Good bye Goodbar: Shuttered bar torn down on North Halsted

The re-development of Chicago's most desirable neighborhoods continues. All photos Eric Rojas and Bob DePalma, Kale Realty

Ye olde frame shack last known as Goodbar 2512 N Halsted St, Chicago, IL 60614 was torn down last week. DNAInfo has more on the former business. Bob snapped this pick in between house showings in Lincoln Park.  I checked the Chicago Cityscape permit page and no plans yet for the new structure. However, it would not be a stretch to assume new condos with ground floor retail to fill in the street wall.

There is a city alley located to the south of the property that may limit the type of development allowed.

If you are looking for new or re-sale condos in Lincoln Park or surrounding neighborhoods please give us a call or email.  We help buyers find what they need from well located studios to large luxury condos.

Lincoln Park still booming: Single family home median price up 20%

While many popular North Side neighborhoods thawed a bit in unit sales, median price and sales dollar volume in the the first quarter of 2016 Lincoln Park turned up the heat.

A historic home on West Fullerton, Lincoln Park. Photo Eric Rojas, Broker, Kale Realty

34 Lincoln Park single family home units sold in first quarter of 2015 (January 1st - March 31st) with a median price of $1,880,000. Dollar volume was a whopping $71,823,411 over that time. But wait, there's more...

35 single family units sold over the same period in 2016.  Median price for the first quarter is up 20% to $2,237,500.  Sales dollar volume is also up 20% to $86,546,775.

 

The familiar statue outside Peggy Notebaert Nature Center
2430 N Cannon Dr, Chicago, IL 60614 in Lincoln Park

The highest Lincoln Park single family home sale in the first quarter 2016 is 2026 N Mohawk St Chicago, Illinois 60614 for $8,350,000... cash.


Stats gathered from MREDLLC.com

No Smoking While Walking!

Photo Bob DePalma, Kale Realty while in Japan this year

I bet you the citizens also cross at the light.

Lincolnwood area single family home sales volume down 42% in 1st quarter 2016

Photo of Lincoln Wood "Towers" sub-division Eric Rojas, Broker, Kale Realty

We often spill into the North Shore for clients trading downtown for the north burbs.  Lincolnwood is just across the border of Chicago on the North Side. It's an attractive alternative for those already living in Lincoln Square, Lake View, Albany Park, Rogers Park etc... many whom are members of Proesel Park Family Aquatic Center.

In the first quarter of 2015 (January- March) 26 single family homes closed in Lincolnwood with a median price of $422,000.  The total dollar volume of sales first quarter was $11,542,185.  In 2016, only 15 houses sold with a median price about the same at $428,000. 

Dollar volume in 2016 is only $6,639,000 (down 42% from same period 2015).

Housing economists have attributed heated markets and high asking prices for a slowdown in buyers pulling the trigger in some areas.  Actual home prices stay steady while sales volume drops. Basically there is a price threshold for every house and market at a given time.

In an area like Lincolnwood my guess is many sellers who bought their homes just before the bubble are again testing the market to see if they can recoup most of their investment. Buyers are not having it.  In one study North Shore housing prices are still below their peak before the crash.

Just two guys eating pie in Lincoln Square

Bang Bang Pie Owner Michael Ciapciak (left) speaks with area man last week.

 Super neighbor and friend Bob Farster and I stopped in to try the newly opened Bang Bang Pie at 4947 N Damen in the Winnemac Park area of Lincoln Square. We were greeted last week by the very gracious owner Michael Ciapciak who made sure we would be long time devotees.  

We've chatted up the anticipated opening and the lively hot spot delivered.  I don't really do reviews.  Let's just say I love the product and atmosphere of the latest incarnation of Bang Bang Pie.  I've been a biscuits and gravy guy for some time and I'm happy for this gift just across the park from my house.

 THANKS OBAMA

*Photo Eric Rojas, Broker Kale Realty and some guys named Tony and Steve.

*Photoshop image of President Barak Obama... or is it?

Huge Lincoln Square Sears store is closing and I have the perfect development

The Sears building maps.google.com

Patty Wetli of DNAInfo reports today the Lincoln Square Sears will be closing.  Considered the nations oldest Sears housed in a vintage building the potential development will surely be the subject of great controversy and anticipation.

Let me be the first to pitch the site for the Lucas Museum of Narrative Art. It's a totally uncontroversial location, great Metra and CTA access and cost effective.  Just add a couple floors.

Get it done Ameya!

Quick Stats! Lake View single family home sales down 27% Q1, 2016, dollars down 38%

Lake View 2016 First Quarter Single Family Home Sales (Chart generated by Eric Rojas and Bob DePalma from MREDLLC.com data).  Click for larger image.

We spend a lot of our time looking at data for our clients.  It's also interesting to take a macro look at Chicago's community areas we work in to identify trends for buyers and sellers.

The popular and diverse Lake View Community Area of Chicago saw a 27% drop in closed single family home (detached) units in first quarter 2016. In 2015,  29 units closed in the first quarter of the year.  21 single family home units closed in 2016. 

Total dollar volume is down about 38% in first quarter 2016. $42,314,735 exchanged hands in 2015 while $26,421,200 was spent Q1 on single family homes in 2016.

Lake View 2015 First Quarter Single Family Home Sales. Click for larger image.

Median price is down about $100,000 year to year according to our sales stats above.  Housing economists have sited high home prices for the slow down in volume as some motivated buyers are priced out of popular markets.  This should act as a plateau in pricing for some markets.  Prices will have to loosen up a little to see unit sales creep up. It's a bit of a cautionary tale when pricing re-sale homes this season.

Renovations well underway at the Merchandise Mart

Bob caught a show at the Merchandise Mart in River North over the weekend.  A series of renovations are under way.  The Merchandise Mart is one of those staple Chicago institutions ever changing to meet the needs of retailers, customers and visitors.

Don't worry, food's over here!

Rare find at a house showing

We viewed a home in Lincoln Square last week with our clients.  The house had been mostly cleared out save for a few odds and ends.  We were taken aback by this classic 1920s or 30s baby carriage!

New retail progress for Oromo and Orangetheory Fitness in Lincoln Square

I had a little business to attend to on the main commercial strip of Lincoln yesterday afternoon.  Oromo Cafe is coming along nicely at 4703 N Lincoln Ave near the Lincoln and Leland bend.

New construction retail at 4728 N Lincoln Avenue across from Giddings Plaza. A mixed use three unit building was torn down to make way for new one story retail.  I wish they kept apartment units above.  Orangetheory Fitness    https://twitter.com/OTheoryFitness  is moving into the retail space.  All photos Eric Rojas, Broker, Kale Realty.

A newer construction three bedrooms condo unit across the street at the Fountain View building (2326 W Giddings) is currently under contract with an asking price of $529,000.