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Wicker Park Bucktown Insider's Guide

How Much is Your Wicker Park or Bucktown Home Worth in Today's Market

Michael Hamrick - Tuesday, September 03, 2013

Wicker Park, Bucktown Real Estate - Your FREE Market Analysis

In today's hot real estate market, inventory is very low. The pool of buyers is high and interest rates have started to climb. Buyers are out looking for homes and they want to purchase now before interest rates increase even more.

If you're a prospective seller who has considered making the move but didn't want to lose money, now is the time to reconsider that sale.The combination of small number of properties for sale + high number of buyers means properties are selling in just weeks now ... and sometimes it's only a matter of being on the market a few days. But these trends won't last forever.

Interest (mortgage) rates are also on the rise and have been increasing rather quickly. That means buyers will soon be paying more interest and will, subsequently, be able to afford less in purchase price. And that trend is happening right today. Mortgage rates have increased by as much as a full percentage and that affects a buyer's bottomline.

So today is a great time to sell. The sky isn't the limit for pricing and value, however. Banks continue to monitor appraisals very closely. So if you're property isn't worth the value/price you'd like to get, the bank won't approve the loan. It pays - literally - to be realistic.

The key to selling in today's market is pricing your property well. You need to be priced strategically based on comparable properties and  currently properties on the market ... but not overpriced and you'll maximize your sale price in today's market.

If you're curious to know where your value is right now, contact me. I'd be happy to do a Market Analysis to let you know. It's absolutely free and there's no obligation. It can serve as the foundation for your next big real estate decision.

 

Published July 21, 2013 - Real Estate Contributor Thyra DeCicco. Licensed IL real estate broker for 10 years. Wicker Park resident and single family home owner for 8 years. Thyra@atproperties.com. @properties. 1875 N. Damen Avenue. Bucktown. Phone: 312-498-6066.

 

 

Wicker Park's New High Rise is Finished - What Do You Think

Michael Hamrick - Thursday, August 01, 2013

Updated: Wicker Park - August 1, 2013

We've been following this development for almost 2 years and the new high rise at 1611 W. Division Street is finally complete. So what do you think?

This is a residential rental building with approximately 99 units and no parking available to its tenants. The focus is intended to be on public transportation and ride-sharing.

There will also be a 100 foot wall that showcases art. The space is scheduled to open and be available to rent in Fall of this year.

PNC Bank and Intelligentsia have had dibs on the commercial space since its inception.

Tell us what you think. We'd love to know.

 

 

 

 

 

Published February 2012

We realize that people don't see information at exactly the time we publish it. So for important projects like this one, we like to provide updates along the way. The "Pizza Hut" site as it's called at the corner of Division Street and Ashland Avenue (1600 W. Division Street) has been vacant for almost 5 years after a failed attempt by Walgreens to develop the property. Purchased in 2011, however, now the space has big plans. A new development is being planned with the input of the community, the East Village Association and 1st Ward Alderman Moreno.

 

 

So...what's in the works?

An 11-story glass/metal building that will rival the The Coyote Building (North/Damen/Milwaukee) for icon status will include 1st floor commercial space, 2nd floor offices and 9 floors of residential rental units (100+ units). 

No parking will be provided onsite to residents of this building. An affidavit will be required by tenants which states tenants do not own cars and subsequently will not be eligible for permit/street parking.

PNC Bank and  Intelligentsia Coffee already have dibs on the commercial space. The East Village Association has provided an extensive overview of the project.

 

Million Dollar Rehab - Ukrainian Village, Wicker Park

Michael Hamrick - Tuesday, July 30, 2013

If you love turn-of-the-century architecture but aren't sure you want to assume the work to update and maintain it, this new rehab at 2134 W. Haddon may just be the home for you.

Located in the Ukrainian Village Historic District, this 5 bedroom 3.5 bathroom is a complete gut and is located just a block south of the Division-Damen intersection of Wicker Park.Three bedrooms upstairs, 2 in the lower level this home offers vaulted ceilings, a full master bath with steam shower, wet bar, family room and 2 car garage.

Work is set to begin September 1st 2013 with a delivery date of February 1, 2014.

The buyer will pick all of the finishes according to the listing company Koenig & Strey. These photos reflect comparable homes and finishes. All photos courtesy of Koenig and Strey.

 

Asking price - $999,000 May sound steep but at 3,500 square feet that's just $285/foot. A solid value.

 

The size of the lot is 24 x 120; not full size but a nice size for the neighborhood.  If you'd like additional details, contact the agent below.

 

Published July 26, 2013 by Real Estate Contributor & Licensed IL Real Estate Broker-  Thyra DeCicco. @properties  Bucktown - 1875 N. Damen Avenue - thyra@atproperties.com. Phone: 773-432-0200.

Bucktown 3 Bedroom Single Family Home On Hoyne - $499,900

Michael Hamrick - Friday, July 19, 2013

Bucktown Real Estate

 

Remember the single family home we told you about in Ukrainian Village last week at 2138 W. Haddon? Well ... it sold in under a week.

 

But there's still time to take a look at this one. Looks like a bank-owned property at 1941 N. Hoyne with 3 bedrooms, 2 baths, a nice sized yard and garage. It also appears that remodeling has been done and it's in move-in condition. It's being sold in "as is" condition by P.R.S Associates.

If you'd like to take a look or would like the MLS listing info contact the agent below. But you'd better hurry. You know this one won't last long at $499,900.

 

Published July 19, 2013 by Real Estate Contributor & Licensed IL Real Estate Broker-  Thyra DeCicco. @properties  Bucktown - 1875 N. Damen Avenue - thyra@atproperties.com. Phone: 773-432-0200.

 

Photos courtesy of P.R.S Associates.

Adorable Wicker Park - Ukrainian Village SFH $450,000

Michael Hamrick - Friday, July 12, 2013

This adorable bungalow/workers cottage at 2138 W. Hadden sounds like a great deal. 3 bedrooms and 1 and 1/2 baths, this home sits on a 25 x 120 lot. It also looks like it's in relatively nice condition from the photos but could use a little updating. It's also being sold As Is.

Asking price is just $450,000; the average price for a 2 bedroom condo in the area. Interested? This property was listed 3 days ago by Prudential Rubloff. You may not want to wait on this one. It won't last long.

 

Published July 2013 - Interested in this single family home? Have specific questions about buying or selling in the Wicker Park, Bucktown real estate market? Please feel free to contact: Licensed IL Real Estate Broker & Real Estate Contributor Thyra DeCicco. @properties - Bucktown - 1875 N. Damen Avenue - thyra@atproperties.com

Buying or Selling Wicker Park - Bucktown Real Estate? The Time is Now.

Michael Hamrick - Monday, July 08, 2013
In late 2007, the real estate market in Chicago - including Wicker Park and Bucktown was beginning to experience a slow down and by the end of 2007, market time on listings had grown considerably. In October 2008, the credit market crashed and loans were not available. Period. Sellers couldn't sell and home values started plummeting. Interest rates increased rapidly on ARM mortgages. Rapidly rising interest rates combined with high property taxes were forcing many into foreclosure. And those foreclosures also began to flood the market; pushing home values down even more.

But the real estate market in 2013 in Wicker Park and Bucktown has taken a decidedly different turn. 

 

 

Sisters of the Resurrection Convent - Condo Conversion - Cortland/Hermitage Bucktown. Koenig and Strey.

 

Homes have started selling again and quickly. With values still relatively low and interest rates still below 5%, buyers have begun to flood the real estate market again.

The issue in 2013? Inventory.

There just aren't that many properties on the market in Chicago and specifically Wicker Park and Bucktown. Home values haven't increased significantly - yet -  so sellers aren't rushing to put their homes on the market. But we are starting to see an increase in prices and the increases are happening quickly. For buyers: the market has taken a completely completely different direction than it has over the past several years. Prices are now on the rise ... and so are interest rates. Did you miss the bottom of the real estate market? The short answer is: Yes.

 

Noah Properties New Development 1864-1870 N. Damen - Sergio and Banks Real Estate

 

Sellers: Now before you run to put your home on the market expecting 2005 prices, it's going to take a while for pricing and home values to catch up to demand. Appraisals and subsequent loans are contingent upon values over the past 6 months. Those values haven't skyrocketed but you can expect your home's value to increase (finally). The key here is pricing. Despite the demand, buyers are willing to overpay. So pricing your home properly is still key to maximize its value.

 

Buyers: Wicker Park and Bucktown real estate prices are rising and with interest rates also on the rise you're definitely going to start feeling the squeeze. Your dollar is going to buy you less and that trend is expected to continue. If you've been sitting on the fence, you may not want to do so much longer. You can also expect incredibly fast market times. New construction is selling before it's even listed on the MLS and well-priced properties are selling in record time.

 

1624 N. Wolcott - New 7,000 square foot Bucktown Single Family Home- Asking price- $2,995,000. Currently under contract. Prudential Rubloff.

 

Wicker Park and Bucktown have been hot real estate markets since early 2000. And with the influx of new higher-end businesses, these neighborhoods have become even more desirable.New construction has rebounded with a vengeance in 2013. Vacant buildings are being replaced with luxury condos. This too will begin to push pricing up.

So, barring any considerable changes in lending and our overall economic stability,  the Wicker Park & Bucktown real estate markets are booming for 2013. If you're a buyer, the time to get off of the fence is now. If you're a seller and have been considering, now's the time. With little competition and high demand, there really is no better time.

 

And everyone needs to take action before mortgage rates increase. If you'd like to find out how much your home is worth in today's market, contact me. I'd be happy to do a market analysis to determine your home's value.

Published July 2013 - Have specific questions about buying or selling in the Wicker Park, Bucktown real estate market? Please feel free to contact: Licensed IL Real Estate Broker & Real Estate Contributor Thyra DeCicco. @properties - Bucktown - 1875 N. Damen Avenue - thyra@atproperties.com

Wicker Park's New Luxury Development Sells 50% Pre Construction

Michael Hamrick - Monday, July 01, 2013

All Images Courtesy of Listing Agent Jennifer Mills and Koenig & Strey

Updated July 1st: Remember these luxury condos located at North & Hermitage? When we first wrote about this new development in March of this year, we were surprised to see the pricing; steep for condos with 3 bedroom 2 bathrooms priced at $650,000 and up. Well they're not even built yet and 50% of these condos have already been sold.

The sellers market continues in Wicker Park and Bucktown with multiple offers being received on almost every listing and market times being reduced to just days. Many new developments are similar to this one in that the condos are sold before they're even built ... and long before they're every listed.

Increasing mortgage rates are just fueling the fire and inventory remains very limited at this time.

 

 

Published April 1, 2013 - In a space currently the home of a Citgo Gas Station, you will soon find a new luxury development heading to Wicker Park. Just last year, Alderman Waguespak and neighbors met to discuss plans for 30 new condos to be added to this corner. And the community wasn't happy...especially because of the density of this new development.

 

 

 

After a revision to the plans, the development at 1611 N. Hermitage won't include 30 condos. It will offer 17 according to MRED and they won't be cheap. The lowest priced condo is 1900 square feet and the asking price for this 3 bedroom, 2 bath condo is $650,000. That's $400/foot and the prices increase up to $900,000. These are some of the highest prices we've seen in Wicker Park.

 

These condos include: private elevator access, private terraces, a high-end appliance package including: Subzero, Bosch and Wolf and heated garage parking. And these prices are pre-construction prices; when prices are traditionally at their lowest.

 

There is such limited inventory in Wicker Park & Bucktown now it will be interesting to see how these prices fare and where they ultimately land in terms of sale prices. Are buyers willing to pay these prices? Time will tell.

 

Updated July 1, 2013. Originally published March 23, 2013  Thyra DeCicco  Licensed IL Real Estate Broker & Real Estate Contributor - @properties - Bucktown - 1875 N. Damen Avenue - thyra@atproperties.com. 773-432-0200.

Shopping Center Planned for Wicker Park's Division Street?

Michael Hamrick - Monday, June 10, 2013

Image courtesy of Loopnet

Older but interesting news via Chicago Real Estate Daily. Apparently the parcel of land at Division and Damen where the Shell Gas Station is currently located (1946-1956 W. Division Street) was sold to Newgard Development LLC for $2.6 million at the end of last year. 


A 20,000-square-foot shopping center and 110-car parking garage were initially planned for the property, according to Loopnet.com. No word yet on what Newgard Development has planned for these 5 lots.










 

 

Wicker Park's New Chic Boutique Hotel

Thyra DeCicco - Thursday, April 25, 2013

1659 W. Division St. Courtesy of Loopnet

Published by Wicker Park, Bucktown real estate contributor: Thyra DeCicco

 

Wicker Park is getting a new hotel hybrid. A building that has been a "single room occupancy" or SRO building is getting a new life and a chic makeover. According to a report published yesterday via Chicago Real Estate Daily, this turn of the century building is being transformed into a corporate housing-hostel hybrid, "renting rooms to companies bringing out-of-town employees to Chicago for extended work trips and to visitors here for shorter stays".

Holiday Jones, as the property will be called, is located at 1659 W. Division Street (Paulina and Division). It will have 35 rooms, each offering about 150 square feet and costing $70 to $150 per night. Longer term stays will qualify for lower rates.

Only 5 or 6 of the 35 units, will have a private bath. Accommodations will include a shared kitchen and 24 hour staffing. This building includes a 1st floor commercial space (formerly the home of shoe store Pump). Owners are planning to include a small cafe offering coffee and pastries in that space.

Holiday Jones is looking to open later this Summer and will target younger travelers who don't want to stay in downtown Chicago.

 


Wicker Park SRO To Morph Into Hotel Hybrid [CRED]

Large West Town Parcel on Chicago Avenue Purchased

Michael Hamrick - Sunday, April 21, 2013

 - A rendering of the proposed project.In a story published by Chicago Real Estate Daily, it appears several parcels of vacant land at 1822-1850 W. Chicago Avenue (just West of Wood Street) in East Village have been sold; according to a deed filed with the county. Fifield Cos. paid $2.6 million dollars for the property and is planning an $18 million development that will include three four-story buildings with 48 apartments and 9,000 square feet of retail space.

“This was an effort by us to move luxury product into an emerging neighborhood,” stays CEO Steven Fifield. 

 

 




Published April 21, 2013 by Real Estate Contributor Thyra DeCicco. Licensed IL Real Estate Broker. @properties Bucktown. 1875 N. Damen Avenue.



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