Holy cow over 2,500 Lakeview condos sold last year

A popular condo conversion in a former church building sits at North Seminary and West Barry in Lakeview (All photos Eric Rojas, Broker, Kale Realty)

A whopping 2,596 condos (attached units/ townhouses) sold in Lakeview over 2021. It may be a calendar year record! This is the highest number of unit sales recorded in the MLS since 2007 where 2,316 condos sold. 2007 is as far as I can go back on unit sales and the year prior to the mortgage meltdown of 2008. 

• 2,596 condos sold in 2021
• 1,868 condos sold in 2020
• 1,739 condos sold in 2019
• 1,901 condos sold in 2018
• 2,061 condos sold in 2017
• 2,002 condos sold in 2016
• 2,042 condos sold in 2015
• 2,316 condos sold in 2007

The 2,596 condos sold blows away the 1,739 sold in 2019. In that year we had very low interest rates and no pandemic. The Lakeview condo sales trend has bucked the pandemic conventional wisdom of many! The relatively dense Lakeview area has churned out sales rather than pile up months of inventory. 2020 unit sales (height of pandemic unknowns) even surpassed 2019. Anecdotally speaking the majority of sales appear to be locals making lateral and move-up purchases. 

Typical condo construction around Lakeview over the past ten years.

Tough to buy...

One group of our clients is looking for a "duplex" home (multi-level attached unit) with minimum three bedrooms in Lakeview.  This is a hard score if you're on a budget.  Currently there are fifteen duplex condo homes listed that meet the criteria. The median asking price is about $900,000!

Twenty-seven Lakeview duplex condo homes (minimum three bedrooms) are under contract with a median asking price of about $700,000. 

Read more at www.facebook.com/chicagorealestatelocal

To buy and sell in Chicago's Lakeview and surrounding neighborhoods please contact erojas@kalerealty.com

Uptown condo sales (minimum three bedrooms or more)

We looked at a "duplex down" condo on nice block of the Buena Park neighborhood in Uptown. Budget, transportation and proximity to the lake are factors that make Uptown appealing. All photos Eric Rojas, Broker, Kale Realty 

Our clients are looking to buy a large condo (attached condo unit and townhouses) with minimum three bedrooms or more. They currently live in a small two bedrooms, one bath condo in East Lakeview.  Looking in Uptown is a good option for their budget and their desire to stay near the lake.

Uptown three bedrooms condo sales

-268 three bedrooms or more attached units (condo/ townhouses) sold in Uptown.  The median sales price for this type of condo was $450,000.  

-2021 unit sales are up 22% and median price are up 7% over 2020.  In 2020, 219 condo homes with minimum of three bedrooms sold with a median price about $419,000.

-Going back about five years to 2017 we see that 200 condos with a minimum three bedrooms sold in Uptown with a median price of $388,000.

-Currently in 2022 (Jan 1st-Feb 20th) twenty-three condo homes with three bedrooms or more have closed with a median price of about $400,000. 

About nineteen condo homes with minimum three bedrooms are currently listed for sale in Uptown with a median asking price of $439,000.  

Visit www.facebook.com/chicagorealestatelocal

Tight real estate market for Chicago January 2022

Not a ton of relief in January 2022 for Chicago house hunters.  Inventory was low and average prices high.  As market time creeps up sellers need to be aware of rising mortgage interest rates that were about 3.7%  for a 30yr fixed last week.

MARKET SNAPSHOT — CITY OF CHICAGO

*The City of Chicago Market Snapshot represents the residential real estate activity within the 77 officially defined Chicago community areas as provided by the Chicago Association of REALTORS®.

• 1,821 properties were sold in the City of Chicago in January 2022. This is a 7.3% increase from January 2021.
• The median sales price in the City of Chicago for January 2022 was $310,000, the same as this time last year.
• The City of Chicago saw listings average 89 days on the market until contract, a 4.7% increase from January 2021.

INVENTORY

• The City of Chicago’s inventory is down 32.7%, from 8,294 homes in January 2021 to 5,578 homes in January 2022.
• The month’s supply of inventory decreased 45.9%, from 3.7 in January 2021 to 2.0 in January 2022.

Evanston single family home sales (median price up about 9%)

 

It was cold on Evanston's bustling Central Street on Saturday! My partner Bob took the Metra to the Central Street Station and waked to our house showings. Our clients would still like walkable businesses nearby the house. This makes homes near Central Street attractive to them. 

We have a couple groups of clients looking for a single family home in Evanston. Proximity to Metra stations and a good sized yard are priorities for both. In fact, it's the yard size that is pushing them out of the city to Evanston. They both have the budget for a nice house in the Lincoln Square, Chicago area but the yards will be comparatively small.  Here's a look at over-all single family home sales over the past few years.

A familiar looking brick bungalow in north Evanston.  Our clients are moving from a similar Chicago bungalow!

Evanston Single Family Home Sales

-38 single family homes have already closed in 2022 (January 1st through February 13th) with a median price of $585,000. Eight of these home sales have been over $1,000,000.

-504 single family homes sold in Evanston in all of 2021. The median price was $630,000.  The median price is up about 9% year to year over 2020.

-The highest priced sale in 2021 is 706 Sheridan Road, Evanston IL 60202 for $2,400,000 (I thought there may be a higher priced sale considering the explosion of the high-end market over the last 18 months). Six houses sold for over $2 million.

-The lowest priced single family home sale was $151,500 at 1712 Grey Ave, Evanston IL 60201.

-537 single family homes sold in 2020 with a median price of $580,000. More houses sold in that first and more uncertain pandemic year than the crazy heated 2021. Sales in 2021 reflect low inventory and priced going up (making home buying more competitive). Inventory could not keep up with buyer demand.  Four houses sold for $2.5 million or more in 2020.

A typical block of homes near Central Street, Evanston.

• 2021: 504 single family homes sold with a median price of $630,000
• 2020: 537 single family homes sold with a median price of $580,000
• 2019: 431 single family homes sold with a median price of $508,000
• 2018: 422 single family homes sold with a median price of $550,000

Going back several more years:

• 2015: 492 single family homes sold with a median price of $504,000
• 2012: 431 single family homes sold with a median price of $440,000

National single family home prices continued to rise 4th Quarter, 2021

 

Locally we have felt meteoric rise in single family home price and cage match competition to buy a house. That said Chicago area is NOT among the highest price gains nationally! All photos Eric Rojas, Broker, Kale Realty

Many of our Chicago area clients can sell their homes quickly for a net profit... but where to move? Single family home prices across the country continued to make gains in most of the country 4th Quarter 2021

Here's some of the latest from the National Association of Realtors on 183 Metro areas:

- 4th Quarter 2021 prices continued to rise nationally (although slower) and over-all affordability dropped.

- 67% of markets had a double-digit median price increase (down from 78% in the prior Quarter)

-The most expensive US markets had the largest percentage price gains.

-The median price of a house across 183 metro areas in 4th Quarter of 2021 was $361,700

Metros in the Sunbelt and Mountain states topped the list of areas with the highest yearly price gains: 

Punta Gorda, Fla. (28.7%); Ocala, Fla. (28.2%); Austin-Round Rock, Texas (25.8%); Phoenix-Mesa-Scottsdale, Ariz. (25.7%); Sherman-Denison, Texas (25.1%); Tucson, Ariz. (24.9%); Las Vegas-Henderson-Paradise, Nev. (24.7%); Ogden-Clearfield, Utah (24.7%); Salt Lake City, Utah (24.4%); and Boise City-Nampa, Idaho (24.3%).

The top 10 most expensive markets in the fourth quarter witnessed prices surge, with nine of them doing so by double-digit percentages:

California led the way with five metros in the top 10, along with five other areas, including: San Jose-Sunnyvale-Sta. Clara, Calif. ($1,675,000; 19.6%); San Francisco-Oakland-Hayward, Calif. ($1,310,000; 14.9%); Anaheim-Santa Ana-Irvine, Calif. ($1,150,000; 23%); Urban Honolulu, Hawaii ($1,054,500; 16.8%); San Diego-Carlsbad, Calif. ($845,000; 14.2%); Los Angeles-Long Beach-Glendale, Calif. ($797,900; 15.9%); Boulder, Colo. ($775,100; 17.2%); Seattle-Tacoma-Bellevue, Wash. ($700,000; 13.9%); Naples-Immokalee-Marco Island, Fla. ($685,000; 21.2%); and Nassau County-Suffolk County, N.Y. (644,600; 9%).

Check out more from the NAR about national single family home prices in 2021

New (PRE-MLS)! East Lincoln Park studio condo at The Marlborough FOR SALE $137,900

 

400 West Deming Place Unit 1B, Chicago IL 60614 is the perfect efficient home in A+ East Lincoln Park! North Pond, the lakefront, bars, restaurants, shopping and Lincoln Park Zoo outside your door.  All photos Eric Rojas, Broker, Kale Realty and VHT.com

New kitchen, new bath and new windows!

Photo link, 3D Tour and floor-plan

The Marlborough! 400 West Deming 1B in Lincoln Park. Super sharp renovation of this gorgeous studio condo in A+ location along the lake. New custom kitchen, bathroom and new windows. Plenty of room for sleeper couch and table area. Large walk-in closet. Private storage closet on same level next to the condo. 

Refinished floor, new baseboard, new paint, new kitchen... move-in ready!

Life is good at the historic and beautiful Marlborough building. Full time maintenance on site! Gorgeous lobby. Walk across the street to the lakefront, acclaimed North Pond restaurant Lincoln Park Zoo . Every neighborhood amenity you could want is just outside your door. Super low monthly assessment $177.18 (includes heat, gas and high speed Internet) and property taxes $413.00 with homeowners exemption (that's right only $413.00 ).

The most unique opportunity to call Lincoln Park home! Asking $137,900.

• No Dogs
• Cats OK
• Rental parking available at 2626 N lakeview next door
• Assessment $177.18 (includes high speed Internet, heat and cooking gas)
• Property Taxes $413.00 with homeowners exemption
• Rentals OK with 1yr lease (NO short term rentals/ NO Air B&B)
• Licensed Broker / Agent owned

Building features include: Coin Laundry, Elevator, Storage, On Site Manager and Engineer, Package Room, Service Elevator, BIKE ROOM

Amazing amenities right across the street from your condo! 

Are you eligible Cook County property tax exemptions?

 

Cook County 2021 property tax year exemption filing opens in March.  The top graphic shows which tax exemptions will carry over. We are shocked by how many clients we meet that do not take their Homeowner Exemption!

The graphic below has information for first time applicants of how and when to file for tax exemptions. An overview of tax exemptions can be found here

Go to CookCountyAssessor.com to apply and get more information on tax exemptions. 

Roscoe Village condo sales up 20% year to year

The thriving business district and great schools continue to attract buyers to Roscoe Village in the North Center Community area of Chicago.  All photos Eric Rojas, Broker, Kale Realty or VHT.com

-2021 was a strong year for Roscoe Village condo unit sales.  148 condo units sold from Jan 1st to Dec 31st with a median price of $440,000.  

-Unit sales are up 20% over 2020 and up 32% over 2019.  

-Those sales are spread amongst a diverse condo housing stock from vintage one bedroom units to luxury "duplex-up" new construction.  72 of the 2021 condo closings had at least three bedrooms or more with a median price of $575,000.  

-The 2022 calendar year has started out on the higher-end. Five condos have sold in January 2022 with a median sold price of $580,000.

We recently listed 2151 West Roscoe 3W, Chicago IL 60618 for $619,900. The three bedrooms, two baths condo features a huge private rooftop deck. Check out the 3D tour... now under contract!

• 124 condo units sold in 2020 with a median price of $459,000
• 112 condo units sold in 2019 with a median price of $465,000
• 92 condo units sold in 2018 with a median price of $453,000
• 108 condo units sold in 2017 with a median price of $440,000.

If you are looking to buy or sell a home in Roscoe Village or other North Side homes please contact us erojas@kalerealty.com