Thursday, March 09, 2017

One "Tasty" condo development coming to Oak Park (and a look at condo sales)

I took a good look at the "District House" condo site 700 West Lake Street in the Oak Park downtown last weekend.
Crain's reported on the proposed "District House" condos for Oak Park last March.  The modern looking project replaces the Tasty Dog site that was forced to close after financial issues in 2015. 
 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.

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