Black Gold! Single family home sales up 33% in Gold Coast and other fun facts

The Gold Coast may be Chicago's most know and searched neighborhood internationally.  Housing stock is both historic and eclectic.  There are simply relatively few Gold Coast single family dwellings in existence and I gather most homes are bought for the lifestyle over pure necessity. A typical year averages one home sale a month.

Gold Coast row home entrance. Photo Eric Rojas, Real Estate Broker - Kale Realty

I use the YoChicago.com defined boundaries for the Gold Coast.   Oak Street on the south, North Avenue on the North, North Clark Street on the west and  Lake Michigan on the east.  You can do worse when looking for information on codified and generally accepted neighborhood information than YoChicago.com.

Gold Coast Single Family Home Sales 2013

Gold Coast single family home unit sales were up 33% year over year.  20 single family homes (both row and totally detached homes) sold in 2013. The median price for the year was about $2.3 million.  15 homes sold in 2012 with a median about $2.3 million as well.

The highest priced sale was a fairly astounding $7.125 million cash for 1336 N State Street (that great street!).  The 1914 home with fourteen rooms is completely detached, has corner exposure while totally renovated and restored to the highest quality.  It's the 4th highest sale price since 2007 and the 2nd highest sale price for a single lot home since 2007.

The lowest single family sale in 2013 was $970,000 cash for a late 1800s row house at 55 W Schiller.  The home was "untouched" since 1945 and in need of complete renovation and restoration.

Gold Cost row home entrance. Photo Eric Rojas, Real Estate Broker, Kale Realty

Twelve of the twenty homes sold for over $2 million.  Six of the twenty homes were sold ALL CASH including the highest three sales for the year (totaling almost $14 million).

2013:  20 homes sold with a median of $2.3 million
2012:  15 homes sold with a median of $2.3 million
2011:  10 homes sold with a median of $3.7 million
2010:  10 homes sold with a median of $2.4 million
2009:    9 homes sold with a median of $2.1 million

More Gold Coast posts here

Stats gathered and analyzed by Eric Rojas from MREDLLC.com, our local MLS

Gold Coast new construction house wrapped for winter: 25 East Cedar

After meeting a client we stopped for an update photo of the somewhat infamous 25 East Cedar new construction location (once tied to Frank Lloyd Wright).

25 East Cedar is a rare new Gold Coast construction house.  All wrapped up in plastic and not ready for the reveal.

 

What a location! 

 

Schuba's Harmony Grill for a "North Sider" business lunch in Lakeview

I took Nick Patterson Broker/ Owner of Kale Realty and another broker out for lunch at Harmony Grill in Lakeview.  A friend and long time broker in the business is looking for a change.  I thought a lunch introducing Kale Realty as a brokerage model would be a good idea to convince him to work with us.

The atmosphere at Harmony Grill fits our Kale brokerage style.  Unpretentious, good service and good product. Plus, great music. Brokers and clients interested in working with Kale will find a company with great options.  Bob and I have enjoyed excellent support at Kale and freedom to serve our client base as we need.

Contact Bob and I for for buyer and seller options.  If you are looking for a brokerage to work at that won't kill you with fees and big splits contact me for questions.

No, you can not buy that foreclosure: Home buying tips

Recently a neighbor asked me if I knew about a foreclosure on our street.  She saw something on the "Internet" about a foreclosure but there was no address given (unless she paid money to see the list).  This is a question I get a lot.  Similar questions are "Where are all the foreclosures?", "This site says there are 15 foreclosures in my area.  What are the addresses and how do I buy them?".

The majority of foreclosure houses are listed on the MLS just like any other property. There is no secret place for the average buyer to purchase foreclosure properties (REO or bank owned). Photo Eric Rojas, Real Estate Broker, Kale Realty

Here's an email I sent to my neighbor answering these questions in general. This is my personal experience buying foreclosed properties with clients. I'm not a "how to buy foreclosures expert", but I think it covers the experience of the average Joe or Jane buyer trying to buy a house.


I wrote:

"Foreclosure actions are public record.  You probably saw this on a third party web site like Zillow or Trulia that requires you to pay a subscription (for RealtyTrac) to see actual addresses.  RealtyTrac  aggregates public foreclosure filings and makes them easy to read (these are homes that are in LEGAL foreclosure process but the bank has not taken legal possession).  You can't buy these types of houses unless they are for sale on the market and the lender will allow a sale (short sale).

To find the address of the property you'd have to pay for a service or go to the Cook County Recorder of Deeds and look up every address on our street to find the Lis Pending Foreclosure filing.  It could be one of the condos or a house on our street.  The record advertised by the "Internet" could also be the foreclosure building that already sold last year at the end of our street ($390K cash that will be converted to  a single family home). 

When a home goes into foreclosure, it could take a couple years before the judicial sale.  Then, the bank would have to list the property with a broker for the public to buy.  You can't go direct to the bank and say "I want to buy a foreclosed property from you".  You could do that, but they won't sell it to you.  Most completed foreclosures are sold either bulk to investment groups, by public auction with public notice or they hire a broker like me to sell it.  Some brokers have a relationship with Bank REO departments, so they list and sell many foreclosures as a business model.

For me and you, the only way to buy a foreclosed property is either at public auction or when it lists on the MLS like most properties."

If you are looking for a house to buy in Chicago, please contact us.  It may well be a foreclosure or short-sale that you offer on.  There is no secret place these properties exist.  However, you may need us to act quickly on listed properties and to help confidently maneuver the purchase process. Ask our clients how we have kept them in deal and helped them reach their goals.

State Street bridge on ice, Downtown condo sales warmer

Chicago's State Street bridge (Bataan-Corregidor Memorial Bridge) Photo Robert DePalma, Kale Realty

It looks cold... and it is. The snow and cold have kept downtown a little quite and relatively easy for us to get around for business and pleasure.  However, we're over the weather.

53 condo units closed in January 2014 with a median price of $292,000 (plus the high-rise size assessments).  Those January unit sales numbers are the best since 2010 when Legacy and Aqua were closing new construction units.

January 2013, 45 units closed with a median price of about $260,000.
January 2012, 35 units closed with a median price of about $247,000.
January 2011, only 25 condo units closed with a median price of about $300,000.
January 2010, 76 closed units with a median price of about $560,000.

 

Lincoln Park condo sales January 2014, median price up 30%

1122 W Fullerton in Lincoln Park (Photo, Rober DePalma)

This vacant lot at 1112 W Fullerton in Lincoln Park housed a sunflower garden for years before being sold this past August 8, 2013 for $652,500.  Now the site of a 3 unit building. Top floor three bedrooms, two baths unit is PENDING (under contract) with a list price of $749,900.

New construction was the story of 2012 and 2013. In my experience, new construction units had little problem selling at a premium over re-sale comparable units that were maybe 5-10 years older.

Walk out your door on Fullerton get into costume and grab a beef at Branko's!

Lincoln Park Condo Sales January 2014

2013 was a big year for condo sales in most North Side neighborhoods. January this year is on par with unit closings keeping the busy trend going into 2014.  Lincoln Park median price is up over $100,000 over January 2012.

53 condos closed last month in Lincoln Park with a median closing price of about $495,000.  52 condos closed in January 2012 with a median price of about $379,000.

The higher median price is a product of higher-end new construction units closing (like Lincoln Park 2550 and Row 2750) and higher-end existing condo owners getting into the very active housing market later in 2013.   Only twelve units closed under $300,000 in January.  Of those twelve units under $300,000, seven were in high-rise buildings with high-rise assessments.

Chicago Winter

Morning commute.

DePaul campus Dominick's space in Lincoln Park will be Whole Foods

A few of the Dominick's store closings hit us hard.  The one walkable from my house hurt the most.  However, Bob would frequent this DePaul Dominick's at Fullerton and Sheffield from his old house and more recently while taking the train on business. The Lincoln Park location near the Fullerton "L" stop came in handy while crossing the city.



Bob DePalma took this photo today at Fullerton and Sheffield.  The former Dominick's grocery store served the DePaul students and local residents.  No other grocery store options are easily walkable.

DNAInfo Lincoln Park along with many outlets reported this week Whole Foods will be taking over the space.  Projected opening will not be until 2015.  This is good news for real estate brokers as well.  A Whole Foods in this popular location for our condo buyers and sellers will be great buzz for the neighborhood.

Hot Andersonville and Lincoln Square spur busy Foster Avenue sales

1615 W Foster is a foreclosed two-flat now under contract asking $207,000.  The property located very close to the Andersonville dining scene.  The property went under contract quickly and will make a great development or rehab if bought anywhere under $300,000. All photos Eric Rojas Real Estate Broker, Kale Realty

Real estate activity on West Foster Avenue from North Broadway Avenue to North Lincoln Avenue near the Lincoln Square and Andersonville neighborhoods exploded in 2013.  West Foster is busy street.  There are sections that have a lot of condo development and some sections where the residential properties need a lot of help.  The stretch is mixed with single family houses, condos, two-flats, park land, schools and some strip retail.

Buyers have turned to West Foster Avenue to purchase near Andersonville and Lincoln Square city centers for a discount.  Prices and sales spiked in 2013 between North Lincoln Avenue on the west and North Broadway on the east near the lake.(Image created from MREDLLC.com)

53 properties have sold and closed in the last 12 months on Foster Avenue from North Broadway (1200 West) to North Lincoln Avenue (2500 West).   That's a stretch of 13 blocks or about 1.75 miles.  The previous 12 month period saw only 24 property sales on the same stretch.

Single family houses
Three single family homes sold along this stretch in the last 12 months.  The lowest sale was 2234 W Foster for $190,000 cash in multiple offers.  The house was a foreclosure sale needing complete renovation or tear down.  The highest sale in the last 12 months was 1643 W Foster for $539,000.  The three bedrooms, two full and one-half baths home was nicely renovated and sold quickly. A gut renovated house sold for $640,000 at 1912 W Foster in 2012.

The recently closed Trumbull Elementary sits on the corner of Foster and Ashland.  It is a highly desirable property for redevelopment. Photo Eric Rojas, Real Estate Broker with Kale Realty.

Two- four flat multi-unit buildings
6 two or three flat  properties sold over the last 12 months (no four unit buildings sold). There are many two-four flats that line West Foster from North Clark Street to North Broadway.  The highest sale was a remodeled grey stone three flat at 1315 West Foster closed for $740,000.  The lowest multi-unit sale was 1627 West Foster for $313,000.  The frame two-flat was in okay shape and the units rented for about $1,250 each.  It was bought at a good price to renovate and make a nice home.

Condo sales
Condo sales took off on this stretch.  Prices bounced back allowing many condo owners looking to move up or move out to sell their homes.  One seller I knew received a great price and moved to Florida before this winter!

43 condos sold and closed along this stretch over the last 12 months with a median price of about $275,000.  The highest priced condo sold was 1709 W Foster for $539,000.  The luxury duplex-down with garage parking was originally listed at $579,000.

The lowest condo sale was a garden condo at 1732 West Foster for $127,500.  That was a pretty high sales price for a short-sale two bedrooms, one bath with parking space included.

 

The hordes are coming to Ravenswood!

Ravenswood Terrace and it's 150 units (gasp!) loom over the Metra tracks. 
Photo Eric Rojas - Real Estate Broker, Kale Realty. 
Taken from North Ravenswood Avenue looking southwest.

 Watch a video description of the Ravenswood Terrace apartment development here.  Recently, neighbors voted NO for a two-way West Argyle Street between North Damen and North Wolcott to amke access to the new apartments a little easier (in theory).  Local neighbors believed Argyle would not be able to accommodate two-way traffic and the two blocks would be a cut-through for retail or a flat out jam.

There are at least 200 new apartment and condo units being completed in the next 12 months within a couple blocks of the new Mariano's and LA Fitness development in the Sears parking lot.  I think it's great for local business and vitality of the neighborhood. There is no doubt Ravenswood has seen a development and infrastructure boom in the past two years.