By Carol Wilson
Special to Inside
Home and condominium values are on the rise in Lake View as demand for the North Side lakefront neighborhood's location, housing stock and amenities such as shopping, restaurants and entertainment lure an increasing number of buyers, real estate experts say.
"The Chicago Association of Realtors' multiple listing service statistics show single-family homes in Lake View sold for an average price of $860,980 in 2004, up a whopping 14 percent over the previous year," noted Charles Huzenis, president of Jameson Realty Group. "In 2004, condominiums in Lake View sold for an average of $344,313, a six percent gain over 2003."
A total of 126 homes and 1,107 condominiums were sold in Lake View last year. The average time on the market was 86 days for homes and 78 days for condos, according to the Chicago Association of Realtors (CAR).
"A lakefront location and plenty of shopping, restaurant and entertainment options are the attractions of the Lake View neighborhood," Huzenis explained. "However, when it comes to housing, Lake View is as attractive as the other premiere Chicago neighborhoods such as Lincoln Park, the Gold Coast and River North.
"Lake View has one of the most diverse housing stocks in the city. Its broad landscape of properties attracts a broad range of buyers."
Along Lake Shore Drive, the area features primarily high-rise and mid-rise condominiums and apartment buildings. According to Huzenis, home shoppers can still find a studio or a one-bedroom condo in a high-rise with a great view of the lake and pay under $200,000.
About 80 percent of the walk-up buildings in East Lake View and Wrigleyville are greystone or brick. Many three-bedroom units have fireplaces, oak floors and up to 1,500 square feet of living space.
Condos in a renovated walk-up building have average prices starting in the $200,000s, depending upon parking amenities and size of living area, Huzenis said. In the last five years, many apartment buildings have been converted to condominiums in Lakeview, especially along corridor streets that go west like Belmont Ave.
As for single-family residences, home shoppers in Lake View can expect to pay from about $1 million to the $2 million-plus range, though smaller homes can be found for closer to $500,000.
Lake View townhomes range from the upper $400,000s to the $700,000 bracket. "There's a big demand for townhomes in the neighborhood. Townhomes with wider floor plans sell fairly rapidly," said Huzenis.
The two biggest reasons that people want to live in Lake View are the public transportation lines and the close access to the lake, experts say. Many neighborhoods have one or the other — not both. In addition, there is a thriving restaurant and shopping environment in Lake View.
Many of the neighborhood's top attractions--shopping, dining and nightlife--are concentrated on Broadway and Clark Street between Diversey Avenue and Irving Park Road, and along Halsted Street between Belmont Avenue and Addison Street.
The Wrigleyville section of Lake View, bounded by Halsted Street, Ashland Avenue, Roscoe Street and Byron Street, is a neighborhood dominated by 2-flat and 3-flat buildings and by Wrigley Field, home of the Chicago Cubs. During baseball season, the area awakens with revelry in plenty of lively watering holes, clubs and new restaurants. Boutiques and unique shops abound.
Further west, a hot shopping and dining destination can be found along Southport Avenue from Wellington Avenue to Irving Park Road. In the early 1990s, the Music Box Theatre at 3733 N. Southport Avenue was the big attraction. Today, there are a dozen chic clothing boutiques — including Flirt, Red Head Boutique, Freesia, Jake, Shane, Soapstone, Beansprout — along with a bevy of restaurants.
Go further west to Roscoe Village, along Roscoe Street from Ashland to Western avenues, and you will find an interesting collection of neighborhood restaurants and corner taverns.
Roscoe Village also features convenient shopping at the Addison Mall and the Riverview Mall, on Western Avenue just south of Addison Street, which features both Jewel Foods and Dominick's Finer Foods, and a Walgreens Pharmacy.
Several popular neighborhood restaurants and nightspots in West Lake View include Chicago Joe's, Cy's Steak and Chop House, El Tinajon Restaurant, the Village Tap Bar and Grill, Mulligan's Public House, Kitsch'n Diner and the Zippo Lounge.
All of these Lake View areas are easily accessed on public transportation — the CTA's Red Line trains stop at Belmont and Addison. CTA Brown Line trains stop at Belmont. Bus service is available on Belmont Avenue, Addison Street and Irving Park Road, and along Lake Shore Drive, Halsted Street, Broadway and Clark Street.
Educational anchors in the neighborhood include DeVry Institute of Technology, Gordon Tech High School and Lane Tech High School, one of the Chicago Public Magnet Schools.
Many young first-and second-time home buyers are moving to the Lake View River District from neighborhoods such as Lincoln Park, DePaul and Ravenswood because there is less congestion and a quieter setting, according to Virgil Tiran and Doug Gannett of MC Developers, Inc., developers of North River Court.
The Lake View River District, along the banks of the Chicago River between Diversey Parkway and Addison Street, is experiencing an increase in property values due to the emergence of the West Lake View, Roscoe Village and Avondale neighborhoods, noted Huzenis.
Among properties for sale in Lake View is 561 W. Cornelia Ave., a 5,700-square-foot single-family home with hardwood floors, a gorgeous kitchen, separate quarters for a live-in or nanny and 3-car tandem parking. It is listed for $1.025 million.
Meanwhile, a vintage 2-flat at 1422 W. Barry Ave. features a coach house and a tri-level owner's residence with four bedrooms, 3 1/2 baths, a great kitchen, patio and deck. The list price is $950,000. |
