Wednesday, October 28, 2009

Graceland West in Chicago: Median price over $1M not so mediocre

Last Sunday (Is it Thursday already?) I had the chance to look at some single family homes in Graceland West. $1,000,000 shekels doesn't go too far here... maybe median price. According to the Midwest Real Estate Data LLC I've looked at (our local multiple listing service), the closed median price of a single family home over the last twelve months was about $1,250,000. I found ten closed listings, with no pending contracts at the moment.

The lowest closing price was about $625,000 for a three bedroom, one and one-half bath (ouch) renovated four square on a 25x120 lot. The highest price closing was... well, if you have to ask you can't afford it, if you know what I mean.

A tony neighborhood you've never heard of? Muffy, get the kids... we must have that restored Victorian on the extra wide lot! Seriously though, most times I mention Graceland West I'll get that crooked head look. Wah?

The Graceland West neighborhood is bordered by North Clark to North Ashland east to west and West Montrose to West Irving Park from north to south. It is a relatively low density neighborhood and surprisingly little of it is in the coveted Blaine School attendance boundaries despite the price tag (just a sliver in the southeast corner of the neighborhood attends Blaine).

What do you think the attraction is here? Is it the location near Southport Corridor? Is it the niche of excellent architecture and few new construction blemishes?


Michael S Messinger said...

Thanks for identifying this one...I always wondered what this niche was called.

Eric Rojas said...

Thanks Michael,
The owners themselves here really stake claim to their Graceland West identity. Some real estate haters have had an issue with this claim. I've had people try to say my listing at 4110 N Southport is in "Uptown". Whatever.

Regardless, the written history of the area is dominated by the Graceland Cemetery.

So, it makes sense this neighborhood south and west of the cemetery with pretty clear boundaries might form an identity.
It is unique and preserved for sure.