Saturday, October 19, 2013
Thursday, October 17, 2013
New Lakeview houses go big, sell big in Burley School District
We posted about these Lakeview neighborhood new construction houses on three lots back in April. The homes are completed now and lookin' good on their leafy Burley school district street.
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| 1254 W Barry in Lakeview is for sale at $1,875,000 (photo Eric Rojas, Real Estate Broker). The house is listed with Prudential Rubloff brokerage. |
1254 W Barry shown above is currently for sale asking $1,875,000. The home is on a wider corner lot (35' wide) allowing for the rare "4 bedrooms up" on the second level. The home's open west exposure lets more light in and feels more spacious without a another property adjacent.
Tuesday, October 15, 2013
Do you live around Winnemac Park? Lincoln Square, Ravenswood, Bowmanville homes sales update
Many of our clients buy and sell homes in the Lincoln Square/ Ravenswood/ Bowmanville area around Winnemac Park. The heaviest local users of Winnemac Park probably live in the boundaries of West Lawrence Ave on the south, West Bryn Mawr Ave on the north, North Ashland Ave on the east and North Western Avenue on the west.
As a home owner in the area I feel this geographic plot definitely forms a common community going to the same schools, churches, grocery stores, CTA stations, Metra etc... and it's easy walking distance to the very popular Winnemac Park. I include Bowmanville north of Foster Ave as they are heavier park users than say residents south of Lawrence that may tend to use Welles Park.
This is a desirable area that has seen real estate prices for condos, houses and land go up over the past couple years. It's an area that really cranked up new residential, commercial and infrastructure development. Here's a look at some real estate sales numbers.
Single Family Home Sales Jan 1st to October 11th, 2013
50 houses have closed this year in the mapped area above with a median price of almost $650,000 (up about $165,000 from 2012). Seven of those homes sold over one million dollars. 36 of the 50 homes sold over $500,000. This is ten more houses than sold same period last year. The median in 2012 was about $485,000.
The highest sale in these boundaries is 1650 W Winona. The wide 37.5 lot new construction home closed for $1.5 million.
Condo Unit Sales (attached, town house) Jan 1st to October 11th, 2013
130 condo units sold with a median price of $257,000. 36 of those condos had two bedrooms and two baths with a median price of $295,000. 28 of the attached homes had at least three bedrooms and at least two baths and a median price of about $395,000.
In 2012, 123 condo units sold over the same period with a median price of $218,000. 23 of those were two bedrooms, two baths condos with a median price of $270,000.
40 of those sold over the same period last year had at least three bedrooms and at least two baths with a median price of about $368,500. There were more three bedrooms or more units sold last year but prices were lower. This suggests some distressed properties were still being cleared out last year while more expensive and nicer conventional sale homes went on the market this year.
Two-four flat multi-unit sales
24 "mult-unit" properties with 2 to 4 units sold over the same period with a median price of about $410,000. 14 of those units were two-flats with a median price of about $350,000. Nine of the units were listed as three-flats with a median price of about $450,000. One building was listed as a four-flat and sold for $460,000.
The highest multi-unit sale recorded in the boundaries this year is 5052 N Wolcott. The two-unit building sold for $649,000.
24 multi-unit properties with 2 to 4 units also sold same period in 2012. The median price was lower at $360,000.
Statistics are gathered from recorded sales in MREDLLC.com and analyzed, sliced and diced by Eric Rojas, Real Estate Broker at Kale Realty.
As a home owner in the area I feel this geographic plot definitely forms a common community going to the same schools, churches, grocery stores, CTA stations, Metra etc... and it's easy walking distance to the very popular Winnemac Park. I include Bowmanville north of Foster Ave as they are heavier park users than say residents south of Lawrence that may tend to use Welles Park.
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| Parts of the Lincoln Square, Uptown and Edgewater Community Areas meet close to Winnemac Park. The major streets of Ashland, Lawrence and Western along with Rosehill Cemetery on the north form a distinct area surrounding Winnemac Park. |
Single Family Home Sales Jan 1st to October 11th, 2013
50 houses have closed this year in the mapped area above with a median price of almost $650,000 (up about $165,000 from 2012). Seven of those homes sold over one million dollars. 36 of the 50 homes sold over $500,000. This is ten more houses than sold same period last year. The median in 2012 was about $485,000.
The highest sale in these boundaries is 1650 W Winona. The wide 37.5 lot new construction home closed for $1.5 million.
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| Whole lotta new houses and gut rehabs this year around Winnemac park. |
Condo Unit Sales (attached, town house) Jan 1st to October 11th, 2013
130 condo units sold with a median price of $257,000. 36 of those condos had two bedrooms and two baths with a median price of $295,000. 28 of the attached homes had at least three bedrooms and at least two baths and a median price of about $395,000.
In 2012, 123 condo units sold over the same period with a median price of $218,000. 23 of those were two bedrooms, two baths condos with a median price of $270,000.
40 of those sold over the same period last year had at least three bedrooms and at least two baths with a median price of about $368,500. There were more three bedrooms or more units sold last year but prices were lower. This suggests some distressed properties were still being cleared out last year while more expensive and nicer conventional sale homes went on the market this year.
Two-four flat multi-unit sales
24 "mult-unit" properties with 2 to 4 units sold over the same period with a median price of about $410,000. 14 of those units were two-flats with a median price of about $350,000. Nine of the units were listed as three-flats with a median price of about $450,000. One building was listed as a four-flat and sold for $460,000.
The highest multi-unit sale recorded in the boundaries this year is 5052 N Wolcott. The two-unit building sold for $649,000.
24 multi-unit properties with 2 to 4 units also sold same period in 2012. The median price was lower at $360,000.
Statistics are gathered from recorded sales in MREDLLC.com and analyzed, sliced and diced by Eric Rojas, Real Estate Broker at Kale Realty.
Wednesday, October 09, 2013
Streeterville real estate Lock Box H*LL!
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| Few have visited this room and have survived to tell about it. |
It's Halloween season and I thought I'd share a very scary tale. When showing condos and rentals in Streeterville and other downtown locations it is common to receive keys from the professional door staff. Often, city listing agents are not present for these showings (this is a more common practice in high-rise buildings than in most other North Side city properties where both buyers and listing agents are typically present).
Once-in-a-while you get sent to the "lock box room". The lock box room is jammed with luggage and utility carts. Often, keys are not marked in the lock boxes. You must devise a system to replace them accordingly or be damned by calls from Realtors who don't attend their showings.
On this day I was to pick up 4 sets of keys. Often times the lock boxes are jammed because there are too many keys in the box or the Cabo San Lucas key chain with the tequila bottle doesn't fit. Sometimes when you get the keys and arrive at the door the keys don't work.
Tragically, many a rookie agent enters the lock box room never to be heard from again.
Lincoln Square single family home sales UNDER $500,000 in 2013
The under $500,000 house is hard to find in Lincoln Square (unless you are going to knock it down). The move-in condition variety is usually located in the further northwestern stretches of the Lincoln Square Community Area (west of Western and north of Foster Ave). Some quality homes needing little work were found in the Bowmanville sub-neighborhood of Lincoln Square over the past 12 months for under $500,000 but those deals are disappearing.
Under $500,000 closed single family home sales for Lincoln Square Jan 1st-Oct 4th, 2013
96 total homes have closed in the Lincoln Square Community Area from January 1st through October 4th of this year. 37 of those homes (about 39%) closed for under $500,000. Only 13 of those 37 homes were located west of North Western Avenue. Of those thirteen homes, at least 10 were tear-downs or complete gut rehabs (many of those projects have been completed already).
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How do I get one of these houses?
One strategy buyers must take today is to "over-pay" what local developers are willing to spend on a property for development. Because the average buyer is going to live in the house, they can "afford" to pay a little more and renovate on their time-line (my strategy a few years ago and paid off big). They are not as worried about a profit margin.
If a house is truly livable and in a good location home buyers must step-up and be as competitive as possible to secure a house in their desired location. The extra $20K or so (or much more so) will be well worth staying in the city if your commute and quality of life is better than moving outside of it. Obviously, everyone must weigh the costs but the point here you must be seriously aggressive in this current market and structure the best offer possible.
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| We recently sold 2236 W Carmen Avenue. The sellers opted for a low risk, cash offer of $369,000. The property is in planning for redevelopment. |
96 total homes have closed in the Lincoln Square Community Area from January 1st through October 4th of this year. 37 of those homes (about 39%) closed for under $500,000. Only 13 of those 37 homes were located west of North Western Avenue. Of those thirteen homes, at least 10 were tear-downs or complete gut rehabs (many of those projects have been completed already).
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How do I get one of these houses?
One strategy buyers must take today is to "over-pay" what local developers are willing to spend on a property for development. Because the average buyer is going to live in the house, they can "afford" to pay a little more and renovate on their time-line (my strategy a few years ago and paid off big). They are not as worried about a profit margin.
If a house is truly livable and in a good location home buyers must step-up and be as competitive as possible to secure a house in their desired location. The extra $20K or so (or much more so) will be well worth staying in the city if your commute and quality of life is better than moving outside of it. Obviously, everyone must weigh the costs but the point here you must be seriously aggressive in this current market and structure the best offer possible.
Tuesday, October 08, 2013
Shopping in Ravenswood Chicago
Here's a nice post from a local shopping blog on some of her favorite Ravenswood store (in close proximity to transportation).
Check out the Shop Chicago Chic blog on Ravenswood
Shop Chicago Chic has a concise run-down on several retail clusters.
Check out the Shop Chicago Chic blog on Ravenswood
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| Photo, Eric Rojas Real Estate Broker |
Friday, October 04, 2013
Fox News in Lincoln Square for Potbelly IPO
I was walking with Stanley and doing errands in Lincoln Square this morning (minding my own business) when I came across the Fox News truck set up in front of Potbelly. Potbelly went public and crushed it on their IPO. Watch for some local coverage of the stores from news outlets.
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| My two oldest eating at the Lincoln Square Potbelly in 2011 |
Potbelly Lincoln Square is a very popular spot along the main retail boulevard of shops and eateries. We also use to eat often at the original North Lincoln Avenue store in Lincoln Park across from the former Children's Memorial Hospital site. The downtown Loop stores are always bonkers when I'm grabbing lunch after a closing.
Anybody get rich today? You okay with a big public Potbelly in the Square?
Thursday, October 03, 2013
Winnemac Park Neighbors Meeting at Dolce Casa Cafe (Ravenswood/Lincoln Square)
Join us at our next gathering Tuesday, October 15th at 6:30PM. Winnemac Park Advisory Council along with Chef Ross and Winnemac Park Neighbors will provide appetizers and wine while we discuss important (and fun) topics around the park.
-47th Ward Alderman's Office will update us on local major developments!
-Update on Winnemac Park Advisory Council activities and where you can help
-Amundsen High School Principal Anna Pavichevich and the school's relationship with Winnemac Park
-The neighbors that brought baseball to Winnemac Park! How to get involved in Winnemac Baseball
-Dara from the 47th Ward office on a North Ravenswood Avenue Gardening initiative
...And More!
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| Join a regular park clean-up initiative! |
-47th Ward Alderman's Office will update us on local major developments!
-Update on Winnemac Park Advisory Council activities and where you can help
-Amundsen High School Principal Anna Pavichevich and the school's relationship with Winnemac Park
-The neighbors that brought baseball to Winnemac Park! How to get involved in Winnemac Baseball
-Dara from the 47th Ward office on a North Ravenswood Avenue Gardening initiative
...And More!
Hang out get connected with some great neighbors.
Enjoy some food and wine at Dolce Casa Café!
Tuesday, October 15th at 6:30PM
4947 N Damen Avenue, Ravenswood/Lincoln Square
If you are in the Winnemac Park area and want to be included in weekly updates, please email info@winnemac.org
Tuesday, October 01, 2013
A stop at Susanin's Auctions in South Loop
My business partner Bob has been working with Susanin's for over 15 years. Once housed at Merchandise Mart the company bought a warehouse and opened it's doors at 900 S Clinton of the South Loop 2003. There was nothing around the place at that time. Now, in 10 years time there is just bout every big box retailer imaginable within a few blocks. The new Maxwell development is under construction just a few doors down.
The facility is great. We pulled into the parking lot and right up to the docs. It took us minutes to unload a few furniture items set to be included in this December's auction.
Bob and I have many solid relationship referrals on hand to meet various needs. He's educated client's on auctions and referred Susanin's on several occasions when they were looking to trim down on personal items during home sales.
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