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?