Q: What’s happening in the Chicago market right now? Any interesting trends?
A: In the hottest neighborhoods like the West Loop, Logan Square and Andersonville, we’re dealing with really low inventory. When you see a property available, it’s just not out there for long. That’s the way it is. It’s been pretty consistent in that regard for several years.
The lack of inventory and the demand from buyers has kicked prices upward, but ultimately there are limits to what you can get for a two-bedroom, two-bath with X amount of square feet. There are perceived limits for what you can get for a certain space, and I feel like we’re reaching those points.
Q: Where can you get the most bang for your buck in Chicago currently without sacrificing quality?
A: I’d say North Humboldt Park and the very western edge of the West Loop. Humboldt Park with the Bloomingdale trail coming through there now, there have been a lot of new developments, especially north of North Avenue and south of the 606 trail. And a lot of them are more affordable. Even directly south of North Avenue you can st
ill get a lot of value for the dollar. You may be a few blocks south of Logan Square, but you can often get a comparable property for $100,000 less.
I think the same is true for the western edge of the West Loop. Development that used to only be east of Racine is now reaching the 1300 and 1400 west blocks and continues. New townhomes and condo developments, even several new homes and buildings that are being built around the United Center, which is extending the perceived boundaries of the West Loop to west of Ashland. As that development and gentrification continues, the prices will continue to increase.
Q: You’re a West Loop resident. Do you think people who don’t live there are surprised when they come down for a meeting or dinner?
A: Definitely. In any direction, you’ll see construction cranes and things being built everywhere. There is a new Ace Hotel coming to the Fulton Market area. Residential and rental buildings coming in everywhere. It’s extremely convenient, almost a city within the city. Great elementary schools, dog parks, the best restaurants in the city, nightlife and all the conveniences you would want just a few blocks away.