Lincoln Park new construction condo sales, median price $1.3M

 

A new construction condo building rises on the 400 Block of West St. James Place this spring in Lincoln Park. There is no active listing for this project. We do the footwork to find out the sale details for our clients for listed and unlisted new construction. All photos Eric Rojas, Broker, Kale Realty

We have clients looking exclusively for a new construction condo in Lincoln Park. Buying new comes with a premium. Searching for new construction also requires a lot of networking with developers and agents as many units will go under contract before hitting the MLS. When using a general MLS search we can add new construction classification to the criteria.

• 17 condos (attached unit and townhomes) listed as new construction in our MLS (MREDLLC.com) have closed in the first quarter of this year (January 1st to March 31st). The median price of a sold new construction unit is about $1.3M.
• In the entire year of 2024, 25 attached new construction condo units closed over with a median price of about $1.5M. The least expensive unit to sell was a two beds, two baths at 2559 N Marshfield #2 for $759,000.
• 9 new construction condos are currently listed for sale with asking prices ranging from $899,000 to $3,500,000.  I've identified another five or six new construction projects listed on MLS Private Network. Additionally, there are unlisted projects going up and in development.
• 15 condo units are currently listed as under contract on the MLS from $739,000 to $3,350,000. 

Lincoln Square vacant lot sold for $630,000, now $1.8M house

A new construction house at 4936 N Bell nears completion. According to my resources the home is priced for sale just over $1.8M. All photos Eric Rojas, Broker, Kale Realty

New construction is in full swing in Lincoln Square for spring season. 4936 N Bell, Chicago IL 60625 sold last year as vacant land for $630,000. The previous original small "farmhouse" was demolished. The new home sits on the wide 30" x 125" lot and features four to five bedrooms and over four bathrooms. The suggested price is just over $1.8M. Considering the size of the lot, the prevailing new home finishes and the location the home should sell quickly when completed.

4936 N Bell shown in the middle prior to demolition. 

Despite rising mortgage interest rates in 2023 the single family home market remained in high demand. Single family homes and land/ development opportunities priced comparably to the past few years in Lincoln Square were gobbled up. In fact median price was up 20% over 2022.

- 85 Lincoln Square single family homes sold in 2023 with a median price of about $985,000. Median price was up 20% over 2022!

- In 2022, 131 single family homes sold with a median price of $825,000.

To buy homes in Chicago and near suburbs (including private and off-market opportunities) contact Eric Rojas, Broker, Kale Realty erojas@kalerealty.com

Downtown Evanston church conversion shaping up years later

 

A church is being converted into seven residential units while a 23 unit apartment building goes up at the former parsonage house and parking lot. All photos Eric Rojas, Broker, Kale Realty

The downtown church conversion with new construction apartments first proposed in 2021 is making it's way to the finish line.  The sharp looking renovation and modern structure at Oak and Church Streets definitely catch the eye. It's taken awhile though.  Evanston Now first wrote about the proposal in March 2021 and followed up in 2022.  Completion looks to be sometime in 2024.

About 161 downtown Evanston condos have sold over the last 12 months.  The median price of a sold condo in the downtown footprint is about $330,000.  The lowest priced condo sold for $80,000 and the highest priced condo sold for $2,000,000. 

About 116 downtown apartments were rented in the last twelve months with a median monthly rental price of about $2,600. 

All data gathered from MREDLLC.com  and analyzed by Eric Rojas, Broker, Kale Realty. Questions, buying or selling contact  erojas@kalerealty.com

Apartment construction finally begins at former Lincoln Square strip mall

40 residential units coming to the 5200 block of North Lincoln Avenue. The units will join another 67 residential units within a couple blocks of each other at this northwest Lincoln Square location. All photos Eric Rojas, Broker, Kale Realty

My tour of new construction multi-unit apartments and condos around Lincoln Square continues! A 40 unit building was proposed for 5214-5224 N Lincoln Avenue back in 2020.  Construction finally began last week.  The building is close to the North Lincoln / West Foster intersection and adjacent to a strip mall with a Dunkin Donuts, orthodontist and a bubble tea place among other storefronts.  To the north is the Diplomat Motel which was bought by the city and will become a transitional shelter for homeless.  Tony's Fresh Market is across the street.

The old strip mall at 5214 N Lincoln just North of West Foster Avenue back in 2023 prior to demolition. 

All told there are at least 107 condo and apartment units in development near the corner of  Lincoln and Foster! The new residents are great for local business, vibrancy and tax revenue.  The buildings make good use of the former one story strip malls and eye-sore properties.

To buy, sell, rent and invest on the North Side of Chicago and near suburbs please reach out erojas@kalerealty.com  I'm happy to answer your questions.

The curse of Jimmy's Pizza: Still waiting for 40 units

A 40 unit residential building development at 5159 N Lincoln was approved about three years ago in 2020.  The existing building was torn down and the site remains vacant. All photos Eric Rojas, Broker, Kale Realty

I continue my look at multi-unit development around the square. The former home of Jimmy's Pizza in Lincoln Square remains vacant three years later.  The rental apartment building will offer 40 residential units and two retail units. The transit oriented development (TOD) will have only 20 parking spaces and over 20 bicycle parking spots. More details HERE  Considering the rent prices and multiple offers on many rental units in the area we can use the apartments!

The former building at 5155-5159 N Lincoln Avenue. 

Jimmy's of course has moved on to a larger home at Montrose and Western near Welles Park.  We love the new spot for pizza and beer after our kids' game days/nights but it's farther from our house.

Lincoln Square new developments small and large

 

2308 W Winnemac, Chicago IL 60625 was a small frame two-flat sold in fall of 2020 for $325,000. The building was torn down and will be replaced by a new construction single family home. All photos Eric Rojas, Broker, Kale Realty unless otherwise noted.

It will be another year of active development around Lincoln Square. Late last year I wrote about several larger condo/ apartment developments on the way HERE and HERE and HERE and HERE. We also wrote about a handful of three to six unit developments.  A quick walk around the neighborhood and you'll see plenty of new single family construction too. 

5119 N Claremont, Chicago IL 60625 sold for $509,500. The frame two-flat sits on a wide 34' x 133' lot.  A demolition permit was issued December 9th, 2020. The wide lot will allow for a larger than average single family home.

The original property at 2130 West Leland, Chicago IL 60625 shown above (center blue house).  The property was sold for $680,000. Google Maps image.

2610 West Winona, Chicago IL 60625 property was sold for $935,000 in late 2020. A house sits on a rare 90' wide by 150' long lot. Three new houses have been permitted for construction.

2610 West Winona in Lincoln Square.  The very unique three city lot property was sold and will be developed into three new single family homes.

If you are looking to buy of sell a home or condo in Chicago or the Chicagoland suburbs please contact us! erojas@kalerealty.com  More Lincoln Square posts HERE

Large new grocery development coming to Lincoln Square

The Fifth-Third Bank building at 4800 N Western in Lincoln Square. All photos Eric Rojas, Broker, Kaler Realty

The Fifth-Third Bank property on the northwest corner of North Western Avenue and West Lawrence Avenue in Lincoln Square will be redeveloped with a grocery store tenant. Rumors I've heard were confirmed by a post this week from the 40th Ward Alderman's office. The zoning allows for the re-development of the property "as of right". There would be no need for the community approval or zoning process. The developer of the project has not disclosed the specific grocery store tenant that will lease the space.

A bank drive-through and two bank parking lots are adjacent to the west of the building.

Lincoln Square has become one of the most desirable neighborhoods in Chicago (if home sale numbers, restaurants, schools, new development and sale prices mean anything). But the high profile corner of Lawrence and Western still has a bit of a gritty underused feel. An old Walgreens with pigeon soiled plaza, a vacant Mattress Firm storefront, the over-sized drabby bank building and vacant adjacent commercial building... and parking lots.  In fact there is a Burger King with a large, barely used surface parking lot across the street from the bank parking lots.  

Looking east over the parking lots.

Looking northeast down West Lawrence Ave.

The property has large underused parking lots in a prime location near the popular shops, restaurants and CTA Western stop of Lincoln Square. 

A legitimate concern is the affect a large chain grocery store may have on local business.  Even with several grocery options within 4 to 6 blocks of this location I feel a quality grocer would not be detrimental to local stores. Harvest Time and Gene's Sausage Shop (closest, local owned shops) have specialty products and service that keep loyal patrons coming back. Tony's Fresh Market serves a large diverse area six blocks north. The Mariano's is six blocks straight east could be affected. However it is a large corporate chain in which most people I talk to feel the quality has gone down since it was purchased by Kroger.

The new development would be just steps away from "downtown" Lincoln Square shops and restaurants.

Just a few stores of many in the main shopping plaza of Lincoln Square.

Sold for $505,000 Lincoln Square two-flat demolished

4854 North Damen in Lincoln Square was sold this year for $505,000 in a private sale. The vintage two-flat was torn down last week. I liked the subtle detail of this particular building. No permit yet for what will be built but we can guess it will be a three of four unit building. 

The property sits between Chui's Food Store to the south and an existing three unit condo building with ground floor retail to the north.  

Here's a view looking south at the building before the demolition. 

4856 North Damen is a nice, well established condo building adjacent to the tear down.  The top floor unit sold earlier this year for $437,000.

Bricks from the demolition are packaged up for reuse. 

14 unit luxury building coming to Lincoln Avenue, Lincoln Square

 

4918 North Lincoln Avenue, Chicago IL 60625 and two adjacent one story commercial properties were torn down this weekend. The sellers cashed out for $1,360,000.

A luxury homebuilder in Lincoln Square is taking their game to condos. Owners of the former Korean BBQ building at 4918 N Lincoln Avenue cashed out selling to Landrosh Development for $1,360,000.  The sellers bought the exisiting property in the year 2000 for $480,000. The three lot property received a zoning change to build a five story 14 unit residential condo building with live work space, commercial retail and 14 on-site parking spaces. I expect a high finish level from a builder who regualry gets top dollar prices for their speculation single family homes.  

An eight unit newer construction building typical to this strip of Lincoln Square sits adjacent to the south. I expect a little more flare for the new 14 unit building.

The Cardinal liquor store and bar (PATIO OPEN!) is conveniently located across the street. We here at The Chicago Real Estate Local love The Cardinal... seriously. 

 

A look northwest of the new construction project. You can see many six and eight unit newer construction buildings along North Lincoln Avenue from Lawrence to Foster.  Due to the pandemic some businesses in the ground floor retail have closed while many diverse essential retail spots hang on.

New retail housing a Kiddie Academy and Tropical Smoothie Cafe was recently built just a half block south.

4900-5200 North Lincoln Avenue Condo Sales 

The medain price of a closed condo from 4900 North Lincoln Avenue to 5200 North Lincoln Avenue over the past 24 months is about $535,000. Many of the newly built units are three bedrooms and two baths.  I have a feeling the highest priced unit in the new 14 unit building will push $1,000,000. 

Another 40 unit building proposed in Lincoln Square

 

The new owners of 5214-5224 North Lincoln Avenue have a zoning change application in and a proposal for a 40 unit residential building with retail on the first floor. All photos Eric Rojas, Broker, Kale Realty

Development proposals in the northwest portion of Lincoln Square is on 🔥🔥 A forty unit residential building has been proposed at the site of a now vacant strip mall. 5214-5224 North Lincoln Avenue once housed a Chase Bank branch, a Chinese restauant and a liquor store (basically... everything you need!).  I'm cool with this development... even if it may be boring. 

The strip mall was picked up in a foreclosure sale in 2019 and flipped this year for $1,250,000.

Looking at the strip mall to the northwest. 

The Diplomat Motel is adajacent to the property and great for your out of town guests! If NO VACANCY the Summit Motel is a half block up. 

Tony's Fresh Market is across directly across the street. I have a complicated relationship with Tony's since they took over my beloved Dominick's space. 

A relitively successful four story mixed use development sits on the busy northeast corner of West Foster and North Lincoln Ave across the street. This gives you an idea of what the new development will look like.

A 40 unit new construction development has already been approved for the southeast corner of West Foster and North Lincoln Ave just a half block away. Home of Jimmy's Pizza (future TBD). So, 80 more residential units will be added to the corner. The Dunkn' Donuts on the northwest corner has to love this! 24 more units have been approved at Western and Carmen nearby as well.

This sort of  "trafficky" strip of traditional one story retail and services (motels, Dunkin', Mr Submarine, Walgreens, grocery store, old mixed use apartments) is doing it's best to consolidate into larger new construction multi-unit mixed use development. The draw of Lincoln Square's center six blocks to the southeast and Andersonville directly east has made residential development viable. 

New Lincoln Square 24 unit development gets permit at Western and Carmen

 

The building at 5100 N Western sold in 2014 for $625,000. A permit was issued for a four story new construction development.

The Lincoln Square karaoke place sold in 2014 is finally getting re-developed. I can't believe I wrote about this six years ago already! Those were more simple times. 5100 North Western sits on a 75' wide and 115' lot and sold in 2014 for $625,000.  It has sat vacant for several years.

I follow Chicagocityscape.com and saw the building permit hit yesterday for a 24 unit residential building with ground floor retail and 24 car garage at the address 2402 West Carmen. 

Chicago Yimby also has a nice run down here with bus lines and other information.

The location is near my home and two blocks west from Winnemac Park.  I've supported and enjoyed the many residential units added to the area. It's been more lively. The density allows for more business development near the park along with Western Ave, Foster Ave, Damen Ave and Lincoln Ave. 

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. 

Pandemic proof? Lincoln Square home sales 2020 (highest sale $3,250,000)

 

A certainly charming but modest home for Lincoln Square standards these days.  The median price of sold Lincoln Square single family home for the first three quarters of 2020 is $740,000. All photos Eric Rojas, Broker, Kale Realty

We love Lincoln Square homes.  And... so did the Chicago market. Despite the pandemic almost the same number of Lincoln Square homes have sold this year as the same period of 2019. Median price this year is up slightly over last year.

Lincoln Square single family home sales 2020 (January 1st to September 30th)

81 single family homes have closed in the first three quarters of 2020.  The median price of a sold home is $740,000.  88 homes closed over the same period of 2019 with a median price of $725,000.

The highest priced sold house this year is 4431 N Hamilton Ave, Chicago IL 60625 for $3,250,000. The new construction house sits on a 37' wide x 178' long lot in the heart of Lincoln Square. This is only the 2nd home sale recorded in the MLS for over $3M in Lincoln Square since 2016 and probably only the 2nd ever (maybe a non-listed home traded for this amount over the years). Both were on single 37' wide lots and over 175' deep. I predict a handful of private built homes over the last few years will surely break the $3.5M mark whenever they come on the market.

The lowest priced sold home is a small frame house at 2154 West Foster, Chicago IL 60625 for $275,000. That's a pretty good deal for a popular area across from Winnemac Park. No construction permits have been issued yet but a zoning change to build a new construction three flat is likely. 

2154 West Foster (center). The vintage frame single family home sold for $275K and will most likely be replaced by a new construction three-flat. You can see a new 3-flat under construction to the far right of the photo.

"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.  

YESTERDAY, a quirky Wrigleyville mainstay, set to be demolished

The YESTERDAY building at 1143 West Addison is under contract and will be demolished. A building permit was issued... yesterday... for a new construction three-flat all too common in the Wrigleyville neighborhood of Lakeview. I stopped over today with my two youngest sons for a few last photos.

Frame multi-unit rental buildings still hanging in there on each side of YESTERDAY. They probably get an offer everyday to sell for a larger development but now the contingent lots are broken up.

The property sits on a 25'x122' lot zoned RT4 and is under contract with an asking price of $599,900 according to the MLS (we won't know the final price until the closing is recorded). There are a good number of newer construction three-unit condo buildings lining West Addison. However, many frame and grey-stone multi-units remain along with vintage grey-stone and brick single family homes along this path to Wrigley Field. There is still some charm in Mudville.

You get a glimpse of newer construction three-flats to the left background of the photo.

The median price of a sold condo on the 1000-1600 blocks of West Addison is about $400K over the last 24 months while the highest priced condo sold for $912,000 over that period.

About four years ago my oldest son bought a pack of 1987 Topps baseball cards and tried the gum! It was not chewable. This may be my last favorite iconic dump in Wrigleyville to bite the dust.  First Yum Yum Donuts that use to be in front of Wrigley Field and now YESTERDAY.