Leaving Lincoln Park for larger confines

Views last night from a rental unit at Lincoln Park Plaza, 600 W Diversey, Chicago IL 60614

We visited clients at their current rental at 600 W Diversey last evening to write a purchase offer.  A growing family means time to upgrade their small Lincoln Park rental with broken A/C to a larger  newer construction condo in the Lincoln Square/ Andersonville area.

We'll find a definite upgrade well within their budget but we not not be able to upgrade that view!

Know your options with FHA, VA and conventional loans on "fixer-up" properties

I took this photo of a two-flat property in need of complete rehab in Albany Park. Whether a property needs cosmetic updates or a complete gut rehab will affect your financing options.  Our clients would most likely need an FHA 203(K) construction loan for a property in this condition.

We've been working with a lot of first time buyers looking for the best location they can get on a limited budget. The properties often need minor to major renovations work. We ask our clients to work with a great mortgage lender to understand their purchase options. Single family homes, multi-units and condos all have differing  factors that affect a loan. 

FHA and VA loans often face stricter appraisal scrutiny that requires defects in the property to be repaired before a loan is approved.  There are differing lending limits depending on the the number of units a property has and the loan product. Many of our first time buyers will receive a monetary gift for the down payment.  This needs to be accounted for way in advance of loan approval.

Contact Senior Mortgage Consultant Steve Dunnett for your mortgage option on rehab properties. There are many lender options but we've enjoyed working with Steve as a knowledgeable associate for many, many years. It pays to have a team in place that knows your situation when you are looking to quickly take advantage of refinancing or buying a property at any time.

Steve Dunnett
Senior Mortgage Consultant
312-725-2068 (DIRECT)
708-289-3408 (CELL)
312-379-8844 (E-FAX)
SDUNNETT@BLUELEAFLENDING.COM

NMLS#755940

Holding out in the face of new development in Lincoln Square

A new 3 unit condo building goes up on the 2300 block of West Foster in the Lincoln Square community area. The original cottage style house next door is now between a one story retail building and the large condo building. Photo Eric Rojas, Broker, Kale Realty.

 A small brick and frame cottage is dwarfed by their new construction condo building neighbor.  This is a reality for many Chicago single family home owners living on the busier mixed zoned districts in hot neighborhoods.  What a drastic change. The home and yard will be completely shadowed from the late afternoon west sun.


The property shown above at 2309 W Foster, Chicago IL 60625 was originally zoned B1-2 "small scale retail (neighborhood shopping) with dwelling units above".  The vacant lot was purchased for $170,000 in 2014. The new building will have 3 units with no ground floor retail.

Busy arterial streets are good candidates for zoning variances.  I'm certain the owner of the small cottage shown above and owners on the other side of the new building have been approached multiple times to sell.  I would have to believe the developer of the new condo building has tried to purchase the adjacent properties. I also wonder if the adjacent owners disproved of the condo building construction during the zoning change application.

Back in Sandburg Village on a rainy morning

Finishing another project in Sandburg Village in the Near North/ Gold Coast neighborhood. The perfect spot for Old Town, Gold Coast and lakefront amenities.

Look for our listings coming soon.

posted from Bloggeroid

Shopping Portage Park two-flats, prices trend up for 5 years

We viewed this wide, well cared for two-flat with completed in-law unit in the basement at 5405 W Melrose 60641 in Portage Park last week.  The property went under contract quickly with a $349,000 asking. One of the better conditioned properties I've seen in the $350,000 range. Photo Eric Rojas, Broker, Kale Realty

The Portage Park area is kind of a thing now. There was a time as a wee lad I played in these alleys with my older cousin and his buddies.  Now, I'm seeing demand for area properties pick up.  We've been working with more and more buyers looking for nice single family homes and multi-units.  It's a neighborhood with a good parks, shopping and well cared for homes at relatively affordable prices.

Portage Park two-flat sales
100 two-flat buildings (multi-unit buildings with two legal apartments) have closed in the Portage Park community area in the last 12 months.  That's alotta two-flats!  The median price is about $285,000.  

From January 1st to May 8th of this year 25 two-flats have closed with a median price of about $275,000.  Over the same period in 2014, 29 two-flat buildings sold with a median price of about $230,000.

Same period sales:
2013    37 units closed with a median price about $195,000
2012    31 units closed with a median price about $175,000
2011    28 units closed with a median price about $175,000
2010    33 units closed with a median price about $195,000 (First Time Buyer home credit in effect)
2009    19 units closed with a median price about $259,000

A couple good signs. Prices up and much of the foreclosure / short sale mess has really cleared up.  In 2012, 21 out of the 31 (68%) closed two-flat buildings were either short-sale or foreclosure (bank owned) sales from January 1st to May 8th. In the same period of 2015, 6 of the 25 sales (24%) were short sale or foreclosure. Moderately rising prices and regular sales make for a more stable community.

Luxury new construction on prime Leavitt in Lincoln Square joins million dollar homes

A new construction house goes up on the 4500 block of North Leavitt in Lincoln Square

A small brick and frame cottage house in a prime Lincoln Square location has been demolished to make way for another luxury single family home. 4518 N Leavitt, Chicago IL 60625 was sold a couple times in the last two years.  Bought for $680,000 cash in 2013 and then sold again for $725,000 December 2014 the property is now a custom home development for the new owners.

The foundation has been laid for a great future.

 The location is amazing if you like things such as the library next door, great parks and pool, every restaurant and coffee house that you could WANT, music, the arts and vibrancy.  And pizza.


Million dollar homes
12 detached single family homes have sold within the 4 block radius of 4518 N Leavitt in the last 12 months with a median price of $1.1 million.  This is the "heart" of Lincoln Square!

All photos / stats Eric Rojas, Broker, Kale Realty and Lincoln Square resident.

OMG! Former Hunt Club in Gold Coast now Urban Outfitters

We snapped a photo of  progress at the new retail development at 1100 N State today while on business in the Gold Coast today (Photo Bob DePalma, Kale Realty).

The new construction building developed on the former Hunt Club site (1100 N State Street, Chicago IL 60610) has a ground floor tenant... Urban Outfitters.  Bob and I take our share of jokes for our nostalgia over the infamous Gold Coast bar and club. HOWEVER, the bartenders were awesome and the wide open street level windows made for great people watching in the summer. We'd of course watch a game and get out of there by 10pm.

Would have loved to see this hopping corner remain a restaurant on the ground floor instead of a closed storefront at night. You'll have to go upstairs now.

The Western overpass is doomed! Will this spring mark its end?

Under the bridge downtown!  Not downtown but under the Western Avenue overpass in North Center. The demolition and construction of the new intersections at Roscoe, Clybourn, Belmont will take two years and the predicted traffic results remain controversial. Photo Eric Rojas, Broker, Kale Realty

Hey North Side fans! The Western Avenue Viaduct Remove Project (catchy!) is scheduled for this spring.   I seem to remember a recent blurb from Pawar's 47th Ward office of an actual project start date. Is there a demo start date? Email me and I will update the post erojas@kalerealty.com

Many of you have already gotten a taste of Western Ave construction via the new water main replacement project between Addison and Roscoe.

Lincoln Park new construction everywhere... even on one block of Orchard

A flurry of construction of the 2600 block of North Orchard in just the past 12 months.  At least 5 new projects have gone up (three condo buildings and two single family homes) accounting for 11 new homes.  A three bedrooms condo with private roof deck at 2666 N Orchard #3, Chicago IL 60614 (building above) is under contract with an asking price of $899,000.  All photos Eric Rojas, Broker, Kale Realty

All three new construction units at 2669 N Orchard Chicago IL 60614 have contracts pending. The 1st floor 4 bedrooms duplex is under contract with an asking price of $999,000.

A luxury single family home nears completion on east side of  the 2600 block of North Orchard.  Another similar new construction home is under contract at 2628 N Orchard with an asking price of $2,695,000.

Lincoln Park continues to completely rebuild and answer the demand for new construction housing in desirable areas.  The 2600 block of Orchard is a quiet street in the middle of the bustling Clark, Diversey and Halsted Streets robust retail and entertainment commercial strips.


All stats culled and analyzed by Eric Rojas, Kale Realty from from MREDLLC.com

Sold! Buyers close attractive Edison Park brick cottage in Ebinger School district

We love the brick cottage look!

Congrats to our "second time" home buyers on yesterday's closing of 7429 N Ottawa, Chicago IL 60631 in Edison Park.  Our clients won a multiple offer (listed at $315,000) for the well located single family home in popular Ebinger School.  Way to get it done if their top location!

50 homes have closed in Edison Park over the last 6 months with a median price of $325,000.  If you're looking for a relatively affordable option in a good school district on the north and northwest side... we got it covered!

Congrats to our clients and we wish them luck (and we support) their upcoming renovations.