Tuesday, May 22, 2012

Can you buy a single family house in the Loop?

Are there many free standing single family home sales downtown in the Loop and Near South Side Community Areas of Chicago? I thought this was a good question from a client, so let's see how many.
Is there a single family home sale down there... somewhere?

A quick look at the MLS (MREDLLC.com) shows about 11 total free standing home sales over the last two years  in the Near South Side (excluding row houses with attached side walls). The homes ranged from $657,000 for a frame house on a 24'x100' lot at 1242 S State (a planned single family home development built in 1995) to about $1.5M for a five bedrooms brick home in Dearborn Park II development (now under contract).

You can get one just to the south of Roosevelt though...see them back there?

All the closed, free standing homes are located south of Roosevelt Road in the Near South Side Community Area (the South Loop neighborhood) located between the 1200 and 1500 blocks of south State (basically). Of the closed homes, all were on smaller Chicago lots in planned developments built in the 1990s and have small association fees. 

No free standing single family homes (or even row homes) were found closed or for sale on our MLS in the official Loop area (downtown) bounded on west and north by the Chicago River, east by Lake Michigan and south by Roosevelt Road. Looking back at least 4 years, there are NO detached home sales recorded in the MLS for the Loop Community Area. So, no you cannot buy a single family home in the Loop.

All photos Eric Rojas, Real Estate Broker
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