Sue Fox, @Properties. Direct 773.816.1788
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Most homes that are sold in Chicago sell for less than $200,000. While that figure may seem surprisingly low, $200,000 actually goes a long way these days. As we head into the 2012 home-buying season, I thought a brief survey of the market in some North side neighborhoods might help answer the question: What can you get for $200,000 or less?
Loop: The great glut of downtown condo buildings has made buying a home in the Loop quite affordable. The supply is abundant here — even at the low end of the market — with 114 condos for sale for under $200,000. In some buildings, like 800 S Wells, there are several units priced under $100,000! Closer to the $200K mark, you’ll find plenty of newer 1-bedrooms in full-amenity buildings, along with a fair amount of shorts sales and foreclosures to choose from. At 208 W Washington, for instance, there’s a 1-bedroom unit on the 21st floor that boasts a balcony, a large 18×12 bedroom, and a den — all for $184,900. It’s a short sale.
Lincoln Park: This is one of the most popular, and most expensive, areas of the entire city. But you can still afford to buy here on a $200K budget. There are currently more than 70 condos for sale for $200,000 or less — many of them studios or 1-bedrooms in the high-rise buildings clustered along Clark or Lincoln Park West. A corner 1-bedroom condo at 1850 N Clark #901 with unobstructed view of Lincoln Park, the lake and the city, for example, is now priced at $199,000 after nearly a year on the market. Parking is available for $150 per month.
Edgewater: If you live in Lakeview or further south, Edgewater may not be on your radar. It’s one of Chicago’s northernmost neighborhoods, nestled right beside the lake, with plenty of trees and parks and low-rise vintage buildings where neighbors stop to chat as they walk their dogs. There are also dozens of high rises along Sheridan that boast lake views as blue as any you’ll find downtown (but with a lot more space for the money.) Edgewater has been hit especially hard by the downturn, and there are now more than 300 condos for sale for less than $200,000. This is the place to go if you’re looking for a 2-bedroom and even a second bath. Examples include 5823 N Ravenswood #116, a 2-bedroom/2-bath loft with a large eat-in kitchen and a separate dining room. Garage parking is included in the $189,000 price.
Irving Park: If you venture a few miles west of the lake, housing prices drop to the point that you can buy a house for what a small condo would cost in Lakeview. That means that in Irving Park (and many of the “Park” neighborhoods like Albany Park, Portage Park, Jefferson Park etc.), you can find a tidy 3-bedroom bungalow, ranch house, or even a turn-of-the-century Victorian or Dutch colonial for less than $200,000. I’m not kidding. There are dozens of homes out there like 4114 N Central Park Ave., a rambling 4-bedroom Dutch colonial built in 1907, now for sale at $190,000. Many of these houses need at least some cosmetic updating, but they are affordable options for anyone who’s ever wanted a house of their own, complete with a backyard and garage.
Sauganash: Located in the far northwest corner of Chicago, Sauganash is a lovely, leafy community, almost suburban in its placid beauty. It’s relatively pricey, with many single-family houses going for $400,000 and up. There are still a few bargains to be had here for under $200K, however, including two 2-bedroom townhomes and several condos, most of them located in the same building at Cicero and Peterson (just off the Edens expressway and above the Whole Foods grocery store.)
In sum, there are hundreds of great deals out there right now at low prices — lower, in many cases, than it would cost you to rent a similar home. Happy house-hunting, and please call me at 773-816-1788 if you need any help!
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