The Lakewood Balmoral Historic District has turn-of-the-century vintage homes in many styles, and most are situated on oversized Chicago lots. Having larger lots, the floor plans are interesting and varied. Homes in this neighborhood are in various states of renovation, which also accounts for the wide variety of price points
You’ll see 2-flats from Ukrainian Village to Bucktown, Wicker Park, and Logan Square. These properties are priced from $250,000 to $750,000, and they are just a few of the many great offerings available in Chicago real estate.
923 S Bell
To see these, or any other investment properties for sale in Chicago,
contact Anne Rossley at Baird & Warner – 773-620-5333
This 1900 clapboard home sits on a 30’lot, and it was fully rehabbed to the highest luxury level in 2008 by Greene & Proppe. The lovely but modest exterior doesn’t hint at the unusual and wonderful natural light, impeccable Arts and Crafts detailing, or luxury finishes like an 1100-bottle wine cellar, all-home audio system, chef’s kitchen, and custom Macintosh details.
The home sold for $ 1,575,000 – it was purchased by the owners for $ 855,000 in 2008.
There are 2 homes for sale in Lakewood Balmoral – 5457 N Wayne ( $1,490,000) and 5313 N Lakewood Ave ( $1,695,000). Four have closed in the last 6 weeks and 6 more are currently under contract.
To see a tour of historic homes that are for sale or recently sold in Lakewood Balmoral, select this link.
For those of you not familiar with co-operatives, here are 10 facts to know:
1. Co-ops were the only form of apartment ownership prior to condominium law’s introduction
999 N Lake Shore Drive
2. Owners own “stock” in the building as a whole, and have a lease on their personal apartment. (In a condo, homeowners own from the drywall IN and have a proportionate share of the common elements.)
3. Taxes are included in your assessment – one tax bill is paid by the entire building.
4. Because the co-op owners share the building, and thus everyone is liable for sustaining the asset, it’s in everyone’s interest to make sure those who move in are financially qualified to maintain the building. Thus, co-op boards require financial statements and letters of recommendation before approving the apartment’s purchase.
5555 N Sheridan Road- Edgewater Beach Apartments
4. Contrary to popular belief, co-ops, just like condos, MAY NOT discriminate against buyers for race, age, marital status, or other protected classes. Don’t believe all you see on Frasier or Seinfeld!
5. Historically, co-ops were only available for full-cash purchases. Today, loans can be available for 30-50% of the purchase price, but not only must the buyer be qualified – each building sets loan to value requirements for its residents. Very few lenders offer loans on these properties – remember, each loan is for the purchase of shares!
6. Because these properties are difficult to finance, with fewer buyers able to afford the higher down payments (or cash purchases), these properties are significantly cheaper than condos on a cost per square foot basis.
7. Co-ops also have much longer market times – it’s not unusual for co-ops to be listed for sale for a year, 2, or even more.
860 - 880 N Lake Shore Drive - Mies van der Rohe
8. Co-ops are not limited to East Lake Shore Drive – there are some wonderful properties on Lakeview, North Lake Shore Drive, in Streeterville, the Gold Coast, and in Hyde Park.
9. Co-ops aren’t always vintage properties – 860-880 (Mies van der Rohe glass hi-rises) are also co-ops!
10. Only 130 co-ops sold in the last 12 months, making them the most exclusive property type in Chicago!
Here are 2 tours of coops in Chicago that are currently for sale …
Lakewood Balmoral corner homes are rarely available – and this historic property -4000+ square feet on a wide lot for ony $825,000 – is a wonderful opportunity for today’s buyers!
5359 N Magnolia has stood grandy at the corner of Magnolia and Balmoral since 1911. It has a rich and wonderful history, with a marvelous future ahead. Download the brochure here.
5359 N Magnolia - Lakewood Balmoral
Each of the two floors offers 2000 square feet, and the rooms are uncommonly large. The first floor owners’ unit includes new Craftsman cabinets, millwork, doors, and hardware. Wonderful materials were used in the renovation – quartersawn oak, rough-hewn slate, granite, and onyx to name a few. The chef’s kitchen includes 2 convection ovens, a warming drawer and 6 burner gas stove. The windows are custom oak (Weather Shield), and unless you step in to view it, you wouldn’t imagine how much natural light streams in!
There are far too many improvements in decorating, mechanicals, and structure to detail here. It’s important to know, however, that as lovely as this home is, it has also been meticulously cared for and maintained. From new tear-off roof to new water line from the city, it’s ready for a new owner!
This home is a terrific opportunity on many levels — obviously, as a 2flat, one can defray living expenses by renting out the second floor. (Download financing sheets to see projected monthly expenses) Others are considering this property to deconvert into a single family home. With recent corner brick home sales of $ 1.3MM (5459 N Lakewood) and $ 1.6MM (5456 N Lakewood), there is certainly room to make improvements to this property without over-improving it. Finally, we have plans to add a 3rd unit in the garden, if one is inclined to keep this as an investment property.
To view this home, for information on how to use the property tax assessment freeze to save money, or to view historic homes on Chicago’s north side, contact Anne Rossley of Prudential Rubloff.
Fresh for 2012, this Edgewater Glen 1911 home is a terrific buy!
It’s currently a 3 bedroom 2 bath home, and it’s very liveable as it is, yet there are options for increasing the # of bedrooms and baths very easily. The home sits on a 30′ wide lot, and there is a tall attic with plumbing stubbed in – terrific space for a master suite! The basement is large and clean – it could be used as a play room or finished out as needed.
The home has been fully rehabbed, and it’s in mint condition – just what today’s buyers are looking for!! Pictures are available at this link, but don’t be fooled – it’s staged so well that the photos don’t do it justice – you need to see it in person.
It’s not my listing – I’m just reporting that I think it’s a good buy for someone interested in historic Chicago homes in Edgewater – Chicago’s north side.
Lakewood Balmoral – Andersonville home sales have been quiet this fall. There are 2 homes under contract, but no closings have occurred in the last 3 months.
The 1905 home at 1426 W Rascher was last purchased in December, 2007, and has top of the line upgrades. It’s not in the Lakewood Balmoral District, but it’s proximity to Clark Street makes it very desirable.
5345 N Magnolia
The 5345 N Magnolia bungalow lives three times larger than the curb view indicates. It was purchased in December, 1997 for $ 280,000 and was originally listed in June, 2011 at $ 1,299,000. It was reduced to its current list price on November 4.
For those interested in doing rehab work to their own taste, 5453 Magnolia could be a terrific buy. Select the link below to see the floor plan.
The chart below includes homes for sale and under contract in and near Lakewood Balmoral. The number just to the left of the address is the number of days that the property has been listed for sale.