HOME-OWNING IN CHICAGO: THE CONDO COMES ON STRONG In the past ten years, homeownership has finally caught on in the City of Chicago. This city has always been a renter town. If you wanted to own your own home, you moved to the suburbs. In the past ten years however, the trend to build or convert condo units has spread from the north side lakefront neighborhoods to a dozen adjacent communities, most of which are not on the lakefront. Realtors keep track of home trends by watching the number of sales in an area. In the past ten years, the leading Chicago community areas for homeownership has shifted from the traditional northwest and southwest side areas, to the new gentrification areas that surround the Loop, and to those that are in the “Damen corridor,”  which runs from Lincoln Square all the way south to Tri-Taylor on the Near West Side.

CHICAGO COMMUNITY AREAS WITH HIGHEST VOLUME OWNER SALES  (in 2005)

Homes Condos Ashburn 195 Near North Side 1061 Dunning 147 Lake View 881 Garfield Ridge 136 Lincoln Park 536 West Lawn 133 West Town 521 Belmont Cragin 132 Near West Side 512 Austin 125 Uptown 441 Portage Park 119 Edgewater 376 Chicago Lawn 105 Near South Side 336 Roseland 104 Rogers Park 290 Loop 250

While the traditional homeownership communities have experienced sales volume and price increases of their own, the gentrifying condo areas are experiencing much more rapid sales volume and price increases. Some of these gains have been spectacular.

NUMBER OF SALES

Name 2005 2000 1995 % 1 yr & 5 yr gain Near North Side 1061 640 386 -5 & +66 Lake View 881 642 346 +11 & +37 Lincoln Park 536 390 316 +19 & +37 Near South Side 336 55 14 +17 & +511 West Town 521 243 66 -5 & +114 Near West Side 512 184 26 +19 & +178 Uptown 441 303 142 +5 & +46 Rogers Park 290 122 62 +9 & +138 Loop 255 147 105 +3 & +73 Logan Square 210 105 12 +2 & +100 CITY-WIDE 7039 3940 1968 +8 & 79%

Home-owning in Chicago           MEDIAN SALES PRICES ($) FOR CONDO UNITS (1995-2005 (in High Volume Areas: 100 units or more )

Name 2005 2000 1995 Annual Average Gain North Center (Roscoe Village) 382500 270000 175000 $22,500 Lincoln Park 380000 305000 178500 $15,000 West Town (Wicker Park/ Ukr. Village) 357500 279000 150025 $15,700 Near North Side (Old Town/ Gold Coast/ River North) 353750 280000 133100 $14,750 Near South Side (Printers Row/ Dearborn Pk.) 345000 258800 134500 $17,200 Near West Side (University Village/ West Loop Gate) 312930 240415 177000 $14,500 Lake View 312500 264450 135000 $9,610 Logan Square (Incl. Bucktown) 279950 215000 150250 $12,990 Lincoln Square 260000 129775 79500 $26,000 Uptown 255000 154900 103000 $20,000 Edgewater 224988 143396 84061 $16,318 Rogers Park 198750 127900 75000 $14,170 CITY AVERAGE 182139 103476 61709 $15,732

Home-owning in Chicago    NUMBER OF DAYS ON THE MARKET: AVERAGE LISTING PERIOD

Name 2005 2004 2003 1995 Lincoln Park 77 92 47 81 Lincoln Square 78 60 36 69 West Town 82 94 51 118 Lake View 87 85 56 81 Rogers Park 99 102 42 72 Near West Side 101 117 75 92 Uptown 104 114 45 89 Logan Square 107 116 61 61 North Center 108 82 61 131 Near North Side 112 116 62 110 Near South Side 142 189 124 53 CITY AVERAGE 80 62 49 39

Peter  Fugiel  ©2005,  October newsletter Basic statistical information on price, market time, and sales volume, is provided by the FAST STAT information assembled by the Chicago Area Realtors.