Secret style in Wicker Park

These gates open up to reveal a courtyard from the 1200 block of North Wolcott in Wicker Park. Very nice.  Located just off amazing Division Street you won't be needing the car often.

SoNo East rises in Near North... and for rent

Bob took some photos early this month of the completed SoNo condo building and SoNo East rental tower rising. You can peek Trump International Hotel and Tower is in the background. Located in Near North it's fair to say demand for new construction rentals here should be good.  They can probably compete in pricing with existing and older rentals on the market.


Condos in the first tower delivered primarily in late 2009 and throughout 2010.  Several sales have trickled down the pipe this year. There are "final developer units left" with, for example, a one bedroom, one bath unit under contract at $209,000, which will be the lowest closing price yet. Sales ranged from $220,900 for one bedrooms to $700,000 for a three bedrooms unit.


The highest priced sold unit I see in the building was for $700,000: a 6th floor three bedrooms, two baths unit.
Currently there are only 4 units listed on the MLS for sale by the developer.  There may be more original units available if you inquire.  The year started off with 11 units available.

SoNo rental tower under construction at Dayton and Blackhawk

Now playing at Esquire Theater in Gold Coast

It appears a certain construction crew has a good sense of humor (depending on what side of the Esquire Theatre debate you are on).

 

 Read more at the ArchitectureChicago Plus blog about the Esquire Theater on Oak Street in the Gold Coast.

Photos from late August by Robert DePalma and Eric Rojas, Real Estate Brokers.

Wall Street Journal says Mortgage rates hit record low (but does it matter to you?)

 We all know (or you should know) that mortgage rates have hit record lows. Most folks with decent credit scores can get near 4% rates on 30 year fixed conventional loans and even less on FHA loans.  5/1 arms are low 3s... which can make a lot of sense on a good condo or townhouse buy that will be cheaper than renting with some money down. Most people re-sell condos in about 5 years.


But, does it matter to you?  Many still think they can't afford a decent place. Normally, I'm not too "pushy" with my friends about rates and property deals.  However, a light switched on when a friend assumed you needed 20% down to buy a house. This not the case and I realized I assumed many of my friends understood what they could afford and the true costs of owning. We ask friends and clients to ask themselves the following: Can I buy, do I want to buy and does it make sense?


It turns out many friends are paying high rents for long periods of time when they could afford a great property that meets their needs. They just never really looked at the numbers with a professional.  Several friends could afford to rent their current homes out and move up to a much needed (or wanted) larger space. Becoming a landlord is a little more of a leap but I feel everyone should accurately know all their financial options...including renting out their home.


Please feel free to contact one of our associate lenders Steve Dunnett, Loan Officer to understand your mortgage options.

Steve Dunnett, Loan Officer

NMLS ID: 755940

PH: 312-462-7709

www.dunnettmortgage.com

Call us to check out your property and neighborhood options  773-687-4646

All photos Eric Rojas and Robert DePalma Real Estate Brokers unless otherwise noted.

Lincoln Square house sells for over $1.7 million

A luxury new construction house on one of Lincoln Square's nicest blocks has sold for $1,775,487.00.  

2131 W Agatite

2131 W Agatite (pictured here) closed for over $1.7M on August 31st, edging out 2152 W Giddings by over $100,000 as the most expensive single family house to close in Lincoln Square over the last 12 months. To my knowledge, it's the second highest closing price for a house ever in Lincoln Square.



2161 W Sunnyside closed in September 2009 for $1,862,500 making it the highest sale price ever on a single family home in the Lincoln Square Community area (This is from my personal experience and research of data on MREDLLC.com). If you know of a higher priced home sold over the past 10 years let us hear about it! All three of the homes were all built by Landrosh Development, on similar 37 ft wide lots and almost identical in layout and finish level.


The 2100 block of West Agatite is bordered by North Leavitt on the east and North Hamilton on the west. The block feeds right into the Sulzer Regional Library parking lot at the end and sits barely one block from Welles Park; two well loved treasures of Lincoln Square.

Some classic houses remain on the small block

Agatite looking west

This gorgeous renovation sits on the corner of Agatite and Hamilton and invites visitors to the block

The corner renovation on Agatite features a hip, mod fence and patio

2122 W Agatite at Hamilton was listed at $2 million

Foreclosures: Beverly Bob eats a Fatburger

Bob headed out to Beverly earlier today on the South Side to hand deliver a purchase contract on a foreclosure. We helped our buyer client secure approval from the bank and then turned everything around in 24 hours. We're now in attorney review and inspection.

The brokerage happened to be near the Beverly Fatburger, where, Bob indulged and sent a dispatch that all was A-OK on the deal.  And I quote: "This is fun... It's good to leave the Gold Coast on occasion".

Rent this house: Newer Northcenter, West Lakeview house for $2,800...Two car ATTACHED garage!

 For Rent: Single Family House $2,800/ month. Available immediately as of 9/7/2011! Call 773-687-4646 for showing.

1808 W Diversey House L sits on the quiet and far north end of a gated community...not on Diversey.  It's a true single family home with wide rooms, three levels, huge deck and very comfortable features for the modern professional looking for convenience.

Two fully organized walk-in closets in the master!

Two large wall hung flat screens included for use!

Two car attached garage!

Why am I shouting?  Because this is great stuff!

-Fee simple single family home
-Gated community
-Large living room with built-in cabinets, sound wiring and TV mount
-Open, updated kitchen with breakfast bar
-Flexible room off kitchen leading to deck
-Family room, third bedroom on grade level with full bath (not a basement)
-Small yard and dog run off family room
-Three full baths
-Two car attached garage!
-Bright master suite with two walk-in organized closets, sound wiring, TV mount
-Huge master bath with separate shower, jet tub, double bowl vanity
-North end of community, quiet and easy side street access...not on Diversey!

Located close to Chi Che Wang Park, Hamlin Park, Starbucks and easy CTA bus on Diversey going east to Lincoln Park amenities.

Call Eric and Bob at 773-687-4646 for showing.  Pets negotiable. 1 year lease or more.  $30 credit check paid by tenant.  Please have current employment reference and proof of salary handy if requested.

Speaking of architecture... Podcast on current Chicago architecture via Extension 720

505 North Lake Shore Drive, Lake Point Tower...undisputed classic.

I listened to an enjoyable podcast on the state of Chicago architecture from Extension 720 with Milt Rosenberg over the weekend. Some people work-out to Rihanna...I listen to Milt. 


All photos Eric Rojas, Real Estate Broker unless otherwise noted.

330 N Wabash: Mies steals scene from Trump

330 North Wabash, also known as the IBM Building, is another prominent Mies van der Rohe designed building that helps define how many envision Chicago. In the photo below, Mies' international style juxtaposed with Trumps International Hotel and Tower.

330 North Wabash in the left-hand foreground.

We have been looking at several Mies buildings around Chicago. The buildings themselves are a tourist attraction for architecture buffs. We have been pointing out the locations, some of the neighborhood aspects and residential components.  In our last post, we looked at 330 W Diversey, where you can live.

Although a commercial building, we recommend a walk down Wabash to view 330 North Wabash in it's place along the river among other iconic buildings. "The building was declared a Chicago Landmark on February 6, 2008 and added to the National Register of Historic Places on March 26, 2010. It is also the newest building in Chicago in terms of age on both lists."


Here's a post on 900 Lake Shore Drive residential tower I did a couple years ago.  Well be checking in on those again this month.


All photos by Eric Rojas and Bob DePalma, Real Estate Brokers unless otherwise noted.

Ritz-Carlton Residences set to deliver luxury to Mag Mile this year

Construction at the Ritz-Carlton Residences reaches the top floors.

Bob took some photos of the Ritz-Carlton Residences construction progress last week along Michigan Avenue while visiting a favorite boutique seller.


Coincidentally, Mary Ellen Podmolik wrote a sales update on the Ritz-Carlton Residences and Lincoln Park 2520 in the Tribune this past weekend. What was not mentioned; both developments are marketed by Prudential Rubloff Properties our affiliated real estate brokerage.


The two very upscale and luxurious developments are the only games in town for major mid-rise or high-rise construction in Chicago. Amazingly, Mary Ellen Podmolik reports the Ritz-Carlton homes will be the only new construction condo units to deliver downtown in 2011. 


Bob and I know that new construction on the high-end of the market spectrum, if executed property, will sell and will sell for a premium in neighborhoods like Lincoln Park, Lakeview, Near North and the Loop. This is the case even when there is plenty of inexpensive re-sale alternatives.  The market likes new and re-sales have to price at a huge discount to move.


Priced from $1.4 million to "how much you got?", these homes are for lifestyle seekers and lifestyle makers who will be placed squarely in the high-end retail capital of the Midwest. The architecture, parks, cultural events, dining and lakefront have truly reached world class status.

The construction scaffolding at 664 North Michigan Avenue

Street view of the construction.

Please visit www.TheResidencesChicago.com to experience the amenities and lifestyle offered to owners of the Ritz-Carlton Residences on North Michigan Avenue.