The Chicago Real Estate Local

Skyline views from Lincoln Park: Penthouse on North Dayton

noreply@blogger.com (Eric Rojas) — Sun, 26 Feb 2012 18:05:00 +0000

The skyline view is closer than it looks here. The "Big 3" Hancock Willis (Sears) and Trump towers all in view.

We showed our clients a top floor "penthouse" unit in Lincoln Park on the 1600 block of North Dayton on Saturday. The home gets unusually great skyline views from it's east facing, large terrace. The duplex-up home was nicely renovated and offered at $689,000. We'll see if the great location and "wow" views will be enough.

For Sale NOW: Lincoln Square single family home 2164 W Leland $745,0000

noreply@blogger.com (Eric Rojas) — Sun, 26 Feb 2012 17:04:00 +0000

2164 W Leland shown this winter. "Gut re-habbed" with great details!

This renovated Lincoln Square home is on an extra wide 37.5 foot lot with side drive. Steps to shopping, great restaurants, Old Town School of Folk Music, Lincoln Square Athletic Club, CTA Brown Line, Sulzer Library and more. Call Eric, Kale Realty at 773-510-1597. Calls only please.

The fully renovated kitchen with concrete counter-top island opens to the huge dining room.

Lots of windows and light.

Dining room and kitchen. This can also be arranged as the great-room

with dining combined in the living room.

Dacor gas island cook-top, oversize refrigerator, double oven, awesome layout, windows and finish level.

Large living room

Living room

Master bath, double-vanity sky-light and tub

Master bath with heated floors and separate shower

Two tier deck and patio

Master bedroom with luxury bath

Den off living room.

Second bedroom

Organized mudroom with powder room, half-bath, double closet

2164 W Leland last summer. Rare red brick side drive!

Awesome location, great block...minutes to everything!

More Details:

The basement level is finished with drywall, new windows, canned lights, heating system and half-bath. Three large rooms for office, family room/playroom and guest bedroom. Large utility area with laundry, double sinks, storage and mechanical.

2164 W Leland offered at $745,000.

Taxes $7,925

37.5 foot wide lot

4 bedrooms, 2 full baths, 2 half-baths

Radiant heat

Central AC (SpacePac)

Main floor surround sound and speakers

Alarm system

New electrical, plumbing, roof, siding, windows in last 5-10 years

Luxury kitchens and bath

Organized mud-room

Flexible layout with tons of entertaining space

Listed by Eric Rojas and Robert DePalma Real Estate Brokers, Kale Realty

Calls only please for showings and information, 773-510-1597. If you are not represented by a broker, Bob and I would represent you as designated agents on any showing.

More Lincoln Square posts HERE

Great Decks! A West Loop terrace that delivers

noreply@blogger.com (Eric Rojas) — Fri, 24 Feb 2012 13:00:00 +0000

Our clients check out the private terrace for a condo at 843 W Monroe. Nice! The unit sold in under 20 days.

We rushed to look at this terrace unit last weekend at 843 W Monroe last week. The clients liked the great West Loop location near grocery, restaurants and jobs in the Loop. The one bedroom plus den (with Murphy Bed), two baths unit asked $265,000 plus $25,000 for deeded garage parking (not my listing). The assessments were low and building in great shape.

The terrace at 843 W Monroe. The bright south facing open space was great.

All Photos Eric Rojas, Real Estate Broker and Realtor

For Sale: NEW Ravenswood, Lincoln Square homes coming on next week

noreply@blogger.com (Eric Rojas) — Thu, 23 Feb 2012 21:26:00 +0000

One of our single family home listings is located near Selmarie in Lincoln Square!

If you are in the market for Lincoln Square and Ravenswood town homes or single family homes, we have a couple new listings (pocket listings) hitting the market next week in the $375,000-$750,000 range. If you are looking for homes in this range, please contact us for first looks. We do require our clients consult with a mortgage broker or their bank and get mortgage pre-approvals prior to showings (proof of funds please for cash buyers).

If you have questions about buying, selling or pre-approvals, give us a call. We've referred our associate lenders and attorneys to many happy clients. Bob and I go the extra mile to make sure everyone is on the same page and we all have proper expectations for buying and selling homes. No funny business!

Our Ravenswood town home listing coming on next week is steps from City Provisions!

Condo buying: Client's top picks over $600K are all selling

noreply@blogger.com (Eric Rojas) — Thu, 23 Feb 2012 20:53:00 +0000

Large one floor and duplex high floor condos (2000 sq/ft plus) seem to be moving...at least the ones we want. Photo of 432 W Grant Place, Lincoln Park. Eric Rojas

I've been putting together a schedule for my buyer clients. They are in the $600K-$700K condo range with some more room for higher assessments. They would love top floor, 3 beds, big open space...you know, "wow" stuff. The top 3 places in Lincoln Park and Lake View of about 7 we've identified are all under contract this week. We did view one of the three last week. Now that it's sold (under 30 days) the buyer clients have a little more perspective and know what they really want.

Should be a fun Saturday!

Video! Remember last winter?

noreply@blogger.com (Eric Rojas) — Thu, 23 Feb 2012 20:18:00 +0000

I can't stop talking to friends and neighbors about how much I've enjoyed this "non-Chicago like" winter. There's been not one week where I couldn't run in Winnemac Park in clear weather or comfortably take the kids outside somewhere.

Remember last winter?! It feels like a lifetime ago.

More property and neighborhood videos HERE

"Hamlin Park" vs Roscoe Village: Single family home sales

noreply@blogger.com (Eric Rojas) — Tue, 21 Feb 2012 19:40:00 +0000

A Park District banner hangs at Hamlin Park last summer. The park has vast fields, a pool and field house

Just south of the West Belmont boundary of popular Roscoe Village in the North Center Community is the area commonly known as "Hamlin Park". For this purpose, I use the streets North Ravenswood to North Western Avenue (east to west) and West Belmont to West Diversey (I do not cross the angled North Clybourn on the southern border). It forms a sort of triangle area bordered by major streets and the Metra tracks.

37 single family homes closed in 2011 for a median price of just over $700,000. The high was a newer construction home with terrific over-the-top finish level at 3105 N Wolcott for $1.6 million and the low a pretty bombed out frame foreclosure at 2132 W Fletcher for $260,000. 4 homes have sold in 2012 so far with prices of $325K, $425K, $855K and $860K.

Just north in Roscoe Village in 2011 (Belmont to Addison, Raveswood to Western) 49 single family homes closed for a median of about $870,000. So far in 2012 only one single family home has closed in the Roscoe Village borders...a new construction house at 3435 N Leavitt for $1.2 million.


Newer construction homes and renovations ring Hamlin Park.

Homes in this swath of Hamlin Park are priced and sold considerably less than it's adjacent neighbor of Roscoe Village just north of Belmont Ave. So, you can benefit from Roscoe Village boutique retail, entertainment and restaurants along with other neighborhood shopping amenities to the north AND south (Costco for one). Easy access to other parts of the city and highway can be had on Clybourn or Damen and you'll be closer to Hamlin Park itself for less money.

We represented a client of ours on a foreclosure home purchase in the Hamlin Park area recently. He got a great value compared to similar sized single family homes nearby.

All photos Eric Rojas, Bob DePalma Real Estate Brokers. All sales data gathered from MREDLLC.com and analyzed by Eric Rojas, Broker and Realtor.

Home buying tips: Large modern condos on the North Side...for a price

noreply@blogger.com (Eric Rojas) — Mon, 20 Feb 2012 16:27:00 +0000

Here our clients view a newer construction, modern condo unit that may fit the bill. It's cheaper to own than high-rise or a converted loft building renovations but more rare to find a "wow" factor.

Our buyer clients are looking for modern, big open 2400 sq/ft plus space on the Near North side to Lincoln Park with "wow" factor. This often means big monthly assessments. We have to take all costs into consideration and get creative when looking for modern aesthetic condo homes that meet a client's budget.

Large, one floor spaces or appropriate duplex-up spaces are often located in high-rise buildings with "combined units". In the Near North Side (Gold Coast, River North, Old Town), this can mean assessments well over $1,000 a month. Another option is a converted industrial loft space in a former warehouse. These offer the most flexibility in layout. But large spaces, over 2400 sq/ft for example, are a little more rare in Lincoln Park and Near North locations...and can easily approach $800,000 plus.

Great Decks! Condo buyers consider outdoor space in South Loop

noreply@blogger.com (Eric Rojas) — Mon, 20 Feb 2012 15:34:00 +0000

A unit at 1620 S Michigan featured a 550 sq/ft deck with pergola (Photo Eric Rojas)

We were out this weekend showing condos in the South Loop to buyer clients. We identified several units that had great outdoor space. The unit shown above at 1620 S Michigan had a 550 sq/ft terrace off the two bedrooms, one bath condo unit with garage parking. The asking price was $275,000 with a $354.00 assessment.

The terrace had open exposures, but, a vacant build-able lot was behind the building (Photo Eric Rojas)

Our first-time buyer clients will have to make a choice: Do they want a little smaller condo with only one bathroom, but have a tremendous outdoor terrace? Or, they may opt for a two bedrooms, two baths home with a smaller balcony...but interior space a finish may be better. The South Loop location is perfect for their busy professional lives and commutes.

More on home buying HERE!

Chicago Restaurant Week 2012 NOW! February 17-26

noreply@blogger.com (Eric Rojas) — Sun, 19 Feb 2012 22:12:00 +0000

Bob started Chicago's well loved 5th Annual Restaurant Week last Friday with great views at Park Grill at Millennium Park. He ate and let others do the skating!

Cloud Gate overlooks the ice rink and the Park Grill

More Downtown posts HERE

Local School Council candidates to address Winnemac Park Neighbors

noreply@blogger.com (Eric Rojas) — Sat, 18 Feb 2012 17:08:00 +0000

VOTE for your local school council members this APRIL!

Football practice: Amundsen High School at the Winnemac Park campus

We have a couple prospective candidates for Amundsen High School's Local School Council signed up to address Winnemac Park Neighbors in Ravenswood this Tuesday February 21st, 7PM at Dolce Casa Cafe (4947 N Damen). If you are running for LSC at Chappell, McPherson or Amundsen High Schools...please contact info@winnemac.org to address an upcoming meeting prior to the election.

Visit the CPS site for information on LSC Elections! Anyone over 18 in their local school district may vote. Please call the CPS Local School Council office at 773-553-1400 if you have voter and candidate eligibility questions.

Very few people vote in these important elections. Make this your first year to impact your schools!

Visit www.winnemac.org and email info@winnemac.org for WPN updates

Video: Tour an Andersonville condo for sale, steps from the action

noreply@blogger.com (Eric Rojas) — Fri, 17 Feb 2012 18:28:00 +0000

Take a video walk-through of 5027 N Hermitage!

The two beds one bath condo is in a popular well managed building just off the Clark Street retail and restaurant mecca of Andersonville, Chicago. The home is a top floor, corner unit. In-unit washer and dryer, hardwood floors, central air conditioning and heat, deck off the kitchen, large storage room in the basement and a terrific furnished and landscaped back courtyard for owners' use.

More property and neighborhood videos HERE

Local developer buys vacant lots in Ravenswood, plans luxury condos

noreply@blogger.com (Eric Rojas) — Thu, 16 Feb 2012 00:06:00 +0000

Lincoln Square and Ravenswood residents have been asking me for years about these large vacant lots along the 4800 block of North Damen Avenue.

Bob and I were recently told by local developer that he's purchased the long vacant 6 city lots on the 4800 block of North Damen Avenue in the Ravenswood neighborhood (greater Lincoln Square Community Area). Candea Development is planning to build quality, luxury condo units.

Vacant lots on Damen, looking southeast.

Looking northeast

The lots have long been an eyesore since another eyesore -a beat up commercial strip mall- had been torn down over 4 years ago. The original developer way back planned a 14 unit condo building from what I heard.

The new owner and developer of the lots sent along this photo below of the type of buildings he plans to construct on the lots...I believe there would be three buildings.


This is an existing project by Candea development...similar buildings could find a home on Damen.

This Damen location in Ravenswood is a great candidate for continued condo and apartment density now that we see the real estate market settling a bit. Already an established community with great amenities...the Damen Brown Line is a couple blocks away, Ravenswood Metra stop a few blocks, a brand new Mariano's Fresh Market in development a couple blocks east, close to the Lincoln Square retail/ restaurant strip, Winnemac Park and new, high-end Lycee Francais school in development a few blocks south.

Below are some examples of existing condo developments along the block...some re-sales less pummeled by the market than others.

The CTA Brown Line is in site along with several convenient amenities like an Budacki's (for Italian Beef!) Crystal Cleaners, Bagel on Damen, Thai restaurants, coffee shops, brunch joints, CVS (yes CVS!), grocery, tailors, hair salons, phone and electronics stores, a Sears store etc.. And, this stretch of Damen Avenue maintains a more residential feel rather than commercial.

The CTA Brown Line is close, but not TOO close.

Candea development has offered to address the project at one of our local neighbor group meetings in Ravenswood (check out www.winnemac.org and sign up for updates). It's an interesting development as there have been NO new construction condos built for almost three years in Lincoln Square.

Sold! First time buyers choose single family home in great Lincoln Square location

noreply@blogger.com (Eric Rojas) — Wed, 15 Feb 2012 22:30:00 +0000

We recently represented buyer clients on the purchase of 2140 W Montrose, a single family home on a wide 37 foot lot in the absolute heart of Lincoln Square amenities. The asking price was $450,000 and this was not our listing. The purchase contract is out of attorney review period and is pending closing. The location on the Lincoln Square, North Center border near Montrose and Lincoln is an urban paradise.

The 2140 W Montrose lot has a huge backyard and side yard.

The home was renovated in 2007...little to do but move-in. The owners can add to the home over time.

We love this location! The house is literally next door to the best of Lincoln Square: Wells Park, Sulzer Library, Old Town School of Folk Music...and most importantly, across the street from Julius Meinl Cafe!

Welles Park last summer. 5 min walk to the play lot from the house!


Julius Meinl Cafe across the street!

Although some may find Montrose too busy, this house is located on an almost exclusively residential block lined with higher-end renovated and new construction homes. One re-sale house on a smaller lot across the street sold for around $850,000 quickly last year. When in the front of the house, you don't notice an overly noisy street...and you lose yourself in the huge backyard! These buyers took the time to see the house rather than let a Montrose Avenue address turn them away.

Large renovated homes line the residential block of 2100 West Montrose

Three bedroom homes in a four block radius of 2140 W Montrose have about a $520,000 closing median price over the last 12 months. This is a nice deal for a renovated, wide lot home with room in the price and market to improve the house if wanted.

Please contact Bob and me to find and purchase homes on the North Side of Chicago.
More Lincoln Square posts HERE!

Update: State Street Target coming soon

noreply@blogger.com (Eric Rojas) — Tue, 14 Feb 2012 23:54:00 +0000

The facade of 1 South State Street: Photo Bob DePalma

State Street, That Great Street! Controversial to some, a major "win, win" for others...this famous Louis Sullivan building on Chicago's ever changing State Street will be home to a new Target store opening up this July.

We think the store will be very successful and meets the evolving needs of a lager residential and traditional tourist and business populations.

The side of the building on State Street: Photo Bob DePalma

More on downtown HERE

Interesting Roscoe Village renovation left for dead

noreply@blogger.com (Eric Rojas) — Tue, 14 Feb 2012 17:29:00 +0000

This wide lot Roscoe Village renovation at 3318 N Bell has been stalled for over three years.

One of the potentially cooler Roscoe Village to-flat conversions to a single family home at 3318 N Bell sits stalled. This higher-end neighborhood has been attracting affluent buyers, including professional athletes, for a decade now. Audubon Elementary is a National Blue Ribbon Award Winner and the restaurant/ retail scene on Roscoe Street is fantastic. It's nothing new to see a two-flat converted to a single family home...or for a house to be torn down for new construction. About 50 single family homes have sold in Roscoe Village over the past 12 months with a median price of $870,000.

However, the bold addition of this arch and living space over a side drive makes this property unique. And...that it's an eyesore testament to busted developments-although rare in this neighborhood.
Take a look at a Google Maps shot I found of the original structure below!

Before

After

All photos and analysis Eric Rojas, Broker and Realtor.

More Roscoe Village posts HERE

Bank owned luxury home hits Lincoln Square market

noreply@blogger.com (Eric Rojas) — Tue, 14 Feb 2012 16:04:00 +0000

4838 N Oakley is a foreclosure for sale listed at $1,075,000 in the Ravenswood neighborhood

A bank owned 30 foot wide lot luxury home has been "re-listed" for sale last week for just over $1 million dollars in the Ravenswood, Lincoln Square neighborhood. The Lincoln Square Community Area has had quite a few high-end luxury homes built and sold over the past couple years well over $1 million. However, million dollar home sales on lots smaller than 37 feet wide and located north of Lawrence avenue are rare. Most of these million dollar house sales occur south of Lawrence Avenue and on wider than 30 lots.

However, this luxury home is excellent showing condition and move-in ready. The quiet, neighborly location is only steps from excellent school options, restaurants, retail and the CTA Brown Line at Western Avenue. I think someone could pick up a deal here. Impress your sphere in a wonderful house and enjoy urban amenities like Old Town School of Folk Music, Winnemac Park and Welles Park, easy transportation and fantastic Lincoln Square community events year round. (This is not our brokerage listing).

More posts on Ravenswood HERE

More posts on Lincoln Square HERE

Mortgage: Introducing HARP 2.0! (Home Affordable Refinance Program)

noreply@blogger.com (Eric Rojas) — Sat, 11 Feb 2012 04:21:00 +0000

How do you take advantage of today's low interest rates if your property has fallen in value? Steve Dunnett introduces the new HARP program.

You may have heard about the different programs available to help with refinancing and thought that it was not for you. Up until now, you were probably right. The newest version of the HARP (Home Affordable Refinance Program) may change that. The first version of HARP allowed borrowers to refinance if their loan to value ratio was at 125%... at least on paper. But many factors led to super high interest rates or lenders not even participating in the program...it was ineffective.

The new version of HARP keeps the risk of the loan with the original loan, so new lenders are more enticed to participate. Also, we may not even have to do an appraisal at all because the limit for loan to value is no longer an issue for the refinance. The idea is that no matter what someone owes, if they have been paying their loan on time they will be less likely to walk away from their house if the payment is even lower. Less homes going into foreclosure is better for the real estate market and lenders.

The updated HARP goes into affect March 17th. Things will be very busy after that because of the backlog of people that could not refinance under the previous program.. I’ve been preparing to work with many people who will qualify for the new HARP. If you think you might be able to benefit from the new HARP, please give me a call or shoot me an email. I’d be happy to go over the program with you and answer any questions you might have. Of course, if you’d like to check out the program as it is now, you can access information about it on the governments HARP program website here: http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx
Let me know if there’s anything more you’d like to know!

Steve

Contact:
Stephen Dunnett, Loan Officer
NMLS ID: 755940
PH: 1-708-289-3408

Home buying tips: CPS School Locator for attendance boundaries

noreply@blogger.com (Eric Rojas) — Sat, 11 Feb 2012 03:06:00 +0000

We often have clients looking to buy in a specific elementary school attendance boundaries. This makes buying a house or condo easier for our clients in one aspect (decision making), but also makes the few homes that come on the market very competitive. One tool we use to verify a school's attendance area is the Chicago Public School's "Geographic Information System" or "School Locator".

The CPS School Locator is a great way to double check addresses to make sure they fall in the attendance boundaries you want. You should always triple check with the school itself if you are going to purchase the home. The Locator site allows you to choose all kinds of information and color keys to display on a map relative to addresses.

Want to move into Coonley school boundaries? We use the CPS School Locator to help set up our property searches.

Often times, listing agents do not provide the name of the public school (or correct school for that matter) that corresponds to their listing. The CPS Locator site is in my favorite bookmarks so we can double check the school when searching for clients or when compiling home sale statistics in a particular school boundary. The school boundary feature on the site also helps us set up our automatic "map searches" for all homes listed for sale in a particular school attendance area.

85 "new" two and three bedroom condos hit the market in Lake View, Lincoln Park

noreply@blogger.com (Eric Rojas) — Fri, 10 Feb 2012 23:18:00 +0000

We are working with a higher percentage of condo buyers (including first time buyers) this season than in a couple years past. Several of our clients are looking in Lincoln Park and Lake View. A quick look of newly listed two and three bedroom condos shows about 85 have been listed as NEW today through the past 7 days in the Lincoln Park and Lake View neighborhoods. I can see where people can get a little overwhelmed when searching condos on brokerage sites and 3rd party real estate sites.

Great locations are still in demand and more affordable...like these Lincoln Park condos at Howe and Armitage.

Obviously, the majority these will not all fit the bill for our buyers. But it's just an example of what you have to sift through in Chicago's more popular neighborhoods to get to what you WANT. The market here is very dynamic...from 900 unit high rises to intimate, two unit luxury condo buildings to town homes organized in a condo association. The listing prices this week for two and three bedrooms attached units range from $95,000 to $1.4 million.

More Lake View posts here!

More Lincoln Park posts here!

Photos: Church construction making big splash on Mag Mile

noreply@blogger.com (Eric Rojas) — Mon, 06 Feb 2012 19:04:00 +0000

A modern new construction building is taking shape at Chestnut and Michigan Avenue along Chicago's Magnificent Mile. The Fourth Presbyterian Church addition muscles in between some prime real estate.

Iconic John Hancock tower looks over the new addition while Ditka's gets a new neighbor to the Magnificent Mile.

With the Super Bowl over, real games begin for buyers and sellers

noreply@blogger.com (Eric Rojas) — Mon, 06 Feb 2012 18:49:00 +0000

Chicago will see a heavy and steady stream of listings hitting the market now that the Super Bowl is over. Traditionally (not necessarily rationally), folks wait until after the Super Bowl to list their homes for sale. With the traditional spring market already in swing (READ: buyers are looking now) combined with decent unit sales numbers from last year, we look for a good number of available units coming on at attractive market prices.

There are more new construction choices in Lake View and Lincoln Park this season

We have already seen several "market setting" sales and contracts this past January- especially in two-flats and single family homes- that will help guide home sale listing prices this year. Our advice for buyers is constant: know what you want and be ready to jump on a good property. With a little education, it becomes a lot easier to feel comfortable about offering on a "value".

For sellers looking to get offers on their homes in a reasonable amount of time, they must be aggressive and price at what we consider market value and a little below. This will make strong offers that will close the deal a more likely outcome. You should be educated on the really true market value so you may look at ALL options available to sellers.

Lincoln Park 2520 deliveries and available units will pace the top of the condo market

It will be a dynamic market for 2012. New construction and new gut rehab options are back. Listing prices are looking better to buyers in all budgets.

Gone renovating: Tile Outlet and Crest Lighting

noreply@blogger.com (Eric Rojas) — Sun, 05 Feb 2012 06:21:00 +0000

I've been through another round of renovations the last couple months at our house. Tile Outlet and Crest Lighting are two of my "go-to" stores in Chicago for home improvements and decor.

I bought this pendant and ceiling light fixture below at Crest Lighting in Lake View for our last bathroom renovation.

Under Contract in 5 days: 1827 N Sheffield Unit B in Lincoln Park

noreply@blogger.com (Eric Rojas) — Sun, 05 Feb 2012 05:57:00 +0000

The combination of great location, great condition and great listing price has resulted in a quick sale for one of our latest listings.

At $449,900 the three bedrooms, three and one-half baths town home with garage parking was attractive to Lincoln Park buyers. Contact us concerning listing your home for sale or to purchase properties in Lincoln Park.

More Lincoln Park posts HERE!

Buyers scooping up investment condos and fixer uppers

noreply@blogger.com (Eric Rojas) — Sat, 04 Feb 2012 16:32:00 +0000

The $200,000-$300,000 livable condo in Lake View and Lincoln Park is back. Last night our client sized up a condo in need of a gut renovation in Southport Corridor. This one was a little "too much" to handle at this time. The large two bedrooms, one bath condo at 1501 W Cornelia is asking $199,000 and is an excellent location...but nothing has been touched since the 1970s and 1980s. It's basically a gut job.

Bath from the past! Decorative paneling in the bathroom with the original cast iron tub.

My guess is investing $40,000-$50,000 wisely in renovations would make this place NEW...drywall, re-finished floors, electrical, bath, kitchen and windows. Getting it at the right price is key for a re-sale or hold and rent.

For someone looking to move-in to this condo as a primary residence it's a great opportunity to add value and live relatively cheap. The margin for error on renovation costs would be larger for the live-in owner. I like this place for an experienced investor looking to re-sell the unit after renovation as well. We've seen many examples of smart condo renovations and quick re-sales back in the North Side market over the past year.

More Southport Corridor market information here!