Chicago Real Estate Market: Near South Side Properties Rising in Value and Selling Faster Than Near North Side: Data
Alexandra Roman and Justin Zamarripa recently tied the knot after meeting while working on a project together. Then they bought their first home, a condo in Bronzeville.
“We were originally going to offer something less than the list price, but once we knew there was so much competition to get this spot, we raised it above the asking price,” Zamarripa said.
“It was a lot,” Roman said. “It was pretty busy. Our realtors make a great husband and wife team, Mr. and Mrs. Faulkner.”
Arnett Faulkner, Howell-Faulkner Group Director, closed the deal. She and Greg mainly sell on the Gold Coast and the Near South Side – and they say the market is hot.
“Due to multiple vacant lots, there are development opportunities … for new developments, both commercial, mixed-use and residential,” said Greg Faulkner.
“There are new townhouses, new condos, affordable housing, single family homes,” Arnett Faulkner said. “Much more affordable than what you would pay on the north side.”
Starting a year before the pandemic, the ABC7 data team looked at property values from 2019 to early 2022. They found that Near North Side properties tend to sell for more and are more often on the market. But Near South Side properties have seen larger land value increases over the past three years, with the biggest increase in the Oakland neighborhood. South Side properties are also spending less time on the market.
And real estate on the south side could benefit from new developments. Among them is a $3.8 billion redevelopment of the former Michael Reese Hospital site, complete with its own Metra stop.
There’s also the nearly $1 billion Obama Presidential Center where President Obama reportedly asked Tiger Woods to take charge of the Jackson Park-South Shore golf project. Although it’s far from a done deal, Woods came back with a plan that combines the two courses into a single championship course designed to host PGA events.
Sandy Reynolds invited me to his South Loop apartment.
“I want the diversity of a neighborhood,” Reynolds said. “And it’s still gentrifying, if you will, I mean, in terms of restaurants and the type of entertainment in the neighborhood.”
Reynolds moved there after selling his Kenwood home for $2.3 million. In 1991 she bought it for $595,000. His $3.2 million condo is among the most expensive in the South Loop.
“It seemed like a great opportunity to buy here and really, you know, have some investment value there as well,” Reynolds said.
Antje Gehrken, president of the Chicago Association of Realtors, said the Chicago market is likely to get some respite in the near future, which means interested homebuyers won’t have to decide so quickly and wars auction should calm down a bit.
Copyright © 2022 WLS-TV. All rights reserved.