Tuesday, November 01, 2016

Portage Park, Jefferson Park sales in the affordable "Mayberry Triangle"

The little "Mayberry Triangle" of Portage Park/ Jefferson Park is full of these attractive brick bungalows with the angled, protruding roofs.
We are working with clients looking for a three or four bedroom single family home along the CTA Blue Line.  They prefer to buy lower in their budget and add their own renovations. The "all in" budget is about $500,000. The Jefferson park/ Portage Park area just east of 90/94 is a good fit.  Our clients used the name "Mayberry Triangle" to describe the distinct neighborhood boundaries.

The "Triangle" neighborhood  is boarded by 94 to the east, Montrose to the south and Milwaukee to the west. The sleepy area is technically in the Portage Park Community Area of Chicago but many refer to the area as Jefferson Park as well.  The draw is the relatively affordable brick bungalows near two Blue Lines and the Metra. Super easy to jump on the highways as well. 
Seven single family homes sold in the shaded area (above) of Portage Park, Jefferson Park from Jan 1st to October 31st.  The median price is a very attractive $225,000.  All but one of the homes are very dated and need extensive renovation. The highest sale price this year is $365,000.

Seven sales is a low amount of market activity for the density of the area and its proximity to good public transportation.  Few homes hit the market and the lower-end values were scooped up pretty quickly.

We viewed this foreclosure sale at 5008 W Wilson priced at $187,500 right after it hit the market. It was a little too much work for my folks.  It quickly went under contract with another buyer.
Ten homes closed over the same period in 2015 with a median price of about $250,000. It is rare over the past few years to see a North Side neighborhood a little down in sold units AND median price for single family homes.  The highest sale over the same period last year was $420,000. In 2014, eleven homes sold with a median price of about $331,000. The highest sale was $415,000.  The homes at the median and higher prices were renovated and move-in ready. 

The bargains were moving this year with few quality renovations hitting the market for sale.

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