Pre-MLS in Evanston! Spacious two bedrooms co-op apartment FOR SALE, only $139,900

 

1585 Ridge, Unit 411, Evanston IL, 60201 offers spacious living in a top notch location at only $139,900. This impeccably run co-op building is steps from fantastic shops and the Davis Metra and Purple Line. All photos Eric Rojas, Broker, Kale Realty.

Pre-MLS, Off-Market! 1585 Ridge in Evanston may be the best value in Chicagoland. Attractive, well run building. Unit 411 is a spacious two bedroom, one bath apartment at the doorstep of downtown Evanston. Steps to Metra (0.3 miles)  and Davis Purple Line (0.4 miles). You will not find a more pleasant unit in peaceful surroundings at this price point. Live cheap in beautiful Evanston near the lake! 

Great option for empty nesters, professionals, families with students at Northwestern and surrounding universities - anyone looking for outstanding quality of life for the lowest possible entry price in the area!

Living room with large dining area.

Good sized second bedroom.

Large main bedroom.

Details and building information 1585 Ridge, Unit 411, Evanston IL 60201 asking $139,900

Unit 411 features include: two bedrooms, one bath, lots of light, hardwood floors, newer replacement windows, large rooms, older eat-in kitchen and bath, built-in AC units, storage unit. Dishwasher may be installed. 

Well run building includes: Lobby- Laundry room -Bike Storage - Elevator - Common patio - Newer roof - Recent tuck point - Amazing live-in building engineer - Updated electrical service - No Pets - No Rentals - Board interview upon purchase - Financing options available at 20% and more down

Monthly Assessment of $661.00 includes: Real Estate Taxes, Heat, Water, Electric, Building management, Snow removal, Common insurance, Landscaping

Eat-in kitchen (table space not shown).

Unit entry hall with large coat closet.

Vintage bathroom.

Nice tree-lined view from living room.

1585 Ridge is steps to downtown amenities.  Dry cleaner and post office directly across the street. Multiple restaurants, coffee shops, Lemoi Ace Hardware store, Bennison's Bakery, fitness gym one and two blocks away. Downtown stores and restaurants 5 to 10 minute walk.

Front drive and entry to 1585 Ridge, Evanston IL 60201.

Multiple restaurants, shops, cafes and services on the adjacent two blocks of the building.

To purchase or inquire on more units available in Evanston and Chicago contact: 

Eric Rojas, Broker, Kale Realty

2447 N Ashland, Chicago IL 60614

Office 312-602-3367

erojas@kalerealty.com

Apartment construction finally begins at former Lincoln Square strip mall

40 residential units coming to the 5200 block of North Lincoln Avenue. The units will join another 67 residential units within a couple blocks of each other at this northwest Lincoln Square location. All photos Eric Rojas, Broker, Kale Realty

My tour of new construction multi-unit apartments and condos around Lincoln Square continues! A 40 unit building was proposed for 5214-5224 N Lincoln Avenue back in 2020.  Construction finally began last week.  The building is close to the North Lincoln / West Foster intersection and adjacent to a strip mall with a Dunkin Donuts, orthodontist and a bubble tea place among other storefronts.  To the north is the Diplomat Motel which was bought by the city and will become a transitional shelter for homeless.  Tony's Fresh Market is across the street.

The old strip mall at 5214 N Lincoln just North of West Foster Avenue back in 2023 prior to demolition. 

All told there are at least 107 condo and apartment units in development near the corner of  Lincoln and Foster! The new residents are great for local business, vibrancy and tax revenue.  The buildings make good use of the former one story strip malls and eye-sore properties.

To buy, sell, rent and invest on the North Side of Chicago and near suburbs please reach out erojas@kalerealty.com  I'm happy to answer your questions.

The curse of Jimmy's Pizza: Still waiting for 40 units

A 40 unit residential building development at 5159 N Lincoln was approved about three years ago in 2020.  The existing building was torn down and the site remains vacant. All photos Eric Rojas, Broker, Kale Realty

I continue my look at multi-unit development around the square. The former home of Jimmy's Pizza in Lincoln Square remains vacant three years later.  The rental apartment building will offer 40 residential units and two retail units. The transit oriented development (TOD) will have only 20 parking spaces and over 20 bicycle parking spots. More details HERE  Considering the rent prices and multiple offers on many rental units in the area we can use the apartments!

The former building at 5155-5159 N Lincoln Avenue. 

Jimmy's of course has moved on to a larger home at Montrose and Western near Welles Park.  We love the new spot for pizza and beer after our kids' game days/nights but it's farther from our house.

Will $950K be a record condo price on North Western Avenue in Lincoln Square?

San Soo Gab San is getting new neighbors! The highest priced condo in the building is listed near $950,000. All photos  Eric Rojas, Broker, Kale Realty

Last week I promised to check-in on some of the larger condo developments around Lincoln Square. So, here's one! "The Ash" 18 unit new construction condo building sits facing west on North Western Avenue at West Farragut in the Bowmanville neighborhood of Lincoln Square. Western Avenue is a busy four lane arterial street where home buyers typically get a "discount" for the traffic noise.  The Ash development website lists Unit 401 asking $947,625.  If sold at almost $950,000  the condo will by far be a record price for North Western Avenue in Lincoln Square.

Hopefully no ash trees were harmed in the making of The Ash 😀 The building resides on the former Byline Bank branch at 5235 N Western Ave.  The official address of the development is 2354 W Farragut (the south side of the building fronts Farragut).  TECHNICALLY any condo sold in this development will be attributed to the residential block of Farragut... but we know better.

Looking northeast at the The Ash condo development.  West Farragut Avenue is shown to the south (right) of the building. 

Several developments along Western Avenue have grabbed the the side-street address making it a little deceiving. From my experience we've not surpassed $900K along Western Ave. The highest priced sold condo I found on Western Avenue in Lincoln Square is 5042 N Western Avenue Unit 1 for $849,900. The new construction four bedrooms "duplex-down" closed in April of 2022.

If you are interested buying new construction condos (or other properties) on the North Side of Chicago and around the city please reach out erojas@kalerealty.com  We'll be happy to answer questions and represent you!

Flossmoor home sales (median single family home price $320,000)

 

Flossmoor offers serene blocks and diverse single family home styles.  I snapped a picture last Saturday of this mid- century modern split-level next to a classic Georgian. All photos Eric Rojas, Broker, Kale Realty

Long time city clients are making the move to the Village of Flossmoor.  The desire for a large yard and single family home living has led them to this south burb with a surprisingly convenient commute downtown. Charming homes on good sized lots near the the village center provide a walkable experience for Chicago expats. The small town is also known for it's many seasonal village traditions and access to several historic country clubs.

Home sales from January 1st to October 20th

-83 single family homes sold from January 1st to October 20th of this year. The median price of a closed home is $320,000.  

-Home unit sales are down this year significantly compared to 135 sales over the same period last year.  The median price in 2022 was $325,000.

-In 2021, 159 homes sold during the pandemic/ low mortgage interest rate frenzy for a median price of $295,000. 

-The pre-pandemic year of 2019 also saw 159 houses sold over the same period with a median price of only $219,000.

Most sold homes have 3-4 bedrooms with a median price of $320,000. Chicagoans seeking a large home (a challenge in the city) will find phenomenal value. Median price for a five bedroom or more home is about $385,000.

We work with our clients in the city and suburbs to help make their move less stressful. Do not hesitate to contact us with questions concerning options for your property and a potential potential sale/ purchase.

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 

Follow more posts here or at my Facebook page 

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!