Tuesday, October 09, 2012

Home sales in Chicago's Independence Park neighborhood UP 85%

We've recently worked with clients looking to buy a house in Independence Park, just south of Irving Park Road in the Irving Park Community Area of Chicago.
Independence Park in early fall preparing for Circus in the Park (Photo Eric Rojas, Broker)
The general borders of the Independence Park neighborhood according to several sources are Irving Park Road to the north, the Kennedy Expressway to the west, Elston Avenue to the east, and Addison Street to the south.
The Independence park borders mapped on MREDLLC.com by Eric Rojas
Independence Park Single Family Home Sales

From January 1st to October 2nd 2012, 13 single family homes closed in the small enclave of Independence Park.  That's up 85% over 7 homes closed over the same period in 2011.  The 2012 median price of a house is about $355,000 -  up over the $260,000 median price sale of 2011.  8 homes are currently under contract. Only 3 homes are for sale...all priced over $525,000.

The $355,000 median price house affords a well conditioned brick or frame 3 bedrooms single family house with access to Metra and CTA trains.  Highway access is of course very good for going downtown, west or north. The housing stock varies from modestly renovated homes that are very serviceable to the more pricey classic late 1800s Colonials and Queen Ann's with vintage details in tact. These classic homes and their well landscaped wide lots can sell from $450,000 to $700,000.

Homes on North Hamlin facing Independence Park
High Sales

The highest sale in Independence Park this year has been 3821 N Hamlin for $630,000 in May of this year.  The highest sale in 2011 was at 3646 N Central Park for $400,000.  Independence Park sellers, with their desirable niche location, have taken advantage of market conditions this year and sold more homes for higher prices in general.