Sunday, July 17, 2011

Home buying tips: Rely on subject matter experts for real estate purchase


Chicago home inspector Gene Borov of Accu-Spection discovers some issues with the sump pump at a recent foreclosure purchase.


Bob and I have a good overview of most home buying experiences and help set the expectations for various types of home ownership. We've been through many of our own condo, house and rehab experiences not to mention our clients'. However, we hear agents make statements about homes such as "new roof" or "dry basement" when they really do not know what has been done to the home.


We help clients line up the proper subject matter expert for each situation to save time and money. In the photo above, Gene discovered the float was jammed against the basin wall of the sump pit. He got it started and pumped out a ton of water that was backing up in the system (it was a matter of one more rain and the foreclosure house would have flooded).


We then had a trusted plumber of ours evaluate the system. He noted an overhead sewer system was constructed to prevent city backups. But the sump pump used was not strong enough to keep up with ground water around the large home. It was inadequate for the design.


The clients installed a new industrial pump and back-up system and have enjoyed their dry, finished basement ever since. We brought in the right people quickly so our clients could make good decisions during their purchase.


Saturday, July 16, 2011

Move over cupcakes! The Meatloaf Bakery in Lincoln Park


The cupcake craze has been thwarted by its arch nemesis... meatloaf.


Try The Meatloaf Bakery next time your in Lincoln Park and need some comfort food.




Now THAT'S a special!

Thursday, July 14, 2011

Crain's: Developer chosen for Children's Memorial Hospital Lincoln Park site


I just wrote yesterday about Children's Memorial Hospital move to Streeterville is less than one year away. Today, a Crain's story names development group McCaffery Interests Inc. as the winning bid to develop the 6 acre hospital site in Lincoln Park.


Let the games begin.

Wide lot! Lincoln Square foreclosure scooped up at $449,000

I noticed this distressed property on a cold day early this year and snapped a photo.



A rare prime location foreclosure at 2109 W Giddings Street in Lincoln Square is under contract after two weeks on the market at $449,000. I noticed the vacant extra-wide lot two flat on Giddings in the early spring. It finally came to market as a foreclosure.


I took these photos last week.


I hope they keep the brick garage!




It's an easy bet a professional builder or developer purchased the property and will either tear down or gut rehab into a single family home.
A true luxury 37' wide lot new construction home one block west on Giddings sold for $1,675,000 earlier this year. There is a decent margin for this particular property.


See more Lincoln Square posts here. If you are buying or selling in the Lincoln Square area, talk to us.


Don't want to build? See our single family home listing at 2164 W Leland on a 37 wide lot!

Wednesday, July 13, 2011

Lincoln Park's 43rd Annual Sheffield Garden Walk July 23-24


I've had a couple bad weeks in my own garden. This reminded me that the 43rd Annual Sheffield Garden Walk is coming up next weekend July 23-24 in Lincoln Park. Sometimes looking is better than doing.


This fest has an activity and vibe to satisfy just about anyone. Grammy winning Soul Asylum is the headlining music for Saturday night. Dave Pirner, lead singer of Soul Asylum, has always been an amazing live performer and well received in several Lincoln Park appearances in years past.


Enjoy music, food, a kids' corner, fantastic neighborhood architecture and of course... 100 gardens!





Read more Lincoln Park posts here!

Final Countdown: Children's Memorial Hospital leaving Lincoln Park


One of the cute ads at a bus stop in Lincoln Park reminding neighbor's Children's Memorial Hospital is moving to Streeterville in June 2012.


The new Children's Hospital building located at 225 E Chicago Avenue shown below is an impressive, inviting structure among mid and high-rise structures.




My wife and I recently attended a Service Awards dinner for Children's Memorial Hospital employees and volunteers. For those of you that don't know, my wife Jillian is an accomplished Registered Nurse with a Masters and serves as a Director in Ambulatory outpatient clinics at Children's. She is heavily involved in the extraordinary task of planning (and executing) the hospital move to Streeterville.



Jill's award was for 10 years of service while a couple employees received a 45 year award! This dinner was special and emotional for many. A video was played showing the many memories and faces so crucial to Children's Memorial in Lincoln Park. The new hospital move and new name (Ann & Robert H. Lurie Children's Hospital of Chicago) is less than one year away! Jillian and I have both worked in this Lincoln Park area for 10 years and she'll miss the many neighbors and great location!


Is there any other development going on in the city that will impact a neighborhood more? The current Children's Memorial Lincoln Park location is A+ real estate in Chicago. The loss of the hospital and pending development are anxious and exciting issues.


Check out some some Children's Memorial coverage and Lincoln Park news at YoChicago.com

Tuesday, July 12, 2011

Lincoln Park condo sales, prices: 2011 singing the Blues

We recently represented another client purchasing a well located Lincoln Park condo at a price below average comparable properties.


Chicago is home of the Blues and Halsted Street in Lincoln Park is home to a couple great Blues clubs... B.L.U.E.S. and Kingston Mines. The problem is Lincoln Park condo sales have a case of the Blues like may other Chicago neighborhoods.

I took a look at overall two bedrooms, two baths and three bedrooms, two baths condo sales for Lincoln Park for the first half of 2011. "2/2s and 3/2s" are typically the most requested condos by our clients.


  • Lincoln Park two bedrooms, two baths condo sales 1/1/2011-6/30/2011
-2011 two bedrooms, two baths condo unit sales were down about -33% from the the same period last year. 90 condos sold this first half compared to 134 condos sold same period 2010

-Median price was down about -6% at $359,000 compared to $380,000 in 2010.

  • Lincoln Park three bedrooms, two baths condo sales from 1/1/2011-6/30/20111

-2011 three bedrooms, two baths condo unit sales were down about -23% from the same period last year. 31 units sold compared to 40 units sold in first-half 2010.

-2011 median price was about $500,000, down only -3% from the $515,000 of 2010.

2011 Interesting Statistics:
13% of closed two bedrooms two baths condos were distressed sales (foreclosure REO or short sale) in the first 6 months of 2011 (12 out of 90)

ZERO three bedrooms, two baths closed units were short sales or foreclosures in the first 6 months of 2011 (0 out of 31).

There are many other varieties of condos: 3/3s, 2/1s and 1/1s for example, but most people ask for a 2/2s or 3/2s and it makes a nice data set for trends.


See more Lincoln Park statistics and homes here!


All statistics pulled and analyzed from MREDLLC.com of which I'm a member. It is the best and most regulated real time home sale information available.

Eric Rojas in ChicagoTribune: Chicago condo prices


I was quoted today in the business section of the Chicago Tribune on a controversial story concerning published condo sales numbers.

We often look at our local micro markets for clients and provide unique analysis here on the blog. Take a look at the last few weeks where we've been looking at school district home prices in Bell and Coonley, local neighborhood condo prices, single family home and multi-unit sales.



Realty trade group over-reported Chicago home prices by Mary Ellen PodmolikLink

Monday, July 11, 2011

The IMPACT of Trader Joe's in Lincoln Park/ Lakeview location

An Ann Taylor Loft store is moving in at 662 W Diversey near the new Trader Joe's and State Farm's Next Door concept at Diversey Parkway and Clark Street.


Bob and I were at the new Michael Diversey's for a few drinks and had front row views of the new Trader Joe's in Lincoln Park at 667 W Diversey. One cannot deny the slam dunk this development has been for the commercial strip.

Not only was Trader Joe's packed on a Friday evening with customers, the popular grocery chain has had another impact: ALL the storefront retail space seems filled on this block by established retailers and services. It's been an impressive transformation with the anchor Trader Joe's leading the way!

Friday, July 08, 2011

Lakeview Open House: 3127 N Clifton #1, Saturday July 9th, 11AM to 1PM

3127 N Clifton#1 asking $424,900
Open House
Saturday July 9th
11AM to 1PM