Possible record year for Logan Square house sales (median price $875,000)

 

Waiting in line early this month to view a Logan Square open house (all photos Eric Rojas, Broker, Kale Realty).

Our clients recently secured a single family home purchase is Logan Square. They previously lost three competitive bids to buy a house.  The last Logan Square house they bid on had 15 offers over the weekend!  This is a familiar story this season. We stuck with it and worked hard every day! Our clients are closing on a house just steps from popular Logan Square restaurants, shops, bars and the CTA Blue Line.

Let's take a look at Logan Square single family home sales this year and compare that to the last few years.

A community garden on North Whipple near Palmer Square Park

The Logan Square Community Area is diverse in neighborhoods and housing options. The area includes the historic boulevard , parts of tony Bucktown and the Palmer Square neighborhood. Home values can vary throughout community area but the whole of Logan Square has been hot! Unit sales and median price may be all time highs.

The year to year median price of a closed single family house from January 1st to may 28th is the highest in Logan Square's history ($875,000) that I can tell. The median price over the same period in the last "peak market" of 2007/2008 was $680,000.

Logan Square Single Family Home Sales Jan 1st to May 28th, 2021

116 single family homes have closed so far this year.  The median price of a closed house is about $875,000. Only 83 "pandemic" affected homes had sold Jan 1st to May 28th in 2020 with a median price of $780,000. 2021 median price is up over $100K over same period in 2017!

2021: 116 homes sold with a median price of $875,000

2020: 83 homes sold with a median price of $780,000

2019: 89 single family homes sold with a median price of  $738,000

2018: 101 single family homes sold with a median price of  $820,000

2017: 98 single family homes sold with a median price of  $725,000

Please reach out to us to purchase or sell a property in this exciting market. The prevailing mortgage interest rates have made owning your home or investment property more affordable than most realize. 

Logan Square single family home sales near "The 606", median price up 76% since 2012

A bike commuter enjoys a snow cleared ride east bound on The 606 last Friday morning (all photos Eric Rojas, Broker, Kale Realty)

We have an upcoming Logan Square single family home listing just one door over from "The 606",  AKA Bloomingdale Trail. The Logan Square portion of the trail is surrounded by old and new cool spots to eat and drink. The housing stock is diverse with original frame and brick workers cottages mixed in with new construction houses and condos. Relatively affordable apartments and condos offered to the market remain but are becoming more elusive.

Here's a quick video of the Bloomingdale Trail  near our listing I took last Friday morning.

Many blocks remain majority older structures while new construction is in high demand. Developers are knocking doors everyday to acquire land to build.  More condo units and apartments are in fact being built on the arterial streets of Armitage and Milwaukee Avenues bringing more likely trail users and diners to the neighborhood.



A modern new build nestled between original workers cottages along The 606 in Logan Square.

I looked at sales a couple blocks north or south along The 606 (and west of Western) to help our client price their single family home for the market.

Logan Square home sales near "The 606" Bloomingdale Trail
About 48 single family homes sold within two blocks north or south of the Bloomingdale Trail in the Logan Square Community area in all of 2017.  The median price of those sold homes over 2017 was $697,500.

The highest sale by far was 2436 W Bloomingdale, Chicago IL 60647 for $2,390,000. The custom double lot modern loft home near the Bucktown neighborhood lives like a modern high-end art gallery.  The lowest single family home sale over 2017 was 1838 N Spaulding for $335,000.  The small brick split-level was in nice shape. However, due to the great demand in the area the home has been renovated and back on the market for $524,500!

Times have changed! Just five years ago and prior to the The 606 the market and prices were much different. In 2012 we were about to start climbing out of the 2008 financial meltdown. 31 single family homes closed in the same sales area with a median price of about $395,000. You could buy just about anything in Logan Square during 2011-2012 years and have big equity today.

Please contact us to find off-market, pre-MLS and newly listed homes or to sell your property this year.

Logan Square single family homes, median price and unit sales slip year to year

Logan Square single family home housing stock ranges from modern to vintage with converted churches and warehouses to boot. The CTA Blue Line, hot restaurants, bars and shops have fueled the rising prices. (All photos Eric Rojas, Broker, Kale Realty).

We recently went under contract on a high-end Logan Square single family home that will be closing next week. Our Wicker Park transplant found more value in houses in Logan Square than her current location. Here's a quick look at sales in popular Logan Square.

Logan Square single family home sales January 1st to September 6th, 2019
169 Logan Square single family homes sold from January 1st to September 6th this year.  The median price is about $745,000.

199 single family homes sold over the same period of 2018 with a median price of about $825,000.  We have seen a slip of unit sales over several North Side neighborhoods, however, median prices have held steady or gone up. We see a small slip in both unit sales and median price in Logan Square year to year.  Compare that with a median price of $515,000 is 2013!

Logan Square prices may have plateaued a little due to the quickly rising land prices and push back on development from neighborhood groups and political trends.


Check out our other Logan Square posts HERE

Logan Square single family home sales 2013: Units up 17%, median up over $100K

We were in Logan Square's "Boulevard District" this morning meeting contractors and clients on a couple of home sale listings we have coming up.

Attractive homes on the 2500 block of North Fairfield just off Logan Boulevard in Logan Square. Even in this hot market only one house came up for sale on the two blocks of popular North Fairfield between Fullerton and the Boulevard.  2522 N Fairfield sold quickly for $660,000. Two 2-flat buildings sold on the blocks for about $350,000 each.  Both needed gut rehab or tear down. (Photo from this morning, Eric Rojas, Real Estate Broker)

227 single family homes have been recorded as sold in the MLS this year (up to December 6th).  Unit sales are up about 17% over the same period in 2012. 

The median price was about $515,000 for 2013, well over the $406,000 median price same period last year. Most of the homes in the top half of sales price were either in the Bucktown area of Logan Square or close to the Logan Boulevard area.

A home on the north side of Historic Logan Boulevard in Logan Square

2013 (227 closed) continued the upward trend of single family home unit sales over the last four years.  193 homes were closed in 2012.  173 homes were closed same period in 2011, 146 closed in 2010 and only 121 in 2009. Logan Square has followed the trend of several popular and more expensive north side neighborhoods by climbing in units sales and median price since the 2008 financial crash.

The trend is more than just a rebounding housing market.  Logan Square has definitely been "hot and not" in fits and starts over the years.  However, the combination of expanded number of eateries, established hip institutions, housing market heat and great neighborhood buzz in the media have made Logan Square officially hot again in 2013.

Logan Square single family home median price up 100% over ten years ago

Large traditional homes in Logan Square, Chicago

I recently met with clients at their Logan Square home. I worked with them as their buyer's agent during the the supercharged 2021 season. They asked me to come by and consult on home improvements and it's affect on re-sale value. I'm always eager to provide prospective to my clients before big decisions! 

Logan Square Home Sales

200 Logan Square single family homes were sold on the MLS from January 1st to November 22nd this year.  The median sales price is about $1,080,000. The median is slightly up from the same period last year ($1,012,000). It does mark two straight years Logan Square single family homes have hit the $1M median price mark.

In 2021 - when my clients bought their home - about 300 single family homes sold with a median price of $880,000. 

Over the same period in 2014 the median price of a single family home in Logan square was $529,000! In ten years the median price is up over 100%.

Eric Rojas, Chicago Real Estate Broker with Kale Realty

Over $100M sold! Have a question... ask Eric!

Kale Realty 2447 N Ashland, Chicago IL 60614 in Lincoln Park

Illinois Licensed Real Estate Broker No. 475.126105

Fair Housing Opportunity

erojas@kalerealty.com

PH: 773-510-1597

Happy New Year to Logan Square: Condo unit sales up 64%

Logan Square Community Area picked up the buzz in 2013.  Did it pick up in condo sales too?  We've been taking a very close look as our new condo listings are set to come on the market.

"Expanding Universe" by sculptor Eric Lindsey now sits on Logan Boulevard near our new listing at 2623 W Logan #1W (photo DEC 2013 Eric Rojas, Real Estate Broker) 

518 attached homes (condos and town houses) have been recorded as sold in our MLS in 2013 (January 1st to December 30th). That crushes the 314 units sold in all of 2012, up 64% year over year.  We still have one more day on Tuesday for closings to increase that total.

The median price for an attached home in Logan Square is around $315,000 for 2013 - up from roughly $243,000 in 2012.

Converted loft condos on North California just south of Milwaukee Ave.  This area near the Blue Line got real hot for bars, condos and modern  new single family homes.

The Bucktown portion of the Logan Square Community area rang up the highest priced closed attached homes at 2138 N Damen.  The three unit new construction boutique building had sales from $1,050,000 to $1,100,000 closed in October. 

51 attached units sold for over $500,000 in all of Logan Square in 2013.  Most of these sales were in the Bucktown region (east of Western Ave and south of Fullerton).

143 attached units sold in the $250,000 to $350,000 price range.  The majority of these were located in the Logan Square and Palmer Square neighborhoods near Blue Line trains, good bus transportation and the hot bars and shops.

Is Logan Square real estate still hot?

Check out this Logan Square single family home we sold this year!



Dennis Rodkin in Crain's Real Estate takes note of the hot Logan Square, Chicago housing market despite other North Side neighborhoods cooling off a bit.  Bottom line, Logan Square single family home median price is up 19% over same period last year.  

Higher median prices in Logan Square are partly attributed to the opening of The 606 trail and parks and the consequential new construction that has followed.

Check out some crazy sales numbers we looked at from earlier in the year here.

We've been working and studying Logan Square sales for years.

A slice of Logan Square with river views

Great views from the river-walk at the "River's Edge" development near the Western and Diversey intersection in Logan Square.

I had some business in the "River's Edge"development community in the far northeast corner of the Logan Square. The row house and condo development has been there for some time tucked in between the Western/ Diversey corner and the river. There is a great courtyard feel on the 2800 Block of North Bell that feeds into a river walk. Coming off of Western or Diversey it doesn't seem like a desirable location. But once inside the development you feel like you have discovered a secret.

The river walk path looking north at the end of North Bell just north of West Diversey Avenue.

2800 block of North Bell Avenue looking south. The condo building and two sets of row homes form a private feeling courtyard. 

Row homes on the 2800 block of north Bell.

River walk path looking south.

Although I have been in this little pocket several times I was surprised by the new single home construction on my visit last week. A couple homes are completed with a few more coming. A new row home development was completed and sold out in 2018.

A completed home and one in progress along the river at what is West Wolfram and North Bell.

Another completed single family home has a unique and spectacular position along the river walk. What an awesome deck to sit out on! There looks to be room for two more single family homes next to this one for about five total.

Condo and row home sales

56 condos and row homes have sold over the last twelve months in the mapped area below (attached units along the river walk pocket). The median price of a closed unit is about $390,000.  The highest sold attached unit is 2823 N Oakley Unit A for $754,000.  This beautiful four bedrooms row home has fantastic river views.  The lowest priced sold unit is 2317 West Wolfram Unit 413 closed at $237,000. The top floor soft loft has one bedroom, one bathroom, garage parking and it's an elevator building!

We have several Logan Square properties were either listed, coming soon or under contract with our buyers. Call us today if you are looking to buy or sell on the north side!

Chasing the CTA Blue Line: Avondale home sales trending up

I spent some of the weekend looking at homes near the CTA Blue Line in the Irving Park and Avondale neighborhoods.

Our single family home buyers typically look for locations close to public transportation and in good school districts. The later can be somewhat subjective but the the former is pretty simple. They want to walk to the train.  We often follow the CTA Blue Line train heading northwest to find a home that meets our client budgets.

Bucktown/ Wicker Park have been popular for a long time and come in on the higher-end range.  Logan Square has exploded with hot bars, restaurants and residential development over the past five years. Now Irving Park and Avondale neighborhoods are meeting the demand for relatively affordable houses along transportation (and near some cool bars too).  Prices and development are up trending up.

Avondale single family home sales
130 single family homes closed in the Avondale neighborhood in 2016.  The median price over the year was about $450,000.  There were many new construction home sales.  The highest sale was a 2016 build at 2834 N Richmond St, Chicago, Illinois 60618 for $885,000. 

• 117 Avondale single family homes closed over 2015 with a median price of only $365,000.  
• In 2014, 109 houses sold with a median price of $345,000.

Affordable single family homes in parts of Avondale can still be found within walking distance to Logan Boulevard and trendy restaurants.

The more pricey Avondale location for houses tends to be between the Belmont CTA station (soon to get a $15 million overhaul) and the Logan Square station and east of North Central Park.  Homes are now commonly bought up for gut renovation or complete new construction in hot beds of Avondale.


 

Sold! Logan Square condo sales (median price takes a jump)

We closed another Logan Square condo sale this week at 2409 N Sawyer. Our seller client took our advice and fully painted the one bedroom unit prior to listing. It showed great and sold in the first week despite a city-wide slowing market. Congrats to our client who has moved back home to Michigan.

Logan Square is a very active and diverse real estate market. 546 units have sold this year in (January 1st to October 30th). The median price of a sold condo is $411,000. The highest priced sold condo is 2040 N Damen Unit 2 Chicago, IL 60647 for $1,185,000.  The full floor penthouse unit with "2000 sq/ft custom deck" was built in 2014. The lowest priced sold condo is 1857 W Armitage 1R Chicago IL 60622 for $150,000. The one bedroom loft in a vintage building was a rare foreclosure sale in the the neighborhood.

Large new construction condo and rental developments have dominated the sometime controversial real estate market around Logan Square the last five years.

509 Logan Square condos closed over the same period of 2018 with a median price of $369,900
547 condos closed in 2017 with a median price of $375,000
544 condos sold in 2016 with a median price of  $360,000

Back in 2012 only 288 Logan Square condo units sold from Jan 1st to October 30th with a median price of $245,000.

Call us to buy and sell condos and houses in the Logan Square neighborhood!

Two-flat to four-flat sales in Logan Square (small multi-unit)

 

Two, three and four flat buildings line West Wrightwood Avenue in Logan Square (all photos Eric Rojas, Broker, Kale Realty)

A client of ours recently inquired about Logan Square two-flat. He's looking at it purely as an investment. A good number of multi-units still sold in 2023 despite the increase in mortgage interest rates.  One could argue in this time of inflation, higher mortgage interests rates and low inventory there will be more demand for apartments. A live-in owner can get a better location and expect high demand for their extra apartments.

In 2023, 86 two-flat units closed for a median price of $585,000. 28 three-flats sold with a median price of $667,000 and 16 four-flats sold with a median price of $1,040,000.

A total of 166 small multi-unit buildings (two-four units) sold in 2019
A total of 158 small multi-unit buildings (two-four units) sold in 2020
A total of 249 small multi-unit buildings (two-four units) sold in 2021
A total of 191 small multi-unit buildings (two-four units) sold in 2022
A total of 130 small multi-unit buildings (two-four units) sold in 2023

The stock of  small muti-unit buildings in Logan Square (two, three and four flats) continues to provide ownership options for Chicago home buyers and investors. Multi-unit properties can provide a lower entry purchase price and more flexibility than single family homes. Live in one unit and rent the other units. Live in and possibly run a vacation rental in another unit. Eventually move out after several years and rent the whole building. Add another unit if zoning or the recent ADU ordinance allow. 

There have been recent legislative initiatives to preserve small multi-unit buildings in parts of Logan Square. These ordinances act to stabilize multi-unit stock and ultimately put a small check on rising list prices. If looking for a bustling neighborhood with public transportation options a Logan Square multi-unit may fit the bill. 

Eric Rojas, Broker, Kale Realty

ericrojasbog.com - erojas@kalerealty.com

Eating hip, buying house in Logan Square no problem

Township at 2202 N California in hip, hip, hip Logan Square (photo Eric Rojas, Broker)

One of my main man contractors Jon Hill owner of Artistic Construction and I ducked into the newish Township restaurant, bar and music venue for lunch the other day after looking at houses for our client.  The food was good (Cod sandwich) and the people great...very art/ music oriented scene of course.  The nightlife is teeming at this California and Milwaukee intersection located close to the California Blue Line.

Home sales are very active within a couple blocks of our lunch spot.

There have been 25 sold (closed) single family homes in the last 12 months within a couple blocks radius of the California Blue Line stop bounded by North Western to North Kedzie and West Fullerton to West Armitage.  11 more homes are under contract.

The median price for a single family house sold or under contract in the last 12 months is $450,000.  The home sales are led by a half dozen or so modern new builds by the same developer. There are also sales of complete gut rehabs of traditional homes in the median price range $450,000 and under and a handful of houses sold under $250,000 that need substantial work.  There are move-in quality, smaller homes available in the $300s.

The potential of the this area went through the roof this year.  Homes bought from $100,000 to $175,000 have been rehabbed and re-sold for the mid $400s.  A well finished new construction house on a 33 wide lot at 2429 W Belden sold for $916,000.

Currently, there are 7 homes for sale in this area ranging from $240,000 to $950,000.

Portage Park single family home sales, median price up 87% since 2012

Earlier this month I walked a "punch list" for a new construction home buyer in Portage Park. Several items needed to be completed before appraisal and closing. Nine contiguous new construction homes have been built adjacent to a traditional Tudor common in the neighborhood. All photos Eric Rojas, Broker, Kale Realty

Many of our home buyers are finding themselves in Portage Park these days. And why not? Extremely low inventory and budget busting prices in the likes of Lakeview, Lincoln Square, Lincoln Park and Logan Square have buyers turning to Portage Park for relatively affordable new construction homes. The northwest Chicago neighborhood offers plenty of commercial retail conveniences, a several CTA Blue Line and Metra stations (to the east of the neighborhood) and quite tree-lined streets.

A former bank parking lot that took up the majority of the 4900 block of West Dakin has been transformed into nine new construction single family homes.

Portage Park single family home sales 2018

A robust 453 single family homes were recorded closed on MREDLLC.com over 2018 (does not include off market closings which probably puts this over 500 closings). The median price for 2018 was about $320,000.

Median price is up 37% from 2012 and 87% since 2012.  

The highest priced closed home was 4743 North London, Chicago IL 60630 at $679,000. The four bedrooms new construction home sits on a 25'x126' near the large Jefferson Memorial Park and the Jeff Park Metra.  The lowest priced house sold for $140,000 cash.  The traditional Chicago bungalow at 4544 North Laporte was thoroughly damaged by fire. Around 65 of the closed homes sold were new construction or gut rehabbed homes. 

Past Sales
In 2015,  411 single family homes closed for a median price of $240,000.
In 2102, 355 single family homes closed with a median price of only $175,000!

More posts on Portage Park HERE

Contact us to sell and buy homes in Portage Park and greater North Side Chicago and suburbs. We offer the most competitive full service broker commission rates for selling, pre-market opportunities for buying and 20 plus years of experience in real estate transactions. Don't get ripped off!

Belmont Cragin Chicago home sales see value and mulitple offers

Rows of smart bungalows and well kept lawns on the 4900 block of West George. My favorite part? Spotless street and neighbors out talking, smiling and waving.

You need house? Belmont Cragin got nice house under $300K. And it go fast! We are in our second multiple offer situation this month on "move in" quality brick homes. Let's take a look at neighborhood house sales and prices so far in 2017.

The Belmont Cragin neighborhood is basically North Cicero on the east, North Narragansett on the west, West Belmont Ave to the Metra's Milwaukee District/West tracks to the south. First time buyers from Wicker Park, Logan Square/ Hermosa neighborhoods are looking just west for an affordable, well conditioned house. Developers/ flippers are selling fully renovated one story bungalows in the $300s. Market prices are heating up as older neighbors sell dated but well kept homes.




Belmont Cragin home sales January 1st to May 12th.
107 houses have closed in 2017 so far. The median price of a sold single family house is $219,000. Median price is up $60,000 since 2014!  Many houses around the median price (and for a bit more) are brick homes in really good shape. Additionally homes listed around the median price usually sell in multiple offers.

130 houses sold over the same period last year with a median price of $212,000.
In 2015, 99 homes sold with a median price of only $185,000.
In 2014, 96 homes sold over the same period with a median price of $159,900.

The highest homes sale thus far in 2017 is 5337 W Barry Ave, Chicago, Illinois 60641 for $445,000.  The gut renovated two story home featured four bedrooms, four bathrooms and contemporary finish level.

Lakeview town house sales up, median price up over $50,000 since 2012

Town homes on the 3800 block of North Southport in Lakeview.  3842 N Southport, Unit L, Chicago IL 60613 located in Blaine School district (next door) is under contract asking $850,000.

I was in western Lakeview last week consulting clients on their town house sale planned for the New Year. Town homes can offer flexible space to more comfortably meet the needs of home owners.  The vertical layout can offer more privacy, versatile rooms (like lofts and family rooms), private rooftop decks, patios, small yards and attached garages that many single floor condos can not. Large town homes are often sold in multiple offers when priced reasonably among comparable homes.

Lakeview town house sales January 1st to November 22nd 2014 

114 town house units have closed in Lakeview from January 1st to November 22nd, this year. The median price is a healthy $509,000 up 6% over same period last year. 105 units changed hands over the same period in 2013 with a $480,000 median price.

The sales and median price increases account entirely for re-sale units.  To my knowledge, there have been no new construction Lakeview town house developments for years.

2014    114 town house units sold, median price $509,000
2013    105 town house units sold, median price $480,000
2012    96 town house units sold, median price $460,000
2011    77 town house units sold, median price $445,000
2010    95 town house units sold, median price $471,000
2009    82 town house units sold, median price $482,500

We listed and sold a unit in the popular Sweeterville development at 1251 W Fletcher, Unit I, Chicago IL 60657 this year. The asking price was $499,000 and sold at $526,000 in a multiple offer.  Our clients bought at $485,000 in 2010 and invested about $10,000 in renovations.

The Chicago housing market took a sharp turn UPWARD from 2011 to 2013. These prices remain very stable and sometimes up from 2013-2014.  Developers and home buyers rapidly purchased single family homes and small 2-4 unit multi-unit buildings at what now are considered huge bargains after the 2008 financial crash. People turned to large attached homes as an alternative to stay in their desired city neighborhoods.

Growing demand from confident consumers and investors, low inventory, improved schools in desirable core neighborhoods and available cash pushed up prices for "fee simple" homes and most property over the the past three years.  Attached town houses and large condos also followed this trajectory. 

Neighborhoods like North Center, Logan Square, Lincoln Square, Lakeview, venerable Lincoln Park and South Loop really have become very competitive to purchase in.

New Northwest Side "preservation ordinance" hurts small multi-unit owners

 

A Logan Square preservation ordinance along "The 606" elevated park trail on the North Side has inspired similar ordinances in adjacent areas. Photo Eric Rojas, Broker, Kale Realty 

The new "Northwest Side housing preservation ordinance" is problematic to me. This was rushed through the city council with little public debate. I don't know why Alderman continue increase taxes and regulations on small business and property owners. Do they think owning real estate and business in the city is a walk in the park? We're all greedy? My biggest issues are:

1. A tenant right to first refusal to purchase a multi-unit building when an owner wants to sell. The tenant buyers can force a contract with the owner BUT do not have to prove financial ability to purchase nor have to deposit more than 5% of the purchase price. The process can hold up sales for minimum but in effect much longer.

2. The tenant right of first refusal may be assigned to a 3rd party, further complicating sales for property owners.

Here's a summary of these issues in the ordinance:

Notice Timeframe & Right Of First Refusal Timeframe: 1-2 Units: 30 day notice required prior to sale, 15 day right of first refusal 3-4 Units: 30 day notice required prior to sale, 30 day right of first refusal 5+ units: 60 day notice required prior to sale, 90 day right of first refusal Timeframe to close if tenant ROFR is exercised: 5+ units: 120 days to exercise right of first refusal 1-4 units: 60 days to exercise right of first refusal.

"If purchaser purchases a rental property AND USES ANY PUBLIC FUNDS IN THE PURCHASE, then the rental property shall be maintained as affordable housing for no less than 30 years".

Financial assurances; deposit. The owner may not require the tenant association to prove financial ability to perform as a prerequisite to entering into a contract. The owner shall not require the tenant association or tenant(s) under Section 5-11-070060(b)(3), to pay a deposit of more than 5 percent of the contract sales price in order to make a contract. The owner must refund the deposit in the event of a good faith failure of the tenant association or tenant(s) to perform under the contract.

View the area and major points below. In my opinion there should be exemptions AT LEAST for owners with fewer than a dozen units... or some sort of compromise. These are often live-in owners or they invested and lived in a building than moved on to another home while keeping the rental building.

Chicago CityScape

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