Home News Chicago real estate market: Near South Side properties are gaining value, selling faster than those on Near North Side: data

Chicago real estate market: Near South Side properties are gaining value, selling faster than those on Near North Side: data

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Chicago (WLS)-Asset Value Analysis reveals new insights into Chicago’s South Side real estate market. Chicago’s South Side has some of the city’s largest new development plans.

Alexandra Ronan and Justin Zamarripa recently got married after meeting while working together on a project. Then they bought their first home, a condo in Bronzeville.

“We initially planned to offer it at a lower price than the list price, but after we found that the competition to acquire this place was very fierce, we exceeded the asking price,” said Zamarripa.

“It was a lot,” Ronan said. “It was pretty busy. Our realtor is a great husband and wife team, Mr. and Mrs. Falkner.”

Arnett Faulkner, Principal of the Howell-Faulkner Group, has closed the deal. She and Greg sell primarily on the Gold Coast and Near South Side-and they say the market is hot.

“Because of the multiple vacant lots, we have the opportunity to develop for new developments for both commercial, mixed and residential use,” said Greg Falkner.

“There are new town homes, new condos, affordable homes and single-family homes,” says Arnett Faulkner. “It’s a lot more affordable than paying on the North Side.”

From a year before the pandemic, the ABC7 data team investigated property values ​​from 2019 to early 2022. Near North Side properties tend to sell more and are on the market more often. However, Near South Side properties have seen a greater increase in property value over the last three years, with the largest increase in the Auckland area. Southside properties also spend less time in the market.

And South Side real estate may benefit from new developments. Among them is the $ 3.8 billion redevelopment of the previous Michael Reese Hospital site and its own Metra stop.

There is also the Obama Presidential Center, which is close to $ 1 billion, and it is reported that President Obama has asked Tiger Woods to participate in the Jackson Park-South Shore Golf Project. Far from closing, Woods is back with plans to combine the two courses into one championship course designed to host the PGA Event.

Sundley Nords invited me to her condo in South Loop.

“I want the diversity of my neighborhood,” Reynolds said. “And if you do, it’s still gentrification in terms of the type of entertainment in restaurants and neighborhoods.”

Reynolds moved to Kenwood’s house after selling it for $ 2.3 million. In 1991, she bought it for $ 595,000. Her $ 3.2 million condo is one of the most expensive condos in South Loop.

“It seemed like a great opportunity to buy here, and it actually has some investment value,” Reynolds said.

Antje Gehrken, chairman of the Chicago Real Estate Association, said the Chicago market is likely to have some margin in the near future. This means that interested homebuyers don’t have to make a quick decision, and the bidding war should calm down a bit.

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