Monday, April 30, 2012

Go West: "Addison Mall" in Irving Park for affordable single family homes

If you'd like a move-in quality single family home in the $300-$500s check out the "Addison Mall" neighborhood in the Irving Park community area just west of North Center and the Chicago River (California to Kedzie, Addison to Irving Park). The Addison Mall moniker can be attributed to the shopping center at the 2900 block of West Addison... adjacent to this four square block mini-neighborhood. There is a nice Target store that now anchors the convenient retail mall.

North Center is one of the most popular markets for single family homes due, in part, to great public school choices and access to retail, parks and transportation downtown.  Median price for a house, however, is over $700,000 (with modest size and finish level).  Addison Mall keeps you close and offers "budget diversity".

In 2011, 11 single family homes closed in the Addison Mall neighborhood for a median price of only about $200K. However, the top three sales prices were $790,000, $620,000, and $562,500 all large new construction homes.  Re-sale homes varied greatly.  A home in the $400s will be a three or four bedrooms, two+ baths fully renovated house.

The mid $300s can also get you a nice move-in quality home with either two or three bedrooms, but you start to see modest finish level and smaller bedrooms.  Under $300K will usually need a good amount of work, but a modest move-in home can still be done under $300K.

In 2012 at the time of this writing (April 30th) 6 single family homes have closed for a median price of about $200,000 again.  The highest closing this year to date is $466,000 for a newly renovated 4 bedrooms, three and one-half baths home.  There are currently 3 homes under contract and another 6 offered for sale in this Addison Mall neighborhood (some of good quality in the $300s) . The over-all sales may end up very close to 2011 numbers.

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