Buyers’ Market in the Chicago area

Housing downturn means today’s shoppers pay less for bigger homes and lots

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The decline in the housing market over the past two years has turned the advantage to homebuyers, many of whom have acquired a larger house, a bigger yard, or a better neighborhood than they might have been able to afford before the downturn. As evidence, here is a comparative look at similar homes that were sold in 2007 and 2009 in several Chicago neighborhoods and suburbs. All square footage is approximate and is based on the real-estate listing for each home; interior space does not include bathrooms, hallways, foyers, laundry rooms, enclosed porches, balconies, and decks. (Midwest Real Estate Data, the Mario Greco Group at Prudential Rubloff, and Jory Rozner Strosberg of Zipple Property Group provided information for this report.)
 

CHICAGO

BUCKTOWN

Bucktown 2007

2007
SALE PRICE: $1.485 million
2,401 square feet
PRICE PER SQUARE FOOT: $618
LOT SIZE: 3,317 square feet

Bucktown 2009

2009
SALE PRICE: $1.180 million
2,552 square feet
PRICE PER SQUARE FOOT: $462
LOT SIZE: 3,325 square feet

Facing one another across the street, these homes are nearly identical. They each have four bedrooms, three-plus baths, a rooftop deck, an attached two-car garage, and a landscaped courtyard garden.

 

 

HYDE PARK

Hyde Park 2007

2007
SALE PRICE: $592,000
1,434 square feet
PRICE PER SQUARE FOOT: $413
LOT SIZE: 2,320 square feet

Hyde Park 2009

2009
SALE PRICE: $535,000
1,132 square feet
PRICE PER SQUARE FOOT: $473
LOT SIZE: 3,936 square feet

Each home has four bedrooms. The 2007 purchase has three bathrooms, while the 2009 purchase has only one-plus. But that upgraded 112-year-old house sits on a lot that is more than 1,600 square feet larger than its counterpart.

 

 

SOUTH LOOP

South Loop 2007

2007
SALE PRICE: $727,500
1,42007 square feet
PRICE PER SQUARE FOOT: $517
LOT SIZE: small private yard

South Loop 2009

2009
SALE PRICE: $680,000
1,782 square feet
PRICE PER SQUARE FOOT: $381
LOT SIZE: none

Each unit has three bedrooms and three-plus baths; only the 2009 purchase has a fireplace. That unit—sold at a discounted foreclosure price—is in a less central part of the South Loop.

 

Photography: Dennis Rodkin

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