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Despite the dark, we can tell this place is a rare "ridiculous deal". We are proactively taking it to clients, associates and friends of ours that we think would benefit by buying it. Please call if you are serious about buying a home, be it conventional, short sale or foreclosure and would like to work with us. We are full service experienced Realtors and homeowners that navigate deals like this for our clients every day.
Luxury rentals over 2,500 sq/ft can range from $4,000 a month for well appointed townhouses and condos. Go larger and $5,000-$6,000 a month will get you 3,000-4000 sq/ft attached homes with rooftop decks and downtown skyline views. $8,000-$10,000 will net new construction single family homes for those with grander needs. At this time, there are few luxury rentals availble in Old Town. Only a handful could meet the needs of an executive level family of four or more.
For many, a good local grocery store is just as important as upscale dining.
Walk to a movie, show or world class comedy at Second City!
We discussed purchasing a multi-unit quite a bit in 2010. The prices have come way down from the top of the market in 2006, mortgage interest rates and FHA loans were favorable and possible rental income all made them good buys for owner operators. Multi-units can afford you a desired neighborhood with amenities such as garage, basement and backyard(!) when a single family home is out of financial reach.
*In 2010, 39 Lincoln Square multi-units closed. These include two, three and four unit buildings sold on our MLS. This is up by three buildings from 2009 which closed 36 multi-units.
Multi-units are back in the game and many long time owners have the ability to sell for market or below prices. Although we like the affordability of the owner/operator option of the multi-unit for first time buyers, many experienced buyers are still converting the two and three flat buildings into single family dream homes for themselves. This can be done under the top price thresholds for comparable single family homes in the neighborhood, leaving them with not only a wonderful home but also a good investment. Just walk the Lincoln Square community area and you will see contractors busy converting homes today.
While perusing one of my industry rags, I read some data on average return on investment for certain remodel or replacement projects. The average steel entry door replacement with a cost of $1,218 will have a resale value of $1,243 (or 102% of the investment!).
The data was collected by Remodeling magazine and reported by Realtor magazine. The moral: Many "first impression" replacement items like doors, siding, windows and vi sable kitchen finishes in moderate price ranges will help a sale and bring back a higher percentage of investment.
The numbers also show the average "major mid range" kitchen remodel in Illinois was $60,000...ouch! The "minor" remodel was $20,000. If you're paying that, I have a bridge in San Francisco I can also sell you.
I snapped photo of a classic working Chicago firehouse on one of my neighborhood walks last week. This one is located at West Foster and North Oakley in the Lincoln Square community area. Click here for more posts on Lincoln Square.
Click here to view closed MLS sales sheets for 2010 Ravenswood Bungalows
Although there is a good number of classic brick Chicago Bungalows represented in the Ravenswood neighborhood of Chicago, we only saw three change hands and close in 2010. According to our local MLS records (and my anecdotal experience in the neighborhood) the following Chicago Bungalows sold within the approximate neighborhood boundaries of West Montrose to West Foster and North Clark to North Western Avenue (a good sized neighborhood area that includes parts of what folks consider the Lincoln Square neighborhood):
2219 W Foster for $219K (a home needing a gut rehab on busy Foster Avenue)
2224 W Winona for $425K (a large bungalow with full second floor, over sized lot and in need of much renovation)
2220 W Winnemac for $642K (a large bungalow fully renovated with full second floor and highly upgraded kitchen)
Here's a quick look at a brick bungalow "dominant" street in Ravenswood
It appears there is more than one way to "skin a cat" (no offense to cat owners). Low, middle, or higher end. Few bungalows came on the market in this area over the last several years. However, they remain good sellers when they do become available. The construction and condition is a little easier to evaluate than some of the old frame homes. In my experience, the brick bungalows tend to be easier to customize and/or restore as their construction was more standardized and of better quality than many "chopped up" frame homes that had been adapted many times over through the years.
The Chicago Bungalow simply has many fans of the architecture and livability. This helps their sales and value much like fans of Lincoln Park row houses or city wide multi-unit greystones buildings help maintain those values.
The market in Chicago can vary greatly block by block. Our clients can be very particular about where they want to live; even when it comes to just east or west of the active mixed use North Halsted Street in Lincoln Park. Let's see how the prices broke down for townhouses on either side of the DMZ in 2010:
We posted yesterday the 2010 median price of a Lincoln Park community area townhouse was about $540,000.
*Median price of a townhouse east of North Halsted was slightly higher at $545,000 for about 75 townhouses closed. There were seven homes closed above $900,000 and three that closed well above $1,000,000.
*Median price west of North Halsted Street was right at $540,000 out of about 94 closed townhouses. The more striking difference was at the higher end: there were no townhouse closings over $900,000 west of Halsted Street in Lincoln Park. There were four closings over $800,000.
East of Halsted is often considered more desirable as it's closer to the lake and resides in a top ranked public school district (Abraham Lincoln Elementary). It may also appeal to those looking for more historic architecture with some large sections of city blocks boasting preserved turn of the century buildings. However, the numbers show it is more affordable for buyers to get East Lincoln Park and in a top school district than most might think.
View a video tour below of a more affordable East Lincoln Park townhouse in the Abraham Lincoln Elementary school boundaries. These homes vary in level of finish and pricing, so call us to find one for you.
Our MLS shows a contract was entered into on Unit C8-11 on 12/31/10 for $3,550,000. It's described as a 4,723 square foot southeast corner unit and appears to be the highest sale yet for the significant luxury new construction high rise and townhouse community. At this stage in the construction, home buyers may combine units and completely customize.
The penthouse level has great views and a flexible layout with it's own full bath.
Check out our video tour of this "townhouse in the air" style home here!
More information and details below:
How did townhouses do in 2010?
*In 2010 the median price of a Lincoln Park towhhouse was $540,000. This is down from 2009 median price of $568,000. Our MLS system (MREDLLC.com) shows 172 closed units entered in as "townhouse" style. This is up from the 159 units sold in 2009 (as we predicted here). The lowest was closed at $220,000 on North Bissell (then immediately renovated, listed and now under contract at $449K!) and the highest was closed for $1,465,000 at The Pointe on North Lincoln Avenue.
We will be looking at several aspects of Lincoln Park townhouses in 2011 including location, style, lifestyle and relevant sales data to our daily business dealings here and at YoChicago.com. Click here for more Lincoln Park Posts!
