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

Landmark Lincoln Park vintage 3-flat sells $1,930,000, now converting to single family home

A Jameson/ Sotheby's sign posted at 2130 N Cleveland suggests a single family home is "Coming Soon" to the market.

This gorgeous Lincoln Park three-flat in the Mid-North Landmark District sold last year for $1,930,000.  A "Coming Soon" sign tells us 2130 N Cleveland will be converted to a single family home. A permit was issued in February for "interior demo only". It's a good thing the structure and facade are being conserved. Proposed renovations and new construction in Landmark Districts face greater scrutiny.  Personally I'd rather see it stay as a three-flat but thus is life in Lincoln Park.

What a beauty!

To many folks the architecture of  vintage multi-unit  buildings defines Lincoln Park as a special neighborhood in Chicago and the country.  Multi-unit buildings are a cherished way of life that help make city life vibrant. Loads of small multi-unit buildings have been demolished or converted to single family homes in Lincoln Park.  Many large residential apartment buildings have been built around the neighborhood in the last ten years replacing density. Losing so many these originals is still a shame. 

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. 

De-conversion? Investor buys Lincoln Square condo building for over $2 million

A 12 unit condo building association located at 2335-2343 West Ainslie sold out to a developer in entirety. The building is getting a major remodel and will likely come back as rental apartments.

The entire corner condo building of West Ainslie and North Claremont in Lincoln Square was sold for about $2,000,000 early this year.  The building was not listed on the open market.  Rather an investor purchased each and every condo unit individually for $168,500 according to the Cook County Recorder of Deeds. Either the association sought out a buyer or the investor approached the building after noticing individual owner's difficulty selling.  In either event it takes a 75% owner vote to make an entire condo building sale happen.

I had shown these one bedroom condo units in the past.  They are good size with a deck but I did notice the values were not coming back to what many owners had paid originally. However some owners made a good $75,000 on the investor sale due to buying the distressed properties in the building after the crash. The building is in the process of a gut renovation and the apartments will likely be rented out.

The de-conversion trend of condos back to apartments is old news to many. Often an investor/ developer will purchase all the condos in a building at a higher per/unit rate than if owners sold their condos in the open market individually.  The investor then renovates and rents out the units.  However, many owners struggling to sell their condos have not looked at this option with their condo association.

The former condo building has addresses from 2335 West Ainslie to 2343 West Ainslie. It is a great location with an easy walk to the heart of Lincoln Square and the Western Avenue CTA Brown Line.  This was a great buy for the investor, slam dunk rentals.

If you are having trouble selling your condo for a value you bought it for feel free to contact us to discuss your options.  

The building sits across from St Matthias School.  Living across from a school could be a minus for some home owners while others may like the quiet neighbor in summer months.

Edgewater home sold for $790,000 gets the extreme gut renovation treatment

The vintage facade of a corner property at North Ravenswood and West Rosehill in Edgewater remains. A permit was issued to convert the property to a single family home at 1775 West Rosehill in August of 2017 at estimated cost of $2,000,000.

The massive house project sits across the street from Rosehill Cemetery and adjacent to Fireside Restaurant.

It has been a crazy summer full of our client business but not a lot of posting. Hopefully I will be posting more of the day to day stuff we come across this fall season.  Like this house shown above at 1775 West Rosehill.  It looks like it was purchased in early 2016 for $790,000.  I don't have photos of the before or the date originally built.  However, it looks like the owners have elected to keep the facade during the otherwise complete new construction of the house.  The construction permit also states this is a conversion to a single family house... interesting multi-unit.

Lake View, Lincoln Park whole condo buildings bought to "go rental"

You may be able to rent newly renovated high-rise apartments steps from Belmont Harbor soon (All photos Eric Rojas, Broker, Kale Realty)

Our office chatted about a Crain's story today reporting the possible "de-conversion" of 420 West Belmont in East Lake View.  The 50 year old high-rise condo building may have been sold to investors that will convert the condos back to rental units. Other than the number of units involved (207) a de-conversion to rentals is not unusual in this market.  75% of the condo owners must vote to sell the building as a whole with proceeds paid out as a percentage of ownership.

Crain's pointed out in December 2625 N Clark Street was purchased for $35 million to convert to rental (subscription required). 133 units were sold with an average price of $263,000 a unit according to their report and $6 million will be invested for renovations.  The last MLS listed property to sell on the market at 2625 N Clark was a one bedroom condo Unit 1108 for $172,000 cash closed on January 29th.  That's a nice return for about 10 months!  Two other one bedroom units sold near the end of 2015 for an average of $160,000. They stood to sell for $100K net profit over individual sale market rates if they held on one year.

Lincoln Centre Condos shown here in 2015 were purchased and torn down this year to build rental apartments (all photos Eric Rojas, Broker, Kale Realty

We've blogged about another dramatic "de-conversions" in Lincoln Park.  The infamous Lincoln Centre Condos  (30 units and retail space) shown above were purchased for over $11 million dollars in 2015. The building has been torn down to build 191 new rental apartment units.

The entire condo building at 555 West Arlington in Lincoln Park was "sold to a developer for land value".

Another recent Lincoln Park de-conversion I've come across is 555 West Arlington in the gorgeous Deming-Arlington Historic District. The 36 unit 1960s condo building with unfortunate architecture was "sold to a developer" for "land value" earlier this year. MLS and Recorder of Deeds records show last unit sales to the developer in the mid $300s for one bedroom condos.  $100-$200K above the market rate prices for individual market rate condos in the building.

 I do not have the sales price of 555 West Arlington at this time but a mortgage was taken out for almost $17,000,000 per Cook County Recorder of Deeds records.  A $7,000 electrical wiring permit and $50,000 alteration permit was issued for the building which suggests they will refurbish and rent out the units. 

We have one client and their condo board in North Center who have discussed selling their whole building so they may receive much higher sales prices than their individual condos would achieve. It is on the table for this spring.

Another North Center, Roscoe Village two-flat going the way of the Dodo bird

2006 photo of 3541 N Bell MREDLLC.com

From time to time we come across a demo permit that catches our eye.  It's nothing new to see a North Center two-flat torn down or converted to a single family home. In this case I happened to show 3541 N Bell building back in 2006 that eventually sold for $645,000 (closed in 2007).  The building is located in desirable Audubon Elementary Public School.

A demo permit was issued for the building yesterday.  My guess is the owners are building a house for themselves.

North Center Two-Flat Sales

23 two-flat buildings have been closed this year January 1st through June 9th, 2016 for a median price of about $610,000.  My guess is over half of the buildings will be torn down to build a new house or gut rehabbed to a single family home.  Even at top dollar North Center remains a really hot market for new home construction and two-flat conversions. 

About 90 single family homes have sold thus far this year with a median price of almost $1,200,000.

I remember when this popular Roscoe Village Starbucks opened at 2023 W Roscoe in the neighborhood... it was a bit of a controversy for shop local and anti-gentrification advocates.  Photo circa 2011 Eric Rojas, Broker, Kale Realty

Of course I get a little sentimental as I spent formative years renting in similar buildings in Roscoe Village.  Those were great times for many, many young (and not so young) people bunking with multiple roommates and hitting the dive bars in a still artsy, affordable neighborhood. I paid about $400.00 for my share of a large three bedroom apartment at Roscoe and Damen in the late 1990s.

Lincoln Square brick two-flat sells for $350,000, single family home conversion in the works

2428 W Winnemac in the process of gut renovation.  The winter has been hard on developers and homes owners building and/ or renovating.  Time lines have been stretched out! (Photos Eric Rojas, Real Estate Broker, Kale Realty)

There are many renovation projects in and around Lincoln Square.  Two-flat conversions to single family homes remain popular and are interesting to me.  This property at 2428 W Winnemac  was sold in June of 2013 for $350,000.  I thought that was a good deal at the time.  The lot is over-sized at 25' x 157' allows for expansion off the back (if desired) while maintaining a good sized yard.

A tarp wraps the wood for the new front porch construction

Land prices have shot up east of Western Avenue in Lincoln Square.  I expect these couple blocks just west of Western Avenue to be more active this year as the demand for area homes spills over even more.  After all, they are very close to the Brown Line at Western and all the Lincoln Square retail we enjoy.

I don't have knowledge if this home will be renovated for the current property owners to move-in or if it will be a speculative home sale. Either way, the $350,000 purchase price would allow for a for-profit development.  Anyone know what's up with this house?

Modern single family home conversions in Lincoln Square

Before!

After!

Located just two blocks north of the Lincoln Square retail and entertainment district, 5044 N Oakely pictured above was a two-flat building just sold in September 2009 for $305,000. A bargain for the neighborhood on almost any fee simple property. The lot is smaller than standard (25 feet x 112 feet), but still... great deal!

Here we see the "after" shot I took last week. It looks like a near finished conversion to a single family home. The new owners are doing a really terrific job adding contemporary elements to a pretty bland and ubiquitous structure. The interior was opened up from front to back. I have not seen inside other than from passing by on the street, so I can't tell if any one's living there yet.


My guess this home is a custom conversion for the current owners as it's still not for sale almost one year later.

If speculating on a 25x112 lot in this location: If you were to do a nice job on a true four bedroom conversion, a realistic listing price of $649K can move it and make a little money. Let's take a look at quick, broad numbers:
The highest priced home to sell on the four block stretch in the past 12 months was a bank owned new construction five bedroom (three bedrooms above grade) at 5052 N Oakley for $685K. It still needed some finish work and appliances. But there was also a renovated three bedroom re-sale home that closed for $605,000 at 5119 N Oakley. I think this house at 5044 N Oakley, if listed for sale, should easily catch in the middle of those two comparables on the street.

If you bought 5044 N Oakley at $305,000 and put down 20% ($61,000) plus $200,000 in renovation costs, you'd be all in $260,000 for the project. Adding the payoff of the mortgage, you are looking at $500,000 all in. You can probably put down less money, but let's say the bank requires 20% because it's an investment. I'm confident if you put $200,000 into this two flat conversion to a single family home, you could re-sell conservatively at $600,000. After 5% commission to real estate brokers and closing costs, you'd come out around $65,000 profit or just under 30% on your investment.

I think a professional team could, after all renovation and carrying costs, clear over $75,000 profit and make 30% on the initial investment ($260,000 investment). Lincoln Square just north of Lawrence Avenue and west of Westerm Avenue is home to many beautiful single family homes. Converting two flats to single family homes had been popular during the boom for speculators. Now, with two flats selling at lower prices, many home buyers are purchasing and converting two flats for their primary residence.

Death is not an option: vintage conversion condo or new construction condo in Lakeview?

All things being equal.. number of beds, baths, parking etc... What do prefer in general?

A vintage conversion condo?

Or a new construction condo?

Secret Real Estate in Ravenswood: Conversion Condos

I came across this gut renovation development walking down the 4400 block of North Paulina in Ravenswood.

Any readers have information on this place?
Looks like a center entrance six-flat condo conversion that will feature all new construction interiors. Much of the frame work looks to be done. At some point the sort of "painted lady" detail was added to the facade at the bay windows. Not crazy about this.

If priced well and if the units a little larger than average, this location should sell well. It's close to the Montrose Brown Line stop and the growing number of established businesses along the Montrose and Ravenswood corridors.

Investors: Gutted Three Flat for Sale in Ravenswood

I wrote about this project a few times. The building has been gutted, work has stopped awhile ago and the grounds are now an eyesore to long time neighbors. However, you the investor, can come along and save the day. I can get in touch with these guys if you have interest.

I don't know the extent of the framing, electrical, plumbing etc.. but they have dug out the basement and replaced many of the windows. It's a gorgeous building and I hope it can be finished in the near term. The street is wonderful. A cash buyer could do something special here.

Speaking of New Conversion Condos in Ravenswood...

It is surprising that this conversion condo project has not moved along. The market is strong for this kind of project in Ravenswood. Recently on the same block,
a three bedrooms, three bathrooms duplex down in a converted three flat building re-sold quickly for $459,000. It was pretty big…but the layout was not that great. However, it was only a three year old condo conversion and had two car parking, great deck and a nice little fenced yard.

Earlier this year, two other conversion duplex downs on the street sold for
$500,000 and $545,000. The latter selling in less than 20 days.

This may be a developer running out of money... or maybe a violation haulted the renovation. There are no signs indicating any official action. Another curious project I'd like to ask about from Alderman Schulter's office.

Three Flat Conversion in Ravenswood Neighborhood

I've spotted another three flat apartment building being converted to condos. Looks pretty good. This is a popular way to live... less neighbors and you get a common backyard and garage parking. The three flat condo buildings in my opinion are easier to maintain for the owners as well. On the one hand, you have to be more involved as an owner because you will most likely self manage the association. I suppose you could get a manager, but the cost benefit in my mind does not make sense. But on the other hand, you have to learn a thing or two about taking care of an actual building. The costs are split between just three sets of owners.

If the major work on the conversion is done well (roof, electrical, plumbing and masonry work), the maintenance costs should be low. You can save by doing your own landscaping, shoveling and cleaning. I think the folks looking to live in a three-flat building as opposed to a larger managed building may like to do these types of things.

This particular building is on the 4900 block of North Winchester in Ravenswood...located steps from the Metra station and a few blocks from the CTA Damen Brown Line stop. The building looks like it will feature a "duplex-down" model on the first and ground floors and two simplex units above. The duplex-down would feature three bedrooms and an extra family room. The simplexes should be two bedroom units with space for dining. This looks like a standard lot building, so to squeeze three bedrooms into the simplex floorplan at the cost of a nice common living area would be a mistake.

Low Inventory of Ravenswood two-flats

Ravenswood two-flat buildings under 700K are in short supply. Only ONE listed building met the criteria of my clients today: two move in quality units, garage parking, walking distance to the Ravenswood Metra station, under $700K. There are a spattering of buildings at $550K or less, but they are in bad shape.


The typical "move-in" two flat building in the Ravenswood neighborhood under $700K will consist of:
-A 30X125 lot
-Two finished and separate living units
-Two small bedrooms, one bathroom
-An unfinished basement (7 foot ceiling)
-Small yard and two car garage

$600,000 to $650,000 will get you a move-in condition two flat building that will need a low amount maintenance. The higher end of the price range (645K-700K) may get you an extra half bath in each unit, a larger lot or a better finished “owners unit”.

The typical two-flat in this price range will remind you of the many rentals you lived in.

However, there are three main reasons to buy a two flat like this:

First and foremost, it is a great way to live in a neighborhood in which you cannot afford a single family home. A two flat allows you a yard, basement and garage (things you may not get in a condo) while receiving rental income from a tenant (in which you control who your neighbor is).

In Ravenswood, you can buy a decent two flat for $625,000 and just live in the place without a renter. This may sound strange, but a safe, move-in quality single family home in Ravenswood will cost you at least $700K… and that’s under the Brown Line! The two flat can get you a better positioned home for less money than a house. You will just have to be creative how you live.

Secondly, you can convert a two-flat to a single family home. This can be an arduous process (read: NIGHTMARE) but can still be a value. For instance, you can buy a brick two flat for about $550K in Ravenswood in decent structural shape, but in need of new everything… mechanicals, electrical, roof, windows, blah, blah, blah. $250K later, you’ll have a nice single family home. An $800K total investment is justified especially if you will live in the house for awhile.

Third, you can buy a two flat to rent and hold as a retirement investment. If you already have a real estate portfolio and like the prospects of Ravenswood, this is still viable. However, you’ll have to tie up some money for awhile. This is a good idea on commercial and mixed use zoned streets (like Damen) where developers may be interested in buying several lots for a major project.

Chicago's North Side: Neighborhood Views

Here's a little view of a typical North Side home on a typical North Side Chicago winter morning.

The view is from a duplex-down in in a six-flat building. This particular unit was originally an apartment building that has been converted to condos. We're looking out through the former sun room. It is now an atrium like staircase and landing, leading down to the lower level family room and master bedroom.

This particular area of Ravenswood has many six-flat and eight-flat center entrance buildings. But here we see several six-flats that have a set back front entrance. Three units are situated in the front with the prominent sunrooms. Three units are set back (rear units). This "Z" configuration of units allows the living spaces to share very little common walls. A huge plus.

Looking north down Winchester. The neighborhood is know for it's mature trees.

I really love the organge brick building with the tile roof across the street. The landscaping in the summer looks great as well.

Here's the front of the building from the first picture above. The sunroom here now serves as the staircase and landing. Notice the little touch of detail in the brick. Theses buildings built between 1920 and 1945 are so much more pleasant to look at than the majority block and brick new construction we see today in Chicago.

Ravenswood, Part 5, the residential streets

Two flats, three flats, houses and single family home conversions along Winchester in Ravenswood. Homes on this block range from 600K for a rehab project to well over a million for new construction and refinished homes.

Giddings Single Family Home in Lincoln Square

This house on the 2100 block of West Giddings Street in Lincoln Square screams awesome. I love walking by this place and almost... almost... walked in earlier today when I noticed some workers.

Its a conversion of a former two-flat. This place is huge and looks to be a 30 or 35 foot lot... and the large double front terraces are rare for a single family home. Great brick. I gotta get in there to see what they are doing.

There are quite a few rehabs, tear-downs and two-flat conversions to single family homes on this stretch of Giddings all the way west to Giddings Square.

Sunnyside and Paulina... will they finish this place?

I've been waiting to see the finished product of this condo conversion in Ravenswood since September of last year (I think). Its a good looking building. Hope it's quality stuff. Good location. I have not seen any advertising for this.