Thursday, January 23, 2014

"CHILLY" but good: Home sales up 30% in northern Ravenswood/ western Andersonville

This guy loves living in the Ravenwood/ Andersonville area (seen at Winona and Ravenswood). All photos Eric Rojas, Real Estate Broker, Kale Realty
It's cold! But home sales were hot in 2013 (I said it).  The northern portion of Ravenswood and western portion of Andersonville mesh to form a terrific and distinct community. It's located in three community areas of Chicago: Lincoln Square, Uptown and Edgewater. Those seeking parks, transportation, retail, new and old restaurants, diversity (in many ways), a "Green" mentality and a little quieter residential experience will enjoy the grounded, yet, convenient city life north of Lawrence Avenue.

The northern Ravenswood, western Andersonville area defined by the major streets Lawrence to Peterson and Ashland to Western.  The area straddles the Metra line and benefits from the fantastic commercial areas of Andersonville's North Clark Street on the northeast and Lincoln Square's North Lincoln Avenue at the southwest (and the spillover from both). Map generated from
Single family home sales

82 homes closed in the above boundaries (Lawrence to Peterson and Ashland to Western) with a median price of $555,000 in 2013.  This includes houses along the major streets of Western and Ashland that sell at a discount from interior streets.  Sales were up 30% over the same period in 2012 while median price id up $100,000 over 2012.

A median priced house at $550,000 in the area will most likely be a small to mid-size (1500-1800 square feet above grade) move-in ready three bedroom home.  Larger  4 bedroom+ homes at the median price and in locations closer to transportation or the retail strips will require structural renovation work or substantial updates and repairs.  Many properties sold under $450,000 are now torn down for new construction or completely gut renovated.

5034 N Ravenswood built in 2007 (second house from left) sold quickly for $1.275 million in 2013.
The highest sale hit $1.5 million at 1650 W Winona.  This new construction home on a 37.5 foot wide lot is steps from the Andersonville action. The increasingly high profile and popularity of Andersonville has certainly impacted new construction activity and home prices. 

Million dollar sales

Eight homes in these boundaries topped the $1 million sales price for 2013 and nine more homes topped $900,000.  The highest sale was $1.5 million in 2013.  In 2012 five homes topped $1 million with $1.3 million the highest sale.  Only two more homes topped $900,000.

Watch some of my Ravenswood area and property videos going back seven years.

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