Pride of owership at its best. This former farm house with cedar siding at the 1700 block of West Carmen in Ravenswood could not be more quaint. The landscaped lot is stunning scenery as you head down the mixed-used corridor of North Ravenswood Avenue just north of West Winnemac Ave. We're all about "the lot" here at the Local and you're hard-pressed to find prettier land in Ravenswood.
Click the tag "House of the Week" below and view our series of eye catchers from our neighborhoods!
If I were you, I would not get near a title company today. Many people are scrambling to close so they may meet the closing deadline to redeem their first time buyers' tax credit.
My partner Bob and I have a couple closings today...but we are the listing side. So, he gets to go downtown and have all the fun. Although our clients want to close their home sales ASAP, there is less pressure and anxiety on today's date as they are not affected by the credit.
The closing deadline for the first time buyer tax credit may get extended just yet... read more at this CNN story.
.
With one day left in the 2010 second quarter (April 1st to June 30th) there have been 49 closed single family homes recorded on our MLS (MREDLLC.com). In 2009 Q2, only 25 homes closed. We should also see more closings tomorrow, the last day of the month. Currently, there are 28 homes contingent or pending so a handful of those will close tomorrow.
Other interesting Lincoln Park single family home stats:
The highest closed home thus far in second quarter was $4,300,000 at 544 W Dickens (a 2006 12 room, 5 bedrooms, 4.5 baths home on a 31 foot wide lot). There is an 18 room $8,500,000 home pending at 1866 Howe which may or may not close in this quarter.
The lowest closed (free standing) single family home in second quarter was $675,000 at 1729 W Altgeld (not what we think of as "Lincoln Park", but it counts.).
Of the 49 closed listings, none are indicated as "short sales" or foreclosures.
We love Chicago. Especially on a sunny weekend at the lakefront. North Avenue Beach is the place to play. The beach also has several amenities...click map for more information.
Beach volleyball players wasted no time!
Odd place for a squeegee.
When looking at home, we suggest due diligence in inspecting the basement, roof, windows and mechanicals among other factors surrounding the home. We help find tell-tale signs...like squeegees in the basement.
Mint condition after an entire four years after construction! Originally built in 2006 and first closed in 2007 for $2,674,000 this customized home is back on the market for $2,849,900. Custom furniture and art works made for the home are optional according to the listing.
This block of Altgeld is a unique and quiet dead-end street in the middle of business, transportation and nightlife action.
Every week on Wednesday, Bob and I post a house photo that caught our eye while walking in our neighborhoods.
We've entered the 21st Century here at The Chicago Real Estate Local and will be using more video to display our listings and their surrounding neighborhoods. Check out one of my HGTV House Hunters videos above. I will be uploading the entire episode to our YouTube channel at
Lincoln Park sellers were less motivated to sell than surrounding neighborhoods
Other Lincoln Park notes:
The lowest sale was a foreclosure for $100,100 at 200 N Lincoln Park West (a studio condo).
The highest sale was $2,600,000.00 at 2120 N Lincoln Park West #8 (a three beds three-and-one half bath with family room, office large terraces etc...).
The second highest sale was for $1,955,000 at 2340 N Lincoln Park West #501(Four bedrooms, family room, four plus baths).
12 Lincoln Park closings (5%) were distressed properties (foreclosure or short-sale). Most of those were priced well under $125,000.
2010 second quarter Lake View closed condo sales are on pace to crush 2009 unit sales with only 8 days left in June. In Q2 2009, 354 attached homes were closed. Already, we have 452 closed units in 2010 second quarter. What's more, 213 attached homes are under contract with many of those slated to close prior to the original June 30th closing deadline to qualify for the $8,000 first time buyers' credit. The numbers will approach the 2008 pre-bank crash closings of 596. The most closed units for second quarter in the last 20 years was 899 sold in 2005.
Other Lake View notes:
The lowest sale was $73,000 at 611 W Patterson #213 (a studio condo).
The highest sale was $2,300,000.00 at 3030 N Lake Shore Drive PH 401 (a four bed with den, study, huge terraces, lake views yadda, yadda).
The second highest sale was a bargain for $935,000 at 635 W Briar 4PH (a three bed duplex penthouse with den, family room yadda, yadda).
The top 70 priced condos were conventional sales. The first short sale appears at the 71st priced home at $477,000.
28 Lake View closings (6%) were distressed properties (foreclosure or short-sale). Most of those were priced well under $200,000.
Before you choose a Chicago Realtor call and ask how we add value to your sale or purchase.
Multi-unit buildings became one of the most over-heated markets during the bubble city wide. "Investors" thought they could convert all of them to single family homes for bigger bucks. Many people were able to buy two and three flat buildings due to loose lending based on the inflated incomes stated by the rentals. In the heated market the purchase numbers barely made sense for owner-operators and the multi-units were a good mark for mortgage fraud for "investors".
Today however with ownership versus renting parity improving, there are good deals in multi-units for owner operators again. Buying a two or three flat rather than a condo may afford you a yard, garage, basement and the tax incentives of owning while your tenants help pay the mortgage.
5006 N Winchester #1E asking $359,000
Open House Saturday, June 19th from 1PM to 4PM
Three bedrooms, Two baths, Parking, Deck, Surround sound, Security system, Large closets, Good sized rooms, Open floor plan, Flood control system, Drain tile, Sump pump, Three years old! Walk to Ravenswood Metra, CTA Brown Line at Damen and Winnemac Park.
Email or call me for a floor plan.
See you at The Globe in Northcenter!
If your a first time buyer holding a contract accepted prior to April 30th, 2010, this extension may help you. There was a rush on mortgages at the first time buyer tax credit deadline and the log-jam has put some closing dates prior to June 30th in jeopardy. Congress to the rescue!
From the AP and Yahoo.com news:
"The Senate on Wednesday approved a plan to give home buyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring.
The move by Senate Majority Leader Harry Reid would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale."
Read more HERE
We watched this two-flat transform into the masterpiece single family home it is today. With four en suite bedrooms and four and one half baths, there's no wanting for comfort. The period finish work and detail are unmatched in today's market under $2M.
It's now under contract only a short time after the owners completed the conversion. Originally on the market for $1.7M in early 2009, the sale of this home will still go down as one of the top 5 most expensive closings in Lincoln Square over the past five years.
Before listing your home you should know the many trouble spots that will affect the price and the closing. We walk the home and provide the best advice we can when it comes to fixing problems before listing. We work with buyers everyday and understand their expectations when it comes to the condition of your home at a certain price.
Drywall tape cracks, broken window locks, slow drains, old HVAC units, roof trouble spots, brick tuck-pointing... these are all areas buyers are looking at when viewing the home.
Get advice on the many areas you should maintain in your home while living in it. Stick to it. When it comes time to sell, the process will be less daunting.
We have many clients who prefer top floor condos only. There is certainly more light and no one walking around above you... especially in vintage units. Although many top floors come at a premium, we have two new condo listings for sale priced well with many comparable lower floor listings in Lakeview.
3231 N Clifton #3N for sale at $439,000
This top floor Lakeview unit was built in 2002 and looks like brand new construction. The look, decor and condition speak for themselves. We love the location too... quiet one way street, yet close to Southport Corridor and Wrigleyville action. Check out the list of details below:
864 W Barry #3A asking $229,000. 
This top floor Lakeview condo offers location, location, location for one of the lowest comparable prices in the neighborhood. Fresh and clean, this vintage unit has two true bedrooms, a true dining room and awesome southern exposure. Located at West Barry and North Clark Street, you're steps from Wrigley Field, retail, grocery and unlimited dining options. Click the photo below for details:
My partner Bob was out this weekend showing Lincoln Park town homes with our clients. They are avid runners and just zipped over from the North Shore Half Marathon on Sunday morning. Somehow, Bob and I missed that one!
We enjoy working with our clients in diverse ways to provide a fun and informative house hunting experience. We ask clients their preference, be it walking to showings, cycling, or of course, picking them up and driving to our scheduled appointments. Each provides a great opportunity to talk shop and get to know the neighborhoods.
Lincoln Park provides more than it's fair share of real estate eye candy while walking from property to property. The multi-million dollar mansions, turn of the century architecture, the Lincoln Park Zoo, Lake Michigan, shops and restaurants... you name it! If you think walking or riding to showing appointments is your style of home shopping, give us a call. Remember though, we like our cars too.
We've long felt East Lakeview offers one of the more unique and vibrant lifestyles in the city. The population is diverse and the lakefront helps too!
The median sales price for two bedroom, two bath homes with an outdoor parking space in East Lakeview over the past six months is about $369,000. (Excluding high-rise buildings)
5006 N Winchester #1E, Chicago 60640
Open House: Saturday 6/12/10 from 2PM to 4PM
Three large bedrooms, two baths, large family room, big closets, deck and parking. Surround sound, designer ceiling fans, security system, Dish Network and Comcast ready, no shared walls, tons of windows and three years new! Spacious with great layout!
Located in the Lincoln Square neighborhood of Ravenswood across from popular Winnemac Park. Walk to Ravenswood Metra, CTA Brown Line, Damen or Foster buses. NEW grocery store and fitness center voted in for Ravenswood and Lawrence intersection only three blocks away! Lawrence streetscape improvements from Ashland to Western. Easy walk to the heart of Andersonville and Lincoln Square dining and retail.
Upper bracket homes that are two million plus seem to being built and or sold at at better pace this year in greater Lincoln Park. This custom home at West Webster and North Orchard has a front seat view of Oz Park. Just steps northwest of the play lot, it's a nanny's dream!
This custom build above doesn't tease us with an offer price as it's not for speculation. On the south side of the park on North Howe Street we see another new construction home being completed (below). I don't see an asking price, but a similar new construction home next door sold for $3,300,000 last year.
A look at our multiple listing service closings shows 38 Lincoln Park single family homes sold for over two million dollars in 2009. The highest priced
closing being $5,600,000.
So far in 2010 , there are 27 single family homes closed or under contract. The highest priced home under contract is currently at $8,500,000. At this pace, 2010 should surpass 2009 handily in the upper bracket market.
buildings I've seen in which owners utilize hydraulic lifts to create an extra parking spot. I think the cost/benefit analysis of purchasing a lift system for your second car is best done during a snow storm in January.
5006 N Winchester #1E, Chicago IL 60640
Click the link for virtual tour!
$359,000, $252 Assessment. Taxes $5800. Three bedrooms, two bathrooms, plus large family room. Parking space, laundry room and deck. Original refinished hardwood floors on main level.
Surround sound wiring and speakers, security system. Drain tile, sump pump and flood control for lower level! Designer ceiling fans and custom window shades. Eat-in kitchen with travertine tile, granite, stainless steel, range hood, and modern maple cabinets. Wired for Dish Network in living room, family room and kitchen.
Spacious open floor-plan, tons of closet space. Deck off the kitchen. No shared walls!
Chicago by the park or lake; Where do you want to live?
My partner Bob could not help but "take in the views" at Jonquil Park late Sunday morning after showing properties to a client.
Living around a large park in a top tier neighborhood in Chicago is priceless (or, we'll put a price on it!).
Locations near major parks, play-lots or the lake are just a few of your clients' must-haves as we locate and negotiate the best homes for them. We'll be taking a look at some of the green spaces available in our neighborhoods.
We will list 3231 N Clifton #3N for sale this weekend for $439,000. It's a two bedrooms, two baths condo with garage parking, great closet space, fireplace, tree top views, deck and gorgeous custom built-in entertainment center. Roof rights included with the home. If you are looking for immaculate, move-in quality in Lakeview, this is it. The contemporary decor will inspire you.
