Which pockets of River North are hottest right now? According to David Schwalb, managing broker of Schwalb Realty Group, areas near the Mag Mile and the East Bank Club are the two sub-markets seeing the most demand in River North
Buyers are drawn to the neighborhood’s galleries, bars and restaurants, but the blocks where these businesses tend to cluster are too close to the noisy Brown Line for some, and so overall, they’re less saleable.
An “ample supply” of properties in River North favors buyers right now, Schwalb says, but the majority of his “potential buyers can afford to buy in both good and bad markets.” Schwalb says resales are actually the strongest segment of the market right now, although new construction provides some competition. He points to River North’s clientele of young professionals who “have immediate needs and [are] ready to close. They don’t want to wait on a two-year reservation.”
That’s why emerging areas such asMillennium Park aren’t creating as much competition for River North as people might think, according to Schwalb. Developments around Millennium Park are “probably only about 10 percent” of the competition, partly because that area appeals more to retirees who are already living in homes and can afford to wait while a new condominium is completed.