North
lakefront housing values, 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. |