Wednesday, August 23, 2006

Not Your Father's Bridgeport

Bridgeport is officially hot. According to the Tribune story that graced the top spot in the Real Estate section, there is some development going on out there. Condos ain't cheap either. I couldn't find one for a client worth buying for under $300K, not much a little over that price point either. Check out the story by Stacy Lonati Ross describing the scene surrounding a couple midwest ballparks.

Although this area has lagged quite a bit more than I thought it would... it's about to hit a renewel stride. Most do not attribute it to the White Sox success... but the timing is kinda of cool. In fact, some of us believe the whole area, from bridgeport through Bronzville West of the McCormick Place expansion will really benefit from Chicago's Olympic bid.

The developers see the revival purely due to the expese of the north side. What kills me is... it's like duh... if Bucktown/Wicker Park can happen purely due to it's proximity to downtown and transportation to said downtown... then why not Bridgeport?

Bottom Line:
Looking for a house close to downtown for under $400K? With a little luck, you may find a "move-in" quality bungalow in Bridgeport. Of course, some of my clients already have done that. We "snatched one up" (as the story suggests) for around $345,000 just south of 31st Street on Union... one of the best streets in the area. Walk to Sox Park, the Jewel, a couple trendy restaurants and old haunts... bike to downtown or take a bus.

It's tough to find a house for under $400K that doesn't need a total re-do east of Halsted from 31st to 38th. Even my clients have to do the baths and kitchen... 1962 finishes just ain't cutting it for them.


Anonymous said...

The use of the term "HOT" is so overated. Frankly getting to be annoying when looking through listings - I say it's just another way draw attention and hike up prices in the "Hot" area.

Eric Rojas said...

Thanks "Anonymous". I feel your pain on the puffed up listing comments. However, the market is the market and the truth is that the adjective HOT does not drive prices alone.

By expressing "Bridgeport is hot" in the first sentence, I was poking fun at the fact it was a Tribune feature... so it must be hot (or past hot...).

That said, the rest is factual.. we looked forever and seized on one of the few opportunities to buy a single family that was structually sound, on a nice block, had two floors of living (main floor and full basement with high enough ceiling) for under $350K. The house we eventually bought was initially offered at $379K+!

Keep up the comments... I appreciate the interest and feedback!