Home and condominium values are on the rise in Chicago’s North Side neighborhoods as lakefront living lures an increasing number of buyers, real estate experts say.
“Chicago’s lakefront neighborhoods have an attractive housing stock and great amenities – shopping, restaurants and entertainment,” said Charles Huzenis, president of Jameson Realty Group.
A year-end report from the Chicago Association of Realtors revealed the following statistics for 2004:
Lincoln Park. Three-bedroom and four-bedroom single-family homes sold for an average price of $1,142,322 in 2004, up 6 percent over the previous year. Two-bedroom condominiums sold for an average of $391,238, a 5 percent gain over 2003.
A total of 127 homes and 686 condominiums were sold in Lincoln Park last year. The average time on the market was 124 days for homes and 86 days for condos, according to CAR.
One of Lincoln Park’s newest residential developments is Geneva Terrace Estates, an upscale development of 22 new-construction single-family homes developed by SR Builders.
Ready for immediate occupancy, a six-bedroom home at 646 W. Drummond features 4.5 baths and 5,400 square feet of living area. It is listed for sale at $2.3 million, while two other Geneva Terrace Estates homes scheduled for completion this spring range from $1.995 million to $3.5 million, according to Rubloff Residential Properties, the listing agent.
Gold Coast, River North, Old Town. Homes sold for an average price of $1,314,371 in 2004, up a whopping 17 percent over the previous year. Condominiums sold for an average of $502,334, a solid 10 percent gain over 2003.
A total of 26 homes and 1,568 condominiums were sold in the Gold Coast, River North and Old Town last year. The average time a home spent on the market was 115 days for single-family houses and 106 days for condos, according to CAR.
“House hunters who shop around can still find homes priced below $1 million in Old Town,” said Amy Pena, sales agent with Coldwell Banker Residential Brokerage. For example, Pena cited a comparatively affordable worker’s cottage at 304 W. Concord. “The two-flat, listed for $459,000, features a pair of one-bedroom apartments, a deck and yard,” she said.
Another property available under the $1 million mark is a renovated four-bedroom, 3.5-bath home with oak and slate floors at 1511 N. North Park priced at $939,000, Pena said. The home has a lower level with a full bath, a large master bedroom and a deck.
Lakeview. Homes in Lakeview sold for an average price of $860,980 in 2004, up a hefty 14 percent over the previous year. Condominiums sold for an average of $344,313, a 6 percent gain over 2003. A total of 126 homes and 1,107 condominiums were sold in Lakeview last year. The average time on the market was 86 days for detached houses and 78 days for condos, according to CAR.
One hot new development in Lakeview is the Vic, a $30 million loft and new-construction condominium development at 3150 N. Sheffield, across the street from the theater of the same name.
The two-phase project consists of the 51-unit condominium conversion of a vintage six-story rental apartment building and 54 luxury condominiums in a new nine-story building, according to Joseph Freed Homes, the developer.
Prices at The Vic range from the mid-$100s for a converted studio to the mid-$800s for a new-construction penthouse with more than 2,500 square feet.
Uptown. Homes sold for an average price of $675,026 in Uptown during 2004, up 13 percent over the previous year. Condominiums sold for an average of $279,910, an 8 percent gain over 2003. A total of 19 homes and 659 condominiums were sold in Uptown last year. The average time on the market was 93 days for homes and 91 days for condos, according to CAR.
One of the newest condominium developments in Uptown is the eight-story Sheridan Grande, a 70-unit luxury condominium by ViCor Development now under construction at 4848 N. Sheridan.
Units with one to three bedrooms range from about 870 to 1,684 square feet. Each residence will feature a balcony or terrace. Base prices range from $224,000 to $449,000, according to Rubloff Residential Properties, the exclusive marketing agent.
Real estate columnist and media consultant Don DeBat has written about Chicago-area housing and mortgage markets since 1968. He is chief executive officer of DeBat Media, Inc., www.dondebat.net.