Gold Coast Chicago residential sales (single family median price up 25% from 2021)

 

The Gold Coast neighborhood is a great walk even when rainy and gloomy.  Fall weather seemly transforms you to a past era! All photos Eric Rojas, Broker, Kale Realty

 

We're back in the Gold Coast looking for a condo under $500K for out-of-state buyers. They will spend half the year here in Chicago and want an iconic neighborhood address.  

Gold Coast real estate has a mind of it's own. The single family and row house market does not necessarily mimic Chicago's other North Side neighborhoods due to the historic architecture and its unique location. Condos are a mixed bunch of vintage conversions, mid-rise and high-rise options (not to mention very elusive new construction options!). Market times can be very high for many of these elaborate and sometimes eccentric single family homes and condos... some over 1000 days on the MLS.

Greater Gold Coast sales area 

Single Family Home Sales January 1st to September 22nd, 2023

- 15 single family homes have sold in Gold Coast this year from January 1st to September 22nd. The median price of a sold home is about $2,500,000.  Unit sales have remained remarkably consistent over the past three years. 

- 16 homes sold over the same period over 2022 with a median price of about $2,600,000. 

- Interestingly only 17 homes sold over the frenzy of 2021 with median price of about $2,000,000.  We generally see much more units sales in 2021 than 2023 due to low interest rates and a quickly moving market. Gold Coast house unit sales have remained consistent despite the high mortgage interest rates and inventory problems plaguing most markets.

-Currently there are 28 single family homes for sale listed on our MLS. 16 of those homes have an asking price of over $3 million. The highest asking price at the moment is $17,750,000 for 3 West Burton Place.

Condo Sales January 1st to September 22nd, 2023

-552 attached condos sold this year with a median price of about $315,000.  This includes high-rise units. In the 2021 frenzy of low interest rates 612 condo units sold with a median of $315,000 as well. 

-If we look at buildings with 40 or less units only 54 condos sold with a median price of $885,000. Smaller buildings with larger units are a premium.

Small Multi-Unit Sales (2-4 units) 

- Only two small multi-unit building sold in the Gold Coast neighborhood so far this year. One four-unit billed as a redevelopment opportunity sold at 55 East Cedar Street, Chicago IL 60611 for $1,660,000. A three-flat with a beautiful duplex "owners unit" at 46 Est Cedar sold for $2,520,000. 

-There were no residential two-four unit buildings sold in 2021 or 2022.

Contact me with any real estate related questions involving your home price, selling, buying, rentals, real estate related referrals, taxes and more erojas@kalerealty.com 

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Former Le Colonial property in Gold Coast torn down

 

937 N Rush Street was torn down last week. Modern two story retail is to be built in its place. All photos Eric Rojas, Broker, Kale Realty unless otherwise noted. 

An older, quirky two-story retail building at 937 N Rush Street in Gold Coast has been torn down. The former home of Le Colonial had some interesting history... not to mention mechanics liens I noticed.  I did not see a recent or near recent sale price documented with the Recorder of Deeds. It appears to be a redevelopment by the long time owner/ landlord. 

The original property at 937 N Rush St. Google.com image.

The beat goes on in Gold Coast despite this year's pressure on commercial spaces due to coronavirus outbreaks. It remains to be seen how premium locations like Gold Coast will be affected into the next two years. The residential real estate market near the Loop has softened.  This is directly due to in-town owners and tenants opting out of downtown due to COVID19 and civil unrest in response to social justice issues.  Commercial retail locations near downtown in return have little foot traffic and operational restrictions. 

This perennial top shelf location supported by luxury condos and apartment dwellers is seeing a double whammy this year due to our new COVID19 realities and civil unrest. 

The Real Real retail store coming soon to the Magnificent Mile

 

The Real Real brick and mortar store at 940 North Michigan Avenue. It is still valuable to see and feel the goods before a luxury purchase!

While downtown Chicago is taking a hit during the societal shifts caused by the coronavirus  new openings on the Magnificent Mile must go on.  The Real Real luxury brand consignment store and services coming soon to 940 North Michigan Avenue. Their offices are currently located at 980 N Michigan Ave.  There will be retail churn and burn this next few years but I think the result will be bold new brands finding their home along the Chicago lakefront.

Views from 980 North Michigan Avenue yesterday

Near North Chicago condo sales

Gold Coast and Streeterville high-rise condos fuel Near North Side sales. Being close to the lake front, dining and shopping is the name of the game. (All photos Eric Rojas, Broker, Kale Realty) 

 

We're back in the Near North Side Community Area with new listings and buyer clients. Near North is home to famous neighborhoods such as Gold Coast, Old Town and Streeterville. It's a fantastic area to enjoy the high-rise life. Near North is also home to many mid-rise and smaller walk-up vintage buildings.  A spattering of expensive single family homes grace Old Town and Gold Coast. But make no mistake: condos dominate Near North.

Near North Condo Sales 2020 (Jan 1st - Aug 7th)

About 1149 condos have sold in the Near North Community Area from January 1st to August 7th. The median price of a sold condo is about $410,000. 

High Rise Units (50+ units in a building) accounted for 959 of the sales with a median price of about $355,000. Condo buildings with 2-49 units accounted for 190 sales with a median price of about $567,000. Large condos in smaller buildings sell for a premium in Near North. 

New For Sale! Gold Coast condo with gorgeous views $339,900

1360 N Sandburg Unit 2401 is all about the views! All photos Eric Rojas, Broker, Kale Realty and VHT.com

 

Check out our new listing in the Gold Coast at iconic Sandburg Village. Spacious and bright 1360 N Sandburg Terrace Unit 2401 features two beds, two baths and large balcony.  There is no shortage of sun and views from this inviting home! Check on the 3D virtual tour!

Take a quick video walk-through HERE!

Chic, airy apartment that feels like a real home. Features include:

Sophisticated Old Town two bedrooms, two bathrooms corner condo with mesmerizing lake views. The 24th floor home features truly spacious rooms and large balcony with 180 degree views of the lake and city. Updated and artful this apartment sings city living! 

True entry foyer with space for your everyday essentials. Original refinished parquet floors grace the bright airy living room. Massive built-in bookshelf for your collections. Smart layout allows for various furniture arrangements and a true dining area. Updated and refreshed kitchen is fully equipped with dishwasher and stainless appliances. Two large bedrooms are split to opposite sides of the apartment with updated bathrooms located outside each door. Views from every room! 

 

Cummings House in Sandburg Village enjoys DirectTV, WiFi, water, heat, professional door staff, elevators and management on site included in the assessment. Exclusive members only two huge pools, tennis court and Fitness Formula Club steps from your door for reduced resident fees. Laundry in building with refillable rate card, package receiving room, bike room, storage cage, garage parking ($165/mth), common roof deck and dry cleaner. Pet friendly! Attentive condo building management and well cared for common areas. 

World class location in the middle of all that Gold Coast and Old Town have to offer. Minutes to downtown via three bus lines, Division Red Line two blocks away or easy access to Lake Shore Drive. Steps to two grocery stores, Oak Street and North Avenue Beaches and lakefront paths. Float above the city in this classy, quiet and convenient home.

1360 N Sandburg Terrace Unit 2401, Chicago IL 60610 asking $339,900

Exclusively listed by Eric Rojas, Kale Realty 2447 N Ashland, Chicago IL 60614 

PH: 312-939-5253 erojas@kalerealty.com - ericrojasblog.com

"Blue collar" Gold Coast corner demolished, apartments coming to State and Divison

The corner at 1200 N State Street and several other addresses in Gold Coast under re-development. The new development address would be 1212 N State and feature around 90 apartments. 

A rather pedestrian corner in high-end Gold Coast is being developed. It seems like a lifetime ago we captured a few photos of demolition in progress at State and Division. Many bars and shops have graced the corner. A Chase Bank branch too.  Here's a great post about what was there. I hope to pass by there again soon and check on the progress. According to reports the corner properties were purchased for $20 million.

I may have wandered in and out of the pubs along this stretch of State Street in simpler times.

Looking eastward on West Division Street.

A rendering of what is to come and construction updates at the 2nd Ward web site.  

Q1 Near North condo sales consistent over five years

SoNo condos on the left.  The popular Near North luxury towers bordering Lincoln Park and Old Town feature a condo tower and separate rental apartment building with 24/7 amenities for residents.  The surrounding area has countless dining, fitness, shopping and entertainment opportunities. All photos Eric Rojas, Broker, Kale Realty.

Before the COVID crash I started the year spending some time in the Near North Side Community Area (with highly desirable Old Town, Gold Coast, River North, Streeterville neighborhoods). Let's take a look at greater Near North condo sales.

30 West Oak in Gold Coast of the Near North Side Community Area. The desirable luxury condo building known for large units was built in 2006-2007.

Near North attached sales (condo, townhouse) Jan 1st to March 31st

456 attached units sold in 1st quarter of 2020 with a median price of about $400,000.  The highest  priced sale in Q1 is 451 East Grand Unit 6311, Chicago IL 60611 for  $6,250,000 .  The lowest priced condo sold is 233 East Erie Street, Unit 1205, Chicago IL 60611 for $120,000. The one bed, one bath unit was a foreclosure sale.

In 2019 Q1 430 units sold with a median price of about $370,000.
2018, 543 units closed over Q1 with a median price of $415,000
Looking back at 2015, 488 units closed with a median price of  $390,000.

Gold Coast modern town homes at 1009 North Dearborn

Unit sales and median price have been consistent Q1 over the past five years with very similar numbers in 2015 and 2020. 

Update! 2 East Oak in Gold Coast to sell to investor

I just posted today about the potential sale of 2 East Oak high rise in Chicago's Gold Coast. Investors have won the support of over 75% of the condo association to sell the building according to Crain's Chicago Business.

We've had a lot of experience with this building over the years. I think it is in good position to charge more affordable rents then the recent trend of new construction luxury rental condo buildings near downtown. 

Lively Gold Coast condo building rejects $92 million offer

Investors made a bid to buy 2 East Oak in the heart of Gold Coast to convert back to rental apartments. For now the owner's vote has "rebuffed" the $92 million offer. (All photos Eric Rojas, Broker, Kale Realty)

My business partner once lived in venerable... maybe infamous... 2 East Oak in the heart of Gold Coast. The condo building offers mostly smallish condos at a decent bargain for the neighborhood. The rooftop pool deck is worth the looonnnng winter wait!  A recent $92 million offer to buy the entire building and convert the building back to rental apartments has been turned down so far. 

If I'm an owner I may not want to give up these pool deck views!

It is not unusual for an entire condo building to be purchases. Association owners must approve a sale by 75% vote of its members. Crazy right? I've researched condo building purchases from twelve units to 100s of units. The idea is unit owners will cash out on their units for a higher price than they would if they sold individually on the market.  The investor then converts the building to rental apartment units. My guess is the investor could position these units as more affordable than the newer construction luxury market.

2 East Oak Sales
22 units have closed over the past 12 months. The median price is about $223,000. 

New Gold Coast retail development to service high end condo dwellers

The 1139 N State mixed retail development in Gold Coast. All photos Eric Rojas, Broker, Kale Realty

Gold Coast is getting shiner and "shoppier" again.  We spotted construction progress while delivering earnest money checks nearby.  The new three story retail development at State and Elm is taking shape. Curbed has the story from last October with a good photo of the old building that was torn down (sad trombone). According to the developer  Newcastle Limited's site Rumble Boxing has signed on. A restaurant space with patio is slated for the top floor. Additional retail is available for lease.

The retail is adjacent to the very successful, upper bracket 4 East Elm residential condo building. Of the six sold and for sale condos over the last 12 months the median price is about $3.25M.

Gold Coast hoop dreams

Squeezing in some hoops in Gold Coast.  Alley courts are as old as most bungalows but this one caught my eye. The basket is installed on a new garage next to the coach house of a vintage mansion at Burton and Dearborn.  The alley neighbor directly to the west is the Faulkner House high-rise that is part of Sandburg Village.  It is a little known fact that William Faulkner shot his free throws "granny style". I made that up.

Faulkner House at 70 West Burton Place, Chicago IL 60610 overlooks the hoop. 

The amazing vintage property at Burton and Dearborn and owner of the alley basketball hoop.

Quick look! Sales at 1260 North Astor in Gold Coast

We were walking through Gold Coast Tuesday for some showings. We noticed the The Philip Maher designed Art Deco Tower at 1260 North Astor getting a refresh to it's entrance.

This 13 unit co-op rarely has homes listed and sold on the MLS. There are only 13 total units in the building! However, there was a recent MLS listing closed this past September 2018 for $2.5M. The full 4th floor unit covers 4000 renovated sq/ft. With taxes of $40,000 and an assessment of $4,600 a month the carry cost is not for the light of wallet!

A sale back at the end of 2015 was made mention in Chicago Magazine for it's original ask of $4.5M and ultimate sale of $2.9M on the lavish 12th floor.

Twenty-six condo units have closed on the 1200 block of North Astor in the last twelve months.  The median price of a sold condo is $280,000.  The lower end prices are mostly attributed to the one bedroom units in 1300 N Astor high-rise built in 1963. Thirteen of the condo sales on the block closed for over $500,000 and seven condos closed for over $1,000,000.

How scary are Gold Coast home sales this year?

Looks cute then you look up! All photos Eric Rojas, Broker, Kale Realty

This one creeped out the kids!

Some pretty with the scary.

We've spent a lot of time in Gold Coast with clients and family activities over the past month. Gold Coast residents enjoy scaring you around Halloween time.  But are they enjoying real estate sales in the neighborhood?  Let's find out!

Sales numbers from the above above shaded area in the Gold Coast neighborhood. (Excludes Chicago Avenue and La Salle Blvd not considered in the neighborhood boundaries)

Gold Coast Single family home sales (including row homes) January 1st to October 26th, 2018

My kids really liked the animatronic dinosaur!

Fifteen single family homes have sold this year in Gold Coast for a median price of about $2,250,000.  The highest priced sold home is 1440 N Dearborn Parkway, Chicago IL 60610 for $4,625,000. The lowest priced home to sell is 57 West Burton, Chicago IL 60610 for $1,083,000.

In 2017, fourteen single family homes sold with a median price around $2,000,000.  However, the highest home sold for $7,500,000.  Go back five years to 2013 and seventeen homes sold over the same period with a median price right around $2,000,000.  Despite the very unique high-end properties of this neighborhood the median price remained fairly consistent over the last five year real estate run up in Chicago Near North and North Sides.

Snap shot:
2018, fifteen homes sold with a median price of $2,250,000
2017, fourteen homes sold with a median price about $2,000,000
2016, sixteen homes sold with a median price about $2,030,000
2015, eight homes sold with a median price about $2,100,000
2014, nineteen homes sold with a median price about $2,600,000 (most homes sold and highest median in past five years)
2013, seventeen homes sold with a median price about $2,000,000

Gold Coast condo sales this year

"Backyard" view of the Gold Coast from a hallway window at Latin School.

894 condo units have sold so far this year with a median price of $390,000. Wow, seems like a lot of units sold!  It is!  Over 100 units more sold than in the same period 2017.  The highest sold unit so far in 2018 is the eye-popping $12,100,000 at 9 West Walton. Oh, and it is raw unfinished space.  The lowest sold condo is 201 East Delaware Place Unit 908 for $99,995. The hotel condo unit was bought cash.  $99K to $12 million in the same neighborhood this year.

In 2017 over the same period 784 units sold with a median price of $377,900.
2016, 803 units sold for a median price of $420,000.
2015, 777 units sold with a median price about $390,000
I'd give some more years but my Internet is acting up and I need to move on with other work today!

We don't see the wild price run up in Gold Coast from five years ago to the current year.  I think this is consistent with most areas (city or suburb) that feature really high-end, unique properties. 

Beautiful Gold Coast row house.

The Original Pancake House survives in Gold Coast

We took this photo on the weird hot Wednesday morning this week.  Patio season in October!

Most native Chicagoans pine for old places they have gone to all their life.  It's so great to have something that never changes and plants you firmly in your city.  The Original Pancake House at tony 22 East Bellevue survives among swanky updates to the neighborhood since 1976. There are still lifer "real people" in Gold Coast and you can find them here! As we get older we make sure to stop in favorites around the city while doing business in great neighborhoods.

Talk about good real estate... About 36 condos have sold on East Bellevue over the last two years within a block of The Original Pancake House.  The median price for a condo is about $524,000 and the highest priced condo sold over 24 months is $2,850,000.   Three single family homes have sold within a block over the same time period from $1.8M to $7.5M.  

60 East Scott in Gold Coast has a boutique building feel near the lake. We loved listing and selling a unit here. 

We've sold many Gold Coast and Near North condos.  Contact us and we'll meet you at The Original Pancake House before showings!

Photos! New Gold Coast building fronting Lake Shore Drive set for construction

We took a few photos of new Gold Coast construction at 61 East Banks Street after condo showings yesterday.

Construction begins at a rare vacant lot fronting Lake Shore Drive in the Gold Coast. A permit was issued for a 58 unit luxury low rise apartment complex back in December. 

The building, at the doorstep of Streeterville and downtown, will feature unobstructed lake views from the roof deck and many units.