|I took a good look at the "District House" condo site 700 West Lake Street in the Oak Park downtown last weekend.|
One year later the development site is clear and construction fences up. Asking prices are reported in the $500s to $800s.
In 2016, 396 condo units sold for a median price of only $167,000. Most units under $200,000 still average assessments well over $300.00 a month. The highest "non-townhouse" condo sale is $692,000 at 156 N Oak Park Ave Unit 1A, Oak Park, Illinois 60301 for an updated 2500 sq/ft vintage unit. Another 1800 sq/ft vintage unit rehab grabbed $505,000 at 212 S Maple Ave Unit 26, Oak Park, Illinois 60302. A new town house development last year had sales in the $700s showing market demand for a high-end condo project.
|More traditional rental apartments sit on two other corners of the intersection. Reports suggest over 800 new residential units will be added to Oak Park in a two year span.|
The increased density of apartment and condo dwellers should be a boon to the Oak Park downtown. Many of our city apartment renter and condo owner clients move to Oak Park to buy a house due to the more affordable prices in a good school district adjacent to a substantial commercial area.
|District House is at the foot of the downtown Oak Park across from Starbucks and will add additional retail space.|