I Told You Chicago's East Village Real Estate Market Was Hot

I Told You Chicago's East Village Real Estate Market Was Hot

In the interest of full disclosure: I purchased a single family home in Chicago's East Village neighborhood a bit over one year ago so one could argue that I have a vested interest in promoting the neighborhood's real estate market. You can interpret that information however you would like but, as you know, I'm a data kinda guy and the facts are what they are. And, in this case, the fact of the matter is that the real estate market here is smoking hot. After all, why do you think I bought here in the first place?

As proof of my thesis consider the following case study in real estate appreciation in East Village. About 18 months ago I posted on the spectacular homes being built and sold by Noah Properties on Erie St. One of those homes was at 1848 W Erie - a 4000 square foot, 5 bedroom, 3 1/2 bath house that ultimately sold at $790,000 in a matter of weeks in October 2011. I believe the buyers got a really good deal on this one and it was the lowest price paid for the trio built by Noah Properties at that time.

Well, here we are almost 2 years later and 1848 W Erie is back on the market, this time listed at almost $900,000.

BEAUTIFUL 2 YEAR OLD CONTEMPORARY HOME. METICULOUS ATTENTION TO DETAIL, DESIGN+CUSTOM FINISHES. OPEN FLOOR PLAN WITH FLOOR TO CEILING WINDOWS. LARGE LIVING ROOM, GREAT FAMILYROOM, GOURMET KITCHEN SLICK DESIGN, SS APPLIANCES , OCEANSIDE TILE, HUGE ISLAND. LUXE MASTER BTH, DBL VANITIES, SOAKING TUB, STEAM SHOWER. WET BAR, SECURITY,CAMERAS, WIRED FOR SURROUND, IPOD DOCK STATION, ZONED HVAC, GREAT OUTDOOR SPACE.

By comparison, Noah Properties recently sold 6 single family homes on Erie, just West of Damen on the site of the old Gonnella Baking operation, for around $800,000 each.  And those homes are believed to be only 3200 square feet with only 4 bedrooms and 3 1/2 baths. And another point of comparison is the Denmax home being built at 1856 W Erie and listed for $950,000. That house is clearly smaller than 1848 W Erie, since it's several feet shorter, and it has only 4 bedrooms but it does have an extra half bath.

So, how is 1848 W Erie being received by the market? Well, according to one of the neighbors it had 11 showings in the first day! And YoChicago reports that the house had 18 showings one day. Also, on Redfin the property has been marked a favorite by 22 people already, which is a ton. It's going to be really interesting to see what price this sells at. The neighbors, including this one, are pretty excited.

And just how hot is East Village? Well, I went away for 5 days in early July and when I came back 3 buildings on my street were totally gone. You can also watch a great video tour of East Village that YoChicago did a short while ago, that somehow I missed until now, under the title: Is East Village The Next Bucktown? Yep, I think it is.

If you want to keep up to date on the Chicago real estate market, get an insider's view of the seamy underbelly of the real estate industry, or you just think I'm the next Kurt Vonnegut you can Subscribe to Getting Real by Email.

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    Gary Lucido

    After 20 years in the corporate world and running an Internet company, Gary started Lucid Realty with his partner, Sari. The company provides full service, while discounting commissions for sellers and giving buyers rebates.

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