Lincoln Square single family home median price dips below record high of $836,500

A new Lincoln Square single family home is currently under construction at 2246 West Winnemac. The original two-flat building on a standard 25'x125' lot sold for $328,000 in February of this year.  All photos and data analysis by Eric Rojas, Broker, Kale Realty

125 single family homes have closed in Lincoln Square from January 1st to November 25th of this year.  The median price of a sold home is $825,000. The median price dipped below last years $836,500 over the same period.  The highest priced sold home is 4552 N Leavitt for $2,530,000. The new construction home sits on a 33'x125' lot just steps from bustling Lincoln Avenue restaurants, bars and annual festivities.

We listed and sold 2226 West Winnemac for $825,000 in May of this year.  The brick Chicago bungalow had a second story addition but an unfinished basement and needed a kitchen renovation.

Over the same period of  2021 in Lincoln Square, 137 single family homes had sold with a median price of $836,500.  That 2021 median price appears to be the record for Lincoln Square single family homes over the first 11 months of calendar year. 

2225 West Carmen steps from Winnemac Park was sold privately to a developer.  A second floor and rear addition later and the home sold for $1,250,000 in September of 2021.

Nineteen Lincoln Square single family homes are currently listed on the market priced from $575,000 to $2,750,000. Three homes priced under $575,000 are in TEMP or temporary status, not showing.  Seven homes are listed on the Private MLS including two pre-construction luxury homes priced from $1,750,000 to $2,200,000.

If you are buying or selling single family homes, condos or multi-unit buildings please contact us to help you.

National single family home prices continued to rise 4th Quarter, 2021

 

Locally we have felt meteoric rise in single family home price and cage match competition to buy a house. That said Chicago area is NOT among the highest price gains nationally! All photos Eric Rojas, Broker, Kale Realty

Many of our Chicago area clients can sell their homes quickly for a net profit... but where to move? Single family home prices across the country continued to make gains in most of the country 4th Quarter 2021

Here's some of the latest from the National Association of Realtors on 183 Metro areas:

- 4th Quarter 2021 prices continued to rise nationally (although slower) and over-all affordability dropped.

- 67% of markets had a double-digit median price increase (down from 78% in the prior Quarter)

-The most expensive US markets had the largest percentage price gains.

-The median price of a house across 183 metro areas in 4th Quarter of 2021 was $361,700

Metros in the Sunbelt and Mountain states topped the list of areas with the highest yearly price gains: 

Punta Gorda, Fla. (28.7%); Ocala, Fla. (28.2%); Austin-Round Rock, Texas (25.8%); Phoenix-Mesa-Scottsdale, Ariz. (25.7%); Sherman-Denison, Texas (25.1%); Tucson, Ariz. (24.9%); Las Vegas-Henderson-Paradise, Nev. (24.7%); Ogden-Clearfield, Utah (24.7%); Salt Lake City, Utah (24.4%); and Boise City-Nampa, Idaho (24.3%).

The top 10 most expensive markets in the fourth quarter witnessed prices surge, with nine of them doing so by double-digit percentages:

California led the way with five metros in the top 10, along with five other areas, including: San Jose-Sunnyvale-Sta. Clara, Calif. ($1,675,000; 19.6%); San Francisco-Oakland-Hayward, Calif. ($1,310,000; 14.9%); Anaheim-Santa Ana-Irvine, Calif. ($1,150,000; 23%); Urban Honolulu, Hawaii ($1,054,500; 16.8%); San Diego-Carlsbad, Calif. ($845,000; 14.2%); Los Angeles-Long Beach-Glendale, Calif. ($797,900; 15.9%); Boulder, Colo. ($775,100; 17.2%); Seattle-Tacoma-Bellevue, Wash. ($700,000; 13.9%); Naples-Immokalee-Marco Island, Fla. ($685,000; 21.2%); and Nassau County-Suffolk County, N.Y. (644,600; 9%).

Check out more from the NAR about national single family home prices in 2021

New (PRE-MLS)! East Lincoln Park studio condo at The Marlborough FOR SALE $137,900

 

400 West Deming Place Unit 1B, Chicago IL 60614 is the perfect efficient home in A+ East Lincoln Park! North Pond, the lakefront, bars, restaurants, shopping and Lincoln Park Zoo outside your door.  All photos Eric Rojas, Broker, Kale Realty and VHT.com

New kitchen, new bath and new windows!

Photo link, 3D Tour and floor-plan

The Marlborough! 400 West Deming 1B in Lincoln Park. Super sharp renovation of this gorgeous studio condo in A+ location along the lake. New custom kitchen, bathroom and new windows. Plenty of room for sleeper couch and table area. Large walk-in closet. Private storage closet on same level next to the condo. 

Refinished floor, new baseboard, new paint, new kitchen... move-in ready!

Life is good at the historic and beautiful Marlborough building. Full time maintenance on site! Gorgeous lobby. Walk across the street to the lakefront, acclaimed North Pond restaurant Lincoln Park Zoo . Every neighborhood amenity you could want is just outside your door. Super low monthly assessment $177.18 (includes heat, gas and high speed Internet) and property taxes $413.00 with homeowners exemption (that's right only $413.00 ).

The most unique opportunity to call Lincoln Park home! Asking $137,900.

• No Dogs
• Cats OK
• Rental parking available at 2626 N lakeview next door
• Assessment $177.18 (includes high speed Internet, heat and cooking gas)
• Property Taxes $413.00 with homeowners exemption
• Rentals OK with 1yr lease (NO short term rentals/ NO Air B&B)
• Licensed Broker / Agent owned

Building features include: Coin Laundry, Elevator, Storage, On Site Manager and Engineer, Package Room, Service Elevator, BIKE ROOM

Amazing amenities right across the street from your condo! 

Roscoe Village condo sales up 20% year to year

The thriving business district and great schools continue to attract buyers to Roscoe Village in the North Center Community area of Chicago.  All photos Eric Rojas, Broker, Kale Realty or VHT.com

-2021 was a strong year for Roscoe Village condo unit sales.  148 condo units sold from Jan 1st to Dec 31st with a median price of $440,000.  

-Unit sales are up 20% over 2020 and up 32% over 2019.  

-Those sales are spread amongst a diverse condo housing stock from vintage one bedroom units to luxury "duplex-up" new construction.  72 of the 2021 condo closings had at least three bedrooms or more with a median price of $575,000.  

-The 2022 calendar year has started out on the higher-end. Five condos have sold in January 2022 with a median sold price of $580,000.

We recently listed 2151 West Roscoe 3W, Chicago IL 60618 for $619,900. The three bedrooms, two baths condo features a huge private rooftop deck. Check out the 3D tour... now under contract!

• 124 condo units sold in 2020 with a median price of $459,000
• 112 condo units sold in 2019 with a median price of $465,000
• 92 condo units sold in 2018 with a median price of $453,000
• 108 condo units sold in 2017 with a median price of $440,000.

If you are looking to buy or sell a home in Roscoe Village or other North Side homes please contact us erojas@kalerealty.com

Lakeview condo unit sales: We've had a few

All of Lakeview is densely populated and very walkable for most local residents... including my boys! It's no wonder the condo market remains extremely dynamic and popular each year. 

I was back in the Lakeview neighborhood over the weekend with our long time clients.  They would like to sell their East Lakeview (east of Halsted) two bedrooms condo they've owned for many years and upgrade to a larger unit. I've sold a few units this year around greater Lakeview and have been following the market closely. Over my many years as a Broker Lakeview demand has always been strong!

Our clients purchased a loft condo earlier this year at 1733 W Irving Park Road, Unit 314 Chicago IL 60613  for $268,000 in far north Lakeview.  This is one of four attached Lakeview units we have listed or represented in 2021. Photo VHT.com via Redfin.com

Lakeview condo sales (attached units, buildings under 50 units) January 1st to September 21st, 2021

-One beds: 125 one bedroom attached units closed so far this rear with a median price of about $212,000. Only 64 units sold over the same period of 2019.

-Two beds: 638 two bedrooms units closed for a robust median price of $420,000. Only 477 closed same period of 2020 and 436 closed over same period 2019.

-Three beds: 457 three beds units closed with a median price of $616,000. Only 266 sold over the same period 2019.

-Four beds or more: 97 four beds or more attached units sold with a median price of $875,000. Only 57 units sold over the same period 2019.

We sold a sunny, south facing Southport Corridor condo at 1432 West Roscoe Unit 2, Chicago IL 60657 in Lakeview earlier this year. We received offers after the first weekend on the market.

Our client purchased this attached, fully renovated fee simple rowhouse at 4103 N Hermitage, Chicago IL 60613  for $620,000 in a multiple offer earlier this year. The closest thing to a single family you can get with an awesome front and back yard... for a fraction of a house price! The peaceful northern Lakeview location is surrounded by million dollar homes.

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

We offer "off-market", Non-MLS and first look property research to our clients

Bob and I belong to high producing agent networks that offer many non-MLS properties for sale. Top Agent Network is a paid subscription chapter offered to top 10% sales Brokers in the Chicago area.   We also network with active builders, developers and hit the streets observing new construction not yet listed.

Bob and monitor demolition permits and off market sites to anticipate upcoming properties.

Properties are listed for sale in many ways; For sale by owner on public and private sites, a simple sign in the lawn or most commonly by Professional Brokers on the local Multiple Listing Service. An estimated 10%-20% of property sales are happening off the MLS. Brokers often represent these "off-market" properties and offer them to the Broker community on private listing services, their own web sites or blogs.

Many of the Top 10% of Chicago area Brokers have been listing and collaborating on Top Agent Network.  This is a paid membership "craigslist" type listing service where verified top sales Brokers list properties for sale and seek off-market properties for their buyer clients.  Bob and I belong to this service mainly to offer the best resources we can to our clients.   However, I generally don't agree with these paid "pre-MLS" and off market sites for Brokers.  I employ them as a necessary evil to help research the real estate market efficiently and help put together transactions for our clients.

 Read on for some quick, unscientific pros and cons of "off market" listing sites used by high sales volume brokers.

Cons: I think these paid listing services tend to allow Brokers to skirt regulations a bit. For example, I've caught a high producing local Realtor stealing my marketing photos for a property listing.  These broker listing clubs tend to have less information than highly refined and regulated major MLS service we belong too (MREDLLC.com).  In general it does not make a lot of sense for a seller to offer a property exclusively off the MLS if they simply seek the best price possible.

New construction is often listed on Pre-MLS sites by Brokers. (Photo Eric Rojas, Broker, Kale Realty)

That said, I believe there are several legitimate reasons to pre-list a property to the successful Broker community.  I also believe they are used by mostly terrific Brokers with excellent consumer and business practices in mind. We work with these agents on professional, above board transactions each and every year.

• A seller may want a higher degree of privacy.  The MLS shoots a property listing to all third party sites with reciprocity deals (Realtor.com, Zillow, Redfin etc...).  Once in the MLS that property is EVERYWHERE. The selling process can be very intrusive unless steps are taken to manage the process.

• A seller might want to market the property to the Broker community exclusively to test out pricing. Qualified Broker showings and Top Agent Network stats can provide data to help determine a property's market value.

• Listing services allow top sales Brokers to collaborate easier when seeking properties in specific areas and buildings. They allow Brokers to monitor high buyer demand and bring that to their sphere of property owners. For example two-flats in Lincoln Square are in high demand by many Brokers and I may bring that data (and the buyers) to multi-unit owners I know.

• I believe buyers who understand their market and demand a particular property will pay a premium for an "off market opportunity". Believe it or not, some folks are not worried about what OTHERS would pay for a property.  They are just concerned about what it is worth for them. An independent lender appraisal is required when using a loan. This protects the buyer from "over-paying" in a particular market even when a price is agreed upon between buyer and seller. 

When I found a large house in our desired location for my family I was buying it "no matter what" because it met the needs of of my large family and live-in nanny. The appraisal actually came in higher than what we were purchasing at and it's worked out great.