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. 

Client buys Mid-Century gem in Flossmoor, median price up 15%

 

Built in the 1950s this super cool ranch sits on a large corner lot close to Flossmoor downtown and Metra station. Photos Eric Rojas, Broker, Kale Realty

Earlier this year we helped our clients secure a sprawling Mid-Century ranch home at 934 Gardner Road, Flossmoor, IL 60422 for $450,000. Our buyers shed their long time East Lakeview condo for greener pastures (a big yard and garage!). However, they faced the decision of convenience vs commute.  With the influence of long-time friends they realized Flossmoor provides easy Metra access to our clients' offices in downtown Chicago. Not only that... there are some cool houses and a cute downtown!

Flossmoor features a traditional downtown with a Metra station to downtown Chicago. 

Flossmoor single family home sales

Median price of a sold home in Flossmoor is up 15% over last year. 79 single family homes sold from January 1st to October 3rd with a median price about $365,000. 77 homes sold over the same period of 2023 with a median price of about $320,000. A whopping 129 homes closed over the same period of 2022 with a median price of $325,000. In 2021, 150 single family homes sold with a median price of $290,000.

Contact Eric Rojas, Broker, Kale Realty to buy, sell and rent real estate on the North Side of Chicago AND the suburbs. erojas@kalerealty.com

Two-flat to four-flat sales in Logan Square (small multi-unit)

 

Two, three and four flat buildings line West Wrightwood Avenue in Logan Square (all photos Eric Rojas, Broker, Kale Realty)

A client of ours recently inquired about Logan Square two-flat. He's looking at it purely as an investment. A good number of multi-units still sold in 2023 despite the increase in mortgage interest rates.  One could argue in this time of inflation, higher mortgage interests rates and low inventory there will be more demand for apartments. A live-in owner can get a better location and expect high demand for their extra apartments.

In 2023, 86 two-flat units closed for a median price of $585,000. 28 three-flats sold with a median price of $667,000 and 16 four-flats sold with a median price of $1,040,000.

A total of 166 small multi-unit buildings (two-four units) sold in 2019
A total of 158 small multi-unit buildings (two-four units) sold in 2020
A total of 249 small multi-unit buildings (two-four units) sold in 2021
A total of 191 small multi-unit buildings (two-four units) sold in 2022
A total of 130 small multi-unit buildings (two-four units) sold in 2023

The stock of  small muti-unit buildings in Logan Square (two, three and four flats) continues to provide ownership options for Chicago home buyers and investors. Multi-unit properties can provide a lower entry purchase price and more flexibility than single family homes. Live in one unit and rent the other units. Live in and possibly run a vacation rental in another unit. Eventually move out after several years and rent the whole building. Add another unit if zoning or the recent ADU ordinance allow. 

There have been recent legislative initiatives to preserve small multi-unit buildings in parts of Logan Square. These ordinances act to stabilize multi-unit stock and ultimately put a small check on rising list prices. If looking for a bustling neighborhood with public transportation options a Logan Square multi-unit may fit the bill. 

Eric Rojas, Broker, Kale Realty

ericrojasbog.com - erojas@kalerealty.com

Flossmoor home sales (median single family home price $320,000)

 

Flossmoor offers serene blocks and diverse single family home styles.  I snapped a picture last Saturday of this mid- century modern split-level next to a classic Georgian. All photos Eric Rojas, Broker, Kale Realty

Long time city clients are making the move to the Village of Flossmoor.  The desire for a large yard and single family home living has led them to this south burb with a surprisingly convenient commute downtown. Charming homes on good sized lots near the the village center provide a walkable experience for Chicago expats. The small town is also known for it's many seasonal village traditions and access to several historic country clubs.

Home sales from January 1st to October 20th

-83 single family homes sold from January 1st to October 20th of this year. The median price of a closed home is $320,000.  

-Home unit sales are down this year significantly compared to 135 sales over the same period last year.  The median price in 2022 was $325,000.

-In 2021, 159 homes sold during the pandemic/ low mortgage interest rate frenzy for a median price of $295,000. 

-The pre-pandemic year of 2019 also saw 159 houses sold over the same period with a median price of only $219,000.

Most sold homes have 3-4 bedrooms with a median price of $320,000. Chicagoans seeking a large home (a challenge in the city) will find phenomenal value. Median price for a five bedroom or more home is about $385,000.

We work with our clients in the city and suburbs to help make their move less stressful. Do not hesitate to contact us with questions concerning options for your property and a potential potential sale/ purchase.

Chicago home sales plodding along through 2023

 So... what's happening?? Chicago sellers are still in a pretty good spot!

-During the recent housing boom of 2019-2022 the City of Chicago saw all City median price raise +24% (reported by Crain's Chicago Business). Soooo if you bought a $400,000 home in 2019 it may sell today for $500,000.

-Low inventory and 7% interest rates (to slow inflation) slowed unit sales in 2023

-2023 Year to date Closed Sales for ALL Properties in the City of Chicago is down almost -19%

-2023 Attached Unit median price (condo, townhouse) is even with last year

-2023 Detached Single Family Home median price is down -7.7% over the same period of 2022

In our personal experience we see many of Chicago's most active markets are seller's markets. Late summer median prices were up month over month with plenty of "multiple-offer" situations in neighborhoods like Lake View, Lincoln Park, North Center and Lincoln Square.

Interest rates may come down a little in the coming months but I feel low inventory + pent-up demand will keep asking and sales prices steady. Chicago (and much of the country) doesn't have a very good solution to the inventory problem as homeowners hang on to their 2% and 3% mortgage rates while affordable unit development does not keep up.

Please contact me at erojas@kalerealty.com to help you plan, buy or sell a home in this market. Questions... just ask!

Only 3.63 NEW single family home listings per Chicago Community Area

Chicago new listings are low (duh!).  As of today there are 280 single Chicago family homes listed as NEW across all 77 Chicago Community Areas. That's only 3.63 NEW listings per Community Area🤯 

Ravenswood Manor single family homes (all photos Eric Rojas, Broker, Kale Realty).

A new listing is a home listed on MLS within the past seven days.  Couple low inventory with the fact many of these new listings are re-treads of homes already on the MLS (cancelled or expired listings brought back as NEW).  We have our eyes peeled every day for the very few NEW opportunities that hit the open market and private market. 

Contact: Eric Rojas, Broker, Kale Realty

2447 N Ashland, Chicago IL 60614

Office 312-602-3367

erojas@kalerealty.com

Tight real estate market for Chicago January 2022

Not a ton of relief in January 2022 for Chicago house hunters.  Inventory was low and average prices high.  As market time creeps up sellers need to be aware of rising mortgage interest rates that were about 3.7%  for a 30yr fixed last week.

MARKET SNAPSHOT — CITY OF CHICAGO

*The City of Chicago Market Snapshot represents the residential real estate activity within the 77 officially defined Chicago community areas as provided by the Chicago Association of REALTORS®.

• 1,821 properties were sold in the City of Chicago in January 2022. This is a 7.3% increase from January 2021.
• The median sales price in the City of Chicago for January 2022 was $310,000, the same as this time last year.
• The City of Chicago saw listings average 89 days on the market until contract, a 4.7% increase from January 2021.

INVENTORY

• The City of Chicago’s inventory is down 32.7%, from 8,294 homes in January 2021 to 5,578 homes in January 2022.
• The month’s supply of inventory decreased 45.9%, from 3.7 in January 2021 to 2.0 in January 2022.

Evanston single family home sales (median price up about 9%)

 

It was cold on Evanston's bustling Central Street on Saturday! My partner Bob took the Metra to the Central Street Station and waked to our house showings. Our clients would still like walkable businesses nearby the house. This makes homes near Central Street attractive to them. 

We have a couple groups of clients looking for a single family home in Evanston. Proximity to Metra stations and a good sized yard are priorities for both. In fact, it's the yard size that is pushing them out of the city to Evanston. They both have the budget for a nice house in the Lincoln Square, Chicago area but the yards will be comparatively small.  Here's a look at over-all single family home sales over the past few years.

A familiar looking brick bungalow in north Evanston.  Our clients are moving from a similar Chicago bungalow!

Evanston Single Family Home Sales

-38 single family homes have already closed in 2022 (January 1st through February 13th) with a median price of $585,000. Eight of these home sales have been over $1,000,000.

-504 single family homes sold in Evanston in all of 2021. The median price was $630,000.  The median price is up about 9% year to year over 2020.

-The highest priced sale in 2021 is 706 Sheridan Road, Evanston IL 60202 for $2,400,000 (I thought there may be a higher priced sale considering the explosion of the high-end market over the last 18 months). Six houses sold for over $2 million.

-The lowest priced single family home sale was $151,500 at 1712 Grey Ave, Evanston IL 60201.

-537 single family homes sold in 2020 with a median price of $580,000. More houses sold in that first and more uncertain pandemic year than the crazy heated 2021. Sales in 2021 reflect low inventory and priced going up (making home buying more competitive). Inventory could not keep up with buyer demand.  Four houses sold for $2.5 million or more in 2020.

A typical block of homes near Central Street, Evanston.

• 2021: 504 single family homes sold with a median price of $630,000
• 2020: 537 single family homes sold with a median price of $580,000
• 2019: 431 single family homes sold with a median price of $508,000
• 2018: 422 single family homes sold with a median price of $550,000

Going back several more years:

• 2015: 492 single family homes sold with a median price of $504,000
• 2012: 431 single family homes sold with a median price of $440,000

Fast January start to Lincoln Park home sales (unit sales up 117%)

 

Single family homes remain in high demand this January 2021 in many of the city's neighborhoods. The unusual 2020 market kept busy through the later months of last year. Pending contracts and closings were up year over year in consecutive months across Chicago following the spring pandemic lull. 

Lincoln Park home sales

⇑ In January 2021, seventeen homes closed. Only eight home closed January 2020.

⇑ The median price of a single family home January 2021 was $1,425,000 (up 3%)

⇑ Combined condo and single family closings are up 46% for January 2021

⇑ Home listings were up 35% over January 2020

Current South Loop townhouse sales

I was in South Loop yesterday showing townhouses. Weather felt nice!

Seven town houses have closed this year from January 1st to February 12th with a median price of $750,000

29 town homes are actively listed with median asking $710,000

Only 14 are fee simple with assessment under $300.00 per month

12 town homes under contract w/ median asking price $650,000

86 town homes closed in South Loop in 2020 with a median price of $640,000. That median price was up 16% since 2015 where 88 town homes sold with a median price of $550,000. The town house style of living is in high demand due to the "single family home" feeling and lower assessments than the surrounding condo buildings.

Contact us to find or sell in the Chicago Loop, North Side or near suburbs.

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

Viewing and buying "off-market", private and Pre-MLS properties: What does that mean?

 

Homes in Lincoln Square early this month (all photos Eric Rojas, Broker, Kale Realty)

I've shown my clients "off-market" or Pre-MLS properties for sale over the past few weeks. We provide our clients with access to "off-market" listings: Pocket, private and Pre-MLS home listing options to view and buy. What does that mean? 

A Pre-MLS listing is a property offered for sale by a licensed broker that is scheduled to be listed on the MLS at a later date. Some folks like to try out the listing price, retain some privacy and/ or wait until after the holidays to place in the MLS for the entire world to see.

A "pocket listing" is generally a property that is not scheduled to be listed on the MLS. However the seller has either entered into a listing agreement with a broker or made it known to one or many brokers they are willing to sell if a willing and able buyer is produced.

A Private Listing is a property listed for sale in our MLS Private Listing Network. Member brokers of the MLS can access this in a special category but it is not viewable by the general public on third party sites.

A bungalow was offered PRE-MLS before the holidays.

Sellers often hire licensed Real Estate Brokers to make their properties available for sale PRIOR to listing on a local Multiple Listing Service. Once on the MLS the property is available to all paid member brokers in the MLS and to public third party web sites (Trulia, Zillow etc...). This process is fairly intrusive to the seller as you can imagine. There are any number of reasons a seller may choose to offer their property for sale the "off market" route. Privacy and feeling out the listing price are the two major reasons.

Typically a listing contract is signed between the listing brokerage and seller allowing the broker to actively seek buyers (brokers are regulated by state and federal advertising and fair housing law). Brokers list the property on their company sites, personal real estate sites, social media and broker list-serves following the rules and regulations.  However the property is not listed on a member's local MLS to be fed on all reciprocal websites. 

As a full time Licensed Real Estate Broker I invest time and money to provide access to "off market" properties. I scan my various resources every day, network and stay on top of the market areas my clients want to purchase in. Contact us to search for your next property!

Uptown single family home unit sales up 47% year to year

 

Uptown home just east of North Ravenswood Avenue and West of Ashland.  This Ravenswood area features a cluster of Uptown single family homes. All photos Eric Rojas, Real Estate Broker, Kale Realty

Uptown Community Area is better known for its lakefront adjacent location, condos, apartment towers and a myriad local businesses.  However it is home to pockets of impressive single family homes nestled within the urban hustle and bustle. The proximity to the lake, transit and average size of the homes result in a relatively hefty median price.

Historic home of Buena Park area in Uptown. All photos Eric Rojas, Real Estate Broker, Kale Realty

Despite the pandemic uncertainty Uptown single family homes have had a good year. Unit sales are up 47% over same period in 2019 and median price is the most in four years.

34 homes have closed thus far (January 1st to November 13th) in the Uptown Community Area.  The median price of a closed home is $900,000.  Unit sales are significantly up from the same period last year.  Only 23 homes sold with a median price of about $872,500 over the same period in 2019.

2018, 27 homes sold with a median sales price $775,000

2017, 40 homes sold with a median sales price $848,000

2016, 28 homes sold with a median sales price $980,000

2015, 24 homes sold with a median sales price $709,000

2014, 33 homes sold with a median sales price $840,000

The highest sale so far in 2020 is 801 West Castlewood Terrace, Chicago IL 60640 for $1,912,500. A good portion of that value is in the 83' wide and 115' lot beautifully landscaped lot. 

The lowest sold single family home is 4649 N Beacon Street, Chicago IL 60640 for $390,000. The home sits on a large 40'x156' lot and was advertised as a development opportunity. 

South Loop condo and townhome unit sales (median price up a tick)

 

South Loop... the best loop! Looking south down South Indiana Avenue Monday morning. All photos Eric Rojas, Broker, Kale Realty

We're currently preparing a South Loop townhome for the market. Let's take a look at greater South Loop sales this year.

South Loop condo sales January 1st to November 13th

South Loop unit sales were down about 72 units (-13%) in 2020 compared to the same period in 2019.  The median price of a sold condo is up about 3% year to year.

548 South Loop condos (attached units and townhomes) have sold so far this year.  The median price of a sold unit is $382,000. The highest priced sale is 1201 South Prairie Unit 5301, Chicago IL 60605 for $1,620,000. The lowest priced sale so far this year is 345 East Eastgate Place Unit 305, Chicago IL 60616 for $125,000.

620 units sold over the same period in 2019 with a median price of about $372,000. 

More South Loop posts here!

 

Western Springs home sales remain steady year to year

Clients of our occasionally move back home to their Western Springs/ La Grange roots. We helped our clients buy this home in Western Springs in 2017. 

Several of our clients grew up in the suburb Western Springs, Illinois. Occasionally clients who bought their first Chicago condo with us will decide to head back to live closer to their parents (and "maybe" get a little childcare help). This year a South Loop faithful home owner is eyeing their suburban roots.

Western Spring Single Family Home Sales (Jan 1st to May 19th)
Western Springs has fared well during the current pandemic market. 64 single family homes have closed in Western Springs this year. The median price of a closed home is about $587,000. The highest priced sale is 5132 Woodland, Western Springs IL 60558 for $1,925,724. The top three sellers are new construction homes. The lowest priced sold home is 3911 Garden Avenue, Western Springs IL 60558 for $170,000. The home was marketed as complete gut renovation or tear down.

Over the same period of 2019 (Jan 1st to May 19th) 65 homes sold with a median price of about $615,000.  Unit sales were almost identical to last year (65 to 64). That's a surprising fact when many people in the market paused by mid March. May? June closings may be affected if less homes went under contract in April.

36 Western Springs homes are currently under contract with a median asking price of about $669,900. 55 homes are currently listed for sale with a median asking price of $690,000.

Working during the coronavirus outbreak Eric Rojas, Kale Realty

Some of you know me and my family very well. For those who don't... I'm married to a Pediatric Nursing Director and we have four kids ages 13 years old to 5 years old. Since the closing of school facilities March 13th and "things" hit the fan my wife has been working A LOT and  I've been in full time charge of our kids E-Learning and well being. The kids have had an amazing attitude through most of this. The parents? Up and down.

That said my business partner Bob and our team at Kale Realty are working at full capacity.  We've had some interesting showings, home closings and conversations with clients. Otherwise, it is business as usual... without seeing people LOL.  We miss our clients, associates and friends. Please know we are only a phone call, text or email away and will provide resources and answer questions. If you find yourself needing or wanting to buy, sell, rent or renovate we will help. 

Mortgage interest rates are way down and Chicago home prices will be a better bargain than the start of the year. If you are looking to buy a home for the long term or re-finance you can do fairly well right now.  We have also seen attractive condo and house listings sell fairly quickly.  We know the number of real estate transactions will be way down this year and many of us will have reduced income due to the pandemic (our family included). Now more than ever we can help make educated decisions.

Roscoe Village single family home sales

Roscoe Village is a mix of mostly traditional style newer construction houses, small frame multi-unit apartments and a splattering of modern  house and condo construction. The modern home at the above left sold this past year for $2.7M.  All photos Eric Rojas, Broker, Kale Realty

We recently viewed a private home listing in the Roscoe Village neighborhood or North Center.  Private listings can only be viewed by brokers with access to the MLS.  Sellers list "private" for any number of reasons including seasonal considerations or they simply do not want the home listed on the million third party sites that feed from our MLS.

The neighborhood remains one of the more desirable on the North Side due to well rated schools and outstanding dining, bars and amenities. The median price of a house is nearly $1.2M over the last year. Homes considered a value under the median price sell fast! We have to be on top of all private, pre-MLS and newly listed homes on the MLS every day to give our buyers a chance.

I lived in Roscoe Village in the 90s / early 2000s. The famous kiosk marked the diverse neighborhood of those times.  The socioeconomic demographic has changed in the last 20 years. 

Sixty-two Roscoe Village single family homes closed over 2019.  The median price for a sold home was just over $1.2M. The highest priced sold home was 3310 North Leavitt for $2,700,000. The double-lot modern dream home was built in 2008. The lowest priced house sold in Roscoe Village at 3444 North Damen sold for $432,000. It was a pretty good price for the small frame home on a standard lot bought to tear down and develop a new home.

Looking back at 2015 about fifty-seven homes sold with median price just over $1,000,000.

Loftus Law offering $299.00 real estate closings!

Work with an experienced full service attorney on your real estate closing this year for $299.00! We'd spend a million for Patrick Loftus representing us... but you don't have to!

Mr. Loftus is offering $299.00 real estate closing fees until the end of 2017.  If you have a closing up or questions concerning a real estate transaction please contact Patrick Loftus at 773-632-8330.

Click HERE for the Loftus Law web site 

Contact Bob and I with any real estate purchase, sales or leasing questions 773-510-1597. Patrick has been great with our Chicago and suburban clients!

 

Happy for this Lurie Children's hero... Congrats on your new home!

We found a super well cared for raised ranch in the Belmont-Cragin. The quiet neighborhood is lined with well cared for bungalows, raised ranches and spotless blocks! The neighborhood has been hot with gut renovations and fast market times on re-sales this year.

Congrats to our man Tyler who closed his first home purchase last week! Tyler is a long time Senior Speech-Language Pathologist at Lurie Children's Hospital (where my wife is a16 year employee and Director of in-patient operations). We can't be happier to have helped another Lurie hero! Bob and I look forward to being a resource during his home ownership.

A big thank you to our go-to lender Steve Dunnett with BlueLeaf Lending for stepping in and getting our client prepared quickly. Our attorney Kent Novit (100 North LaSalle Street # 1700, Chicago, IL 60602, PH: 312- 332-2407) helped make the process comfortable and the closing smooth. 

Please call us to purchase or sell your home.  We will go the extra mile!

Viewing 60 East Monroe, the Legacy near Millennium Park

We recently viewed several units at The Legacy downtown to find the right tier and floor for our clients. Hopefully we'll get better weather and views the next time!

We've been working with a repeat client who has made the move to downtown from Lakeview.  They'd like to buy unit in the Loop specifically in a building with a pool, parking and units with a balcony. Of course 60 East Monroe, The Legacy, fits the bill.

Balcony view from the '03 tier on the 35th floor. We mainly focused on two bedrooms, two baths re-sale units. We looked at two of the remaining developer units (one is a three bedrooms floor plan but overlooked the top of a building with huge HVAC systems running).

Recent sales
Only a few of the developer units remain in the building. My understanding from the showings is they remaining units had never been rented out.

38 units closed at the Leagcy over the last 12 months.  The median price of condo is about $900,000.  The lowest priced sold condo in the last 12 months is 60 E Monroe St Unit 1806, Chicago, 60603 for $405,000. The re-sale unit has two bedrooms and one and one half baths.

The highest sold unit over the same period is 60 E Monroe St Unit 7102-01, Chicago, 60603 for $6,200,000.  The "full floor penthouse" was a developer owned unit at time of sale and features four bedrooms, five and one-half baths over 9500 square feet according to the @Properties listing.