Realtor at work: Preparing a Ravenswood short-sale listing for the market

We were contacted a couple weeks ago to help a homeowner with a short-sale listing in the Ravenswood neighborhood.  The sellers live out of state and have tried unsuccessfully to sell their home for a year.  A short-sale is when the bank agrees to allow the sale of a home at a price less than is owned on the mortgage. The owners needed a plan to help get a short-sale done. 

I hired and met our contractors to start work at 1949 W Foster #1, Chicago IL 60640 just before the Thanksgiving holiday. We've repainted and freshened up the unit.  It looks great and is ready to list on the MLS tomorrow. Photos Eric Rojas, Broker, Kale Realty

We first asked the prospective seller many questions concerning the lenders on the property and the condition of the Condo Association. The lender's willingness to allow a short-sale and other factors that may be inhibiting a sale must be assessed. This will determine the likelihood of a successful short-sale. Once we know the situation in it's entirety we can then come up with a plan to get the home sold.

In this particular case we determined the Condo Association as a whole was in solid shape and should not hinder a sale of the property.

It was determined that the Condo Association was in good order and a qualified buyer should be able to get a loan to purchase in the building.  The last price of the property seemed pretty good on face value.  The owners had also received a general price range the bank was willing to accept in the event of offers.  These were all positives. 


We toured the property and quickly decided that the home needed to be completely painted and freshened up to achieve a sale price good enough for the lender.  The home simply looked tired and sad.  Our clients agreed and within the week we had one of our regular contracting crews painting the home for a terrific rate.  Although it's not a natural instinct for an owner to invest in a property that they have to short-sell we felt it necessary to get this particular deal done. 

We've just completed the painting, new photography and a video walk-thru of the property.  We look forward to listing the home this week and getting offers to the lender.

Time lapse video of new Maggie Daley Park

We drove a few round trips up and down Lake Shore Drive with the kids over the Thanksgiving holiday weekend.  Our kids (7, 5 and 2 1/2) debated the merits of the new Maggie Daley Park each time we passed. "It's a water park!" "No, it's not a water park!" Bottom line they are excited.

Coincidentally, I found out about this time lapse video posted on The Chicago Architecture Blog via Chicago Curbed. Check out one of the newest downtown jewels near the lakefront.

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.

Holidays in full swing in Chicago

Christmas trees from around the world at The Museum of Science and Industry.

posted from Bloggeroid

Happy Thanksgiving!

 

Go do something fun.

Photo! Construction rises on former Hunt Club site in Gold Coast

 

We snapped this photo early today of construction at 1100 N State Street in the Gold Coast neighborhood.

 After some legal delays construction of the mixed use development of the former and infamous Hunt Club bar and grill is underway.  The Gold Coast location at 1100 N State Street, Chicago IL 60610 can't be beat for retail and entertainment.

Pockets of development along Lincoln Square's Western Avenue

The commercial zoned property 5100 N Western Avenue, Chicago IL 60625 is listed under contract in the MLS asking $699,000.  The former Karaoke bar and restaurant sits on a 75' wide x 112' deep lot. I have inquired to the 40th Ward Alderman's office if there are development plans in the works. (All photos Bob DePalma, Broker, Kale Realty)

Western Avenue is Chicago's longest continuous street.  It's effectively a four lane highway from the South Side to Evanston.  While mostly an industrial and retail thoroughfare with some spotty underdeveloped areas some buyers and developers have turned to the cheaper property prices to meet demand in hotter neighborhoods.

Four blocks of North Western Avenue from 4800 North to 5200 North (Lawrence to Foster) in Lincoln Square/ Ravenswood has been active.  19 properties have either sold of are currently under contract over the last 12 months. Two are currently for sale. 5100 N Western Avenue shown in the above photo is under contract asking $699,000. My guess is it will be torn down to build a new apartment building mirroring several successful new construction buildings along Western Ave.

This frame renovated two-flat at 5141 N Western Avenue, Chicago IL 60625 on the left closed just two weeks ago for $415,000 (sold previously in 2011 for $215,000). 

The former Fruit Market at 5131 N Western Ave, Chicago IL 60625 (on pictured on the right) has been in development for over a year.  I have an update request in to the Alderman's office on the hold up.  The house on the left at 5139 N Western Avenue, Chicago, IL 60625 on a 37' wide and 103' deep lot is currently offered for sale at $649,000.

Another notable property sold is 5009 N Western Avenue, Chicago, IL 60625 for $560,000.  The renovated three-flat building fronts the sidewalk has a stated rent roll of $3,700 on the MLS listing. The property is two blocks to the main shopping and entertainment district of Lincoln Square.

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.

Realtor at work: It's electric!

We are on a property inspection today in Sauganash for our buyer client.  We knew the original fuse box in this 1950s single family home would need updating at some point.  Although these panels can work properly and safely it may limit installing additional appliances.  One should also check with their home owners insurance to make sure the fuse box is properly covered.

North Center's new drive-through Starbucks

You now have a local option to never leave your car...just in time for winter.

I took a spin through the new North Center Starbuck's drive-through at 3636 N Western Avenue, Chicago IL 60618 early Sunday morning a couple weeks back.  The new retail development also featuring a Potbelly Sandwich shop opened about a month ago.  There are a few remaining retail stores available. It's a nice addition for the North Center homeowners just west of Western Avenue.

I was through the drive quickly (about 8:00am on my way to Oak Park for some house showings).  I would usually hit the Dunkin Donuts at Irving and Western traveling southbound on North Western Avenue. We'll see how this personal coffee conflict plays out.