Lakewood Balmoral Real Estate Update – October 2012

Lakewood Balmoral Homes for Sale and Homes Sold

April-October, 2012

Based on information supplied MRED multiple listing service, there are 2 homes for sale in Lakewood Balmoral, and several have recently sold.

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

To see interior photographs and get more information about these homes, select this link for an online tour.

Please comment, email me, or call if you’d like more information about buying or selling in Lakewood Balmoral!

Status List Price Sold Price Closed Date Days BRs Lot Dimensions
ACTV 5457 Wayne $1,490,000 203 5 29 X 123
ACTV 5313 Lakewood $1,625,000 100 5 37.5X123
Pend 5248 Wayne $799,000 139 4 35X123
Pend 5316 Wayne $989,000  28 5 37.5 X 123
Pend 5245 Wayne $500,000 140 4 32 X 123
CLSD 5453 Magnolia $490,000 $418,000 7/30/12 367 5 48X123
CLSD 5238 Wayne $697,000 $678,000 6/29/12  94 3 35X123
CLSD 5337 Wayne $799,000 $775,000 7/10/12  18 4 35 X 123
CLSD 5446 Wayne $985,000 $930,000 9/4/12 156 5 37.5X123
CLSD 5435 Lakewood $1,600,000 $1,575,000 7/27/12   1 5 30X123
CLSD 5452 Lakewood $1,695,000 $1,576,000 8/21/12  14 7 37.5 X 125

Chicago Real Estate – Two Flat Tour

Two flats are a fantastic investment, and there are still lots of opportunities for Chicago home buyers to take advantage of the combination of great pricing and low interest rates.

Select this link to tour some that are currently listed for sale –

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

 

 

1645 Mozart

 

 

736 Oakley

 
To see these, or any other investment properties for sale in Chicago,
contact Anne Rossley at Baird & Warner – 773-620-5333
 
 

Lakewood Balmoral Historic Home Sold in One Day

Congratulations to Baird & Warner colleague Pam Ball for selling 5435 N Lakewood – in Andersonville’s Lakewood Balmoral Historic District — in one day.

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.

To view historic homes for sale in Chicago, contact Anne Rossley of Baird & Warner.

East Lake Shore Drive – Exclusive Chicago Real Estate

This weekend, I took clients on a tour of East Lake Shore Drive co-ops – they’re almost empty-nesters who are planning to leave Winnetka to begin Living Well in Chicago!

Chicago’s East Lake Shore Drive real estate is not only beautiful – it’s a Chicago Historic Landmark.

East Lake Shore Drive - Chicago, Illinois

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 …

A Sample of co-ops for sale on Chicago’s north side

East Lake Shore Drive Co-op Tour

For your own tour of Chicago co-ops,

whether virtual or in person,contact

Anne Rossley

 

Historic Homes for Sale on Chicago’s North Side

Two major properties have gone under contract this week…

4530 Virginia

4530 N Virginia – a 1924 brick home on the Chicago River.

The home is listed at $ 1,099,000 and sits on a 50 x 125′ lot.

5452 N Lakewood - $ 1,695,000

5452 N Lakewood – on a 37.5′ lot, this fully rehabbed home offers

7 bedrooms and 4.5 baths in historic Lakewood Balmoral.

One major property was listed for sale this week…

3637 N Hamilton

3637 N Hamilton back yard

 

 

 

 

To see details on these and other historic single family homes on Chicago’s north side,

select this link

In the market for a Chicago historic home?

Call me today to view these terrific properties!

Anne Rossley

Prudential Rubloff

773.620.5333

 

5359 N Magnolia-Historic Brick Home For Sale-Lakewood Balmoral

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!

As part of the Lakewood Balmoral Historic District, the property qualifies for a property tax freeze through the Illinois Preservation Society when rehab work is completed and the appropriate paperwork is approved. Tax assessments can then be frozen for 8 years! Download this fact sheet about the property tax assessment freeze.

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.

 

CHICAGO HISTORIC HOME OF THE WEEK

1454 W Hood

$ 579,900

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.

To see all single family homes for sale in Chicago’s Edgewater neighborhood, select this link.

If you are interested in finding out about home sales in  your area, please email Anne, who can either send a CMA via email or meet with you to discuss your home’s value.

For more information on Chicago Single Family Homes,

particularly historic homes,

contact Anne Rossley at Prudential Rubloff.

(773) 620-5333

Stylized Decorating in Lakeview Historic Single Family Home

We all love vintage homes, but would you choose bare bones decorating or stylized period wallpaper and furnishings?

The gorgeous home at 1048 W Oakdale was listed for sale at $ 3,900,000 in 2008 – it returned to  the market in June, starting at $ 2,750,000 and reduced today to$ 2,575,000.

Most would agree it’s a stunningly beautiful home, but would you buy a home that’s so specifically decorated?

Which do you prefer — decorated or undecorated?

Leave your comment below!!!

 To see this or other vintage – historic homes for sale in Lakeview, Uptown, Lincoln Square, Edgewater, Lincoln Park, or other Chicago neighborhoods, contact Anne Rossley at Prudential Rubloff.

Other links regarding staging your home for sale:

Tips for Better Home Showings

Feng Shui to Sell Your Home


 

Lakewood Balmoral-Andersonville-Real Estate Update

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.

ACTV 190 5453 Magnolia $545,000 8 5 2 2250 48X123
ACTV 89 5252 Magnolia $699,000 7 3 2.1 3100 25X123
ACTV 167 5345 Magnolia $999,900 10 5 4 0 37.5 X 123
ACTV 122 1426 Rascher $1,395,000 11 6 3.2 5000 50 X 125
ACTV 88 5457 Wayne $1,680,000 14 5 3.1 0 29 X 123
A/I 92 1443 Catalpa $574,900 7 3 3.1 2125 24 X 125
PEND 195 5426 Magnolia $675,000 8 5 1.1 2400 40X123

(more…)

Chicago Bungalow Report

There are some great Chicago Bungalows for sale right now!

Readers of this blog know I’m crazy for bungalows – the history, the style, the opportunity to live in a fabulous single family home for a great price…

Right now, you have lots of options for great Chicago Bungalows – select this link to see 19 homes for sale, priced from $ 199,000 to $412,000.

See my gallery of Chicago Bungalows by selecting this link.

To learn more about buying a Chicago Bungalow, contact Anne Rossley at Prudential Rubloff.

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