Big bird at Montrose Harbor

Bird Sculpture looking toward (Montrose Harbor)

A bird sculpture has appeared at Montrose Harbor. I noticed our new friend on a ride last weekend (while waiting for my kids at Margate Park soccer). Others have posted about it since August but it's the first time I've seen it up close and have yet to identify the artist / donor.

The sculpture is located near the Purple Martin houses (not to be confused with the venerable 80s British pop band House Martins).

Purple Martin houses

Montrose Harbor

New East Lincoln Park luxury development offers large apartments near the lake (not on MLS!)

Bob and I check out the construction site and West Diversey and North Hampden in East Lincoln Park.  The busy stretch of West Diversey is home to several large developments. (all photos Eric Rojas, Broker, Kale Realty)

We checked out the construction site of The Hampdens recently at the Lincoln Park and Lakeview border.  The marketing brokerage of Jameson Sotheby's hosted a pre-market event for brokers early this month. We often are made aware of and preview developments and off market sale opportunities to show our clients ahead of the general population.

Marketed as The Hampdens the new development will command luxury prices.  The building at 2773 N Hamden at West Diversey on the site of the old Market Place grocery store will feature 30 units priced from $899,000 to $1.4 million. A second building at 2753 N Hampden will feature 15 larger more luxury units priced at $1.2 to $3 million according to the marketing site.  

 

The new development is a block or two from the North Pond area of Lincoln Park.

 The highest priced condo sale in the past five years within two blocks of The Hampdens was $1.2 million at 2715 N Pine Grove Ave Unit 3, Chicago, Illinois 60614 in 2016 (a six unit building). These much higher priced speculation units of The Hampdens are yet another indication of the palpable demand and shift to high-end new construction in Lincoln Park.  Just a couple more blocks south of this location at the luxury high-rise 2550 N Lakeview $2 million plus condos are the norm... but that building overlooks the North Pond and has better lake views.

We've loved selling, buying, living and enjoying this area of Lincoln Park / Lakeview for many, many years.  See some past posts here!

The West Diversey Parkway construction zone in Lincoln Park / Lake View

South side of 600 block of West Diversey, Lincoln Park. All photos Eric Rojas, Broker, Kale Realty unless otherwise stated

A popular retail and residential mixed corridor on Lincoln Park / Lake View border is in the midst of upheaval. This commercial strip (pictured above) that once housed a Starbucks on the 600 block of West Diversey Parkway is now demolished and cleared out.  It is part of a larger redevelopment of retail space at the corner of Clark and Diversey.  See plans here from the 43rd Ward web site.

The former Market Place lot on the 500 block of West Diversey is still vacant. Developers walked from the project a couple years ago.  No update has been posted to the 43rd Ward site at this time.

508 West Diversey construction

Photo http://www.44thward.org/508-diversey/

508 West Diversey on the same block is currently under construction. 56 residential units will mean more $$$$ for the throng of local business and will help keep this a vibrant location near the lake.

Lake View, Lincoln Park whole condo buildings bought to "go rental"

You may be able to rent newly renovated high-rise apartments steps from Belmont Harbor soon (All photos Eric Rojas, Broker, Kale Realty)

Our office chatted about a Crain's story today reporting the possible "de-conversion" of 420 West Belmont in East Lake View.  The 50 year old high-rise condo building may have been sold to investors that will convert the condos back to rental units. Other than the number of units involved (207) a de-conversion to rentals is not unusual in this market.  75% of the condo owners must vote to sell the building as a whole with proceeds paid out as a percentage of ownership.

Crain's pointed out in December 2625 N Clark Street was purchased for $35 million to convert to rental (subscription required). 133 units were sold with an average price of $263,000 a unit according to their report and $6 million will be invested for renovations.  The last MLS listed property to sell on the market at 2625 N Clark was a one bedroom condo Unit 1108 for $172,000 cash closed on January 29th.  That's a nice return for about 10 months!  Two other one bedroom units sold near the end of 2015 for an average of $160,000. They stood to sell for $100K net profit over individual sale market rates if they held on one year.

Lincoln Centre Condos shown here in 2015 were purchased and torn down this year to build rental apartments (all photos Eric Rojas, Broker, Kale Realty

We've blogged about another dramatic "de-conversions" in Lincoln Park.  The infamous Lincoln Centre Condos  (30 units and retail space) shown above were purchased for over $11 million dollars in 2015. The building has been torn down to build 191 new rental apartment units.

The entire condo building at 555 West Arlington in Lincoln Park was "sold to a developer for land value".

Another recent Lincoln Park de-conversion I've come across is 555 West Arlington in the gorgeous Deming-Arlington Historic District. The 36 unit 1960s condo building with unfortunate architecture was "sold to a developer" for "land value" earlier this year. MLS and Recorder of Deeds records show last unit sales to the developer in the mid $300s for one bedroom condos.  $100-$200K above the market rate prices for individual market rate condos in the building.

 I do not have the sales price of 555 West Arlington at this time but a mortgage was taken out for almost $17,000,000 per Cook County Recorder of Deeds records.  A $7,000 electrical wiring permit and $50,000 alteration permit was issued for the building which suggests they will refurbish and rent out the units. 

We have one client and their condo board in North Center who have discussed selling their whole building so they may receive much higher sales prices than their individual condos would achieve. It is on the table for this spring.

Permit issued for 134 new residential units in East Lake View (Broadway and Sheridan)

Renderings for 3833 N Broadway apartments by Jonathan Splitt Architects

A new eight story mixed-use 134 unit residential building at 3833 N Broadway in East Lake View has been issued a construction permit in the tune of $8,000,000. The massive building received zoning approval in April 2015.

The corner of Broadway and Sheridan where 3833 N Broadway will be built. Image Google Maps

Curbed Chicago has more information on the project HERE 
The Curbed article also mentions another 100+ unit building that will be developed across the street at 3901 N Broadway. Wow, over 234 units at the busy corner near the lake!

Gut renovation at 715 West Belmont in East Lake View

715 West Belmont, Chicago IL 60657. Photo Eric Rojas, Kale Realty

We had some business last week on West Belmont near the lake. I noticed a gut renovation of a good sized multi-unit building at 715 West Belmont in East Lake View is underway.  The nine unit rental building last sold is 2013 for $1,250,000 according to public records.  It is unclear to me if this will remain an apartment building or will be converted to condos for sale. My guess is it will remain rentals unless they are creating larger, more luxurious units.

What is clear is the continued renewal of older housing stock around Lake View and other nearby North Side neighborhoods. It is extremely common to see large tear downs and gut renovations of these standard old multi-units. Brand new gut rehab units can catch a good 30%  more than the old units.

Sold! Fun, hip 450 West Briar in East Lake View

450 West Briar, Chicago IL 60657 - All photos Eric Rojas, Kale Realty and VHT.com

We recently listed and sold a junior one bedroom unit at 450 West Briar in East Lake View for $154,950 (listing price without parking was $159,900).  The building has a great energy and we always ran into nice people. The dog walking crowd is a hoot every morning.  You can't beat the block and location for true Chicago city living.  Check out the video walk-through of the unit and building. We're gonna miss that pool!




If you are buying or selling in the Lake View area or surrounding Chicago neighborhoods give us a call!

Click here for more information and video on 450 West Briar

New Lake View Mariano's nearing completion on "happening" North Broadway

Photo of 3030 N Broadway taken last week,  All photos Eric Rojas, Broker, Kale Realty

The multi-use five story development at 3030 N Broadway is really changing the streetscape in East Lake View.  A Mariano's grocery store, Starbucks, PNC Bank and XSport Fitness are all to open this year.

North Broadway looking north from the Diversey intersection is a vibrant stretch all the way to Addsion Street.

North Broadway has never looked better.  Lots of new investment and long time staples of this bustling retail strip make East Lake View a top draw for city dwellers.  Check out one of our condo listings at 450 West Briar right around the corner from this new development.

Video! Lake View East condo with pool, fitness room For Sale $179,900 (includes garage parking)

The attractive lobby entrance at 450 West Briar Place in the

Take the video tour of 450 West Briar Unit 5C, Chicago IL 60657 and check out the fitness room and roof deck pool!

Bright Lake View junior one-bedroom condo with great views! **Deeded garage parking included in price** Boutique high-rise tucked onto fantastic block with terrific penthouse fitness room, huge sun deck with grills and roof deck POOL!  Modern building lobby, elevators, updated laundry room, storage room and on-site maintenance. 

View the block

 
Unit 5C is freshly painted, looks brand new and ready to move-in. Maple/ granite kitchen with breakfast bar and dishwasher. Separate bedroom area. Floor to ceiling windows with unobstructed views. In unit washer/ dryer is  permitted. Steps to Belmont Harbor and lakefront fun. New Mariano's completed soon two blocks away. 

Steps to Belmont Harbor!


Unlimited dining, bars, shopping options outside your door at Broadway/ Clark/ Diversey. Building at rental capacity so you cannot rent the unit at this time. Live the East Lake View lifestyle for less!

450 W Briar Place Unit 5C $179,900
Junior one bedroom, one bath
Garage Parking
Lobby, laundry facility and storage room
Roof deck pool and sun deck
Penthouse fitness room
Assessment $255.00
Taxes $2,502
Dogs, cats okay 100lb limit
Maintenance on site

Fully gut renovated unit with attractive finish level.

 Click HERE for more photos!!

Open living dining with great windows

Bedroom area window

Private bedroom area with 3/4 wall

Watch the Air and Water Show from your great roof deck pool!

Open west views from Unit 5C

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

New fancy apartment construction on Sheridan Road in Lake View

 

Photo update from this week on the new East Lake View tower at 2950 N Sheridan. Eric Rojas, Kale Realty

Construction progress at 2950 N Sheridan Road is looking good.  The new luxury apartment tower  fits in rather well on the busy but leafy residential canyon that is Sheridan Road in East Lake View.  This is a great area just steps to lakefront fun that we sell property in often. Here's a couple great photos and more background from YoChicago.

New Robert Jeffrey salon in the works at 3153 N Broadway in East Lake View

One of Chicago's most notable hair salons is getting a new space along bustling North Broadway in Lake View.  I snapped a photo last week of the storefront receiving a gut renovation for a new Robert Jeffrey salon at 3153 N Broadway.  Always great to see investment in Lake View's major shopping and service corridors. 

Family wants "in-town" at Mies 330 West Diversey Parkway in Lakeview

330 and 340 W Diversey, Chicago IL 60657 designed by Mies van der Rohe and known as Commonwealth Plaza. Several tiers offer amazing south views over the parks and east to the lake.

Long time East Lakeview clients of ours now have two kids.  Their out of state family plans on long visits with the grandchildren so they've decided to invest in a second home.  They really liked the Mies designed building at 330 W Diversey Parkway in East Lakeview near the north end of Lincoln Park.

Commonwealth Plaza 330 W Diversey unit sales
Six of the 226 units have been recorded as sold in the MLS over the last 12 months.  There may have been a few "off-market" sales as well.  All six unit sales in the last 12 months have been two bedrooms, two bath units with a median price of about $328,500.  The assessments for these units average about $850.00/ month and include heat, AC, water, Internet, cable, maintenance and common building insurance.

The building consists of 226 units that are mostly two bedrooms and two bathrooms. There are a handful of studio apartments, three bedrooms and even combined four bedrooms units (made from combined units). The Mies designed building feature elevators, fitness room, outdoor pool, door person, valet garage parking ($200/ month).

The buildings sits on sprawling fantastic Lincoln Park and steps to the lakefront.

Five units are currently offered for sale at 330 W Diversey.  All the units are two bedrooms units priced from $259,000 for a 6th floor unit in need of renovations to $399,000 for a renovated 5th floor unit with pretty amazing south views over the parks.

Only one unit is pending sale. Unit 2605 is currently under contract asking $485,000.  The corner two beds, two baths home is fully renovated with outstanding views from very room.

Check out an old post from 2011 when we were looking at the building then.

Photos of NEW North Broadway Mariano's development in East Lake View... big building!

Photo taken last week.  The Mariano's development changes the street-wall on the 3000 block of North Broadway.

 Another major construction project is taking shape at 3030 N Broadway and will add tremendous convenience to this densely populated area. A Mariano's Grocery and XSport Fitness will replace the old Dominick's that burnt down in 2005. We predict they will be very busy.  The quality grocery and fitness club combo is a major hit around the city.

Signs tout "Chicago's First Clean Diesel Construction Project". 
 

 The project is to be completed by early summer 2016.

3030 N Broadway surface parking lot before construction began.

 

Ouch! Tear down permit issued for attractive East Lake View house, upscale condos on the way

An original frame house in East Lake View will be torn down to make way for an upscale 5 unit condo building.  In a somewhat unique situation the long time owners of 647 W Melrose are developing the property themselves.  The house was purchased in 1997 for $652,000.

Photo of 647 West Melrose from the Cook County Assessor office

A demolition permit was issued for 647 West Melrose a charming, if not rare, single family home on an over-sized lot in East Lake View.  The long time owners of the property laid out plans back in June to build a wide, ornate 5 unit condo building.  Good use for the area and the building design looks beautiful. Nevertheless it's a shame to lose what is a fairly attractive character house. To me single family homes tucked into the busy East Lake View neighborhood have an inherent romantic quality.

East Lake View sales area from West Diversey to West Irving Park Road.  Only about 12 single family homes and row homes have changed hands over the last two years in this area.

East Lake View single family home sales
Only about nine free standing single family homes have sold (or are now under contract) in a large area of East Lake View over the last two years. Three more row houses has sold over that time period. There are just not many detached single family homes and sales are rare.

More East Lake View single family home sales data here.

I make a habit of scanning @PermitBot and @ChiBuildings on Twitter