Thursday, November 18, 2010

Living on the "El" tracks: A Lincoln Park town home

This DePaul neighborhood town home in Lincoln Park is adjacent to the "El" Tracks. What would you do to get into your preferred neighborhood?
Many people live adjacent to the Chicago Transit Authority elevated train tracks to get their top location for less money. We get a lot of questions about buying on the "El" and we see a lot of Google searches on the subject. Some of our clients have opted for a home adjacent to the tracks to stay below budget.

Anecdotal to our experience and statistically speaking, a town home on the elevated tracks in Lincoln Park can sell at 20% to 30% less than a comparable unit on a quieter residential street. It's no surprise the lowest sold true three bedrooms, two and one-half baths town home with garage parking and roof top deck in Lincoln Park in the last 12 months was adjacent to the "El". 931 W Wrightwood located in a fairly busy area next to the CTA elevated tracks sold for a mere $350,000 in great condition.

Now, look at a similar looking property at 2020 N Dayton with only two true bedrooms, a rooftop deck, garage parking and two blocks off the elevated tracks in Lincoln Park sold for $400,000. There are also several examples of older build same style, two bedrooms town homes with outdoor parking spaces and one less bath selling at $369,000 and up nearby. Another is a two bedroom plus family room (like a third bedroom), garage space much further west in Lincoln Park closed at $400,000 at 2737 N Janssen.

There is a market for Lincoln Park town homes backing up or adjacent to the "El" tracks. The only question is: Will the noise be worth the discount you get for a top neighborhood location?

Live on the "El" tracks?

1 comment:

Jenkins said...

I have friends that live on North Ave, with their back porch looking out on the Sedgwick Brown Line stop. When I heard of their decision to live there I thought they would go crazy from the noise, but I quickly learned it's quiet as a lamb! Not only does the train make a turn there and hence have to travel slowly around the sharp bend, but every train stops at the platform, so you never hear trains roaring through, no even "express" trains. All you ever hear is the occasional "doors closing" announcement coming from the platform, and that's only if you have a window open.