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 6-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 condominiums, according to CAR.
"A lakefront location and plenty of shopping, restaurant and entertainment options are the attractions...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," said Huzenis.
Along Lake Shore Drive, the area features primarily high-rise and mid-rise condominiums and apartment buildings. "Home shoppers can still find a studio or a 1-bedroom condominium in a high-rise with an amazing view of the lake and pay around $200,000," he added.
About 80 percent of the walk-up buildings in East Lake View and Wrigleyville are greystone or brick. Many 3-bedroom units have fireplaces, oak floors and up to 1,500 square feet of living space.
"Condominiums 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, 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. 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. |
