Thursday, May 21, 2009

Logan Square Multi-Units, Two-Flats on (or Near) The Boulevard

Recently, I had sold a condo and visited with a developer on another potential listing in Logan Square. This week, I will be showing two-flat buildings to my clients. On my last visit scouting property (and stopping at Starbucks on California and Logan Boulevard), I snapped a few of these wonderfully rainy spring day photos.

Grey stones cannot be denied as the main presence in Logan Square as you traverse this section of Chicago's Boulevard system
Logan Square was possibly the first "hot, hot, hot" neighborhood in the late 1990s real estate run-up. Bucktown also comes to mind... but I really remember Logan Square from that era as the next best thing. Multi-unit buildings were hot sellers as developers and amature rehabbers alike were converting buildings to condos or single family homes. Many, however, have stayed mulit-unit dwellings but with great effort and care. In fact, Logan Square multi-unit transactions hit it's peak in 1999 at 349 transactions (according to our MLS data).

Last year a total of 86 multi-units were sold... many in foreclosure or by short-sale. Although some folks did not fair well buying at the top of the market or without adequate means, the Boulevard area remains very attractive for grey stone buyers with solid, move-in buildings still selling easily from $450,000 to $550,000 and more depending on condition. The location offers the CTA Logan Blue Line stop, plenty of bus runs and dining. You are close to the Bucktown/Wicker Park neighborhoods and eclectic dining options are spotted in walking distance.

Looking east on Logan Boulevard

Within a few blocks north or south of the boulevard between Kedzie and California... great spot. There have been grey stone two flat sales from the low $400,000s to $550,000 this year.

No comments: