How scary are Gold Coast home sales this year?

Looks cute then you look up! All photos Eric Rojas, Broker, Kale Realty

This one creeped out the kids!

Some pretty with the scary.

We've spent a lot of time in Gold Coast with clients and family activities over the past month. Gold Coast residents enjoy scaring you around Halloween time.  But are they enjoying real estate sales in the neighborhood?  Let's find out!

Sales numbers from the above above shaded area in the Gold Coast neighborhood. (Excludes Chicago Avenue and La Salle Blvd not considered in the neighborhood boundaries)

Gold Coast Single family home sales (including row homes) January 1st to October 26th, 2018

My kids really liked the animatronic dinosaur!

Fifteen single family homes have sold this year in Gold Coast for a median price of about $2,250,000.  The highest priced sold home is 1440 N Dearborn Parkway, Chicago IL 60610 for $4,625,000. The lowest priced home to sell is 57 West Burton, Chicago IL 60610 for $1,083,000.

In 2017, fourteen single family homes sold with a median price around $2,000,000.  However, the highest home sold for $7,500,000.  Go back five years to 2013 and seventeen homes sold over the same period with a median price right around $2,000,000.  Despite the very unique high-end properties of this neighborhood the median price remained fairly consistent over the last five year real estate run up in Chicago Near North and North Sides.

Snap shot:
2018, fifteen homes sold with a median price of $2,250,000
2017, fourteen homes sold with a median price about $2,000,000
2016, sixteen homes sold with a median price about $2,030,000
2015, eight homes sold with a median price about $2,100,000
2014, nineteen homes sold with a median price about $2,600,000 (most homes sold and highest median in past five years)
2013, seventeen homes sold with a median price about $2,000,000

Gold Coast condo sales this year

"Backyard" view of the Gold Coast from a hallway window at Latin School.

894 condo units have sold so far this year with a median price of $390,000. Wow, seems like a lot of units sold!  It is!  Over 100 units more sold than in the same period 2017.  The highest sold unit so far in 2018 is the eye-popping $12,100,000 at 9 West Walton. Oh, and it is raw unfinished space.  The lowest sold condo is 201 East Delaware Place Unit 908 for $99,995. The hotel condo unit was bought cash.  $99K to $12 million in the same neighborhood this year.

In 2017 over the same period 784 units sold with a median price of $377,900.
2016, 803 units sold for a median price of $420,000.
2015, 777 units sold with a median price about $390,000
I'd give some more years but my Internet is acting up and I need to move on with other work today!

We don't see the wild price run up in Gold Coast from five years ago to the current year.  I think this is consistent with most areas (city or suburb) that feature really high-end, unique properties. 

Beautiful Gold Coast row house.

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 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 

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Gold Coast single family home sales 2014: Many available, bring at least $2 million

Walking along North Dearborn in Gold Coast last weekend (Photo Eric Rojas, Broker, Kale Realty)

The Gold Coast is a unique treasure of a neighborhood not only in Chicago but nation wide (in my opinion). Views, architecture, upscale retail, dining, iconic bars, beaches and people watching all tucked into a bustling lakefront location is worth the purchase price.  Or... at least worth a visit from current Chicagoans and tourists.

Gold Coast Single Family Home Sales 2014 (including row houses)

7 Gold Coast single family homes have closed in 2014.  This is a pretty good number of transactions for the relatively small number of available homes in the neighborhood.

The highest sale just closed in May for $5,875,000 at coveted 1207 N Astor Street (asking price).  The classic estate on a 27 wide lot was bought in 2010 for $3,750,00 and has been fully renovated.

The lowest single family dwelling sale this year in Gold Coast is 1234 N State Street for $1,750,000.  The surprisingly spacious "1886" row house was advertised as needing updates and modernization.

YOU ARE HERE Mariano Park (photo Eric Rojas, Broker, Kale Realty)

For sale and under contract
A surprisingly large number of Gold Coast single family home dwellings are offered for sale.  27 homes are currently marketed for sale from $1,699,000 to $15,000,000.  Yes, 15 million.  Only four offerings are priced under $2 million.

The hot Chicago single family home market on the North Side and retiring Baby Boomer generation may have a lot to do with the good number of Gold Coast listings.

Yet, only two homes are currently under contract.  59 West Schiller is under contract listed at $2,800,000 and 43 E Division is under contract listed at $4,500,000.

All stats gathered from MREDLLC.com and interpreted by Eric Rojas, Broker, Kale Realty

New house, new Bentley SUV in Gold Coast

It has been a fairly long road for 25 East Cedar in Gold Coast

Lest we not forget this is the Gold Coast.  During condo showings over the weekend we checked out progress on the new construction home at 25 East Cedar.  We've been following this property for almost six years or so.  The rare new construction single family home looks like it is close to completion. In the last 4 years only a few "newer" construction single family homes have sold in the Gold Coast market.  Those were built in 1985, 2009 and 2010. 

Although there may be another one or two new private builds out there over the past 4 years it is no doubt elusive in Gold Coast.  Overall, about 78 single family residences have sold in Gold Coast over the past four years with a median price around $2.3 million.

Bentley Gold Coast at 834 N Rush Street, Chicago IL 60611

We then passed by the Bentley dealership to see the newest, "most expensive" SUV in the world being delivered. The Bentley Bentayga just rolled in and we stopped the sales representative for a look.  The starting price tag is $229,000.  The Bentayga is already sold out for the year and this one is spoken for.

Love that red interior.

4 East Elm: No units available at unique Gold Coast new construction development

4 East Elm, Chicago IL 60611. We really like this addition to the Gold Coast (All photo Bob DePalma/ Eric Rojas, Kale Realty)

4 East Elm is one of the more exciting and unique residential developments the Gold Coast has seen in years. The sold out building has the rare instance of no available units for sale or rent at the moment (at least publicly). The boutique new construction tower is advertised as 35 half or full-floor units. 34 units are shown as sold or rented on our MLS MREDLLC.com (no 35th unit is listed for sale so there may have been a combined unit).  

The median price of a sold unit in 4 East Elm is about $3,200,000. 

The median price of a condo sale in the Gold Coast is $320,000! Of course, many of those are one bedrooms in older high-rise buildings.

4 East Elm jazzed up a rather blah corner of Elm and State in the Gold Coast.

Curious vacant buildings in prime Oak Street, Gold Coast location

It was a little surprising to see these three contiguous vintage buildings still vacant at approximately 108 West Oak to 112 West Oak Street just a couple blocks west of the recent $14 million dollar Starbuck's building sale. The two furthest east properties have Quality Excavation signs posted. The parcels are zoned C2-5 for mixed use commercial and residential. Photo Bob DePalma and Eric Rojas, Brokers, Kale Realty

We just read a story in Crain's Chicago Business this week that the flagship Starbuck's property on 1003 N Rush Street, Chicago IL 60611 at Oak Street in Gold Coast sold for $14 million last month.  Then we walked by these properties (pictured above and below) on West Oak Street and noticed the green Quality Excavation signs on the two furthest two properties to the east. 

"Oak 112" at 112 West Oak Street, Chicago IL 60611 (furthest left) was operating as a bed and breakfast/ guesthouse up until June of 2014 according to their web site.  The 112 West Oak property sold for $1,500,000 according to public records recorded in January 2014 (off the MLS).  Photo Bob DePalma, Eric Rojas, Brokers Kale Realty.

The really cool Chicago Cityscape web site shows vacant building violations at 108 W Oak Street from 2009  and vacant building violations at 110 West Oak Street from 2012. 

There is little information in general about 112 West Oak Street as a business.  Lonely Planet did a short recommendation for the guest house.  However, the property was listed for sale several times on the MLS from about 2011 to 2012 for about $1.7 million.  The property was recorded as sold in January 2014 for $1.5 million to a family trust here in Chicago.

Looks like the end is near for this original Gold Coast row house at 108 W Oak Street.  Development and noteworthy real estate transactions have really ratcheted up in the past 12 months.  The properties from 108 to 112 West Oak are zoned C2-5. Photo Bob DePalma and Eric Rojas, Brokers, Kale Realty

• Zone: C2-5, Commercial / Mixed-Use
• Shopping centers. Allows more business types than B1 districts, including liquor stores, warehouses, and auto shops. Apartment allowed above the ground floor. secondcityzoning.org

The 112 West Oak purchase at $1,500,000 looks like a great buy.  The $14 million Starbucks building sale (pictured below) is reported at $3,191 per square foot.  That's some expensive space you're taking up with your lap top.

Starbucks at 1003 N Rush Street in the Gold Coast. Bob DePalma and Eric Rojas, Brokers, Kale Realty

The three contiguous parcels have flexible zoning and are prime for development. What will the venerable Gold Coast get next?

Update! New Gold Coast construction on "former Frank Lloyd Wright" plot

Nice location (Photo Bob DePalma)

Bob snapped a couple update photos of 25 East Cedar... the infamous Gold Coast tear down property that was linked to Frank Lloyd Wright.  A new single family residence is being built in this more than prime location (super prime for us anyway).

A rare, new construction and totally detached Gold Coast single family home being built at 25 East Cedar.  The property was acquired and closed for $1.5 million in January 2011. (Photo Bob DePalma)

 New construction in Gold Coast is rare and inherently interesting to us.  It's probably the most desirable ($$$) and best know neighborhood in Chicago. This new house, for better or worse, will be one for the ages.

More Gold Coast HERE

Gold Coast two bedroom condo sales up 41% for 2012

We are looking for a modest Gold Coast apartment for a client.  How have two bedroom condo sales fared this year in this most distinct neighborhood? We look at the neighborhood boundaries of North Avenue to Oak Street and LaSalle Street to the lake.

Image and search boundary of Gold Coast created from MREDLLC.com (Eric Rojas)

TOTAL two bedroom condo sales:
181 total condos have sold and closed in the Gold Coast neighborhood thus far in 2012 (January 1st-December 19th) with a median price of about $385,000.  Unit sales are up 41% over the 128 sold in all of 2011. 23 units are currently under contract so we should see the total closed number inch up prior to the end of the year.

Photo Eric Rojas, Broker

Two bedroom , one bath condo sales:
In 2012, only 11 two bedroom, one bath condos closed thus far (December 19th).  The median price was an affordable $182,000... with an average assessment of about $550 a month covering various degrees of amenity and maintenance. One unit, a co-op with $900.00/month assessment (includes monthly taxes), included parking.

Two bedroom, two bath condo sales:
In 2012, we've seen  about 133 two bedroom, two bathroom condos sold.  A more popular, and, expensive option at a median price of $400,000.  Assessments range from about $500.00 to "how much you got?"  The units vary greatly in age, amenity, finish, size, parking options and assessment in this smallish market area dense with many mid-rise and high-rise buildings.

Of the 133 sold units, only 9 were $200,000 or less.  Most of those were short sale, foreclosure or garden units and not in good shape. Several were cash only deals.

More Gold Coast HERE

Photo update! House on former Frank Llyod Wright residence in Gold Coast still under construction

Single family home construction at 25 East Cedar in Gold Coast taken last week, November 25th, 2014.  Bob DePalma, Broker, Kale Realty

We've photographed this property and watched the construction at 25 East Cedar in Gold Coast for some time.

It's rare to have new construction single family homes in Gold Coast among the historic row houses. That the original property that stood here has had a little bit of a controversial past (including the new construction next door to the west) has added to the interest in this home.  The purchase and tear down process started in 2011.

Check out recent posts on home sales in Gold Coast.

Photo: Gutted Esquire Theater in Gold Coast

We snapped this shot of the interior construction at the old Esquire Theater on Oak Street in the Gold Coast neighborhood yesterday.

Interior construction at the Esquire Theater building Gold Coast: Photo Eric Rojas, Realtor and Broker

Prime real estate, the property was subject to some preservation controversy surrounding it's facade and trademark signage.

Esquire facade looking east down Oak Street

We took this photo below last year when demolition began...one our favorite shots of 2010.

"Now Playing" at Esquire.  Photo Bob DePalma, Realtor and Broker

View more around Gold Coast here!

Views, sales at 2 East Oak in Gold Coast

We had some business at the hopping 2 East Oak in the terrific Gold Coast location last month. Here's a view from a high floor in the "04" tier on a beautiful morning in late April.

The approximately 304 unit building built in 1969 has primarily one bedroom and studio units.  However, there are a spattering of two bedroom homes (one 2 beds, 2 baths unit sold in 2010 for $380,000).  Assessment for the one bedrooms units range from $450-$500 and include heat, AC, 24 hour doorman, refinished fitness area, party room, roof top pool and bathrooms (at pool deck level). The pool deck is adequate...the views are GREAT.


In the last 12 months about 6 one bedroom condos have sold or are currently under contract with prices ranging from $150,000s to the $190,000s.  There are quite a few rental units in the building.  The one bedroom rentals range from $1,200 for a dated finish level to $1,650 a month for a renovated unit.  A penthouse two bedroom rented in the last 12 months for $2,700 a month. 34 units were shown as rented on our MLS alone for the last 12 months (several units are also rented off the MLS).


As we speak, about 5 units are for sale on our MLS in 2 East Oak ranging from $109,900 to $229,000.

Mariano Park at Bellevue between Rush and State Streets

I always try to sit and have a coffee in Mariano Park prior to early morning appointments around Gold Coast. The park offers a top notch people watching opportunity in the evening hours.

View of the park below, Rush and State Streets from 2 East Oak

More Gold Coast posts HERE

The Original Pancake House survives in Gold Coast

We took this photo on the weird hot Wednesday morning this week.  Patio season in October!

Most native Chicagoans pine for old places they have gone to all their life.  It's so great to have something that never changes and plants you firmly in your city.  The Original Pancake House at tony 22 East Bellevue survives among swanky updates to the neighborhood since 1976. There are still lifer "real people" in Gold Coast and you can find them here! As we get older we make sure to stop in favorites around the city while doing business in great neighborhoods.

Talk about good real estate... About 36 condos have sold on East Bellevue over the last two years within a block of The Original Pancake House.  The median price for a condo is about $524,000 and the highest priced condo sold over 24 months is $2,850,000.   Three single family homes have sold within a block over the same time period from $1.8M to $7.5M.  

60 East Scott in Gold Coast has a boutique building feel near the lake. We loved listing and selling a unit here. 

We've sold many Gold Coast and Near North condos.  Contact us and we'll meet you at The Original Pancake House before showings!

Is Gold Coast's Mariano Park in danger? You can act now.

Mariano Park in Gold Coast a few summers ago (Photo Eric Rojas, Broker, Kale Realty)

A Curbed Chicago story today alerted me to trouble at tiny Gold Coast Mariano Park.
It appears the Chicago Park District has been seeking bids for the concession space at the park that could alter the entire park itself. Respected neighbor and business Whispers Coffee and Tea (1031 N State St, Chicago, IL 60610) lease is reported as up in November.

Lynn Becker has the goods on the whole story.

Mariano Park seen from the 2 East Oak building (photo Eric Rojas, Broker, Kale Realty)

We've written about the park previously as a great little open space to enjoy the surrounding bustle of tony Gold Coast shopping, restaurants, bars, tourists and locals. If you'd like to keep Mariano Park looking like it does today check out Save Mariano Park website and contact your local city officials, the Mayors office and share this.

Pumpkins make the scene in Gold Coast

Photos Eric Rojas and Bob DePalma, Real Estate Brokers

This classy gathering of pumpkins do a little people watching on North State Parkway in Gold Coast.  You can too with condo homes on the 1200-1400 blocks ranging from about $100,000 for a vintage studio to $3 million for a luxury 4000 sq/ft sprawling flat at the iconic Ambassador condo building at 1300 N State Parkway.


If you are looking for Gold Coast condos with or without pumpkins (whatever you want), call us.
More Gold Coast information, photos, properties here

Former Le Colonial property in Gold Coast torn down

 

937 N Rush Street was torn down last week. Modern two story retail is to be built in its place. All photos Eric Rojas, Broker, Kale Realty unless otherwise noted. 

An older, quirky two-story retail building at 937 N Rush Street in Gold Coast has been torn down. The former home of Le Colonial had some interesting history... not to mention mechanics liens I noticed.  I did not see a recent or near recent sale price documented with the Recorder of Deeds. It appears to be a redevelopment by the long time owner/ landlord. 

The original property at 937 N Rush St. Google.com image.

The beat goes on in Gold Coast despite this year's pressure on commercial spaces due to coronavirus outbreaks. It remains to be seen how premium locations like Gold Coast will be affected into the next two years. The residential real estate market near the Loop has softened.  This is directly due to in-town owners and tenants opting out of downtown due to COVID19 and civil unrest in response to social justice issues.  Commercial retail locations near downtown in return have little foot traffic and operational restrictions. 

This perennial top shelf location supported by luxury condos and apartment dwellers is seeing a double whammy this year due to our new COVID19 realities and civil unrest. 

Gold Coast condo says "No fat cats!"

Gold Coast condo associations and co-op boards may have interesting rules

I was just looking through Gold Coast apartments for sale with a client.  One listing made clear no dogs,  but "Cats allowed, weight limit".  How big does the cat have to be before there's trouble? Is there a condo association scale? We've often seen weight limits for dogs so I guess this is only fair!


More Gold Coast posts HERE

 

Gold Coast luxury rental: On Astor Street, the sky is the limit

We came across this main building at 1353 N Astor Street in the Gold Coast offering a one bedroom coach house rental for $4,000

Bob came across this one bedroom, one and one-half baths Astor Street coach house rental while working with clients this weekend. The asking rent for the unique furnished courtyard property is $4,000 a month. There is no information listed anywhere on the Internet...and probably none needed.

We find these homes while walking the neighborhoods with clients. Call Bob for a Gold Coast rental, purchase or sale 773-572-4402

PHOTO! Gold Coast Esquire Theater construction update

Photo by Bob "Gold Coast" DePalma, Real Estate Broker

Bob snapped this construction photo above today of the new look, new use Esquire Theater building on Oak Street in Chicago's Gold Coast.

Past Esquire construction photos and updates on the blog HERE