Just in: Pawar says Mariano's, Sears lot development passes full City Council

Alderman Ameya Pawar of the 47th Ward just announced on his Facebook feed that the Mariano's, L.A. Fitness development at the Sears Parking lot at West Lawrence and North Ravenswood (in the Ravenswood neighborhood) has passed City Council today.

Site of Mariano's and L.A. Fitness development in Ravenswood (Photo, Eric Rojas)

The great majority of neighbors have waited a long time for this site to be developed. The area is flush with major infrastructure improvements including the Lawrence Avenue Streetscape (a dramatic change making Lawrence more pedestrian and business friendly), new Ravenswood Metra Station and bridges, the new French International School at West Wilson and North Damen...not to mention a healthy crop of new construction single family houses and renovations built and sold this past year.

City living: Lincoln Square family activities a slam dunk

Pre-K defense!

There are great reasons to live in the city or the suburbs.  Those choosing the city usually do so for the proximity to work and ability to walk to activities (family or otherwise).  We enjoy the many, many activities and events in Lincoln Square within walking distance from our house.  This season our two "oldest" kids are playing "Itty Bitty Basketball" at St. Matthias in Lincoln Square.

The K-1st Graders listen up!

 Community parents and St. Matthias school teachers run the fun activities. Tons of kids are signed up.  I'm amazed at the focus of these youngsters and their effort!

Home sales, photos in Peterson Woods neighborhood of Chicago

Where is Peterson Woods?  North of Budlong Woods of course.

A charming corner home on North Virginia and West Hollywood in Peterson Woods with Legion Park in the background

Peterson Woods is an enclave in the West Ridge Community Area on the North Side.  The area is bounded by the large Legion Park on the west that runs along the North Branch of the Chicago River. North California is on the east, Bryn Mawr on the south and West Peterson on the north.  The neighborhood basically angles along the convenient 5600- 6000 blocks North Lincoln Avenue and offers many basic retail needs.

Area map of Peterson Woods created on MREDLLC.com

The single family homes are unique and pricing diverse. Homes on the "park-side" are in demand and sell at a premium. You can also purchase a smaller brick house for around $200,000 that needs substantial work. It's a pretty area of custom built Tutors, octagon bungalows, "Prairie Style" flat roof homes, ranches, Georgians, brick cottages and classic brick front and side entrance historic Chicago bungalows.

A gorgeous corner brick cottage at West Hollywood and North Sacramento

Peterson Park single family home sales over the last 2 years

There have been 15 closed (sold) homes in the Peterson Woods enclave over the past 24 months. The median price is about $330,000 for that time period.  The highest sale over the past 24 months was 5736 N Sacramento, a 60ft wide lot property in need of updates for $650,000.

Only 5 of those homes sold over the last 12 months with a median price of $265,000 for the smaller sample.  All 5 of the homes sold over the last 12 months were closed under $400K.

A median priced home in the $330,000 range will typically get you a three bedrooms brick bungalow or Georgian on a standard or wider lot that has updates... but needs some work.  Because the homes are very diverse and mostly custom built $330,000 can purchase a solid move-in house on the smaller side or one needing complete renovation. All stats gathered from MREDLLC.com and interpreted by Eric Rojas, Real Estate Broker

Peterson Woods home; Photo Eric Rojas, Real Estate Broker

Peterson Woods homes; Photo Eric Rojas, Real Estate Broker

Peterson Woods homes; Photo Eric Rojas, Real Estate Broker

You can imagine the "fairy tale" like quality of the wooded landscape and ornate architecture. This area is served by Jamieson Elementary and many nearby parochial and private schools.  If you are looking on the North Side for a house and do not depend much on public transportation (besides the Lincoln bus), Peterson Woods may be a good fit.  The blocks are really wonderful and it's close to many amenities of Lincoln Square just south and the North Shore as well.

More Chicago market statistics here!

40th Ward, 47th Ward web sites for North Side news

www.chicago47.org

The 40th Ward and and 47th Ward alderman web sites are two great sources for North Side news in many neighborhoods of North Center, Lincoln Square and Edgewater.  As a Lincoln Square resident and real estate broker I often read the 40th and 47th Ward sites for official city news and community updates.  I also receive weekly e-newsletters from the 47th Ward office.

www.aldermanoconnor.com

The 40th Ward is a particularly good news aggregate for city information.  The 47th Ward site lists many hyper-local events from schools, churches, restaurants, civic groups and retailers.  The two web sites are excellent sources if you live in the areas between West Irving Park Road to West Peterson and North Clark Street to the river.

Photos: A morning in East Lincoln Park, Old Town Triangle

We had some business around North Lincoln and West Wisconsin yesterday...here's a few quick shots on my walk around the neighborhood before an appointment.  This very special Chicago location maintains original brick and frame cottages, small grey stone and brown stone multi-units and cobblestone streets tucked away near the lakefront.

There was a very Mayberry-esque atmosphere on this chilly election day morning. The local polling place on W Menomonee and North Park is at the left of the photo.  People were milling around and chatting on several blocks.

Cobblestone and white picket fence!

Small cottages and apartment buildings line up tight on the sidewalk and close to the streets with no yard setbacks.  This creates a very different aesthetic to typical Chicago blocks just west.

Historic row homes above line North Lincoln Avenue on both sides near North Wells Street. The Green City Market, fantastic South Pond Nature Boardwalk and and the lake are just steps from this location.

More Lincoln Park posts HERE

South Loop condo near "Dunkin' Donuts"

Brokers will write some "interesting" copy for real estate listings from time to time.  I was looking for condo units in South Loop for our client and came across broker remarks prominently listing the nearby Dunkin' Donuts. Forget the views, the lake and the Museum Campus!

Photo Eric Rojas and Bob DePalma

I guess the Dunkin' Donuts would be a plus for me.

Sold! North Center condo listing nabs $225,000

We represented the sale and closing of 1958 W Byron #6 in the North Center neighborhood last week.  The Damen and Byron location offers great city nightlife, everyday amenities and transportation options just steps in any direction.

The front balcony at 1958 W Byron

Two bedroom, one bath condos can be a challenge to sell near their purchase prices of pre - 2008 in many markets around the city.  However, a unique feature can set a home apart and yield a little more than the average comparable. We felt the 3 outdoor spaces of this home were the stand-out feature and this helped our clients get one the of the higher comparable prices in the area at $225,000.

The modern kitchen leads to a front balcony.  Two more outdoor deck spaces are located in the back of the unit.

Contact us to buy or sell homes in North Center and other North Side neighborhoods.  More information on 1958 W Byron HERE.  

More posts and our recent sales in North Center here

Lincoln Park town house sales up in Lincoln school district

Townhouses with at least two bedrooms and a family room can be a good option for those looking to be in Abraham Lincoln Elementary School district boundaries in Lincoln Park.  Lincoln is a highly rated public school in which you attend as long as you live in neighborhood boundaries.  Bob and I have represented several families in the district throughout the years. 

Town House sales in Lincoln School District January 1st to October 31st, 2012


Approximate attendance boundaries of Lincoln School

About 49 town house style homes sold so far this year (January 1st to October 31st, 2012).  That's up 10 units from the 39 sold last year same time.  Not a huge bump... but representative of the active year in Lincoln Park for just about all property types.

 The median price for a town house in Lincoln School district is about $525,000.

Three bedroom or more town houses

27 of the 49 sold town houses had at least three bedrooms or more. The median for this classification is about $650,000.  Breaking it down a little more, there were 5 total town house sales this year that had four bedrooms or more.  The median price bumps to $820,000.

A Lincoln Park address and top school trumps the conventional single family home in the "way-out" burbs for many families. This makes town houses in Lincoln Park a popular housing segment.

More Lincoln Park HERE

Common first time buyer issues when purchasing short sale condos

We recently represented a client in a purchase contract for a short sale condo in Lincoln Park.  Our first time Chicago buyer encountered several common "dilemmas".  There were also compelling positives (1) The purchase price of the unit was about $60,000 under many good comparable units in the neighborhood (2) This particular short-sale also had the coveted "bank approved" price, so, closing may be a little smoother and predictable. Each dilemma below would need to be weighed against the positives.

Photo Eric Rojas

Many buyers, like our client,  will run into these problems when purchasing a short-sale unit:
(1) The small 3 unit condo building was run informally with no meeting minutes, limited reserve funds and pro-activeness by the buyer's team was needed to make sure all ducks were in a row for the lender to make a loan in the building.

(2) The property inspection revealed some deferred maintenance to the common building areas.  Our buyer client (as an owner) may need to become more involved and influential in the maintenance of the building moving ahead.  The deal would need to be worth the cost of near term maintenance.

(3) Time.  As in most short-sales acceptance by the lenders and the closing date are unpredictable.  The contract required the buyer allow up to 90 days for the acceptance.  The buyer's situation would need to be flexible.

Photo Eric Rojas

Our investment minded client felt the good deal far outweighed these relatively small risks and moved ahead.  Even a more "market priced" unit could require similar maintenance costs...all buildings need proper maintenance sooner or later.  Bob and I presented options and gave our client some things to think about.  Ultimately, it's up to the buyer's risk tolerance, financial situation and desire to be in a particular location when it comes to a short-sale purchase. And if that location is Lincoln Park, that decision is made easier!

Trick or Treat around Winnemac Park

"The Maze" on North Seeley was back last night

The neighborhood around Winnemac Park in Lincoln Square/ Ravenswood is a fun place to live during Hallloween.  Several of the blocks were closed off to traffic.  Kids and families hang outside their homes or head out trick or treating...some houses scary, some decorated tastefully.  We were lucky with clear weather last night to enjoy the sights with our kids.


The majority of houses in the neighborhood invited trick or treaters.



The mature trees and landscaping, old chraming houses and great people make Halloween a special and enjoyable time around Winnemac Park.