Slow snowy start to Lincoln Square area spring market

My block in Lincoln Square on this snowy morning. Homes in the sub-neighborhoods of Bowmanville and Winnemac Park have been been slow to come on. Many listed homes either need renovations or have been priced over $1 million.

I have clients looking to get into a Lincoln Square house. It's been a slow start for good houses in the $850,000 to one million range. Many houses in the $900s to just over one million are re-treads from the fall and/or sitting on the market. The market does not see them as priced well. We're seeing homes bought over the last five years in Lincoln Square, Edgewater and North Center now listed just over a million dollars that will have to re-sell for less. That reality can slow things up!

While new re-sale listings have dripped on the market I've noticed a healthy dose full gut renovations and new construction homes in the works around Lincoln Square.

Mortgage interest rates are low.  However low inventory and high initial asking prices combined with another whopper national election may bode for a slow year in unit sales. Currently twenty-four houses are for sale in all of Lincoln Square with an eye opening median asking price of $925,000.  Yet the median price for a sold Lincoln Square single family home is about $715,000.   Current listed homes are priced from about $400K to $3.2M. 

Back to School: House prices UP 12% in Coonley Elementary district (and little to buy)

In Chicago "neighborhood schools" are of great importance.  The schools and their neighborhoods differ greatly in performance and desirability... even when when two schools/ neighborhoods are in very close proximity.  Here's a look at home sales in 2013 in Chicago Public School's Coonley Elementary attendance boundaries.  Coonley school is a good performing school with a Regional Gifted program and strong community support.  It's located in the popular Northcenter Community Area.

Boundaries as noted by CPS

Single Family Home Sales in Connley for January 1st to August 28th, 2013

35 single family homes have closed in the Coonley school district boundaries so far this year. This is the identical  number of homes sold in the MLS same period in 2012.   The median price of a house is up about 12% at $720,000 this year.

Even though unit sales are the same as last year, demand is very high.  The low inventory and higher prices have leveled out sales. The great majority of the house sales in our experience have been in multiple offer situations.  Personally we have been in several multiple offers every single family home our clients have offered on in Coonley and Northcenter in general.. If more "market price" homes came on the market unit sales would be higher we have no doubt.

The higher median price is also reflective of more "finished" homes for sale this year.  The price for "tear-downs and gut renovation" properties has gone up a bit.

Photo Eric Rojas, Real Estate Broker

Under Contract, For Sale
9 single family homes are under contract at the time of this posting. The median asking price of these homes is over $850,000.  

The real story right now is only 6 homes are actively for sale in Coonley.  5 of those houses are priced at $1M and above.  The only house listed under $1M is at 4111 N Western Ave for $336,000 and needs tear down or extensive work. 

Luxury homes like the one pictured above are well represented in the Coonley attendance boundaries.  Photo Eric Rojas, Real Estate Broker

Sold: Clients buy single family home in Bell Elementary $1,150,000

We recently represented clients in purchasing 3832 N Bell located in top ranked Bell Elementary school district in North Center.

Our clients purchase an executive home in Bell school district (photo Eric Rojas)

 The home was completely renovated and expanded by the real estate broker/ owner for his own family.  It is one of the largest homes and best floor-plans we saw in the market. The attic dormer was huge with family room and large office/ bedrooms making the home 4 full levels of finished living space. This 6 bedrooms, 4.5 baths home had the space, condition and flexibility hard to match at just over $1 million in the neighborhood.  There were multiple offers but our clients terms worked out best for all parties.


We congratulate our clients and will be listing their previous house for sale.  Please contact us if you are looking for homes on the north side of Chicago in neighborhoods such as North Center, Lincoln Square, Lakeview, Lincoln Park, Forest Glen, North Park and others.  Just ask us and we'll have options to meet your goals.

More Northcenter posts HERE

Video: Multi-unit sales and prices (2 to 4 units) in North Center steady

63 multi-unit buildings (2 to 4 units) sold in the North Center Community Area in 2011, only two more than in 2010.  The median price was about even with 2010... about $450,000.


 Here's a quick interior look at a North Center two flat sold at the beginning of this month.  The property sits on a 37' wide lot...WHITE HOT for development and renovation in the Bell School district.







The Highs: 1830 W Addison sold for $734,500.  This was a newer construction "investor owned" building with a very nice three level top unit and one separate basement unit.
The Lows: 2815 N Clybourn closed for $131,250 at foreclosure auction.  The building is a squat two-flat on industrial Clybourn but will be a nice cash flow investment after repairs.
Distressed: Multi-units tend to have a higher percentage of short sale and foreclosure sales due to the investor driven "run up" prior to the financial crash of 2008. In North Center, at least 21% of multi-unit sales were either short sale or foreclosure.


View more North Center information and video HERE
All data gathered and analyzed by Eric Rojas Realtor and Broker from MREDLLC.com, all video and photos Eric Rojas. Commentary is experiential and anecdotal.  Questions?  Email ericrojas2@gmail.com

North Center single family homes sales up 23%, median price up $50K

One of the hottest and most exciting single family home markets in 2011 was North Center.  From new construction on the high-end to little tear down shacks on the low-end and everything in between...homes were in great demand.


Sales: 177 single family homes sold in the North Center Community Area in 2011, up 23% over last year. The median price of about $800,000, a nice bump up from about $750,000 in 2010.  Both sales and median price were up for the year... a rare combo for any segment of the real estate market.


View the interior of one of the North Center homes sold as a foreclosure this year.

The Highs: 3905 N Oakley sold for $1,775,000.  The new construction custom built house sits on a 35 wide lot in Bell School district.
The Lows: 4117 N Western  was sold at a foreclosure auction for $167,700.  The home on busy Western had been renovated in the recent past.
Distressed:
22 homes (8% of sales) were sold as either foreclosure (banked owned, REO) or short-sale.

Video: North Center wide lot two-flat under contract fast

The North Center property market starts where it left off in 2011...hot.  It only took a couple days for 2038 West Waveland, asking $560,000, in Bell School district to receive multiple strong offers (according to the listing agent who I spoke with).  The brick two flat is in need of a gut renovation sits on a coveted 37 foot wide lot.  This is the type of property that brings developers with lots of cash.


Check out the exterior and the block.


  View video of the first floor of the building here.


Check out more posts about property in Bell School district HERE.


More North Center posts HERE and videos HERE

Northcenter's most controversial home now a foreclosure

Once offered early this year at almost $3 million, this single family home at 2216 West Grace is now a foreclosure sale offered at $2.1 million.

2216 W Grace is a converted 6 unit building to a single family home.

Watch our video of 2216 W Grace here. Maybe the most infamous house built in Northcenter in recent memory, this former 6 unit building turned palatial single family home is now offered as a foreclosure sale (REO) for $2.1 million. Although the recent single family home market has done very well in Northcenter, some neighbors and folks around the  Internet took issue with this ambitious home and asking price.


Possibly the thought of 6 units turned into one house (and the 9.3 bathrooms) was a little much for the average neighbor.


Read more Northcenter Chicago home statistics and information here!

New! Ravenswood, Northcenter and Lincoln Square school rankings/ charts

The terrific local online publication Welles Park Bulldog has put together data charts for local Ravenswood, Lincoln Square and Northcenter area schools.  The charts are made up from several school ranking sources including CPS, Chicago Magazine and a survey by the University of Chicago.  There are both elementary and high school charts available at Welles Park Bulldog.

Click on schools in the interactive map for a quick synopsis.

Chappell Elementary School main entrance. Photo Eric Rojas, Real Estate Broker

Northcenter hot, hot hot: Single family home sales up 26% in 2011, median price up too

Northcenter, Chicago has seen both an increase in home sales and an increase in median prices for 2011.

The Northcenter Community Area has seen 150 houses sold and closed from January 1st to November 1st in 2011. This is up 26 percent  from 119 homes sold during the same period 2010.  The median price was about $790,000. Median is up $60,000 from $730,000 same period 2010.


Interesting facts:
Highs: The highest priced home closed thus far was 3905 N Oakley, a new construction luxury house on a 35' wide lot for $1,775,000. 42 homes (almost 30%) were over $1 million.
Lows: The lowest priced closing was a foreclosure at 4117 N Western for $161,700.  This home was a somewhat recent renovation and was sold through an auction company.

Distressed: Of 150 closed houses, 16 were either  foreclosures of short-sales (distressed properties), mostly in the lower 25% of sold home pricing.



The popularity of Audubon, Coonley and Bell Elementary Schools, abundant single family home stock, retail amenities and central city location contributed to the increased single family home demand in Northcenter.  In our analysis, Coonley School with it's recent grants and Regional Gifted Center designation has been the largest factor in increase of home prices.

All sales data gathered from MREDLLC.com and analysis by Eric Rojas, Real Estate Broker. All Photos Eric Rojas and Robert DePalma, Real Estate Brokers

Northcenter July, August single family home sales up 70%; Median price up 11%

The Northcenter Community Area continues the trend of hot single family home sales for 2011 in our target North Side neighborhoods. Unit sales for the two busy summer months of closings were up 70%.  Even better, median price was up 11% from $700,000 to $780,000. Most median prices were down across neighborhoods this summer.

2300 block of West Cullom in Northcenter

44 single family homes sold in July and August of 2011 this year, up +70% from 26 units sold in 2010.  The median price was also up about 11% to  about $780,000. 


The highest sale was $1,261,750 for a 2008 built house at 2038 W Pensacola. The house sits on a 37.5 feet extra wide lot and it's in Coonley school boundaries...arguably the hottest elementary school of the year.


The lowest sold price was $215,000 for a small bungalow foreclosure needing major renovation at 3632 N Artesian.  This is in the far southwest corner of Nortchcenter known as Addison Mall. This is a good option for affordable single family houses near the action of Roscoe Village.


Interesting Facts:
Of the 44 homes sales recorded in the MLS over July and August, three (3) were foreclosures and one (1) was a short sale.  Two of the foreclosures were sold under $300K at the very low end.  However, the highest priced foreclosure sale for the two months was $1,225,000 for a never lived in six bedroom new construction house (built across a 50' wide lot) at 4208 N Oakley in Coonley school boundaries.

We have shown and tracked dozens of houses in Northcenter.  If you want to buy a fully renovated home or fixer-upper, we know the market.  All stats gathered and analyzed from MREDLLC.com (our membership MLS) by Eric Rojas and Bob DePalma Real Estate Brokers. Anecdotal analysis is the opinion of Eric Rojas, Real Estate Broker.

Chicago local green: Northcenter gut renovation gets solar panels

I came across another gut renovation single family home at the 1800 block of West Cuyler in Northcenter while showing properties.  There is no listing information for the house yet.  It's always interesting to see a new house in development but it was the huge solar panels on the roof that caught my eye.  You can see them to the top right of the photo.

Solar panels will help power this new gut renovation in Northcenter

The house is located steps from the Irving Park Brown Line stop, a few blocks from grocery stores and many quality restaurants, bars and amenities.  Across the street are converted loft commercial spaces adding to the urban atmosphere of these particular blocks.  You have everything you need without getting in a car... which is more a "green" statement than the house!

All photos Eric Rojas and Robert DePalma Real Estate Brokers unless otherwise noted.

Gut renovation in Hamlin Park area of Northcenter, Roscoe Village

Like many micro-neighborhoods this year, gut rehabs are a common site around the "Hamlin Park" neighborhood of Northcenter.  I spotted renovation work on this home along the 2200 block of West Barry.


It appears the current owner is "gut" renovating to a single family home, possibly for retail sale. At first glance, I have not located a sale on the building in the last several years. It's possible it was recently bought to renovate, or, it's a long time owner taking advantage of demand for affordable newly renovated homes.


I also spotted another gut rehab home that came on the market in August at 2907 N Hoyne, now listed for $509,000.  The home was purchased in the beginning of the year for $289,000.

The Center Square Journal: Lincoln Square/ Northcenter best local news

Fall on the North Side of Chicago is my favorite season. Keep up with really great local news, events and political reporting for greater Lincoln Square and Northcenter visit The Center Square Journal. 



I tell all my neighbors about the site.  You can "LIKE" them at Facebook and get their news feed.

We Just Sold: Wicker Park duplex and Northcenter single family home foreclosure

We have been busy already this fall with buyers and sellers.  There has been an uptick in closings for July and August throughout Chicago.  Our clients have picked up the pace noting the low mortgage interest rates as a motivating factor.

1250 N Wolcott #1 is now under contract.  We were the listing agents on this property and kept the traffic coming all summer.  We've had great success in Wicker Park as buyer and listing agents, so please call us for consultation.

3054 N Leavitt is a single family home foreclosure now under contract.  Our buyer client wanted a deal...and he was ready to make a serious offer immediately when this house came back on the market at $375,000.  We have consulted about buying a foreclosure, negotiating with the bank, inspections, contractors, lenders and...you name it!  We are excited our client did get a good deal on a very affordable single family home steps from Roscoe Village and Hamlin Park.







Please contact us with inquiries concerning buying and selling in this market. 

Northcenter house: Great starter home or "tear down"?

This Northcenter house asking $175,000 is advertised as the "Ideal starter home or tear-down".  We're  not sure our first time single family home buyers would consider a tear-down "ideal" but you have to have vision!

Rent this house: Newer Northcenter, West Lakeview house for $2,800...Two car ATTACHED garage!

 For Rent: Single Family House $2,800/ month. Available immediately as of 9/7/2011! Call 773-687-4646 for showing.

1808 W Diversey House L sits on the quiet and far north end of a gated community...not on Diversey.  It's a true single family home with wide rooms, three levels, huge deck and very comfortable features for the modern professional looking for convenience.

Two fully organized walk-in closets in the master!

Two large wall hung flat screens included for use!

Two car attached garage!

Why am I shouting?  Because this is great stuff!

-Fee simple single family home
-Gated community
-Large living room with built-in cabinets, sound wiring and TV mount
-Open, updated kitchen with breakfast bar
-Flexible room off kitchen leading to deck
-Family room, third bedroom on grade level with full bath (not a basement)
-Small yard and dog run off family room
-Three full baths
-Two car attached garage!
-Bright master suite with two walk-in organized closets, sound wiring, TV mount
-Huge master bath with separate shower, jet tub, double bowl vanity
-North end of community, quiet and easy side street access...not on Diversey!

Located close to Chi Che Wang Park, Hamlin Park, Starbucks and easy CTA bus on Diversey going east to Lincoln Park amenities.

Call Eric and Bob at 773-687-4646 for showing.  Pets negotiable. 1 year lease or more.  $30 credit check paid by tenant.  Please have current employment reference and proof of salary handy if requested.

Get a Northcenter/ Lakeview house for $449,000

Watch the video of 1808 W Diversey $449,000...a single family home where Lincoln Park, Northcenter and West Lakeview meet.

1808 W Diversey, House L, is a single family home in a gated community development.  It offers wider more conventional space than comparatively priced town houses in the Northcenter, Lakeview and Lincoln Park locations near here. The master suite has TWO organized walk-in closets and there is a TWO car attached garage.  These are rare features I know people would really appreciate.

View more property details HERE

Northcenter single family house rentals in high demand, homes rented way up

 I recently showed a Northcenter single family home rental in Coonley school district on the block pictured below to our client.

 More than ever we are getting requests from customers and clients to rent a single family home.  Many people are calling on our home sale listings asking to lease them.  With many job relocations in and out of Chicago, the demand is very high to rent houses from our perspective. Many clients have families and desire a single family home rental for two to three years rather than an attached home.


*28 Northcenter single family homes (3 bedrooms minimum) were rented in the last 12 months with rents from $2,100 per month to $7,000 per month.  Most had very quick rental market times under two weeks, many with market times a week or under before rented.



*In all of 2010, Northcenter only saw 5 single family homes rented (minimum three bedrooms) and recorded in the MLS.

*Currently, there are only three "3" bedrooms homes offered for rent in Northcenter.  Two are luxury single family homes listed over $7,500 a month.  The middle range of $3,000 to $4,000 for a house is in very high demand and inventory scarce.


Data pulled and analyzed from www.MREDLLC.com, from which I'm a member.  There are a number of private party rentals not recorded on the MLS, however, the MLS is a great indicator of market activity over-all.


Call or email us to find your next rental home or apartment, or, to rent out your home.  We follow and adhere to the many City of Chicago and brokerage rental regulations to make sure a good rental experience is possible. Get the full service you deserve from professional real estate brokers.

Video: Tour a Northcenter bank owned property for $750,000

Part 1

I viewed this Northcenter bank owned house offered at $750,000 for two of our single family home buyers.

Part 2

View exterior of house HERE

This was a unique situation. Viewing and offers required special and strict procedures. To buy and sell property with professional real estate brokers, call Eric and Bob at 773-687-4646.

Video! Viewing a $750,000 Northcenter foreclosure house

Once priced at $1,250,000 as bank owned, this Northcenter new construction house slashed to $750,000 and received multiple offers immediately.

Watch Part 1 of the exterior and block:


Part 2 Interior

Part 3 Interior

I previewed this "bank owned" house for clients last week immediately after a $250,000+ price drop last Friday. They have been educated on the market and ready to take their shot in this situation. The Northcenter new construction single family home is located in Coonley school and has luxury finish level. Apparent water damage among other maintenance issues led to the new very attractive pricing to entice serious buyers.

Please contact us at 773-687-464 to buy and sell properties. We provide professional no nonsense advocacy, personal service and a team of affordable expert referrals for any real estate need.