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Chicago Real Estate Market: North Side Growing, Selling Faster Than North Side: Data

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CHICAGO (WLS) – Real estate value analysis reveals a new insight into the real estate market on the south side of Chicago, which is also home to some of the city’s biggest new development plans.

Alexandra Ronan and Justin Zamarripa recently got married after meeting to work on a joint project. Then they bought their first house, an apartment in Bronzeville.

“Initially, we were going to offer something less than the registered price, but as soon as we learned that there is so much competition to get this place, we raised the price above the asking price,” said Zamaripa.

“It was a lot,” Ronan said. “It was pretty busy. Our realtors are a great team of husband and wife, Mr. and Mrs. Faulkner.”

Arnett Faulkner, director of the Howell-Faulkner Group, closed the deal. He and Greg sell primarily on the Gold Coast and the Middle South Side – and say the market is hot.

“Because of the many vacant plots, there are opportunities for development … for new buildings, both for commercial, mixed-use and residential use,” said Greg Faulkner.

“There are new townhouses, new apartments, affordable housing, single-family homes,” said Arnett Faulkner. “Much more affordable than what you would pay on the North Side.”

Beginning the year before the pandemic, the ABC7 data group examined property values ​​from 2019 to early 2022. It was found that real estate in the North is usually more expensive and more common in the market. But Near South Side properties have seen higher property growth in the past three years, with the largest growth in the Auckland area. South Side facilities also spend less time in the market.

And real estate on the South side can benefit from new developments. Among them is the reconstruction of the former Michael Reese Hospital worth $ 3.8 billion with its own Metra stop.

There is also the Obama Presidential Center worth nearly $ 1 billion, where President Obama reportedly asked Tiger Woods to take part in the Jackson Park-South Shore golf project. Although the case is still a long way off, Woods is back with a plan that combines two courses into one championship designed to host PGA events.

Sandy Reynolds invited me to her apartment in South Loop.

“I want diversity in the area,” Reynolds said. “And it’s still good if you want, I mean restaurants and entertainment in the neighborhood.”

Reynolds moved there after selling her home in Kenwood for $ 2.3 million. In 1991, she bought it for $ 595,000. Her $ 3.2 million apartment is one of the most expensive in the South Loop.

“It seemed like a great opportunity to buy here and really have, you know, some investment value,” Reynolds said.

Antje Gerken, president of the Chicago Association of Realtors, said the Chicago market is likely to get a respite in the near future, which means interested homebuyers won’t have to make decisions so quickly and bidding should calm down a bit.

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https://abc7chicago.com/chicago-real-estate-market-news-south-loop-homes-for-sale/11824003/

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