Pre-MLS for sale! Lincoln Square four (4) unit building and adjacent vacant lot (video!)

5138 N Claremont, Chicago IL 60625 asking $849,900. All photos Eric Rojas, Broker, Kale Realty and VHT.com. Adjacent vacant lot for sale  $399,900

Video walk-through HERE  

Inquiries Erojas@kalerealty.com

We'll be listing two Lincoln Square properties near Winnemac Park after the Thanksgiving holiday. Please take a look at preview video link. Photos / video of 2nd floor Unit 2.  Both properties reside in 1+ rated Chappell Elementary School and 1+ rated Amundsen High School attendance districts.

5138 North Claremont, Chicago IL 60625 for sale $849,900 

Legal four unit building in great shape on 31' x 125' lot. Terrific value add or rent as is. Unit 1, 2 and 3 all above grade. All units vacant. Each with three bedrooms, one bath with same finish level and similar condition. Radiant baseboard heat and (2) wall mounted AC units in each apartment with condenser. Basement unit is discontinued and will need gut renovation. Basement also includes storage, washer/ dryer, boiler, separate water heaters and separate electrical panels for each unit. Separate gas meters for each unit.

Unit 2 living and dining rooms

Unit 2 dining room

Unit 2 kitchen with dishwasher

Unit 2 kitchen 

Unit 2 living room

Unit 2 bathroom

Unit 2 bedroom one

Unit 2 bedroom two

Unit 2 bedroom three

Unit 2 kitchen

Backyard

Backyard and covered back porches

Two car garage

Basement

Basement

5130 North Claremont, Chicago IL 60625 asking $399,900

*Zoning ordinance completed and restrictive covenant to allow 2800 sq/ft (above grade) single family home build on 25' x 125' lot.

*Current zoning RM-4.5 however only a single family home may be built on the vacant lot and the multi-unit must remain the same per restrictive covenant (i.e. if torn down only single family would be allowed). After any building permits approved for the vacant lot, properties to revert back to the uniform single family zoning RS-3 for the block per zoning ordinance approval and restrictive covenant. Public documentation of recent zoning ordinance and 40th Ward Alderman restrictive covenant available at broker discretion.

Exclusive listing by:

Eric Rojas, Broker, Kale Realty

2447 N Ashland, Chicago IL 60614

312.939.5253 - ericrojasblog.com erojas@kalerealty.com - kalerealty.com

More Lincoln Square posts HERE

Sold for $505,000 Lincoln Square two-flat demolished

4854 North Damen in Lincoln Square was sold this year for $505,000 in a private sale. The vintage two-flat was torn down last week. I liked the subtle detail of this particular building. No permit yet for what will be built but we can guess it will be a three of four unit building. 

The property sits between Chui's Food Store to the south and an existing three unit condo building with ground floor retail to the north.  

Here's a view looking south at the building before the demolition. 

4856 North Damen is a nice, well established condo building adjacent to the tear down.  The top floor unit sold earlier this year for $437,000.

Bricks from the demolition are packaged up for reuse. 

Uptown single family home unit sales up 47% year to year

 

Uptown home just east of North Ravenswood Avenue and West of Ashland.  This Ravenswood area features a cluster of Uptown single family homes. All photos Eric Rojas, Real Estate Broker, Kale Realty

Uptown Community Area is better known for its lakefront adjacent location, condos, apartment towers and a myriad local businesses.  However it is home to pockets of impressive single family homes nestled within the urban hustle and bustle. The proximity to the lake, transit and average size of the homes result in a relatively hefty median price.

Historic home of Buena Park area in Uptown. All photos Eric Rojas, Real Estate Broker, Kale Realty

Despite the pandemic uncertainty Uptown single family homes have had a good year. Unit sales are up 47% over same period in 2019 and median price is the most in four years.

34 homes have closed thus far (January 1st to November 13th) in the Uptown Community Area.  The median price of a closed home is $900,000.  Unit sales are significantly up from the same period last year.  Only 23 homes sold with a median price of about $872,500 over the same period in 2019.

2018, 27 homes sold with a median sales price $775,000

2017, 40 homes sold with a median sales price $848,000

2016, 28 homes sold with a median sales price $980,000

2015, 24 homes sold with a median sales price $709,000

2014, 33 homes sold with a median sales price $840,000

The highest sale so far in 2020 is 801 West Castlewood Terrace, Chicago IL 60640 for $1,912,500. A good portion of that value is in the 83' wide and 115' lot beautifully landscaped lot. 

The lowest sold single family home is 4649 N Beacon Street, Chicago IL 60640 for $390,000. The home sits on a large 40'x156' lot and was advertised as a development opportunity. 

South Loop condo and townhome unit sales (median price up a tick)

 

South Loop... the best loop! Looking south down South Indiana Avenue Monday morning. All photos Eric Rojas, Broker, Kale Realty

We're currently preparing a South Loop townhome for the market. Let's take a look at greater South Loop sales this year.

South Loop condo sales January 1st to November 13th

South Loop unit sales were down about 72 units (-13%) in 2020 compared to the same period in 2019.  The median price of a sold condo is up about 3% year to year.

548 South Loop condos (attached units and townhomes) have sold so far this year.  The median price of a sold unit is $382,000. The highest priced sale is 1201 South Prairie Unit 5301, Chicago IL 60605 for $1,620,000. The lowest priced sale so far this year is 345 East Eastgate Place Unit 305, Chicago IL 60616 for $125,000.

620 units sold over the same period in 2019 with a median price of about $372,000. 

More South Loop posts here!

 

14 unit luxury building coming to Lincoln Avenue, Lincoln Square

 

4918 North Lincoln Avenue, Chicago IL 60625 and two adjacent one story commercial properties were torn down this weekend. The sellers cashed out for $1,360,000.

A luxury homebuilder in Lincoln Square is taking their game to condos. Owners of the former Korean BBQ building at 4918 N Lincoln Avenue cashed out selling to Landrosh Development for $1,360,000.  The sellers bought the exisiting property in the year 2000 for $480,000. The three lot property received a zoning change to build a five story 14 unit residential condo building with live work space, commercial retail and 14 on-site parking spaces. I expect a high finish level from a builder who regualry gets top dollar prices for their speculation single family homes.  

An eight unit newer construction building typical to this strip of Lincoln Square sits adjacent to the south. I expect a little more flare for the new 14 unit building.

The Cardinal liquor store and bar (PATIO OPEN!) is conveniently located across the street. We here at The Chicago Real Estate Local love The Cardinal... seriously. 

 

A look northwest of the new construction project. You can see many six and eight unit newer construction buildings along North Lincoln Avenue from Lawrence to Foster.  Due to the pandemic some businesses in the ground floor retail have closed while many diverse essential retail spots hang on.

New retail housing a Kiddie Academy and Tropical Smoothie Cafe was recently built just a half block south.

4900-5200 North Lincoln Avenue Condo Sales 

The medain price of a closed condo from 4900 North Lincoln Avenue to 5200 North Lincoln Avenue over the past 24 months is about $535,000. Many of the newly built units are three bedrooms and two baths.  I have a feeling the highest priced unit in the new 14 unit building will push $1,000,000. 

Another 40 unit building proposed in Lincoln Square

 

The new owners of 5214-5224 North Lincoln Avenue have a zoning change application in and a proposal for a 40 unit residential building with retail on the first floor. All photos Eric Rojas, Broker, Kale Realty

Development proposals in the northwest portion of Lincoln Square is on 🔥🔥 A forty unit residential building has been proposed at the site of a now vacant strip mall. 5214-5224 North Lincoln Avenue once housed a Chase Bank branch, a Chinese restauant and a liquor store (basically... everything you need!).  I'm cool with this development... even if it may be boring. 

The strip mall was picked up in a foreclosure sale in 2019 and flipped this year for $1,250,000.

Looking at the strip mall to the northwest. 

The Diplomat Motel is adajacent to the property and great for your out of town guests! If NO VACANCY the Summit Motel is a half block up. 

Tony's Fresh Market is across directly across the street. I have a complicated relationship with Tony's since they took over my beloved Dominick's space. 

A relitively successful four story mixed use development sits on the busy northeast corner of West Foster and North Lincoln Ave across the street. This gives you an idea of what the new development will look like.

A 40 unit new construction development has already been approved for the southeast corner of West Foster and North Lincoln Ave just a half block away. Home of Jimmy's Pizza (future TBD). So, 80 more residential units will be added to the corner. The Dunkn' Donuts on the northwest corner has to love this! 24 more units have been approved at Western and Carmen nearby as well.

This sort of  "trafficky" strip of traditional one story retail and services (motels, Dunkin', Mr Submarine, Walgreens, grocery store, old mixed use apartments) is doing it's best to consolidate into larger new construction multi-unit mixed use development. The draw of Lincoln Square's center six blocks to the southeast and Andersonville directly east has made residential development viable. 

New Lincoln Square 24 unit development gets permit at Western and Carmen

 

The building at 5100 N Western sold in 2014 for $625,000. A permit was issued for a four story new construction development.

The Lincoln Square karaoke place sold in 2014 is finally getting re-developed. I can't believe I wrote about this six years ago already! Those were more simple times. 5100 North Western sits on a 75' wide and 115' lot and sold in 2014 for $625,000.  It has sat vacant for several years.

I follow Chicagocityscape.com and saw the building permit hit yesterday for a 24 unit residential building with ground floor retail and 24 car garage at the address 2402 West Carmen. 

Chicago Yimby also has a nice run down here with bus lines and other information.

The location is near my home and two blocks west from Winnemac Park.  I've supported and enjoyed the many residential units added to the area. It's been more lively. The density allows for more business development near the park along with Western Ave, Foster Ave, Damen Ave and Lincoln Ave. 

North Center condo sales up 11.5% over 2019

A hidden corner of North Center allows you to own a condo or town house along the Chicago River. All photos Eric Rojas, Broker, Kale Realty

North Center attached condo/ townhome sales 

Despite the pandemic North Center condo and attached townhome unit sales are up 11.5% year over year. 382 attached units (condos and townhomes) have sold thus far in 2020. 

The median price of a sold attached unit is $447,000 (about the same as 2019). The highest priced sale is 1956 W Barry sold for $1,000,900. The corner 2800 sq/ft town home facing Hamlin Park was the only attached unit to close over one million. 

The lowest sold attached unit is 2319 West Waveland Unit B for $118,400.  The one bedroom renovated basement unit is a cheap way to live in a central location near stores, coffee, groceries and more.

Over the same period of 2019, 344 attached units sold with a median price of $442,500

Our buyer client checks out a loft at 2911 N Western Avenue in North Center.  The building backs up to a peaceful and pleasant river walk parks and a kayak launch. This particular buyer often kayaks the Chicago River!

 Please contact me to buy or sell North Center and surrounding area condos, townhomes or houses.

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. 

Under Contract! Lincoln Square condo sales

 

Our client checks out the huge common roof deck at a Lincoln Square condo. Our current coronavirus situation has put a premium on outdoor space even with condos. 

Our first time buyer client recently secured a contract at 4755 N Washtenaw #406 in Lincoln Square/ Ravenswood Gardens neighborhood. The well built newer construction elevator building offers contemporary units in a great, walkable neighborhood.  The contract is now in attorney review.  Let's take a look at Lincoln Square condo sales this year.

4755 N Washtenaw is located in the Ravenswood Gardens neighborhood of Lincoln Square and right across the street from popular Harvest Time grocery. So convenient!

269 Lincoln Square condos sold thus far this year (January 1st through October 31st). The median price of a condo is $325,000. 306 condo units sold over the same period of 2019 with a median price of about $319,000. 

Two beds, two baths units: Probably the most popular segment of condos is the two beds, two baths unit. 78 "two/twos" sold with a median price of $339,000. Our client jumped at the top floor 2 beds, 2 baths southeast corner unit with garage parking. The light and views are great!

More Lincoln Square HERE

Lincoln Square area small multi-unit sales (two to four units), prices strong

 

Lincoln Square multi-units this fall. All photos Eric Rojas, Broker, Kale Realty. 

Despite the pandemic fueled worries about tenant ability to pay their rent small multi-unit market has been strong around Lincoln Square. Buildings in my opinion have been selling at market prices I'd expect in a normal market this year.  That has played out in the year to year numbers.  Over the last three months median price in this category is up $25K over the same period in 2019. 

In the last three months 18 two to four flat buildings have closed in Lincoln Square Community Area with a median sold price of $625,000.  Over the same period of 2019, 23 buildings closed with a median price about $600,000.

-The highest price sale is a three-flat at 4426 N Maplewood, Chicago IL 60625 that sold for $820,000.

-14 two-four flats are currently under contract with a median asking price about $600,000. 

-Meanwhile 22 two to four unit buildings are available for sale in the Lincoln Square Community Area.  With low interest rates buying as a "live-in" owner operator is a great way to get your own property with a yard, basement and garage in a desirable neighborhood!