Chicago Tribune from Chicago, Illinois on August 23, 2015 · Page 7-1
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Chicago Tribune from Chicago, Illinois · Page 7-1

Chicago, Illinois
Issue Date:
Sunday, August 23, 2015
Page 7-1
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The value of green space is evident on the Northwest Side, home to The 606 trail. The neighborhoods surrounding the 2.7-mile elevated trail are generating significant interest among homebuyers. Wicker Park and Logan Square are sought-after neighborhoods, according to Gail Lissner of the real estate consulting firm Appraisal Research Counselors. Chicago's hottest NEIGHBORHOODS These areas have seen their markets rise this summer By Sasha Lekach Chicago Tribune It's obvious what lures homebuyers to certain Chicago neighborhoods. Among the draws are convenient public transportation, walkability and diversity in everything from restaurants to culture. But this summer, some neighborhoods have seen their housing markets heat up much more than others. The markets making it worth the splurge include the West Loop, Wicker Park, Logan Square and other northwest neighborhoods. Condos and Condos selling fast, The summer has been running hot for Chicago's condominium market. In June, the average time from listing to contract was 61 days, according to Lisle-based Midwest Real Estate Data "The market is pretty good, especially in particular pockets and neighborhoods," said Christine Lutz, director of residential brokerage at Kinzie Real Estate Group in Chicago. 1 1 3 (Chicago Sribune REAL ESTATE ' . iiii k ' lining Redfin agent Niko Voutsinas predicts the West Loop boom wants to do something exciting is focusing on the area," he single-family homes in these prime spots can get swooped off the market in days, real estate observers say. Pamela Dittmer McKuen Community Living "But you have to have a good product to start with." The market began to improve in 2012 from its recessionary woes, but M II III II I I The value of green space is evident on the Northwest Side, where The 606 trail recently opened. The neighborhoods surround but some practices hinder contracts "some neighborhoods are not as improved as others," said Charles Cornelius Jr., chief executive at Chi-cagoland Realty Services in Chicago. If your condo has been underappreciated by prospective buyers or multiple contracts have vanished, maybe you're not doing anything wrong. Maybe your association is standing in the way. Here are some common ANTONIO PEREZCHICAGO TRIBUNE is just starting. "Everyone who said. ing the 2.7-mile elevated trail and park system are generating significant interest among homebuyers. Wicker Park, Logan association practices and policies that hamper sales. Rental caps are too tight or too loose. Buyers often shun condos in buildings that allow no rentals as well as buildings that have zero rental restrictions, said Ryan Parks, senior broker at Related Realty in Chicago. "Buyers may not want to initially rent out the condo, but they say, T can live here iM NW Square and Avondale are sought-after neighborhoods, according to Gail Lissner, vice president of condominium development at real estate consulting firm Appraisal Research Counselors. Lincoln Park is a perennially popular location, she said, but its housing stock is more mature with fewer new-construction homes. Lissner has seen demand surge in the West Loop, a neighborhood she believes has "a lot of buzz, but not a lot of product." The West Loop is conveniently situated along CTA lines, a common indicator of a popular neighborhood. Redfin, an online national real estate brokerage, found that in the three months leading up to June 30 the West Loop housing market was poised to be hot. Homes in the area a few years and then keep it and rent it out, or I can sell it,' " he said. "If they feel they don't have multiple exit strategies, they may love the unit but pass on it." On the flip side, many owners don't want to live in a predominantly rental building, he said. "You have to have a happy medium," he said. The association is in litigation. Buyers and ' A VMgOTH Sunday, August 23, 2015 Section 7 NANCY STONE CHICAGO TRIBUNE were on the market for nine days and just under 500 new listings were posted, according to Redfrn's latest data Other quick turnaround markets were in Logan Square and Wicker Park, both with an average of 11-day listings. Compare those fast sales to Hyde Park with an average 58 days on the market Niko Voutsinas, a Chicago-based Redfin real estate agent, believes the West Loop is "a more interesting story" than the areas boosted by The 606 popularity. "It's not a single event, but a confluence of events," he said. For example, big tech companies like Google are setting up shop in the area, drawing an influx of hip young professionals. "Everyone who wants to Turn to Markets, Page 2 lenders alike become nervous when they see associations involved in large or multiple lawsuits. "Lawsuits are expensive, and the bottom line is the fear of the unknown about what could happen to the association financially," Lutz said. When legal action is necessary, as it sometimes is, boards should provide Turn to Condos, Page 2

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