I am currently collecting and analyzing my research of a two flat for sale off of Logan Boulevard.  The asking price is $304,000 and electronically via the MLS the pictures look good.  I estimate the building is about 1,100 square feet per floor with a normal Chicago lot size of 3,125 square feet.  Plus the listing claims it has a finished basement but this probably won’t be worth a whole lot. 

The significance is that this is the most significant price drop that I have seen in this premier section of Logan Square.  The listing originally started out at $650,000 a while back and then the seller lost the property to foreclosure.  The lender in this case is Fannie Mae and is also the current owner, ie this is a REO or bank owned property.

I am showing my buyer the property this afternoon and plan on creating a follow up post  on the true  condition of the building and more.

Real estate investors will tell you that commercial development often follows residential development by five years.  It is interesting to me that I have been a resident of Logan Square for almost five years and we are now beginning to see a ton of retail development in the form of restaurants and bars.  And make no mistake this has been the missing key neighborhood ingredient.  Over the next two years Logan Square residents will see a number of new attractions. 

One of these new attractions will be Revolution Brewing at 2323 N. Milwaukee.  Check out this new bar and brewery by going to website at http://revbrew.com/.  After reviewing the site the Belgian White looks like it will be my favorite. 

Stay tuned for more posts telling of other great new things happening in Chicago’s Logan Square neighborhood.

Logan Square’s St. George Lofts located at 2161 N. California offers one of the best condominium buildings in this Chicago neighborhood.  This is a well managed, well located 27 unit building in a rapidly rising part of the city.

Located right next to the California Blue Line stop, this building features timber lofts with 12 foot ceilings and assigned garage heated parking.  Many of these units come with city views and steel balconies.  The units themselves consist of both 1 bedroom 1 bath and 2 bedrooms 2 baths up to 1,200 square feet.

Just within a short walking distance you will find many bars and restaurants including:  The Logan Bar, Ronnie’s, Tacqueria Moran, Panchos and No Friction Cafe. 

Available units in this building don’t last very long after having been listed.  Currently there is one listed unit and it is under contract. 

Having owned in Chicago’s Logan Square neighborhood for five years, I have patiently waited for the tide that makes the boats rise.  The good news is that the tide is just beginning to arrive.  We now have many restaurants entering the neighborhood not to mention a change in image from murderous to trendy and hip.

My prediction (and many others) is that you will see more bars and restaurants enter the neighborhood around and between the California and Logan Blue Lines stops.  In fact The Logan Bar (2350 N. California) just recently opened while the Sultan’s Market (2202 N. California), Revolution Brewery (2323 N. Milwaukee) and Real Tenochtitilan (2451 N. Milwaukee) are at various stages of becoming new places. 

Logan Square is one of the last great Chicago neighborhoods to still be affordable.  The incoming tide suggests this will soon change.

The typical mix use properties that line Chicago’s commercial streets have a storefront with an apartment or two above.  These are not necessarily the most sought after investments as they tend to have low rents compared to price coupled with higher taxes (among other things).  In many cases, these properties are purchased for business reasons but not as a pure real estate investment.

It is suprising ot me that according to the MLS of Northern Illinois, eight out of twenty nine of these properties in Logan Square are currently under contract.  Obviously residential and commercial markets tend to play off one another so I think it says much about the near future prospects of this Chicago neighborhood.  I feel having nearly thirty percent of this market under contract is a strong number.

I have had the fortunate opportunity to currently be managing one of the most challenging listings of my career.  This listing is a two flat greystone off Logan Boulevard on Richmond Street.  If you want to be in Logan Square, this property resides in what most consider the premier section of this neighborhood.  The problem isn’t the location but rather the property condition.

This listing experience made me wonder how other simiilar two unit greystones in better condition have performed in this current market.  I must say that I was amazed at what I found. The average days on the market for this property type in this area was 55 days before getting a sales contract that closed.  In case you are wondering, the average sales price was $576,500.

The bottom line is if you are considering a multi-unit, look at greystones first.  There is actually amazing demand all over the City of Chicago, not just Logan Square, for these property types.