and Heating Supply always has great bath and kitchen fixtures in stock when you need quality in a pinch.  

Don't let fear of renovations keep you from getting top dollar when it comes time to sell.  We'll take over the process and make it happen!

Thursday, June 03, 2021

Possible record year for Logan Square house sales (median price $875,000)

 

Waiting in line early this month to view a Logan Square open house (all photos Eric Rojas, Broker, Kale Realty).

Our clients recently secured a single family home purchase is Logan Square. They previously lost three competitive bids to buy a house.  The last Logan Square house they bid on had 15 offers over the weekend!  This is a familiar story this season. We stuck with it and worked hard every day! Our clients are closing on a house just steps from popular Logan Square restaurants, shops, bars and the CTA Blue Line.

Let's take a look at Logan Square single family home sales this year and compare that to the last few years.

A community garden on North Whipple near Palmer Square Park

The Logan Square Community Area is diverse in neighborhoods and housing options. The area includes the historic boulevard , parts of tony Bucktown and the Palmer Square neighborhood. Home values can vary throughout community area but the whole of Logan Square has been hot! Unit sales and median price may be all time highs.

The year to year median price of a closed single family house from January 1st to may 28th is the highest in Logan Square's history ($875,000) that I can tell. The median price over the same period in the last "peak market" of 2007/2008 was $680,000.

Logan Square Single Family Home Sales Jan 1st to May 28th, 2021

116 single family homes have closed so far this year.  The median price of a closed house is about $875,000. Only 83 "pandemic" affected homes had sold Jan 1st to May 28th in 2020 with a median price of $780,000. 2021 median price is up over $100K over same period in 2017!

2021: 116 homes sold with a median price of $875,000

2020: 83 homes sold with a median price of $780,000

2019: 89 single family homes sold with a median price of  $738,000

2018: 101 single family homes sold with a median price of  $820,000

2017: 98 single family homes sold with a median price of  $725,000

Please reach out to us to purchase or sell a property in this exciting market. The prevailing mortgage interest rates have made owning your home or investment property more affordable than most realize. 

Wednesday, March 17, 2021

Are Streeterville condos a bargain?

 

Buildings surrounding Bennett Park in Streetrville. 

A year of pandemic conditions, bouts of protest and civil unrest cast a negative light on the downtown and Near North condo markets. With shuttered shops, restaurants, bars and cultural institutions Streeterville high-rise life (and taking elevators with strangers) became suddenly less desirable. Does one year of instability make for condo bargains? How do unit sales look today?

Streeterville condo unit sales, median price 2021

80 condos have sold from January 1st to March 12th this year. Unit sales are up almost 10%The median price of a sold condo is $400,000.  Median price however dipped about -7%. 73 condos sold over the same period of 2020 with a median price of about $430,000.

It's not clear if the median price decrease is due to 2020 conditions.  Just looking at the past five years we see a median price dip in 2019 despite good over-all Chicago market conditions. In a "normal" year of 2019, 73 condos also sold over the same period with a median price lower at $347,000.  

January 1st though March 12th closings:
2021: 80 condos sold with a median price of $400,000
2020: 73 condos sold with a median price of $430,000
2019: 73 condos sold with a median price of $347,000
2018: 70 condos sold with a median price of $395,000
2017: 96 condos sold with a median price of $364,000


So far demand for Streeterville condo units looks normal... even good. Unit sales are up. The dip in median price may signal there are some bargains out there. The lower median price can also be attributed to a reduced demand for higher-end bracket sales. Less new construction condos were delivered in the pandemic year as well. Some reports show the very high-end luxury sales have shifted more towards the non-downtown neighborhoods and suburbs offering more land and space.

Over-all Near North Community Area (including Streeterville, Gold Coast and Old Town) condo sales and inventory are up. Through February, new listings were up almost 20% over 2020.  Closed sales are up almost 8%. 

The Streeterville neighborhood is doing just a bit better at +10% in unit sales year to year. However, median price is down a bit. The inventory issue will be the key factor to watch when tracking prices. If investors continue to have trouble renting their high-rise units to the typical in-town workers and empty nesters they may choose to sell. It remains to be seen if we're already on a bounce back or if we'll decline in prices while pandemic conditions gets sorted out.


Stats gathered from MREDLLC.com and Chicago Association of Realtors by Eric Rojas, Broker, Kale Realty. Analysis is based on sales stats and anecdotal information.

Friday, March 12, 2021

Just sold! Avondale / Logan Square condo with rooftop deck $460,000

 

The private rooftop deck at 3104 N Kimball Unit 3N Chicago IL 60618. Unit photos courtesy of listing agent Nancy Gaspadarek, At Properties and VHT.com.com unless otherwise noted. We represented our overseas buyer in the purchase sight unseen!

3104 N Kimball, Unit 3N Chicago IL 60618 sold for $460,000. We represented the buyer. 

Get everything you want in Avondale! Our overseas client bought this top floor newer construction condo sight unseen. We sent personal video perspectives of the traffic, street life and rooftop views to give them the best feel of the home possible.  Amazing outdoor space was crucial to our buyer and this home delivers. Check out more photos and information here.

Beautiful finish level and bright east and south exposure.

The two beds, two baths condo with garage parking features a private rooftop deck with interior access. The home is just a half-block from the CTA Blue Line at Belmont. You are a short walk to the heart of Logan Square businesses, bars, restaurants and the Logan Theatre. 

Main bedroom with contemporary en suite bathroom.

Contact us to purchase or sell condos in Avondale, Logan Square and other desirable Chicago neighborhoods. 

Wednesday, March 10, 2021

North Center condo sales up 59% year over year

Roscoe Village is probably the best known and well defined neighborhood in North Center Community Area of Chicago. The popular Pencil Factory Loft condos are in the background.

North Center is now known for million dollar single family homes and good schools. However the condo market remains fairly diverse and a draw for many budgets. I think the trend is moving toward larger, more expensive condo developments as aging commercial stock is redeveloped into mixed-use with residential units.  Let's take a look at recent North Center condo sales.

51 condos sold in North Center from January 1st to March 5th, 2021. The median price of a sold condo is about $420,000. Over the same period in 2020, 32 condo sold with a median price of $450,000.  In 2019, 39 condo units sold with a median price of about $435,000.

The highest priced sold condo this year is 3034 North Clybourn Unit 1. The new construction duplex-down sold for $775,000. The Clybourn corridor of North Center is seeing increased growth and value due to the large Lathrop Homes re-development. 

 

Luxury condos in development in North Center at 1800 West Berenice

The lowest sale price this year is 1851 West Belle Plaine Avenue, Unit 1 (two bedrooms, one bath unit) for $245,000.  That's not that low for a "lowest price" sale. No one bedroom condos have sold thus far in the year.  Only four of the 51 condos sold have closed for less than $300,000.

Contact us to buy and sell North Center and Chicagoland condos.

Cook County property tax bills have been mailed: Here's how to appeal property taxes

Check out info graph and the link below for property tax appeal resources.


ChicagoRealtor.com/propertytaxappeals

Walking the lakefront from Navy Pier to downtown

DuSable Harbor in transition from our deep freeze.

We took a nice walk over the weekend along the Chicago lakefront paths and Navy Pier Flyover from Streeterville to Maggie Daley Park. The DuSable Harbor sits just east Maggie Daley of Millennial Park and offers great views before crossing LSD. Despite the city's announcements that playgrounds were open the massive playground at Maggie Daley was still closed. I guess it will open Memorial Day Weekend.

The new pedestrian bridges have made walking between Streeterville and downtown easier along the lakefront.

Lake Point Tower

Navy Pier just to the north of DuSable Harbor



Tuesday, March 09, 2021

WHATS POPPIN? 2021 Lincoln Park condo sales up 51%

 

East Lincoln Park high rise condo buildings overlooking the lakefront (all photos Eric Rojas, Broker, Kale Realty)

We're working with first time buyers in Lincoln Park. Each spring we're inevitably on the hunt in this prime Chicago neighborhood. The buyer competition has been fierce over the past nine months! 2021 has started off with monster sales.

197 condos (attached units and town houses) have closed from January 1st to March 5th in Lincoln Park. That's up 51% over the same period 2020.  The median price of an attached condo is about $520,000. 

130 units sold over the same period in 2020 and 124 units sold over the same period of 2019. This is a huge spike in 2021!


The closer you are to Pequod's the more expensive the condo!


361 attached condo units are currently available for sale with a median asking price of $505,000. A whopping 298 condos are currently under contract. The highest priced condo under contract is 2350 N Orchard Unit 604 asking $3,500,000 (parking sold separately starting at $60,000). 



Thursday, March 04, 2021

North Center, Lincoln Square high-end developer turns to condo projects

 

1800 West Berenice gets zoning approval in the 4th Ward. Luxury house builder Landrosh Development has a few higher-end multi-unit developments in the the works in Lincoln Square and North Center. Image from Alderman Matt Martin 47th Ward site www.aldermanmartin.com/development 

A North Center 44 unit development received zoning approval in the 47th Ward. Landrosh Development paid $1,925,000 for the 12,825 sq/ft property according to the Cook County Recorder of Deeds.

This one caught my eye for a couple reasons: First, it's another example of building large mixed use multi-unit on original one and two story commercial buildings. Chicago developers (with the blessing of city planners and council members) have been aggressively building up on underused commercial lots near transit over the past five years. The boost is partly due to the 2013 Transit Orientated Development ordinance and expansions. This sits less than three blocks from the Irving Park Brown Line stop. 

More interestingly the local developer - better known for getting some of the highest sale prices for speculation homes in Lincoln Square - has a few condo developments in the works.  I mentioned this 14 unit development in Lincoln Square and the company is trying to get THIS North Center development approved... with some million dollar asking prices.

There seems to be no shortage of demand in Lincoln Square and North Center for higher-end condos and single family homes.






Friday, February 26, 2021

Sauganash single family home sales were up 26% in 2020

The Sauganash neighborhood features beautiful estate homes with large city lots. You can also find relatively affordable values in this suburban-like corner of Chicago. All photos Eric Rojas, Broker, Kale Realty

Larger homes and homes and homes with outdoor space certainly faired well during the pandemic. Fueled by low interest rates and limited commutes the trend to push out a little from the city center continues. Sauganash sits about eleven miles from City Hall downtown and offers a variety of home and lot sizes in a sleepy environment. We've seen a lot of pre-MLS offerings in this neighborhood this early season as well.

Greater Sauganash neighborhood in the Forest Glen Community Area of Chicago. Map generated from MREDLLC.com


Sauganash single family homes sales

A large Sauganash split-level

Thus far in 2021 six homes have closed in Sauganash.  There are thirteen homes presently under contract. The median price of closed and under contract homes is about $460,000. This looks like a very good value for homes in Chicago with a highly rated schools district.

Currently there are fourteen homes under contract and only two available for sale! The two available are the two highest priced homes of the sixteen. Nine of the sixteen homes are priced under $500k. It appears that everything continues to sell.

In 2020, a whopping 97 homes closed in the Sauganash neighborhood. Unit sales were up 26% over 2019. The median price of a sold home was about $490,000. The highest priced sold home was 5792 North Rogers for $1,825,000. 77 homes closed over 2019 with a median price of about $517,000.

Going back to 2015, 93 single family homes closed with a median price of about $430,000.

A newer construction home shown above.

There are some unique custom builds throughout the neighborhood. 


Thursday, February 25, 2021

40th Ward Alderman introduces ordinance to "down zone" Lincoln Square development

Fifth Third Bank property in Lincoln Square at the corner of Lawrence and Western. An ordinance has been introduced to "down-zone" the property.

40th Ward Alderman Andre Vasquez quietly introduced an ordinance yesterday to down zone the Fifth Third Bank property (4800 North Western). My real estate data partner Chicago Cityscape tweeted the ordinance to me due to my posts/ tweet on the potential retail development.  My past post HERE. This is effectively an effort to stop a planned "as of right' development.  As of this writing there is no public statement concerning this unusual step on the 40th Ward website, Facebook site or personal accounts.

The zoning reclassification ordinance can be read here

I'm not supportive of attempts of a single alderman to unilaterally "spot zone" properties to prevent as of right development. One similar attempt to down zone an individual property in Logan Square failed to stop a 60 unit development.

I have no direct financial stake in the re-development plans for the Fifth Third bank properties. This is not an endorsement of this particular development. I am opposed to introducing an ordinance, in this manner, to change zoning classification in an attempt to prevent as of right development by private property owners. 

"Down-zoning" can be good policy if done as broader, more inclusive process like any legislation. Crain's Chicago Business has a good article explaining the practice of ad hoc down-zoning HERE 


 

Monday, February 22, 2021

Lincoln Square single family homes under $1 Million selling fast

 

Lincoln Square single family homes are a mix of vintage beauties at various price-points and higher-end new construction selling for well over $1 million.

It's very competitive buying a house under $1 Million in Lincoln Square!

• 32 single family homes are listed now (Active or Under Contract).

• 13/16 homes listed UNDER $1 Million are under contract!

• 5/16 homes listed OVER $1 Million are under contract.

Average market time for all Lincoln Square single family homes this year is about 51 days.



I get my clients a chance to compete by showing pre-MLS homes or getting into first round of showings. We'll get you prepped and a fighting chance!


(All stats gathered from mredllc.com by Eric Rojas, Broker, Kale Realty) #ericrojasblog

Wednesday, February 17, 2021

Fast January start to Lincoln Park home sales (unit sales up 117%)

 


Single family homes remain in high demand this January 2021 in many of the city's neighborhoods. The unusual 2020 market kept busy through the later months of last year. Pending contracts and closings were up year over year in consecutive months across Chicago following the spring pandemic lull. 

Lincoln Park home sales

⇑ In January 2021, seventeen homes closed. Only eight home closed January 2020.

⇑ The median price of a single family home January 2021 was $1,425,000 (up 3%)

⇑ Combined condo and single family closings are up 46% for January 2021

⇑ Home listings were up 35% over January 2020



Tuesday, February 16, 2021

Quick look! Bowmanville home sales

Bowmanville neighborhood in greater #LincolnSquare is da ๐Ÿ’ฃ After a painfully slow spring start in 2020 partly due to pandemic scares... the sales took off๐Ÿš€ ๐Ÿš€๐Ÿš€

40 single family homes sold๐Ÿ’ฅ
Median price about $750,000๐Ÿ’ฅ
Highest price sale $1,230,000 (on a standard lot!)๐Ÿคฏ

Only two homes have closed in Bowmanville this year (Jan 1st to Feb 12th). Be ready with a plan and ๐Ÿ’ฒ๐Ÿ’ฒ๐Ÿ’ฒ when that inventory eeks out. Only three homes are actively for sale... and two are well over $1 Million.

Don't be left out in the cold!

I've already shown two Pre-MLS houses in Bowmanville from $550K -$599K that may never see the open market. Let's goooooooo

Saturday, February 13, 2021

Current South Loop townhouse sales


I was in South Loop yesterday showing townhouses. Weather felt nice!

Seven town houses have closed this year from January 1st to February 12th with a median price of $750,000

✔29 town homes are actively listed with median asking $710,000
✔Only 14 are fee simple with assessment under $300.00 per month
✔12 town homes under contract w/ median asking price $650,000


86 town homes closed in South Loop in 2020 with a median price of $640,000. That median price was up 16% since 2015 where 88 town homes sold with a median price of $550,000. The town house style of living is in high demand due to the "single family home" feeling and lower assessments than the surrounding condo buildings.

Contact us to find or sell in the Chicago Loop, North Side or near suburbs.


Wednesday, February 10, 2021

Steady Ravenswood Manor single family home sales

 

Mural at the West Wilson Street bridge heading west into Ravenswood Manor. All photos Eric Rojas, Broker, Kale Realty

The provincial enclave of Ravenswood Manor has long been a sort of "Pleasantville" in the city. A mixture of original grand custom homes along with modest but attractive bungalows tucked along the Chicago River and serviced by the CTA Francisco Brown Line. The neighborhood is relatively expensive but very desirable to many of our clients. The majority of vintage homes have hung on despite market pressures. However custom new builds dot the landscape (some too modern for self appointed gatekeepers).  Let's take a look at Ravenswood Manor single family home sales.

Ravenswood Manor neighborhood of Albany Park, Chicago. 


Ravenswood Manor Single Family Home Sales

Eighteen single family homes sold in 2020 with a median price of $650,000.  The highest priced home sold was 2929 West Leland, Chicago IL 60625 for $1,240,000.  The lowest priced home sold was 2752 West Windsor, Chicago IL 60625 for $400,000.  Homes sales were steady compared to 2019 where 19 homes sold for a median price of $675,000. Low single family home inventory will continue to be a problem and buyers will jump on available homes in the neighborhood this year.



2019 - 19 homes sold, $675,000 median price
2018 - 18 homes sold, $741,000 median price
2017 - 13 homes sold $795,000 median price
2016 - 20 homes sold $595,000 median price
2015 - 18 homes sold $590,000 median price

Five out of the last six years saw 18-20 homes sold.  Really consistent! The one outlier was 2017 with thirteen home sold but the highest median price in the six year period at $795,000.

Contact us to buy and sell condos, single family homes and multi-units in and around the North Side of Chicago.