There are many choices for buyers planning to relocate to Chicago. Working with a knowledgeable real estate agent can guide and help to focus your search, based on your lifestyle, location preferences, amenities desired, and needs for access to transportation.
The City of Chicago is on a grid system with State Street and Madison Avenue being the starting point. Streets are numbered going north from State and Madison. There are 77 official neighborhoods in Chicago, each having its own unique number. For those wanting the downtown lifestyle, there are five areas to focus on. They include Loop-Downtown, Gold Coast, Streeterville, South Loop and West Loop.
Price per square foot varies and the average square feet in a 2 bedroom varies, depending on proximity to the Loop, building amenities and features and finishes of a condo. Amenities within a building such as swimming pools, and health club will also determine price. And of course newer buildings with higher end finishes and features will be higher in price. Parking, in unit laundry and private outdoor space tend to be large determining features.
DOWNTOWN AND CLOSEST PROXIMITY
Loop: The median sales price for 2 bedroom 2 bath condos sold in last three months is $325,000. Units are relatively small. Lakefront condos, neighborhood is best known for access to major cultural museums, opera, Broadway Theater, upscale shopping. Michigan Mile includes many upscale shopping destinations, Water Tower Place. Housing stock consists of mostly condos in high rises, plus hotels. Some very high end such as Trump Tower.
Near North: Median sale price $345,000. Includes neighborhoods such as Gold Coast, Streeterville, part of Old Town: Offers upscale shopping, dining, great access to services, lakefront condos in high rises.
West Loop: Median price $310,000. Condos in general are larger. Bargains can be found here, especially west of Greektown/Halsted. 7-10 minute drive or plentiful cab or buses to downtown. Loft spaces with soaring ceilings, great light. Proximity to loop, also to University of Illinois and Rush Medial University. The 1301 W Madison building is a good value. The University Village area offers townhomes and spacious condos, under $400,000.
South Loop: Median price $299,000. Established neighborhood five minutes from the Loop. Some bargains can be found here, in the Dearborn Park area; Housing stock includes low to mid rise townhouses and condos, midrise to highrise. It’s an established neighborhood with shopping and elevated train transportation to airport nearby. Closer to the lake is mostly high rises.
NEIGHBORHOODS BEYOND DOWNTOWN
Lincoln Park: Median price $265,000. Lakefront and starts at 2400 north (Fullerton). Known for its proximity to the lakefront, bike paths, wonderful zoo, restaurants. Includes the DePaul area. Housing would be high rise.
Lakeview: Median price $324,000. Begins at Diversey (2800 north) and the lake. Located just north of Lincoln Park, starts at the lakefront. Offers mostly high rise and some mid rise buildings. Some older buildings offer more spacious units. Lakefront is mostly high rises. Elevated train stops.
Andersonville/Edgewater: Median price $230,000. Starts at 5200 north and the lake. Includes hi rises to mid rises to low rise walk ups in lovely rehabbed vintage buildings. Some newer construction units with indoor parking, decks, and garages available in the $300K range. Proximity to lakefront beaches, bike paths, shopping and dining in nearby Andersonville. Elevated train stops.
Ravenswood/Lincoln Square: Median price $252,000. Starts at 4400 North and 2000 West. It’s a walk able, historic and with lovely housing stock. Home of Lill Street Art center and Old Town School of Folk Music. There are some newer construction extra wide units with indoor parking and balconies very affordable.
Maggie Finegan, ABR, Move with Maggie Chicago Real Estate Team