Lake Shore East – What has recently Sold in the Chandler, Regatta, Lancaster & 340 On the Park

Amidst all the rentals hitting the market and quickly getting snapped up in Lake Shore East are some great sales that have happened over the past couple of months. For those of you who are not familiar with Lake Shore East or the “New East Side” as some call it; it is the area on the south side of the river where the river meets Lake Shore Drive. The new buildings are comprised of 225 N Columbus, The Aqua; 340 E. Randolph, 340 On the Park; 420 E. Waterside, The Regatta; 450 E. Waterside, The Chandler; and 201 N. Westshore, The Lancaster.

In the past 2 months 14 condos have sold in these buildings. Here are some of the most notable:

The Chandler: Unit 2101 sold in the Chandler for $405,000. This included the parking space. The 01′ tier at this level in the building faces North which is the preferred view from this building as you see Navy Pier, the River and the city. 2101 is a 1 Bed / 1.1 Bath and is considered a “Jumbo” One Bedroom for the building at 961 square feet. According to my research the previous owner paid $497,000 in 2007.

The Lancaster: Unit 2102 sold for $546,000 including a parking space. It is a 3 Bedroom / 2 Bathroom unit however the 3rd bedroom is more “den like” given its location off the living room and its size. The unit faces South East which gives it great lake views at the current time. However, there is currently an empty lot between the Lancaster and LSD which will eventually be built on. Some have asked if it will be built on soon given the building craze of rental buildings. I don’t believe so. This is prime Lake Shore Drive property and the developer would rather use it for condos than a rental building. At least that is my opinion.

340 On the Park: 340 saw a couple notable sales the other month. Unit 2101 sold for $1,600,000 including parking of course. The unit is 2368sf and the 01′ tier at this level has both North East and South East views.

Another notable in 340 On the Park is penthouse unit 5702 which sold for $2,600,000 which appears to have included 3 parking spaces. Total square footage on this unit is 2748 and it is a Three Bed, Three and a Half bath. This unit faces South East and has extra tall ceilings because it is on a “penthouse” floor.

Paul Blackburn is a Licensed Illinois Realtor and Broker with @ Properties in Chicago. He can always be reached via e-mail at Paul@PKBlackburn.com

Rental Inventories DOWN all over Chicago – Wicker Park, Bucktown, Lakeview & More

Inventory levels appear to be down all across Chicago, at least as far as rentals are concerned. Last year around this time I would forward clients lists of properties. They would pick out the ones they like and I would make calls and send out e-mails to schedule appointments. Last year, roughly half the responses I would get would be “Sorry, this condo has been rented.” This year however there are not many places on the market that I can even call!

Let me give you a few examples. I just ran an MLS search for Wicker Park & Bucktown for rentals between $1,500 and $4,000/mo. That is a huge price range and should typically yield a decent number of results. Well, there are only 22 units on the market in Wicker Park and Bucktown in this price range many of which already have applications pending.

Other areas such as Lakeview and Lincoln Park are seeing the same problems; limited inventory. In a normal market this may mean that less people are moving and therefore there are less people looking. However with more people choosing to rent than buy demand continues to remain strong and inventory levels are dropping as many tenants are choosing to renew leases as opposed to take their chances with the fast moving rental market.

Absorption Rate: Absorption rate is a number that tells us how long it will take a market to absorb new units coming on the market. What we do is we look at how many units are currently available versus how many units have either rented or sold over a certain time period in order to figure out how long it would take to go through the current supply.

Lets take a look at some of the current absorption rates in some popular neighborhoods so you can see how quickly the rental market is moving. I’m using a wide but common price range of $1,500 to $4,000

Lincoln Park: 47 Units Available. 97 Units rented in the past 30 days which means there is currently only 14.5days of inventory on the market in Lincoln Park. In other words, if no new rentals come on the market there will not be any units available in 2 weeks.

Lakeview: 79 Units Available. 103 rented in the past 30 days which means there is currently 23days of inventory on the market.

River North / Gold Coast / Streeterville: 143 Units Available. 195 Rented in the past 30 days which means there is currently 22days of inventory on the market.

South Loop: 93 Units Available. 99 rented in the past 30 days which means there is currently 28.1days of inventory on the market.

Bucktown / Wicker Park: 22 Units Available. 39 Units rented in the past 30 days which means there is currently 17days of inventory on the market.

Lake Shore East: 22 Units currently available. 20 Units rented in the past 30 days which means there is currently a 32day supply of inventory on the market.

 

Paul Blackburn is a licensed Illinois Realtor & Broker with @ Properties Chicago. He can be reached via e-mail at Paul@PKBlackburn.com