Home > Blogs > Paul Blackburn's Blog
5,975 views

Paul Blackburn's Blog

By Paul Blackburn | Agent in 60611
  • TRUMP TOWER RESIDENCES IN CHICAGO - RENTALS IN TRUMP CHICAGO

    Posted Under: Market Conditions in Chicago, For Rent in Chicago, Rentals in Chicago  |  May 24, 2013 8:07 AM  |  379 views  |  1 comment

    Here is your rental update with regard to Rentals at 401 N. Wabash, Trump Tower Residences, in Chicago. For those of you not familiar with the building, all rentals available are condos that are individually owned. Trump Tower in Chicago is broken up into two "sections" one being the hotel and the other being condominium residences. Trump Tower Chicago features an indoor pool, full health club and space, 24hr concierge, doorstaff, security, available room service, private and valet parking...the list goes on.

    Studios: Studios start on the low end at $2,200 but many rent in the $2,400 / $2,700 range. The square footage of studio units range from 580 to 745sf.

    One Bedrooms: There are two "style" One Bedrooms in the building. Standard 1 Bedrooms range from 928sf up to 1071sf. Larger One Bedrooms range from 1314sf to over 1400sf. The smaller One Bedrooms typically rent from $3,200 on the low side up to $4,000 depending on square footage, floor height and time of year. The larger One Bedrooms can rent from $4,500/mo to well over $5,000/mo depending on the view. Some of the larger One Bedrooms face the IBM building so these units will of course rent at a cheaper price.

    Two Bedrooms: Currently the cheapest Two Bedroom on the market is listed at $6,500 and is an "F" unit which on lower floors faces the IBM building. Two Bedrooms can rent for as high as $10,000/$11,000 per month. These are larger Two Bedrooms, however, with South and East views. Most Two Bedrooms range from just over 1,800sf to over 2,700sf. There are some smaller "C" tiered units on lower floors which are 1500sf.

    Three Bedrooms: Currently there are only two 3 Bedrooms on the market priced at $11,000 and $12,000 per month. Some have rented for north of $14,000/mo.

    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

    www.TheChicagoRealtyBlog.com

  • LAKE SHORE EAST RENTAL AVAILABILITY UPDATE! THE REGATTA, CHANDLER, LANCASTER & 340 ON THE PARK

    Posted Under: Rental Basics in Chicago, For Rent in Chicago, Rentals in Chicago  |  February 15, 2012 11:36 AM  |  775 views  |  No comments

    Here is your monthly update for rentals available in Lake Shore East “New East Side!”

    THE LANCASTER – 201 N. WESTSHORE

    TWO BEDROOMS:

    Unit 1807:  $3,000

    THREE BEDROOMS:

    Unit 2301:  $3,950

    THE AQUA – 225 N. COLUMBUS

    STUDIOS:

    Unit 5402: $1,850

    THREE BEDROOMS

    Unit 7901: $5,600

    Unit 7005: $7,500

    Unit 6505:  $7,500

    340 ON THE PARK – 340 E. RANDOLPH

    THREE BEDROOMS:

    Unit 4601:  $7,450

    Unit 4603:  $9,500

    THE REGATTA – 420 E. WATERSIDE

    ONE BEDROOMS:

    Unit 1202:  $2,000

    Unit 411:   $2,200

    TWO BEDROOMS:

    Unit 703:   $2,500

    Unit 2703:  $2,500

    Unit 903:   $2,550

    THREE BEDROOMS:

    Unit 2714:  $4,200

    Unit 2414:  $4,500

    Unit 3614:  $4,800

    Unit 3501: $5,500

    Unit 3201:  $6,500

    Unit 3910:  $10,000

    THE CHANDLER 450 E. WATERSIDE

    STUDIOS:

    Unit 807:  $1,400

    For additional information about condos for lease or for sale in Lake Shore East please e-mail me at Paul@PKBlackburn.com

    Paul Blackburn is a licensed Illinois Realtor and Broker with @ Properties Chicago.

  • LEASING IN LAKEVIEW - HOW MUCH HAVE PRICES INCREASED?

    Posted Under: In My Neighborhood in Chicago, Rental Basics in Chicago, Rentals in Chicago  |  January 26, 2012 8:44 AM  |  753 views  |  No comments

    The rental market in Lakeview, and throughout the majority of the city saw a very strong 2011. During the "hot months" of the rental season, May through October, I saw multiple applications submitted on most rental properties I dealt with. During these times rental prices were up dramatically, in some cases by over 10 and 12%. The real question is, how did the market handle itself over the entire year including the winter months? Here is the data. To better under this data and why I am using it please quickly read this following blog I wrote previously concerning the leasing market in Chicago. HOW TO UNDERSTAND THE RENTAL MARKET IN CHICAGO

    LAKEVIEW

    The Lakeview neighborhood is comprised of several areas including but not limited to East Lakeview, Boystown, Wrigleyville, Southport Corridor and West Lakeview. All these areas and everything in between were included in my search. The search area on the MLS is known as "8006." Data was combed to exclude any "extreme" numbers as well as to exclude any listings that were rented before print or any listings with a market time of greater than 150days as these listings do not represent typical scenarios in the rental market.

    ONE BEDROOMS

    2010   Units Rented: 515     Average Market Time: 32days    Average Price: $1,203.28

    2011    Units Rented: 492     Average Market Time: 23days    Average Price: $1,288.00

    Total Price Increase of 7.04% with Average Market Time declining by 9 days.

    TWO BEDROOMS

    2010   Units Rented: 547     Average Market Time: 40days    Average Price: $1,719.39

    2011    Units Rented: 782     Average Market Time: 29days    Average Price: $1,898.68

    Total Price Increase of 10.43% with Average Market Time declining by 11 days. Also very interesting is that the number of units rented increased by 43% yet we still had a substantial decrease in market time as well as a substantial increase in price.

    THREE BEDROOMS

    2010   Units Rented: 259    Average Market Time: 38days    Average Price: $2,321.22

    2011    Units Rented: 355    Average Market Time: 29days    Average Price: $2,479.89

    Total Price Increase of 6.84% with Average Market Time declining by 9 days.

    When we look at this data what does it tell us? The most important number we want to look at is Market Time. Market Time will always be the first to change when supply and demand shifts. Prices will change after a sustained period of increased Market Time. Market Time will always shift from month to month as some months are more popular for renting than others. If we were to  break the data down month by month we would want to compare October 2011 to October 2010 for example, as opposed to October 2011 to September 2011.

    What does all this mean for the 2012 rental season? In my opinion the 2012 rental season will remain very strong. I believe we will see moderate price increases, however not some of the double digit growth we saw last year. If we just look at the numbers you might say I'm wrong. Look at the 2 Bedroom data. We saw an increase in price by 10% plus an increase in supply by 43% and a decrease in market time! Just looking at these numbers one might say "Well, if supply doesn't increase at all we very easily could see an additional 10 or even 15% increase in price again." If Lakeview was an isolated market, then yes this could be true. However, we must take our blinders off and consider other neighborhoods as well such as Buena Park, Uptown, Anderonsville, Edgewater, and others that can be comparable substitutes for those looking in Lakeview. It is these substitute areas that will help absorb some of the demand from Lakeview as renters get priced out.

    Paul Blackburn is an Illinois licensed Realtor and Broker with @ Properties in Chicago. His experience ranges from new construction development, condo conversions and luxury restorations to residential leasing and sales throughout Chicago. He has served as an expert witness on both residential and commercial property values and has been interviewed by numerous sources such as Fox News Chicago and the Chicago Tribune.  CONTACT PAUL AT ANYTIME FOR ASSISTANCE SEARCHING FOR A NEW HOME, TO SELL OR LEASE AT PAUL@PKBLACKBURN.COM
  • JOHN HANCOCK RENTALS - Pricing & Availability 175 E. Delaware

    Posted Under: For Rent in Chicago, Rentals in Chicago  |  January 13, 2012 8:36 AM  |  743 views  |  No comments

    Here is an update of what is going on in one of Chicago's most iconic buildings....The John Hancock - 175 E. Delaware.

    Right now there are only a few rentals on the market.

    ONE BEDROOMS

    Unit 5609: Priced at $2,500/mo

    Unit 5002: Priced at $3,400/mo

    TWO BEDROOMS

    Unit 4803: Priced at $3,150/mo

    THREE BEDROOMS

    Unit 8002: Priced at $3,190/mo

    Unit 7308: Priced at $3,900/mo

    Over the summer there was some trouble brewing in the Hancock regarding a possible "Rental Cap." The discussions were so heated that many people refused to speak to each other when seeing them in the elevator! As of right now I do not believe the rental cap was passed.

    RECENT SALES IN THE JOHN HANCOCK

    Unit 4905, studio sold for $185,000

    Unit 5706, Studio sold for $235,000

    Unit 5518, One Bedroom sold for $285,000 (Foreclosure)

    Unit 6602, Three Bedroom sold for $500,000

    Paul Blackburn a licensed Illinois Realtor & Broker with @ Properties in Chicago, IL. To contact him regarding units for rent or for sale whether in the John Hancock or other buildings please e-mail him at Paul@PKBlackburn.com
  • 655 W. IRVING PARK - PARK PLACE TOWER CONDOS & RENTALS

    Posted Under: Home Buying in Chicago, For Rent in Chicago, Rentals in Chicago  |  January 9, 2012 11:22 AM  |  1,328 views  |  No comments

    655 Irving Park has seen a few sales over the past couple months and a handful of rentals on the market as well. Here is a list of condos that have closed in the past 2 Months, just before the New Year in 655 W. Irving Park, also known as Park Place Tower in Lakeview.

    CLOSED

    ONE BEDROOM / ONE BATHROOM    UNIT 3514     $116,000

    ONE BEDROOM / ONE BATHROOM    UNIT 5506     $130,000

    ONE BEDROOM / ONE BATHROOM    UNIT 3016     $200,000

    TWO BEDROOM / TWO BATHROOM   UNIT 2810     $255,000

    THREE BEDROOM / TWO BATHROOM  UNIT 5116-17  $262,000

    Several other units have gone under contract. Once these units close I will post the exact pricing. The most surprising unit to close was unit 3016 at $200,000. One of the highest priced One Bedrooms to sell in the building. The unit is a corner unit, DID NOT SELL WITH PARKING but was also not a short sale or foreclosure. The unit is highly upgraded and in excellent condition.

    CURRENT UNITS AVAILABLE FOR RENT AT 655 W. IRVING PARK – PARK PLACE TOWER IN LAKEVIEW

    ONE BEDROOMS:

    Unit 4115  $1,400

    Unit 2508  $1,400

    Unit 3614  $1,450

    TWO BEDROOMS:

    Unit 4004  $1,700

    Unit 710    $1,750

    Unit 3001   $2,600

    Unit 4801   $2,600

    THREE BEDROOMS

    Unit 5117  $3,750



    Paul Blackburn is an Illinois Licensed Realtor and Associate Broker with @ Properties. For any additional information on Park Place Tower please feel free to contact him at anytime via e-mail at Paul@PKBlackburn.com

  • 3750 N. HALSTED - New Development in Boystown at Barry & Halsted

    Posted Under: Rental Basics in Chicago, For Rent in Chicago, Rentals in Chicago  |  December 5, 2011 7:28 PM  |  962 views  |  No comments

    There is a new buzz around Lakeview and that buzz is centered around a vacant lot, used for parking, at 3750 N. Halsted. For those of you trying to picture this space it is the lot just south of the iHop on the corner of Barry & Halsted. The development is proposed by JDL Development and is proposed to consist of 347 Condo Quality RENTAL units in addition to 369 parking spaces and 46,000sf of retail space.

    The project has unfortunately gained the attention of some in the neighborhood who do not want it built. They feel the project is too big and the amount of rental units will saturate the rental market in Lakeview. Others are concerned about the amount of increased traffic while those at the buildings on Grace are concerned about having their views blocked.

    If you stand in the vacant lot and look north you'll find two buildings which are equal to or greater in height than the proposed development. If you look to the east you'll find countless buildings such as 655 Irving Park, 3660 Lake Shore, 3930 Pine Grove...the list goes on. The idea of "flooding" the market with a supply of rentals does not hold water. 3750 N. Halsted is with in the 60613 zipcode and just north of the popular 60657 Lakeview zipcode. Combined these zipcodes are comprised of roughly 110,000 residents. Many buildings were built along lake shore drive in excess of 347 units at a time when population in these zipcodes were much much less.

    Many have shouted that they would like to see more family development in the area. Larger units, perhaps 3 bedrooms, maybe town homes. However, at the end of the day, the demand and NEED in the area is for smaller units which the majority of the development is comprised of. When we look at buildings such as 655 W. Irving Park we see small 1 bedrooms and large studios rented in a matter of days. When we look at market times for all of lakeview we find that the market times for Studios and 1 Bedrooms are nearly half that of large 2 Bedroom and 3 Bedroom rental units.

    There are also complaints regarding the 46,000 square feet of commercial space. The most common complaint is "there are so many vacant store fronts already, why do we need more commercial?" While on the surface this may sound like a legitimate argument it actually is not. Many of the vacant store fronts are in older buildings and they're smaller spaces. Furthermore it is very difficult for a small retail shop or any business that needs foot traffic to open up amidst an empty area. Right now, without this development the area is...blahh. There are not many things around, but the area has phenomenal promise with some great restaurants being only a block to the north or a block to the south away. Having 46,000 square feet of retail space open in this area can easily create an anchor location. An "anchor" store or location is one in which people see as a destination spot. They GO TO IT specifically. Such a store in this location would be great as it would increase foot traffic on this slower part of Broadway and Halsted which will actually increase the ability for landlords of smaller vacant store fronts to lease out their space.

    Lastly, one of the most important things of any new development is QUALITY. The last thing we want is a developer to walk in, build something, sell it off and leave WITHOUT caring about the quality of the building a couple years down the road. JDL Development is not that kind of developer. They're known for building very high quality developments in some of the most desirable parts of Chicago. Furthermore, JDL does not plan to "flip" this building like many other developers are currently doing with apartment buildings. They actually plan to OWN IT AND HOLD IT after the development is built.

    The building will not be cheap and it will not be poor quality. It will more than likely rent at a premium compared to everything else due to the amenities, location and features. All units will have In Unit Washer / Dryer, they will have Granite and Stainless Steel and the list goes on. Unlike buildings in the area such as 655 Irving, 3660 Lake Shore, 3930 Pine Grove and others, 3750 Halsted will have 9' ceilings and will FEEL like a condo building, not like a typical rental development.

    This development will bring hundreds of jobs to the area while it is being built. It will continue to employ people after the construction is complete and it will also bring roughly 1 Million Dollars of tax revenue to the city.

    Paul Blackburn is an Illinois Licensed Realtor and Associate Broker with @ Properties in Chicago. He can be reached with any questions, comments or to inquire about his services at Paul@PKBlackburn.com

    www.TheChicagoRealtyBlog.com
  • Rental Prices in the Fall and Winter in Chicago!

    Posted Under: Rental Basics in Chicago, Rentals in Chicago  |  November 17, 2011 11:43 AM  |  795 views  |  No comments

    There have been several articles written recently that have talked about rental prices "slipping" in Chicago. While year over year prices are up at near double digit percentages, the month to month has slightly...."slipped." It amazes me how closely reporters follow the real estate market. They are so busy looking at the nuances of the market that they forget to monitor the overall trend of the market.

    Recently I've run my own numbers on the state of the rental market, which will soon prompt me to write a blog with specific data which will address market price trends, market times, current inventory levels, etc. However, for now I just want to give my basic thoughts.

    Traditionally the fall is always the start of the "slow season" for Realtors and Leasing Agents. October 1 marks the last big move day for Chicago until the Spring. We see less renters looking, but at the same time supply is decreased because less leases are coming due. However, psychology plays a roll in this market. This psychology says "I don't want my place to sit vacant in the winter." Ironically, these same people may not say that about summer, but the idea of a vacant home in the winter brings terrible thoughts to mind such as bursting pipes, snow removal, heating costs, etc. Therefore, landlords are typically more flexible on rent at this time of the year. It therefore only makes sense that month to month prices would slightly decline in this period. Just because prices have declined and occupancy levels have "slipped" by a sliver of a percent does not mean the rental market is in free fall.

    Instead, what we need to do is compare year over year trends. For instance: it is expected for prices to decline from September compared to November. But, how much? We need to evaluate the decline from last year and compare it to the decline from this year. This could give us insight into how the market MAY be trending.

    Journalists love to write articles with catchy headlines such as "Apartment Market Tumbles." The average reader will read the article whether it is correct or not. I always read them, even if they are frequently inaccurate because I'm curious. When I, however, write a blog I do not have the luxury of being grossly inaccurate the majority of the time. I write blogs like this because I want to obtain clients, therefore I need to earn their trust. I do that by being as correct as possible and not just write a blog with a "I gotta read this" headline.

    My next blog will evaluate the rental market properly. You'll see the raw data from what I call a "leading indicator" in the rental market which are privately owned condos and homes. I will explain why I find these properties to be leading indicators of the rental market and where I think the rental market is going into the winter and into 2012.

    Paul Blackburn is a licensed Realtor and Associate Broker with @ Properties. Paul specializes in leasing and sales of the Downtown, Near North and North Side neighborhoods of Chicago. Paul can be reached via e-mail at anytime of day: Paul@PKBlackburn.com

    www.TheChicagoRealtyBlog.com

« Read older posts
 
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer