Developer looking for $2M record price in Lincoln Square

 

New construction homes in Lincoln Square north of West Lawrence Avenue continue to break price records. All photos by Eric Rojas, Broker, Kale Realty

The Lincoln Square Community Area could see the highest priced home sold north of West Lawrence Avenue this year. 5115 N Claremont, Chicago IL 60625 is for sale at the nice round number of  $2,174,999.  The high-end developer home sits on an over-sized 39'x133' lot in a desirable school district of Chappell Elementary and Amundsen High Schools. The former two-flat and property at 5115 N Claremont sold for $650,000 before the redevelopment.

Anywhere near that two million closing price will blow away the current record of $1,740,000 at 4945 N Claremont, Chicago IL 60625 (sold in July of 2022).  Lincoln Square north of Lawrence Avenue features the popular areas of Winnemac Park, Bowmanville and Budlong Woods.  The median price of a home in this area is $850,000.  The median price of Lincoln Square homes south of West Lawrence Avenue is about $1,090,000. 

I do not have financial interest in nor represent any of the mentioned listings.  To buy, sell, invest in and around Lincoln Square and surrounding Chicago neighborhoods please reach out to me at erojas@kalerealty.com !!

New listings currently down 34% around Chicago and suburbs

 

Dude, where's my house? Inventory remains very tight in Chicago and most Illinois areas. Residential listings were DOWN 34% year to year for the week of April 3rd-April 10th. Great listings that hit the market continue to get multiple offers!

Check out all MRED (MLS) week to week stats here: https://infogram.com/snapshot_residential-1hzj4odkm3wd6pw

Lots of condo buildings line Lincoln Square streets... but few units are for sale.

For example... There are 13 available condos (attached units, town homes) for sale in #LincolnSquare on the MLS. There are 34 under contract! Single family home ratio is better for buyers... There are 11 single family homes under contract and 15 available for sale. But those homes come with a median asking price of $1M!

Cook County property tax exemption applications

 

Cook County property tax emption applications are NOW available. Every year I find at least one of my clients has not taken their homeowner exemption. Have your parents look into senior exemptions. Missed a year? Get a certificate of error for a refund. Need help? Have a real estate tax question? Our real estate attorney can help! https://www.cookcountyassessor.com/exemptions

Lincoln Square getting more apartments on "booming" Lawrence Avenue

The former furniture store building at 1950 W Lawrence Avenue, Chicago IL 60640 will be redeveloped. FUN FACT: My wife bought a couple kitchen tables for two of our properties in the early 2000s.  (All photos Eric Rojas, Broker, Kale Realty) 

A vacant retail building at 1950-1952 West Lawrence Avenue in Lincoln Square will be demolished to make way for new apartments.  A permit was issued March 21st of this year for a five (5) story building with 12 residential units, ground floor retail and private garage. The building most recently housed a furniture store. 

The property has exchanged hands and features a history of liens and lis pending foreclosures over the past dozen years. That seems to be sorted out. The new building development is permitted "as of right" and won't need any zoning changes nor trigger any public forums.  The new construction will further consolidate a long running series developments from 1800 block of West Lawrence to the 2000 West block of Lawrence in Lincoln Square.

Yummy Falafel across the street from 1950 W Lawrence has recently opened in the former taco restaurant space.

R@A Sourdough on the corner of Lawrence of Winchester is just steps from the new development. Fantastic bagel, bialys and sandwiches. 

The old Sears store redevelopment is only a half block away. It houses DeVry University and 59 rental apartments. 

Falcon's at 1968 W Lawrence has taken over the old Chez Simo space. Sweet Moon Bakery at 1964 W Lawrence has established itself as a popular café in a space that has turned over several times.

 

100s residential units have been added from 1800 West Lawrence to 2400 West Lawrence with more to come.  It is a great site to see all the people and local business regenerating this commercial stretch of Lincoln Square over the past 20yrs. The Damen CTA stop, Western CTA stop and Ravenswood Metra all service the area.  Check out some of the Lawrence and Damen development I've written about HERE

All photos and stats gathered by Eric Rojas, Broker, Kale Realty - 2447 N Ashland Chicago IL 60614 - 312-939-5253. 

Lincolnwood: Cheap gas, great bagels annnnnnd... single family home sales!

 

New York Bagel & Bialy located at 4741 West Touhy Avenue, Lincolnwood IL 60712 is a destination worth going "out-of your-way". It's also a convenient stop before hopping on the Edens Expressway to the North Shore or Wisconsin. Just check out the photos of the food!

I often find myself crossing the border to Lincolnwood.  Hey, there's a Home Depot, Panera, cheap BP gas station (with an amazing Jewish deli!) and many shops a handful of minutes from my house.  Not to mention one of the best bagel joints I've ever been to... NYB&B!

I mostly walk/ bike ride around my Lincoln Square neighborhood.  When I drive for errands I often go north to the Lincolnwood BP gas station at 6599 N Lincoln Avenue. It has the best prices... and an awesome deli inside the station. Locals know!

There are houses too! Occasionally we have Chicago clients interested in relocating to Lincolnwood.  Let's take a look at recent single family home sales.  

Lincolnwood single family homes can run on the elaborate side but much of the town is filled with modest brick split-levels, raised ranch homes and Georgians.

Lincolnwood single family home sales January 1st through November 25th

103 single family homes have closed from January 1st to December 31st, 2022.  The median price of a sold house was $535,000. That can get you a good condition three or four bedrooms house of varying size and location around town.

153 single family homes closed in 2021 with a median price of $455,000. Despite the mortgage interest rate hikes over the year median price increased at a large margin in 2022.

 

 

Slow roll: February 2023 home sales in Chicago

 

As expected Chicago over-all home sales over the 77 Chicago community areas were down year to year in February 2023. Important to most home sellers and buyers is median price slipped 3.1% year to year.  We know March has seen a couple strong weeks due to a dip in interest rates a couple months ago. However, its expected prices will remain flat for March.

• 1,218 properties were sold in the City of Chicago in February 2023. This is a 36.7% decrease from February 2022.

• The median sales price in the City of Chicago for February 2023 was $310,000, a 3.1% decrease from February 2022.

• The City of Chicago saw listings average 94 days on the market until contract, which is a 2.5% increase from February 2022.

Of course not all market areas are the same.  Lincoln Square single family home median sales price was up 17% in February year over year.  Lake View condo median price was up in February 3.5%.  

I gather stats from the Chicago Association of Realtors and MREDllc.com (our area MLS). 

North Park Chicago single family home sales

A charming North Park home near Northeastern Illinois University. All photos Eric Rojas, Broker, Kale Realty

I was out on this cold Monday morning looking at North Park single family homes with my clients. The area is an option for their $400K budget.  It will still be tough.  About 25 homes sold at $400K or under over 2022. The condition of homes gets bleak fast under $350,000.

North Park Single Family Home Sales

62 single family homes sold over 2022 with a median price of about $450,000. As mentioned above about 25 of those homes sold for $400K and under.  One home sold for over $1M. 5741 N Kostner, Chicago IL 60646 closed for $1,249,000. 

Only six homes are currently for sale listed on the MLS. Prices range from $350,000 to $850,000.  Two additional homes are listed on the Private Listing Network.  We viewed one of those today listed at $349,900.

West Ridge super sneaky house values, median price up

 

West Ridge community area's diverse residential housing, diverse demographics, small business community and access to great parks offer great value compared to many north side neighborhoods. 

My clients are ready to trade their small Lincoln Square / Bowmanville condo for single family home life.  With one large dog, another in the works and work-from-home situation... they need more space. They are on a budget under $400,000 and open to neighborhoods further west or north to take the next step.  West Ridge may be the answer.

West Ridge single family home sales 2022

114 single family homes sold in 2022.  The median price of a sold single family home over last year was about $465,000 (about half of Lincoln Square a couple miles to the south). Only one house sold for over $800,000. With mortgage interest rates up and the buying frenzy slowed I expect that median price to plateau.  Prices will remain close however to last year's due to more renovation and development in the area delivering higher quality products.

In 2019 (pre-pandemic) 141 homes closed with a median price of $365,000
2020, 142 single family homes closed with a median price of $399,900
2021, 152 homes sold with a median price of $429,000

West Ridge has great access to large parks like Warren Park and Indian Boundary Parks. It is a short trip to Chicago and Evanston beaches. Small business, grocery stores, schools, larger retailers and religious institutions are in close proximity throughout the entire community area. 

About 13 homes are currently on the market in West Ridge with a median asking price of $500,000. 

My (younger) kids at Indian Boundary Park  back in 2015! Our 4th would have been a few months old by now... maybe I am carrying him while taking pictures? 

Record $530,000 median price for Bucktown condo sales 2022

We sold 1653 N Cortland #2 last summer in Bucktown for $566,000 in a multiple offer.  All photos Eric Rojas, Broker, Kale Realty and VHT.com. 

We're back in Bucktown looking with a condo buyer client. Last year was hot for our listings and unit sales! It is likely Bucktown 2022 saw a record high for median price.  Let's take a look at sales in 2022 and what's currently on the market.

A look at the general Bucktown neighborhood boundaries and sales from 2022.

Bucktown condo sales (townhomes, attached units) over 2022

245 condo units sold over 2022. The median price of a sold Bucktown condo was a hefty $530,000. This looks to be a record median price according to my research of the past seven years of price growth. Relatively larger and updated condo units represent the neighborhood.  There are few one bedroom condo units nor a true high-rise building. 

Fun facts:

- A two beds, two baths condo median price was about $445,000

- The median price of a condo with a minimum three beds and two baths was about $655,000.

198 condos sold over 2019 (pre-pandemic) for a median price of about $475,000. 

101 condos sold in 2020 with a median price of $490,000

A whopping 340 condos sold in 2021 with a median price of $519,000

Unit sales dropped back down to 245 units sold in 2022 with a high median price of $530,000.

Current sales

At this moment only 26 Bucktown condo units are listed for sale.  Of those only five condos are listed for under $500,000. Nine condo units are currently under contract with a median asking price of almost $700,000.

* To buy and sell condos, houses or multi-units in Bucktown and other North Side Chicago neighborhoods please contact us at Eric Rojas, Broker - erojas@kalerealty.com *

Lincoln Square single family home median price dips below record high of $836,500

A new Lincoln Square single family home is currently under construction at 2246 West Winnemac. The original two-flat building on a standard 25'x125' lot sold for $328,000 in February of this year.  All photos and data analysis by Eric Rojas, Broker, Kale Realty

125 single family homes have closed in Lincoln Square from January 1st to November 25th of this year.  The median price of a sold home is $825,000. The median price dipped below last years $836,500 over the same period.  The highest priced sold home is 4552 N Leavitt for $2,530,000. The new construction home sits on a 33'x125' lot just steps from bustling Lincoln Avenue restaurants, bars and annual festivities.

We listed and sold 2226 West Winnemac for $825,000 in May of this year.  The brick Chicago bungalow had a second story addition but an unfinished basement and needed a kitchen renovation.

Over the same period of  2021 in Lincoln Square, 137 single family homes had sold with a median price of $836,500.  That 2021 median price appears to be the record for Lincoln Square single family homes over the first 11 months of calendar year. 

2225 West Carmen steps from Winnemac Park was sold privately to a developer.  A second floor and rear addition later and the home sold for $1,250,000 in September of 2021.

Nineteen Lincoln Square single family homes are currently listed on the market priced from $575,000 to $2,750,000. Three homes priced under $575,000 are in TEMP or temporary status, not showing.  Seven homes are listed on the Private MLS including two pre-construction luxury homes priced from $1,750,000 to $2,200,000.

If you are buying or selling single family homes, condos or multi-unit buildings please contact us to help you.