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Paul Blackburn's Blog

By Paul Blackburn | Agent in 60611
  • South Loop Condo Market - Under $250,000!

    Posted Under: Market Conditions in Chicago, Home Buying in Chicago, Home Selling in Chicago  |  May 15, 2013 12:21 PM  |  337 views  |  No comments

    The South Loop in Chicago was once filled with excess inventory. In 2011 there was roughly a three year supply of inventory. In 2012 there was over an 18 month supply of inventory. Now, there is only a few month supply of inventory, especially under 250k.

    Why am I specifically talking about $250,000? If you are familiar with the South Loop market you will know that many new construction buildings had built small 1 Bedroom units. 1720 S. Michigan and 1620 S. Michigan are the most popular and had the most foreclosures. Some small 1 Bedroom units sold for only $105,000 to $115,000 just over a year ago. Those same units are now selling for $150,000. It is amazing how things have changed in the past year. 1529 S. State also had a handful of units on the market in the past but even that building is rebounding nicely.

    Rent prices have also remained high in the South Loop with most 1 Bedrooms renting above $1,500 without parking. This has spurred many renters to become homeowners but also has created a great demand for investors especially as most South Loop buildings do not have any rental restrictions.

    What buildings are the hottest in the South Loop?

    1201 S. Prairie - Recently taken over by Related Midwest, 1201 S. Prairie, part of the Museum Park development is doing extremely well and is definitely the "most modern" of any South Loop development. 1305 S. Michigan continues to be red hot. While some short sales are transacting at low prices, these units do have very poor views. They are selling fast and above list price. Most units, however, are selling at "market rate" with most 2 Bedrooms selling in the low $300s.

    1400 S. Michigan and 1250 S. Michigan continue to see very low inventory. Only two 1 Bedroom units are currently on the market in 1400 S. Michigan. You may remember several years ago an auction was held for the remaining units in this building. 1250 S. Michigan currently only has 1 unit available (several others are under contract). The unit currently available for sale is a 3 Bedroom condo priced at $750,000.

    Museum Park: All Museum Park buildings continue to be in demand. Specifically One Bedrooms which once flooded the market are now hard to come by.

    Paul Blackburn is an Illinois licensed Realtor and Broker with @ Properties in Chicago. He can always be reached via e-mail at Paul@PKBlackburn.com
  • LAKE SHORE EAST RENTALS - UPDATE ON PRICING FOR REGATTA, CHANDLER, LANCASTER & 340

    Posted Under: Home Buying in Loop, Home Selling in Loop  |  January 9, 2012 11:21 AM  |  656 views  |  No comments

    Here is an updated list of units on the market for rent in Lake Shore East in The Regatta, The Chandler, The Lancaster and 340 On the Park!


    420 E. WATERSIDE – THE REGATTA

    ONE BEDROOMS

    Unit 1202: $2,000

    Unit 507: $2,000

    TWO BEDROOMS

    Unit 1903: $2,500

    Unit 703: $2,500

    Unit 2612: $3,150

    Unit 1612: $3,800

    THREE BEDROOMS

    Unit 2314: $4,100

    Unit 2714: $4,500

    Unit 2414: $4,500

    Unit 3614: $4,800

    Unit 3501: $,5800

    Unit 3201: $6,500

    Unit 3910: $10,000

    450 E. WATERSIDE – THE CHANDLER

    ONE BEDROOMS

    Unit 1405: $2,000

    THREE BEDROOMS

    Unit 2902: $5,800

    340 E. RANDOLPH – 340 ON THE PARK

    THREE BEDROOMS

    Unit 4601: $7,450


    Right now there is nothing available in The Lancaster, 201 N. Westshore


    Paul Blackburn is an Illinois Licensed Realtor and Associate Broker with @ Properties. He can be reached via e-mail at Paul@PKBlackburn.com

  • LAKE SHORE EAST UPDATE - RECENT CLOSINGS IN REGATTA, CHANDLER, LANCASTER, 340 ON THE PARK

    Posted Under: Home Buying in Loop, Home Selling in Loop  |  January 9, 2012 11:19 AM  |  623 views  |  No comments
    With the 2011 at a close lets talk about the recent closings in Lake Shore East over the past month when we saw good activity in all newer buildings in the area: The Chandler, The Regatta, The Lancaster and 340 On the Park.

    Best Deal in Lake Shore East:

    While I have a few favorites over recent months what I believe is the BEST Deal to close was at 420 E. Waterside “The Regatta.” The unit was 3010, listed as a ONE BEDROOM with TWO AND A HALF BATHS. You’re thinking…what? The Unit closed for $405,000 without parking. This unit was originally a 2 Bedroom / 2.1 Bath unit that was converted to a 1 Bedroom. The total square footage of the unit is 1365sf meaning unit 3010 sold for only $296/ft….a true steal for a unit with a North West View in The Regatta.

    My next favorite deal to sell in Lake Shore East was at 201 N. Westshore “The Lancaster” and was unit 1502. This unit appeared to sell with 2 Parking spaces and is a Three Bedroom Two Bath. Sales price WITH PARKING $569,500.

    LIST OF RECENT CLOSINGS & PENDINGS IN LAKE SHORE EAST

    ONE BEDROOMS:

    420 E. Waterside (The Regatta) Unit  504: $199,900 – PENDING SHORT SALE. My assumption the price will close out HIGHER.

    450 E. Waterside (The Chandler) Unit 1806: $320,000 – CLOSED

    420 E. Waterside (The Regatta) Unit 3010:  $405,000 – CLOSED

    340 E. Randolph (On the Park) Unit 2406: $500,000 – PENDING

    TWO BEDROOMS

    201 N. Westshore (The Lancaster) Unit 2208: $459,000 – PENDING

    420 E. Waterside (The Regatta) Unit 1401: $537,500 – CLOSED

    420 E. Waterside (The Regatta) Unit 508: $599,000 CLOSED

    420 E. Waterside (The Regatta) Unit 2610: $642,500 – CLOSED

    420 E. Waterside (The Regatta) Unit 3412: $730,000 – CLOSED

    450 E. Waterside (The Chandler) Unit 2409: $780,000 – CLOSED

    340 E. Randolph (340 On the Park) Unit 2104: $800,000 – PENDING

    340 E. Randolph (340 On the Park) Unit 3104: $862,500 – CLOSED

    THREE BEDROOMS

    201 N. Westshore (The Lancaster) Unit 1502: $569,500 – CLOSED

    420 E. Waterside (The Regatta) Unit 4114: $815,000 – CLOSED

    201 N. Westshore (The Lancaster) Unit 2906: $1,145,000 – CLOSED

    340 E. Randolph (340 On the Park) Unit 2405: $1,795,000 – PENDING

    340 E. Randolph (340 On the Park) Unit 4101: $1,899,000 – PENDING



    Paul Blackburn is a Licensed Illinois Realtor & Associate Broker with @ Properties. He can be reached at Paul@PKBlackburn.com

  • Ontario Place Foreclosure - 10 E. Ontario Condos

    Posted Under: Home Buying in Chicago, Home Selling in Chicago, Foreclosure in Chicago  |  November 2, 2011 12:07 PM  |  674 views  |  No comments

    10 E. Ontario, also known as Ontario Place in Chicago is known for its massive amount of short sales and foreclosures. For those of you who read my blog regularly of have read my previous blogs with other companies you know that I have less than a loving attitude towards any American Invsco development. This is especially true with 10 E. Ontario. Here is the most recent update for those of you who are wondering "What the hell is going on over there?"

    Today is November 1, 2011 so if we go back 1 full year of closed sales here is the data we get.

    55 Total Closed Condos The Building has a total of 467 Units

    Priced between $125,100 and $310,000

    The question is, how many of these 55 were short sales or foreclosures? ALL OF THEM! Yes, that is right, ALL of the 55 units closed out on the MLS in the past year were either Bank Owned or Short Sale condos.

    What is on the market right now?

    19 Units on the Market

    Priced Between $129,900 to $350,000

    15 of these 19 are UNDER CONTRACT.

    1 is Temporarily OFF Market

    3 Are ACTIVELY for Sale. Unit 1212 is a Junior 1 Bedroom priced at $163,000 and is listed as NOT A SHORT SALE and does not appear to be bank owned. HOWEVER, a Lis Pendens was filed on 3/12/2010 according to public records.

    Lastly, Unit 3008 does not say either way whether it is a Foreclosure or Short Sale, despite the fact that the MLS does require listing agents to disclosure if a property is a short sale. The Unit is currently listed at $175,000 and is under contract. The previous owner paid $392,000 in 2006 and had an initial mortgage amount of $313,400.

    The majority, almost all recent sales, have been purchased with CASH and not financed.
    As always any questions regarding this building, to schedule showings, to list property; please do not hesitate to contact me:

    Paul Blackburn - Realtor

    @ Properties

    Paul@PKBlackburn.com

    www.TheChicagoRealtyBlog.com

 
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