40th Ward, 47th Ward web sites for North Side news

www.chicago47.org

The 40th Ward and and 47th Ward alderman web sites are two great sources for North Side news in many neighborhoods of North Center, Lincoln Square and Edgewater.  As a Lincoln Square resident and real estate broker I often read the 40th and 47th Ward sites for official city news and community updates.  I also receive weekly e-newsletters from the 47th Ward office.

www.aldermanoconnor.com

The 40th Ward is a particularly good news aggregate for city information.  The 47th Ward site lists many hyper-local events from schools, churches, restaurants, civic groups and retailers.  The two web sites are excellent sources if you live in the areas between West Irving Park Road to West Peterson and North Clark Street to the river.

Photos: A morning in East Lincoln Park, Old Town Triangle

We had some business around North Lincoln and West Wisconsin yesterday...here's a few quick shots on my walk around the neighborhood before an appointment.  This very special Chicago location maintains original brick and frame cottages, small grey stone and brown stone multi-units and cobblestone streets tucked away near the lakefront.

There was a very Mayberry-esque atmosphere on this chilly election day morning. The local polling place on W Menomonee and North Park is at the left of the photo.  People were milling around and chatting on several blocks.

Cobblestone and white picket fence!

Small cottages and apartment buildings line up tight on the sidewalk and close to the streets with no yard setbacks.  This creates a very different aesthetic to typical Chicago blocks just west.

Historic row homes above line North Lincoln Avenue on both sides near North Wells Street. The Green City Market, fantastic South Pond Nature Boardwalk and and the lake are just steps from this location.

More Lincoln Park posts HERE

South Loop condo near "Dunkin' Donuts"

Brokers will write some "interesting" copy for real estate listings from time to time.  I was looking for condo units in South Loop for our client and came across broker remarks prominently listing the nearby Dunkin' Donuts. Forget the views, the lake and the Museum Campus!

Photo Eric Rojas and Bob DePalma

I guess the Dunkin' Donuts would be a plus for me.

Sold! North Center condo listing nabs $225,000

We represented the sale and closing of 1958 W Byron #6 in the North Center neighborhood last week.  The Damen and Byron location offers great city nightlife, everyday amenities and transportation options just steps in any direction.

The front balcony at 1958 W Byron

Two bedroom, one bath condos can be a challenge to sell near their purchase prices of pre - 2008 in many markets around the city.  However, a unique feature can set a home apart and yield a little more than the average comparable. We felt the 3 outdoor spaces of this home were the stand-out feature and this helped our clients get one the of the higher comparable prices in the area at $225,000.

The modern kitchen leads to a front balcony.  Two more outdoor deck spaces are located in the back of the unit.

Contact us to buy or sell homes in North Center and other North Side neighborhoods.  More information on 1958 W Byron HERE.  

More posts and our recent sales in North Center here

Lincoln Park town house sales up in Lincoln school district

Townhouses with at least two bedrooms and a family room can be a good option for those looking to be in Abraham Lincoln Elementary School district boundaries in Lincoln Park.  Lincoln is a highly rated public school in which you attend as long as you live in neighborhood boundaries.  Bob and I have represented several families in the district throughout the years. 

Town House sales in Lincoln School District January 1st to October 31st, 2012


Approximate attendance boundaries of Lincoln School

About 49 town house style homes sold so far this year (January 1st to October 31st, 2012).  That's up 10 units from the 39 sold last year same time.  Not a huge bump... but representative of the active year in Lincoln Park for just about all property types.

 The median price for a town house in Lincoln School district is about $525,000.

Three bedroom or more town houses

27 of the 49 sold town houses had at least three bedrooms or more. The median for this classification is about $650,000.  Breaking it down a little more, there were 5 total town house sales this year that had four bedrooms or more.  The median price bumps to $820,000.

A Lincoln Park address and top school trumps the conventional single family home in the "way-out" burbs for many families. This makes town houses in Lincoln Park a popular housing segment.

More Lincoln Park HERE

Common first time buyer issues when purchasing short sale condos

We recently represented a client in a purchase contract for a short sale condo in Lincoln Park.  Our first time Chicago buyer encountered several common "dilemmas".  There were also compelling positives (1) The purchase price of the unit was about $60,000 under many good comparable units in the neighborhood (2) This particular short-sale also had the coveted "bank approved" price, so, closing may be a little smoother and predictable. Each dilemma below would need to be weighed against the positives.

Photo Eric Rojas

Many buyers, like our client,  will run into these problems when purchasing a short-sale unit:
(1) The small 3 unit condo building was run informally with no meeting minutes, limited reserve funds and pro-activeness by the buyer's team was needed to make sure all ducks were in a row for the lender to make a loan in the building.

(2) The property inspection revealed some deferred maintenance to the common building areas.  Our buyer client (as an owner) may need to become more involved and influential in the maintenance of the building moving ahead.  The deal would need to be worth the cost of near term maintenance.

(3) Time.  As in most short-sales acceptance by the lenders and the closing date are unpredictable.  The contract required the buyer allow up to 90 days for the acceptance.  The buyer's situation would need to be flexible.

Photo Eric Rojas

Our investment minded client felt the good deal far outweighed these relatively small risks and moved ahead.  Even a more "market priced" unit could require similar maintenance costs...all buildings need proper maintenance sooner or later.  Bob and I presented options and gave our client some things to think about.  Ultimately, it's up to the buyer's risk tolerance, financial situation and desire to be in a particular location when it comes to a short-sale purchase. And if that location is Lincoln Park, that decision is made easier!

Trick or Treat around Winnemac Park

"The Maze" on North Seeley was back last night

The neighborhood around Winnemac Park in Lincoln Square/ Ravenswood is a fun place to live during Hallloween.  Several of the blocks were closed off to traffic.  Kids and families hang outside their homes or head out trick or treating...some houses scary, some decorated tastefully.  We were lucky with clear weather last night to enjoy the sights with our kids.


The majority of houses in the neighborhood invited trick or treaters.



The mature trees and landscaping, old chraming houses and great people make Halloween a special and enjoyable time around Winnemac Park. 

Kitchen Chicago sponsors Chappell School!

Chappell School's  Back to School Night thanks neighbors

Alexis Frankfort and Jeff Leverenz owners of

 Kitchen Chicago 

 for their Knight Level sponsorship!

Parents file into Back to School Night last month at Chappell

Community partners like Kitchen Chicago have helped expand opportunities for Chappell students this year.  The parents, Local School Council members, teachers and administration all thank our donors for enhancing the Chappell experience.

Kitchen Chicago is a "shared use" commercial kitchen meeting your commercial kitchen needs without the expense or long lease of a permanent facility.  Please visit www.kitchenchicago.com to book space for a culinary event, to cook a new food concept, for event food preparation..."Kitchen Chicago provides a fully equipped, commercially licensed shared-use kitchen available for rent by the hour".

Commercial kitchen and event space available by the hour.

_____________________________________________

Chappell Elementary is a neighborhood Chicago Public School located at  2135 W Foster Avenue in the Ravenswood neighborhood of Lincoln Square. Great teachers, great facility and forward thinking administration have made this a new school of choice on the North Side. Please contact Eric Rojas at erojas@kalerealty.com for ways to get involved with Friends of Chappell, donate or contribute in any way to Chappell school.

Lincoln Square condo sales now and then

Lincoln Square condo sales really slowed after the 2008 market crash.  Let's take a look at the numbers this year... and back then.

The fountain in Giddings Plaza at this year's Apple Fest

Lincoln Square condo sales January 1st to October 24th 2012

226 condos have sold to date this year.  That's up slightly over the 215 closed during the same period last year.  61 of those sold were under $100,000 and mostly located in the northwest region of Lincoln Square.  This is where dozens of ill fated condo conversion  buildings have been selling short-sale and foreclosure units. The vast majority of the lower end sales under $100,000 required cash.

2012 median price is about $200,000.
2011 median price was about $200,000 as well.


On the high-end this year 2000 W Berwyn #402 sold for $510,000.  The newer construction 3 beds, 3 baths penthouse with elevator and garage parking features terrific roof-deck outdoor space. A townhouse I've always liked at 5115 N Damen Unit A sold for $505,000.  It has a great top floor family room that opens to a roof deck.

57 units in 2012 have sold for $300,000 or above.
51 units in 2011 sold for $300,000 or above during the same period.

Welles Park playlot (Photo Eric Rojas)

Lincoln Square Total Condo Sales 2007-2011

It is still hard for many people to comprehend the wild drop in condo unit prices and unit sales from before the 2008 financial market crash until now. 

Take into consideration that in 2007, 540 condo units were sold.  None were sold under $100,000 and 227 units were sold over $300,000 (contrast that with the 57 units sold over $300,000 this year so far with only a couple months left). 

2007: 540 units sold, median price $280,000
2008: 395 units sold, median price $305,000
2009: 273 units sold, median price $256,000
2010: 278 units sold, median price $227,500
2011: 254 units sold, median price $200,000

Although condo sales and prices have looked stronger this year in neighborhoods like Lakeview and Lincoln Park, Lincoln Square may remain flat for another year possibly dead on with last year's sales and median price.

More Lincoln Square Posts HERE

The thrill of house hunting

I took this photo with clients over the summer while looking for homes in Wilmette.  It's always exciting going to see homes that prove very interesting. The clients and I shard a fondness for mid-century modern homes and the landscape aesthetic for the under $400K price in Wilmette was really terrific.  This house on Crawford offered a lot of promise.  However, they ultimately stayed in the city and bought this custom house beauty in Peterson Park below.

Both of the homes offered layouts that were a bit surprising and very cool!  Both were on great blocks with good schools.