Author: Sarah Pappalardo
Five years ago, Sarah Pappalardo moved to Chicago to begin a charming Midwestern life. Growing up in Boston area, she always had a soft spot for tree-lined, inner-ring suburbs with lots of private universities and wealthy professionals. It was then that her love for the North Shore of Chicago (and similar neighborhoods in the city) began. Since then, Sarah has finished her Master’s in British Literature, and has written, performed, and provided musical direction for sketch comedy and theater productions around the city. She is also an avid cyclist, a mediocre musician, a green-building nerd and a fan of red curry.
She would rather live in a shed with a granite countertops than a large, empty suburban box. Someday, she might be able to afford at least one of these things.
Recent posts
October 21, 2008
Rather, the banks may have to do it themselves. As shown in the Statesman, the Cook County Sheriff refuses to do the bank’s dirty work anymore. While he may face some serious charges and (ironically) jail time, this is tremendous good news for those facing foreclosure in Wilmette, Winnetka, Evanston, and the Chicago area.
The Trib reports that foreclosures “are expected to reach a record high of 43,000 this year, compared with 18,916 in 2006.” That’s a lot of people to put out on the street.
In places where the number of renters is high, it is incredibly bothersome to the police, who must evict tenants who aren’t on the mortgage. Beyond that, it creates a nasty neighborhood atmosphere and puts the anger and misery out on the street for you to watch. You might see why people are calling him an “American Hero” as bad times have hit hard.
Sheriff Dart is making a bold decision, and may set a bad precedent for law enforcement. Some argue that this will allow banks to tighten lending even more, posing a threat to businesses and home buyers who rely on these funds. On the flip side, those high Cook County taxes you may be paying are going straight to the labor of the police, essentially doing the bank’s dirty work.
This isn’t fair to anyone. Except the banks.
I have tremendous respect for Sheriff Dart’s decision–let’s come up with a better plan to fix this crisis!
467 LINDEN St #467
WINNETKA, IL 60093
Price: $342,000
Beds: 2
Baths: 1.1
686 FOXDALE Ave
WINNETKA, IL 60093
Price: $580,000
Beds: 2
Baths: 2
1137 CHERRY St
WINNETKA, IL 60093
Price: $599,000
Beds: 4 On Redfin: 201 days
Baths: 2
October 21, 2008
Northwestern’s 50-year vision may change the surrounding real estate landscape as much as it changes its own. A blog on EvanstonNow describes the plans, which include opening up pedestrian corridors leading to the lakefront and expanding views of the water by destroying an existing parking deck. While one commenter claims that North-South bike access will get axed in this plan, many people who attended the meeting were pleased with the increased public access that this plan will allow.
An unwelcome neighborhood dorm complex will be knocked down and replaced with residential buildings, which will do wonders for the real estate around Foster and Orrington Avenues (see a couple of the listings below). Looking at the long-term market in Evanston, aside from the current home value slide, this area is looking good if NU’s plans go though. Not only will there be one less dormitory, but the increased lake access for public residents will be a huge location perk.
Among other plans, there is talk of a “mixed-use gateway” to the campus and knocking down another ugly 1960′s-era administration building. This could make for a friendlier, less obtrusive transition between public and private space, and could definitely benefit the Clark and Chicago Avenue intersections and its surrounding area.
Let’s take a look at some nearby properties for sale, which happen to be a plethora of 1960′s and 70′s-era condo units (go figure):
2033 SHERMAN Ave #501
EVANSTON, IL 60201
Price: $299,900
BEDS: 3 ON REDFIN: 113 days
BATHS: 2 YEAR BUILT: 1965
2025 SHERMAN #408
EVANSTON, IL 60201
Price: $359,000
BEDS: 3 ON REDFIN: 32 days
BATHS: 2 YEAR BUILT: 1966
1738 CHICAGO Ave #802
EVANSTON, IL 60201
Price: $299,500
BEDS: 2 ON REDFIN: 49 days
BATHS: 2
October 17, 2008
Unlike many Big Ten matchups, Northwestern just can’t drive people into seats. According to the Trib, officials expect 17,000 vacant seats at the next game.
Let me tell you, there are perks to a Northwestern football game.
First: free beer. Goose Island does a promo before every game, with FREE 312. Everybody in Chicago likes 312, so why would you go to Wrigley and pay six dollars for an Old Style? Heck, you can’t even do that this time of year.
Second: superior tailgating. While we may not live in a place like South Bend, IN, top-notch tailgating can be enjoyed a few hours before each game. The stadium opens up to people, and you can hang out with the cheerleaders and the band before the game. And there’s free beer.
Third: screw parking; you can walk. The Davis Purple Line is a few blocks away, but compared to other college towns, getting around is a breeze. In other words, free beer and no driving is a good thing.
While you check out a Northwestern game before the season’s end, check out these homes that are just off of campus:
1101 GARNETT
EVANSTON, IL 60201
Price: $530,000
Beds: 6 On Redfin: 66 days
Baths: 3.1 Year Built: 1898
812 GAFFIELD Pl
EVANSTON, IL 60201
Price: $789,000
Beds: 5 On Redfin: 221 days
Baths: 3.1 Year Built: 1902
841 ASBURY
EVANSTON, IL 60201
Price: $700,000
Beds: 4 On Redfin: 75 days
Baths: 2.1 Year Built: 1898
October 16, 2008
I’m not sure whether an exclamation point or a question mark is appropriate, but Evanston Devco is moving forward with plans to build a contemporary rental property on the corner of Chicago and Kedzie Avenues. EvanstonNow cites a strong argument from project developer Steve Ross, who believes that the housing market fallout will bump up the rental population in the area. Also construction costs are lower than ever at this point, and this company that bought the failing Fountain Walk out of bankruptcy in 2006 is ready to invest heavily in the future.
This new building will boast just over 200 rental units, and the mock-ups look like it will have a contemporary brick facade and a lower-level commercial space. While these units could sell like hotcakes in a better market, it will be interesting to see how this rental building, and renter’s culture in general, will change in the next few years. As demand grows, rent will inevitably increase (mine has!) and force us to ask the same question all over again: should I rent or should I buy?
Evanston is a special case: search for “new construction” units and you won’t find anything for sale. Vintage units, on the other hand, are a dime a dozen. You can easily find a two-bedroom for under $200k, and some rehabbed units rival the perks of new construction. Right now, new construction rentals are primarily owned by homeowners like this one who aren’t ready to sell in this market, and few developers have ventured into the rental arena on the North Shore. Devco might have the right forecast for the rental market; would you move in?
906 OAKTON St #2
EVANSTON, IL 60202
Price: $190,000
BEDS: 2 ON REDFIN: 142 days
BATHS: 1 YEAR BUILT: 1925
824 MULFORD #1W
EVANSTON, IL 60202
Price: $150,000
BEDS: 1 ON REDFIN: 178 days
BATHS: 1 YEAR BUILT: 1922
October 13, 2008
If you typically drive down Green Bay Road, this image won’t surprise you:
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That’s the map of condos on the market in Winnetka. As I’ve discussed the charm and appeal of Winnetka before, you can see that its less charming elements are left to its main driving thoroughfares. Now take a look at these condos on or just off of Green Bay, and take a look at how long they’ve been on the market:
650 WINNETKA Mews #312
WINNETKA, IL 60093
Price: $479,900
Beds: 3 On Redfin: 70 days
Baths: 3 Year Built: 1970
380 GREEN BAY Rd #3E
WINNETKA, IL 60093
Price: $1,295,000
Beds: 2 On Redfin: 249 days
Baths: 2.1 Year Built: 1997
518 WINNETKA Ave #302
WINNETKA, IL 60093
Price: $795,000
Beds: 2 On Redfin: 418 days
Baths: 2.1 Year Built: 2003
Our friends over at the North Shore Insider note that Winnetka has one of the smallest condo markets on the North Shore. Unlike Evanston, it’s hard to find a relatively inexpensive condo here. Even though the market has slowed to a near halt, condo prices here have remained stable, if not inflated (if i’m going to cough up over a million for a condo, it better be in Grand Plaza downtown with lake views and a personal sushi chef).
As the newer construction units remain stable, I’ll be checking to see if there will be fundamental price difference between homes and condos in the area. Home prices have been relatively stable compared to competing markets, but it will be interesting to see if condo prices remain the same. The few, proud prospective condo owners can only hope to find a deal in one of the “Best Places to Live” of 2007.
Will prices come down? We’ll have to wait and see.
October 10, 2008
There is a hot mess of open houses this weekend, and so-so-so many homes are under $500k in Highland Park. The mantra is “cozy,” but these days, “cozy” might get you through a mess of a recession much more…cozily. Kindly quoting Michael Walsh:
“With low-interest mortgage, you can get “more house for the money.” But you also get higher insurance premiums, higher property taxes; higher utility bills and higher maintenance costs, ongoing expenses that are bound to escalate in the future.
The simple fact is, a less-than-large home is more energy efficient, cheaper to furnish, easier to keep clean, and less expensive to operate, insure and maintain—even if it costs the same to buy or build as a big house. The difference is, if you spend less on extraneous space, you’ll have more to spend on architectural details, beautiful materials, high-quality furnishings and comforting extras –elements that make life easier and richer.”
Sun, Oct 12 1 – 3 PM:
835 COUNTY LINE Rd
HIGHLAND PARK, IL 60035
Price: $350,000
Beds: 3 On Redfin: 210 days
Baths: 1.1 Year Built: 1933
247 ASHLAND Ave
HIGHWOOD, IL 60040
Price: $216,000
Beds: 1
Baths: 2
2711 ARLINGTON Ave
HIGHLAND PARK, IL 60035
Price: $440,100
Beds: 4 On Redfin: 122 days
Baths: 2.1 Year Built: 1962
839 BURTON Ave
HIGHLAND PARK, IL 60035
Price: $270,000
Beds: 3 On Redfin: 66 days
Baths: 1 Year Built: 1956
October 9, 2008
It’s fall and everything is beautiful, except for that telltale heart beating on under your floor, reminding you of the economic apocalypse. Suze Orman’s been on Oprah, suggesting creative ways to bite the bullet and spend less money. Most blogs are doing the same thing: telling you things you should already know by now.
If you’re already a North Shore resident, it’s possible you might have a vacation home. If you didn’t know it, the North Shore itself is also a beautiful place to be in October. During this time where mini-vacations are replacing those big European vacations, think about renting out your home or your vacation home for a couple of the best weeks of the year. While this tax break isn’t new, it’s not one that many people know about. If you rent your primary or secondary home for less than 14 days of the year, that income is non-taxable (this is one among many smaller breaks for short-term renting).
If someone wants to enjoy your beautiful lakeside Winnetka home, for example, take advantage of the Winnetka Art Walk going on around town this month, and see if some out-of-towners down South would like to see some foliage. I know I would.
I’ve done this with a property on Cape Cod (but they were very, very trustworthy renters) and it was a fantastic way to pay the year’s property taxes, without having to work all that hard. If your home is on the market right now, this could ease the pain during this valiant economic struggle of ours.
130 WHITEBRIDGE Ln
WINNETKA, IL 60093
Price: $1,480,000
Beds: 3 On Redfin: 178 days
Baths: 2.1 Year Built: 1958
292 SHERIDAN Rd
WINNETKA, IL 60093
Price: $1,595,000
Beds: 5 On Redfin: 30 days
Baths: 4.1 Year Built: 1910
756 LINCOLN
WINNETKA, IL 60093
Price: $999,000
Beds: 4 On Redfin: 120 days
Baths: 2.1 Year Built: 1922
October 6, 2008
Yikes–just when I speak so fondly of Evanston, they go and raise property taxes on everyone. The amount varies, depending on particular homeowner exemptions that eat some of the increase, but many people are seeing a nine to 15 percent jump in taxes. While this increase will help pay back debts to the city and fund programs for the increasingly needy population in this diverse neighborhood, many people are squawking about the hike.
Aside from the alleged need for cash on the city council’s end, Evanston is going to see some dramatically different property assessments from the time this increase was proposed. Since last October, the average listing price has dropped nearly 10 percent in Evanston. Unfortunately, the next property assessment won’t happen until 2010. In other words, the tax hike doesn’t match the decrease in assessment or property value.
Do you think this hike was necessary? How do you think this will affect the already depressed sales in the area?
My solution? Talk to your aldermen. In the meantime, here are some Evanston steals:
1920 LAKE St
EVANSTON, IL 60201
Price: $200,000
BEDS: 4
BATHS: 2
1136 HARTREY Ave
EVANSTON, IL 60202
Price: $167,750
BEDS: 3
BATHS: 2
1819 LEMAR Ave
EVANSTON, IL 60201
Price: $160,000
BEDS: 2
BATHS: 2
October 3, 2008
There is a pile of open houses, waiting to be examined throughout Evanston this weekend. I plucked a few newer construction units from the pile, because I have a sweet spot for sleek facades and the resulting amenities (I also like old, 1920′s-style, knotty-pine floors and walls, so don’t judge). These units are all under $500k, with great proximity to the Purple lines and lots of fun stuff downstairs. If you’re looking into condo living, look here first:
Sun, Oct 5 1 – 4 PM:
1651 CHURCH St #1651
EVANSTON, IL 60201
Price: $388,900
Beds: 2 On Redfin: 6 days
Baths: 2.1 Year Built: 2008
Sun, Oct 5 2 – 4 PM:
807 DAVIS St #704
EVANSTON, IL 60201
Price: $478,500
Beds: 2 On Redfin: 16 days
Baths: 2 Year Built: 2005
Sun, Oct 5 2:30 – 4:30 PM:
900 GROVE St #4
EVANSTON, IL 60201
Price: $310,000
Beds: 1 On Redfin: 17 days
Baths: 1.1 Year Built: 2000
Sun, Oct 5 12 – 2 PM:
1640 MAPLE Ave #404
EVANSTON, IL 60201
Price: $425,000
Beds: 2 On Redfin: 62 days
Baths: 2 Year Built: 2002
October 2, 2008
After peeking through the stats and trends for the North Shore, particularly along the waterfront, you might find that homes are mysteriously retaining their value. Evanston has seen a much more volatile market than its suburban neighbors, with several more foreclosures and major price reductions that Winnetka, Wilmette, and Highland Park have not seen yet.
Are stable prices a good thing? Of course. But living in Evanston still remains as the most accessible communities on the Shore, both economically and in its location. With significantly more condos on the market, the condo micromarket has actually remained more stable than single-family home prices. First off, Evanston allows a lot more development than its surrounding towns, sacrificing that untouchable, preserved village atmosphere for commercial business and (some would say, more practical) growth.
The relative volatility in Evanston prices reflects the market as it stands right now, much more than its anomalous neighbors. Is that a reason to love Evanston? It’s not the only one, but it does mean that I can afford a condo here.
486 SHERIDAN Rd #1
EVANSTON, IL 60202
Price: $214,900
Beds: 1 On Redfin: 2 days
Baths: 1 Year Built: 1926
826 JUDSON Ave #5
EVANSTON, IL 60202
Price: $265,000
Beds: 2 On Redfin: 80 days
Baths: 1 Year Built: 1926
723 SIMPSON St #3
EVANSTON, IL 60201
Price: $192,000
Beds: 1 On Redfin: 9 days
Baths: 1 Year Built: 1918
