"A Neighborhood Rich In History"

Chicago Realtor Magazine took a look at Uptown in its summer edition, and liked what it saw.  It talked to two local Realtors and Uptown residents, Mark Zipperer and Bethanie Williams:

"We are crying for commercial development, but in this economy they're slow to come out here.  We need the foot traffic, but with a range of new restaurants and other changes, it's beginning to increase," Zipperer said.  

Fortunately, there is no shortage of engaged community residents working on Uptown's behalf.

And that last line is, to us, the best part of living here.

Read the entire article here.  As the person who sent it to us said, "Glad this went to realtors---so many refer to Uptown as 'sketchy' which makes me crazy."

18 Condo Units In Sunnyside Building "De-Convert" To Rentals

Photo courtesy @ Properties

How tight is Chicago's rental market right now? Chicago's 3.8% vacancy level is just slightly higher than Manhattan's, at 2.87%.

On a practical level, it means that many residential buildings are being built and/or rehabbed specifically as rentals (as we see happening all over Uptown).

It has also created a market for "deconversion," which Crain's describes as "the local housing market flipped on its head. Instead of converting apartments to condos—an established strategy you would expect at this stage in the market's recovery—a group of developer-arbitrageurs is going the other way as Chicago apartment prices keep climbing."

And so it happens that a 20-unit building at 921 West Sunnyside is deconverting 18 of its units to rentals. By selling as a group, the owners averaged $239,166 per unit, a number that the broker says is "significantly more than any of them would get if they'd been sold alone." The buyers paid $4,305,000 to purchase the 18 units.

The building will have two privately owned units (those who chose not to sell) and a mix of apartments ranging in size from 1-bedroom to 4-bedrooms. Here's how it breaks down:

• Seven 1BR/1BA apartments, 529 square feet, renting for $1,118
• Four 2BR/1 BA apartments, 1132 square feet, renting for $1,639
• Six 3BR/2BA apartments, 1191 square feet, renting for $2,317
• One 4BR/3BA apartment, 2185 square feet, renting for $3,250

Crain's notes that about half the units were already rented out when the buyer acquired them, and the new owner re-leased them to their existing occupants without raising rents.

Update: Uptown resident and real estate broker Mark Zipperer commented on UU's Facebook page:

"De-conversions becoming more frequent. Likely a function of the down market and many investors buying and/or owner renting their units and moving on. In this case owners seem to be getting more $$ than the current fair market value. Issue for the 2 owners who aren't selling - if they try to sell under current lending conditions, new buyers could not get loans as lending is an issue in assn's where 1 owner/entity owns more than 10%. So those 2 that didn't sell have already lost $$, unless lending changes. As for the rents-$1100 is on the low side for a 1br in the area. Adding more rentals to the neighborhood could/should stabilize rental prices."

Missing Teens Found Thanks To Uptown Resident

Many readers saw the news story Sunday about the so-called "Michigan's Romeo and Juliet" (or, as we like to think of them, "Michigan's Most Inconsiderate Kids") being found safe in the parking lot of the Mobil station at Broadway and Sheridan.  We're glad these very young teenagers are safe and alive after two weeks of sleeping in their SUV in a very active part of the city.

They were found thanks to Uptown resident Mark Zipperer, who saw the young man, recognized him and the vehicle, double-checked online at Starbucks, and called 911.  Many of you may know Mark, from his sponsorship of BPN free concerts, his community work, or from using him as your real estate broker.

Congratulations and thank you, Mark, you did a wonderful thing.

BPN's General Meeting To Focus On Business In Buena Park

The Buena Park Neighbors Association will hold its next General Meeting on Monday, February 29, at 7pm. The theme will be "Focus On Buena Park Business," with plenty of guest speakers to expand on the topic. The meeting will be held in Thorek Hospital's cafeteria, on the lower level, at 850 West Irving Park Road.

Thorek Hospital will start off the meeting with a welcoming address, followed by BPN president Lisa von Drehle, who will provide a neighborhood update, details on the Matthew Hoffman public art project, and introduce the following guest speakers:

• Sara Dinges – Uptown Chamber of Commerce
• Jenny Tola – State Farm Insurance agency on Broadway
• Mark Zipperer – This former Buena Park Neighbors board member will discuss area real estate
• Zach Trowbridge – All Strength Training facility on Broadway
• Sarah Bowen on diamonds
• Dominic Irpino – Irpino Real Estate on Broadway
• Nicole Vasquez will introduce The Shift 2.0
• Tressa Feher of the 46th Ward aldermanic office will update attendees and take questions on ward matters.

Bring a friend! Membership packages are available and include a photo book on the history of Buena Park, Sweet Home Buena Park by Gene Tenner.

Buena Park Neighbors is a 46th Ward neighborhood association of more than 200 residents, businesses, and not-for-profit organizations in the nationally registered Buena Park Historic District. Our mission is to improve the quality of life for everyone in Buena Park.

Free Concert In Buena Park Circle

Your neighborhood block club, Buena Park Neighbors (BPN), is pleased to announce the second of two free concerts in the Buena Circle Park. Buena Park neighbors and their families will come together under the stars to listen to blues performed by the Thomas Pace Band.

The free concert takes place on Thursday, August 7th from 6:30pm to 8:30pm. Buena Circle Park is located at the intersection of North Kenmore Ave. and West Buena Ave. (1000 block West and 4200 block North). The Thomas Pace Band concert is co-sponsored by Karen Ayers, State Farm and Mark Zipperer, Re/Max Edge.

The Buena Circle Park concert series is organized by BPN in conjunction with the Chicago Park District. All neighbors and families are welcome.