Crowded at the top price-point for Lincoln Park home sellers

 

Many classical, ornate and limestone homes line Lincoln Park streets.  However, the high-end sales have slowed this year. All photos Eric Rojas, Broker, Kale Realty

Only four of the top 20 most expensive homes on the market in Lincoln Park are under contract. All of the top 20 homes listed are priced at $4 million and up.  The most expensive Lincoln Park listed home is 1932 N Burling at $27,900,000.  The Burling home originally listed in 2016 at $50 million and has a cumulative market time of 2,508 days. Plenty had been written about the house starting in 2016.

From January 1st to October 18th of this year eight $4 million dollar homes and up have closed on the MLS.  Last year during the same period fifteen homes sold for over $4 million dollars.

Checking in on Lincoln Square's largest single family home development

A clearing for single family home development remains where Transfiguration Catholic church once stood in Lincoln Square. Ten new homes have been largely completed with space for nine more. The houses shown in the distance face the 2600 block of West Winnemac (All photos Eric Rojas, Broker, Kale Realty)

The largest single family home development in Lincoln Square (possibly the largest ever) is over half-way complete. The planned 19 single family home development replaces the former Transfiguration of Our Lord Catholic Church building and land at 2609 West Carmen Avenue, Chicago IL 60625. That church parish was closed by the Archdiocese of Chicago in 2019 and the building demolished earlier this summer. 

Four completed single family homes one the 2600 block of West Carmen Avenue

The original development called for 24 townhomes but the zoning change needed was not approved.

According to the development web site and MREDLLC.com one home has sold and closed for $1,375,000.  It does not appear that any of the remaining nine homes are under contract (it is possible but it does not show that on the web site or MLS). Prices start at $1,295,000.  I confirmed with the listing agent the developer plans on building nine more homes on the remaining land.  The zoning would also allow for two-flat buildings.

71 single family homes have closed in Lincoln Square this year with a median price of about $1,000,000. 

Remaining land between West Carmen Ave and West Winnemac Avenue  

I will post check-ins on several ongoing developments around Lincoln Square this week (hopefully... no promises lol). Several multi-unit condo and apartment buildings are in various stages of completion. 

Chicago area leads nation in home price growth May to July

Chicago area residential home prices have had a good summer! All photos Eric Rojas, Broker, Kale Realty

Chicago area home price gains lead the nation from May to July.

Crain's reported last month, "For the third month in a row, home prices grew faster in the Chicago area than in any other major U.S. metro area, according to new data from the S&P CoreLogic Case-Shiller Indices released this morning. Chicago-area single-family home values rose 4.4% in July compared with the same time last year."

Median price in Chicago (city proper) was up almost 5% in August over August 2022. 

Chicago Metro Area prices were up almost 10% August 2023 over same period last year and Illinois median price was up almost 8% August 2023.

Gold Coast Chicago residential sales (single family median price up 25% from 2021)

 

The Gold Coast neighborhood is a great walk even when rainy and gloomy.  Fall weather seemly transforms you to a past era! All photos Eric Rojas, Broker, Kale Realty

 

We're back in the Gold Coast looking for a condo under $500K for out-of-state buyers. They will spend half the year here in Chicago and want an iconic neighborhood address.  

Gold Coast real estate has a mind of it's own. The single family and row house market does not necessarily mimic Chicago's other North Side neighborhoods due to the historic architecture and its unique location. Condos are a mixed bunch of vintage conversions, mid-rise and high-rise options (not to mention very elusive new construction options!). Market times can be very high for many of these elaborate and sometimes eccentric single family homes and condos... some over 1000 days on the MLS.

Greater Gold Coast sales area 

Single Family Home Sales January 1st to September 22nd, 2023

- 15 single family homes have sold in Gold Coast this year from January 1st to September 22nd. The median price of a sold home is about $2,500,000.  Unit sales have remained remarkably consistent over the past three years. 

- 16 homes sold over the same period over 2022 with a median price of about $2,600,000. 

- Interestingly only 17 homes sold over the frenzy of 2021 with median price of about $2,000,000.  We generally see much more units sales in 2021 than 2023 due to low interest rates and a quickly moving market. Gold Coast house unit sales have remained consistent despite the high mortgage interest rates and inventory problems plaguing most markets.

-Currently there are 28 single family homes for sale listed on our MLS. 16 of those homes have an asking price of over $3 million. The highest asking price at the moment is $17,750,000 for 3 West Burton Place.

Condo Sales January 1st to September 22nd, 2023

-552 attached condos sold this year with a median price of about $315,000.  This includes high-rise units. In the 2021 frenzy of low interest rates 612 condo units sold with a median of $315,000 as well. 

-If we look at buildings with 40 or less units only 54 condos sold with a median price of $885,000. Smaller buildings with larger units are a premium.

Small Multi-Unit Sales (2-4 units) 

- Only two small multi-unit building sold in the Gold Coast neighborhood so far this year. One four-unit billed as a redevelopment opportunity sold at 55 East Cedar Street, Chicago IL 60611 for $1,660,000. A three-flat with a beautiful duplex "owners unit" at 46 Est Cedar sold for $2,520,000. 

-There were no residential two-four unit buildings sold in 2021 or 2022.

Contact me with any real estate related questions involving your home price, selling, buying, rentals, real estate related referrals, taxes and more erojas@kalerealty.com 

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Chicago home sales plodding along through 2023

 So... what's happening?? Chicago sellers are still in a pretty good spot!

-During the recent housing boom of 2019-2022 the City of Chicago saw all City median price raise +24% (reported by Crain's Chicago Business). Soooo if you bought a $400,000 home in 2019 it may sell today for $500,000.

-Low inventory and 7% interest rates (to slow inflation) slowed unit sales in 2023

-2023 Year to date Closed Sales for ALL Properties in the City of Chicago is down almost -19%

-2023 Attached Unit median price (condo, townhouse) is even with last year

-2023 Detached Single Family Home median price is down -7.7% over the same period of 2022

In our personal experience we see many of Chicago's most active markets are seller's markets. Late summer median prices were up month over month with plenty of "multiple-offer" situations in neighborhoods like Lake View, Lincoln Park, North Center and Lincoln Square.

Interest rates may come down a little in the coming months but I feel low inventory + pent-up demand will keep asking and sales prices steady. Chicago (and much of the country) doesn't have a very good solution to the inventory problem as homeowners hang on to their 2% and 3% mortgage rates while affordable unit development does not keep up.

Please contact me at erojas@kalerealty.com to help you plan, buy or sell a home in this market. Questions... just ask!

Condo median price UP in tight Lake View market

 

The front entrance at 450 W Briar condo building in Lake View. New listing inventory has been low while condo sales prices ticked up in July.  All photos Eric Rojas, Broker, Kale Realty.

We have several clients actively looking for a condo or townhouse in Lake View. The Lake View community area may be the largest condo market in Chicago. The numbers in Lake View are a bellwether for popular North Side neighborhood sales. 2023 has been the year of low inventory yet strong sale prices for many of our most desirable Chicago neighborhood markets. Lake View is no exception and has been a challenging buyer market for our clients.

Statistics compiled from the Chicago Association of Realtors chicagorealtor.com

 

2023 Lake View condo sales (attached and townhouse units)

July new listings were down -30.5% and closed sales were down -11.7% for the same month in 2022. Despite high mortgage interest rates and a slower market median price for a sold condo in July was up +6.6%. Most condos sold for at the list price or over! 

Lake View condo sales year to date (January 1st through July 30th) are down -37.6% from 2022.  Median price has managed to push up +1.5%  year over year.

Contact: Eric Rojas, Broker, Kale Realty

2447 N Ashland, Chicago IL 60614

Office 312-602-3367

erojas@kalerealty.com

Evanston home sales this year: Fewer listings, prices up year over year

Most years we have clients considering a move to Evanston.  Single family home inventory seems tighter than ever this year.  The number of unit sales is down 20% year to year.

Evanston homes near the lakefront (all photos Eric Rojas, Broker, Kale Realty)

-As of today only six homes are NEWLY listed in the past seven days. 

-33 more homes remain actively on the market (listed for mor than a week without contract). The median price of an Evanston single family home currently offered for sale is about $685,000.

-7 homes are listed on our Broker MLS Privet Listing Network with  median price of about $899,900.

-233 single family homes closed this year (January 1st to August 11th) with a median price of about $720,000. Over the same period last year 290 listings closed with a median price about $700,000.  

Contact: Eric Rojas, Broker, Kale Realty

2447 N Ashland, Chicago IL 60614

Office 312-602-3367

erojas@kalerealty.com

Kale Realty sponsors 3rd Annual Amundsen Homecoming Golf Classic

Having a blast at last year's Amundsen High School Homecoming Golf Classic  hosted at Sydney R. Marovitz Golf Course  

I'm sponsoring the 3rd Annual Amundsen Homecoming Golf Classic for my third year! The event takes place Sunday, September 17th Sign-up, play or sponsor HERE

Amundsen High School in Lincoln Square/ Ravenswood is arguably the best academic and athletic neighborhood high school in Chicago. It's no secret that great schools help your property values. Supporting your Chicago Public Schools neighborhood school is as good as a hole-in-one!

Eric Rojas, Chicago Real Estate Broker and Kale Realty have been proud contributors to Amundsen High School for over ten years. The teachers, administrators, coaches and staff have been supportive of my kids and those of our friends. We are thankful to have their hard work and dedication.

Contact: Eric Rojas, Broker, Kale Realty

2447 N Ashland, Chicago IL 60614

Office 312-602-3367

erojas@kalerealty.com

Listing photo of the day

Actual listing photo of a home listed in Chicago. I'm not sure what I'm learning about the house but they certainly get an "A" for effort! (photo MREDLLC.com)

Only 3.63 NEW single family home listings per Chicago Community Area

Chicago new listings are low (duh!).  As of today there are 280 single Chicago family homes listed as NEW across all 77 Chicago Community Areas. That's only 3.63 NEW listings per Community Area🤯 

Ravenswood Manor single family homes (all photos Eric Rojas, Broker, Kale Realty).

A new listing is a home listed on MLS within the past seven days.  Couple low inventory with the fact many of these new listings are re-treads of homes already on the MLS (cancelled or expired listings brought back as NEW).  We have our eyes peeled every day for the very few NEW opportunities that hit the open market and private market. 

Contact: Eric Rojas, Broker, Kale Realty

2447 N Ashland, Chicago IL 60614

Office 312-602-3367

erojas@kalerealty.com