$400,000 Homes near The Loop Are Popular
Chicago, IL -- (ReleaseWire) -- 08/28/2006 --Chicago enjoys the rebirth of residential development in the core areas near downtown. The unprecedented housing boom creates exciting, world-class, urban living linked to various amenities.
The downtown area features an ample supply of high-rise units, along with town homes mostly on the outskirts.
What about single-family housing?
Almost none is available within the downtown area at reasonable prices. Land is simply too expensive. The nearest single-family housing is found within a four-mile radius of downtown in some of Chicago's most exciting neighborhoods including Ukrainian Village, Wicker Park,and North Lawndale. These communities are located within 20 minutes of the Loop.
As expected, single-family housing prices in such neighborhoods are stratospheric. Prices for new construction homes often start at $600,000. Yet bargain prices are still available - particularly in North Lawndale.
North Lawndale is one of the most active redevelopment districts and best kept secrets. The area is located in the heart of the City's Westside, about 10 minutes directly west of downtown. The area is renowned for its early 20th Century charm including numerous mansions and the historic landmark Sears Catalog Plant District (Homan Square).
Many employers and academic institutions are within the general area including the Illinois Medical District, the Homan Arthington Foundation and the Real Estate Capital Institute. Nat Zvislo, research director of the Real Estate Capital Institute, says "we like the area because home prices are affordable and it's easier for us to harness talent within the city." (As an example, the Institute represents the movement of technology-oriented research organizations into the City's Westside.)
Within close proximity to the Loop, North Lawndale's housing prices have recently appreciated faster than any other community near the Loop. Nevertheless, affordable single-family housing is still available - often under $500,000. In fact, the Homan Square area offers housing prices below $400,000 - about half the price of similar areas!
Polk Street Associates recently built nine homes in the vicinity of Polk Street and Central Park with starting prices of $300,000. The homes were sold out nearly instantly, topping out in excess of $400,000.
The tremendous success of the Polk Street homes has led the development team to plan constructing 40 more town homes within a block, just west of Homan Square. The company expects to market these homes with starting prices of $375,000.