Apartment construction finally begins at former Lincoln Square strip mall

40 residential units coming to the 5200 block of North Lincoln Avenue. The units will join another 67 residential units within a couple blocks of each other at this northwest Lincoln Square location. All photos Eric Rojas, Broker, Kale Realty

My tour of new construction multi-unit apartments and condos around Lincoln Square continues! A 40 unit building was proposed for 5214-5224 N Lincoln Avenue back in 2020.  Construction finally began last week.  The building is close to the North Lincoln / West Foster intersection and adjacent to a strip mall with a Dunkin Donuts, orthodontist and a bubble tea place among other storefronts.  To the north is the Diplomat Motel which was bought by the city and will become a transitional shelter for homeless.  Tony's Fresh Market is across the street.

The old strip mall at 5214 N Lincoln just North of West Foster Avenue back in 2023 prior to demolition. 

All told there are at least 107 condo and apartment units in development near the corner of  Lincoln and Foster! The new residents are great for local business, vibrancy and tax revenue.  The buildings make good use of the former one story strip malls and eye-sore properties.

To buy, sell, rent and invest on the North Side of Chicago and near suburbs please reach out erojas@kalerealty.com  I'm happy to answer your questions.

The curse of Jimmy's Pizza: Still waiting for 40 units

A 40 unit residential building development at 5159 N Lincoln was approved about three years ago in 2020.  The existing building was torn down and the site remains vacant. All photos Eric Rojas, Broker, Kale Realty

I continue my look at multi-unit development around the square. The former home of Jimmy's Pizza in Lincoln Square remains vacant three years later.  The rental apartment building will offer 40 residential units and two retail units. The transit oriented development (TOD) will have only 20 parking spaces and over 20 bicycle parking spots. More details HERE  Considering the rent prices and multiple offers on many rental units in the area we can use the apartments!

The former building at 5155-5159 N Lincoln Avenue. 

Jimmy's of course has moved on to a larger home at Montrose and Western near Welles Park.  We love the new spot for pizza and beer after our kids' game days/nights but it's farther from our house.

Will $950K be a record condo price on North Western Avenue in Lincoln Square?

San Soo Gab San is getting new neighbors! The highest priced condo in the building is listed near $950,000. All photos  Eric Rojas, Broker, Kale Realty

Last week I promised to check-in on some of the larger condo developments around Lincoln Square. So, here's one! "The Ash" 18 unit new construction condo building sits facing west on North Western Avenue at West Farragut in the Bowmanville neighborhood of Lincoln Square. Western Avenue is a busy four lane arterial street where home buyers typically get a "discount" for the traffic noise.  The Ash development website lists Unit 401 asking $947,625.  If sold at almost $950,000  the condo will by far be a record price for North Western Avenue in Lincoln Square.

Hopefully no ash trees were harmed in the making of The Ash 😀 The building resides on the former Byline Bank branch at 5235 N Western Ave.  The official address of the development is 2354 W Farragut (the south side of the building fronts Farragut).  TECHNICALLY any condo sold in this development will be attributed to the residential block of Farragut... but we know better.

Looking northeast at the The Ash condo development.  West Farragut Avenue is shown to the south (right) of the building. 

Several developments along Western Avenue have grabbed the the side-street address making it a little deceiving. From my experience we've not surpassed $900K along Western Ave. The highest priced sold condo I found on Western Avenue in Lincoln Square is 5042 N Western Avenue Unit 1 for $849,900. The new construction four bedrooms "duplex-down" closed in April of 2022.

If you are interested buying new construction condos (or other properties) on the North Side of Chicago and around the city please reach out erojas@kalerealty.com  We'll be happy to answer questions and represent you!

Flossmoor home sales (median single family home price $320,000)

 

Flossmoor offers serene blocks and diverse single family home styles.  I snapped a picture last Saturday of this mid- century modern split-level next to a classic Georgian. All photos Eric Rojas, Broker, Kale Realty

Long time city clients are making the move to the Village of Flossmoor.  The desire for a large yard and single family home living has led them to this south burb with a surprisingly convenient commute downtown. Charming homes on good sized lots near the the village center provide a walkable experience for Chicago expats. The small town is also known for it's many seasonal village traditions and access to several historic country clubs.

Home sales from January 1st to October 20th

-83 single family homes sold from January 1st to October 20th of this year. The median price of a closed home is $320,000.  

-Home unit sales are down this year significantly compared to 135 sales over the same period last year.  The median price in 2022 was $325,000.

-In 2021, 159 homes sold during the pandemic/ low mortgage interest rate frenzy for a median price of $295,000. 

-The pre-pandemic year of 2019 also saw 159 houses sold over the same period with a median price of only $219,000.

Most sold homes have 3-4 bedrooms with a median price of $320,000. Chicagoans seeking a large home (a challenge in the city) will find phenomenal value. Median price for a five bedroom or more home is about $385,000.

We work with our clients in the city and suburbs to help make their move less stressful. Do not hesitate to contact us with questions concerning options for your property and a potential potential sale/ purchase.

Crowded at the top price-point for Lincoln Park home sellers

 

Many classical, ornate and limestone homes line Lincoln Park streets.  However, the high-end sales have slowed this year. All photos Eric Rojas, Broker, Kale Realty

Only four of the top 20 most expensive homes on the market in Lincoln Park are under contract. All of the top 20 homes listed are priced at $4 million and up.  The most expensive Lincoln Park listed home is 1932 N Burling at $27,900,000.  The Burling home originally listed in 2016 at $50 million and has a cumulative market time of 2,508 days. Plenty had been written about the house starting in 2016.

From January 1st to October 18th of this year eight $4 million dollar homes and up have closed on the MLS.  Last year during the same period fifteen homes sold for over $4 million dollars.

Checking in on Lincoln Square's largest single family home development

A clearing for single family home development remains where Transfiguration Catholic church once stood in Lincoln Square. Ten new homes have been largely completed with space for nine more. The houses shown in the distance face the 2600 block of West Winnemac (All photos Eric Rojas, Broker, Kale Realty)

The largest single family home development in Lincoln Square (possibly the largest ever) is over half-way complete. The planned 19 single family home development replaces the former Transfiguration of Our Lord Catholic Church building and land at 2609 West Carmen Avenue, Chicago IL 60625. That church parish was closed by the Archdiocese of Chicago in 2019 and the building demolished earlier this summer. 

Four completed single family homes one the 2600 block of West Carmen Avenue

The original development called for 24 townhomes but the zoning change needed was not approved.

According to the development web site and MREDLLC.com one home has sold and closed for $1,375,000.  It does not appear that any of the remaining nine homes are under contract (it is possible but it does not show that on the web site or MLS). Prices start at $1,295,000.  I confirmed with the listing agent the developer plans on building nine more homes on the remaining land.  The zoning would also allow for two-flat buildings.

71 single family homes have closed in Lincoln Square this year with a median price of about $1,000,000. 

Remaining land between West Carmen Ave and West Winnemac Avenue  

I will post check-ins on several ongoing developments around Lincoln Square this week (hopefully... no promises lol). Several multi-unit condo and apartment buildings are in various stages of completion. 

Chicago area leads nation in home price growth May to July

Chicago area residential home prices have had a good summer! All photos Eric Rojas, Broker, Kale Realty

Chicago area home price gains lead the nation from May to July.

Crain's reported last month, "For the third month in a row, home prices grew faster in the Chicago area than in any other major U.S. metro area, according to new data from the S&P CoreLogic Case-Shiller Indices released this morning. Chicago-area single-family home values rose 4.4% in July compared with the same time last year."

Median price in Chicago (city proper) was up almost 5% in August over August 2022. 

Chicago Metro Area prices were up almost 10% August 2023 over same period last year and Illinois median price was up almost 8% August 2023.