One of the esteemed American cities, Chicago has always been a favorite for homebuyers and renters.
2017 has reported Chicago being promising for real estate investors.
Modern realtors are speaking highly of 6 most potential locations.
Rafael Murillo, a seasoned @properties agent, is amused to see how West Loop has transcended from a drab industrial district to one of the hottest prospects for Chicago homebuyers.
“The high-tech presence is one of the major reasons behind the shooting popularity enjoyed by West Loop these days. The two biggies, Google & Twitter, have already taken office spaces which have pumped employed prospects in the area to a great extent.”
Moreover, the world-class dining, shopping, and nightlife scene here is also attracting many smart millennial homebuyers and renters to West Loop.
Irving Park is another most voted name on the list and houses are selling off faster than ever this year. A swanky 5-bedroom gut-rehabbed house at Bell Plaine got sold off within just 12 days of being listed last February. More interestingly, the house fetched 13 potential buyers in the very first week and was sold for a whopping $675,000. It was a win-win situation for both the buyer and the seller.
According to the realtor who sealed the deal, Irving Park would be excellent if you want an upscale housing without shelling out millions of $. The region’s sales volume has amped up to 6.6% this year, with the median sale price shooting up to 8.6%. This year, houses are selling 14% quicker compared to 2016.
If there is one place which is always hailed high by Chicago real estate investors, it’s definitely Near North. It has to be on the list for this year and is especially great if you are looking for condominiums and townhouses.
Just last January, a 2-bedroom condo sold off within as little as eight days from appearing in the listing. It was sold for $470,000. The location is famous for its elite residences, breezy transport to Loop, and wider supermarket space—not to mention the fabulous dining experience as promised by the neighborhood.
According to realtors, Near North is all about the most fulfilling in Chicago living. The sale of attached homes (condominiums and townhouses) in Near North shot up by 18% in the early quarter of 2017, leading to a whopping 570 sales up till now. Naturally, it had a positive influence on the median selling price that rose to 7.9% compared to the previous year.
Akin to West Loop, Cabrini-Green, too, was an unwanted spot for real estate investors in Chicago until the last decade. But the gentrification efforts after 2011 did a good deal to improve the profile of the location as a potential neighborhood for real estate investors. Cut to 2017, and you have beautiful plush apartments coming up daily which are pulling in volumes of the young crowd to the region. The shiny newness is much appreciated in the market. The investors also like Cabrini-Green’s proximity to downtown Chicago and River North.
Logan Square is one of the most favorite picks among realtors for those asking for quality living at an affordable price in Chicago. The old churches retain the dear old-world feel of the area while the Square’s new progressive shopping, dining, and entertainment hotspots emit an infectious cool vibe. The prices are affordable, and the varied housing types assure a wide range of options for different realty investors here. Residents love the spacious park-like boulevards of the Square while the beautiful bike and walking paths are also a big draw for the investors.
Printers Row makes its place in the list with its proximity to Loop and the edgy, vibrant aura. While its historical buildings and old bookstores have their niche following, realtors also champion the new condominiums and apartments stepping up in the area. The region assures easy access to the popular downtown events and festivals, such as Draft Town, Taste, Blues Fest, among others.
Chicago home prices were up by 1.95% in 2017 compared to what it was in 2016. It’s definitely a good year for sellers who are looking for a high market value for their homes. On the other hand, as the price movement for Chicago realty is relatively slower than other American cities, realtors predict a gala time for buyers as well.