Great Chicago Homes in the City
There are more than 180 different neighborhoods in Chicago, which means you’re bound to find great Chicago homes in almost every corner of the city. River North and River West are areas that have earned particular interest in recent decades on the Near North Side, while on the Near South Side the residential real estate scene is concentrated in the budding South Loop neighborhood.
The average home sale price on the Near North Side of Chicago is $524,000. For studios or one-bedroom homes, the median sale price is $260,000; a two-bedroom place has a median price of around $445,000; and three or more bedrooms puts the median sale price at just over $965,000. The average market time for properties in this section of Chicago hovers around 104 days, with multimillion dollar real estate selling the quickest (sometimes in less than a month). The average home sale price on the Near South Side of Chicago is just under $400,000. For studios or one-bedroom lofts/condos, the median sale price is $262,000; a two-bedroom home has a median price of about $375,000; and three or more bedrooms brings the median sale price to just over $675,000 on the Near South Side of the city. Market time here averages around 125 days with homes in the $150,000 - $200,000 price range selling the fastest at 52 days, on average.
*Source: Multiple Listing Service of Northern Illinois
River North
Housing options in the River North neighborhood span a wide price range and offer all types of properties that suit the needs of single residents and families alike. Homebuyers will find everything here from studios for $175,000 to five-bedroom condominiums in the $5 million ballpark. River North residences offer a mix of new construction developments and vintage buildings that have been renovated into modern condos. High-rise and mid-rise towers make up the bulk of River North properties (you’ll be hard up to find any detached houses here). Loft-style residences are also fairly standard in this part of town, which have sprung up in old warehouses that present optimum design for open layouts and that fashionable exposed brick "look."
River North is home to a couple of globally recognized residences that are part of this North Side neighborhood’s distinctive identity—one flaunts an extremely prominent name in real estate: Trump. The Trump International Tower is located on the southern border of the River North neighborhood, situated directly on the Chicago River. Although it is not yet complete, the Trump Tower is certainly stirring up attention in Chicago (and across the country). The sleek, new 90+ story glass structure is state-of-the-art luxury all the way to the top (which encompasses an incredible $8 million penthouse). The residential tower’s ultra-modern amenities include a health club, full spa, indoor pool, five-star hotel services, and world-class restaurant.
The other well-known Chicago residence in River North may not be as familiar by name as it is by image. Marina City, more commonly referred to as the “Twin Corncob Towers,” was built in the 1960s by distinguished architect Bertrand Goldberg. At the time, the mini-city within a residential development was a pioneering concept that led the way in modern condominium design. Of course today, as is the case with the Trump building, having everything you need an elevator ride away is standard. While homes in the corncobs are certainly some of the older properties in River North, there are several new construction condos on the market such as Silver Tower at 303 West Ohio Street, the Residences at Grand Plaza at 545 North Dearborn, Canyon Ranch at 680 North Rush, and the Ritz Carlton Residences at 664 North Michigan Avenue.
River West
River West is actually located just west of the Near North Side community of Chicago, which means it holds slightly lower average real estate values than the rest of the area. However, its close proximity to River North has triggered extraordinary growth and development. Now days, River West is known for its rich art community. Dozens of galleries and studio spaces have emerged in the old warehouse buildings left over from Chicago’s meatpacking days. The manufacturing industry here has been replaced by a sophisticated culture, packed with trendy dining options, a happening nightlife and great Chicago properties.
Residential real estate options in the River West neighborhood offer a wide variety of prices and many styles of housing that suit the needs of young families, first-time homeowners, empty nesters, singles and everyone in between. Homebuyers will find everything here from one-bedroom condos for $200,000 to five-bedroom penthouses for $1.5 million. Many River West residences are new construction developments or vintage storehouses that have been converted into modern lofts and condos. High-rises, mid-rises, townhomes and three- and four-flats make up the bulk of River West properties. Contemporary designs and ultra-trendy living spaces have taken this Chicago neighborhood by storm. Loft-style real estate is very hot right now and has drawn a large number of young homeowners to the region.
The Mondial, located at 900 West Huron, is one new construction development in the River West neighborhood that epitomizes 21st Century city living. Its modern glass and concrete exterior houses 142 units that boast upgraded kitchens, aluminum thermo-break windows, private balconies, and high-speed, glass-encased elevators. The 15-story structure combines austere elegance and state-of-the-art comforts for an ideal homestead that appeals to the contemporary Chicagoan.
Other notable addresses in River West include the twin towers of Moderno and Montreux, located respectively at 950 West Erie Street and 1035 West Huron Street. These two complexes were built by the same developer as the Mondial and share a similar architectural zest for strong geometric lines and progressive style. All three of these condominiums cater to homebuyers who wish to live in larger, multi-unit buildings however, River West attracts many residents who prefer smaller housing alternatives as well. There are a good number of rehab walk-ups and new construction three-flat condos in the neighborhood that offer occupants a more intimate setting. Beautiful vintage brownstones sit next to freshly-masoned brick façades in River West, so if you’re in the market for old or new, towering high-rise or a couple-story building, this North Side neighborhood is sure to present some great Chicago home opportunities.
South Loop
The South Loop neighborhood is a rather sizeable region on Chicago’s South Side. It reaches from the southern border of the Loop down to the Stevenson Expressway (I-55). The South Loop is a popular destination spot as it is home to great Chicago attractions such as the Field Museum, Shedd Aquarium, Adler Planetarium, Soldier Field and Grant Park. As much as it is admired for its tourist sites, the South Loop is also a viable Chicago neighborhood that offers homeowners plenty of different architectural designs and unique living spaces.
The residences in the South Loop range greatly in price, style and amenities. In addition to a lot of high-rise condominiums and lofts there are a few single-family townhouses. Homebuyers will find South Loop real estate offers everything from simple, one-bedroom lofts for $195,000 to fabulous, new construction condominiums for a couple million dollars. Loft-style residences and modern condos are becoming increasingly common in this part of town, which has experienced a building boom in recent years. Even “Green Construction” is catching on down here with a number of LEED-certified (Leadership in Energy and Environmental Design) developments and environmentally-conscious designs.
One prime example of an eco-friendly condominium in the South Loop is Eco18, located at 1818 South Wabash Avenue. This modest, 12-floor structure utilizes elements of sustainable design that includes a green roof—a specialized rooftop garden that helps produce oxygen, insulate the building in cold temperatures, and cool the surrounding air in hot weather. Other features at Eco18 are a rainwater collection and management system, solar-thermal hot water heater, a geothermal heating and cooling device, energy-efficient electricity and mechanical systems, and water-saving appliances. Eco18 offers residents one and two bedroom units (some with dens) for a range of prices in the high $200s to the low $500s.
XO Condominiums is another South Loop residence with LEED-certification that has made headlines for its futuristic design and appreciation of nature. The two-tower development will incorporate a quarter-acre park and garden when it is completed (XO Condos are slated for delivery in late 2009). This innovative South Loop address is unlike anything Chicago has seen before—the asymmetrical, hourglass-shaped structures embrace angular lines and an unconventional appearance that will definitely make its mark on the Chicago skyline.
Along the same stretch of Michigan Avenue in the South Loop are several more new construction condominiums that are attracting many new homeowners to the southern regions of the city. Michigan Avenue Tower II at 1400 South Michigan is a continuation of the successful original Michigan Avenue Tower that is scheduled for occupancy in the summer of 2008. The Marquee at 1454 South Michigan, The Columbian at 1160 South Michigan, and the ultra-modern high-rise at 1720 South Michigan are other brand new additions to the Near South Side that are transforming the South Loop neighborhood into a poster board for the new millennium.