A former working garage right off the 606 has been converted into a six-bedroom house in Logan Square and listed at $3.25 million.
Since the 606 opened last June, the 2.7-mile park system (including several parks and the rehabbed Bloomingdale Trail), has attracted hordes of people—and some new businesses—as it runs through Bucktown, Wicker Park, Humboldt Park, and Logan Square. But its long-term effect on the real estate market remains to be seen.
“There’s definitely been an increase in [real estate] activity” along the trail since its opening, says Geoff Smith, executive director of DePaul’s Institute for Housing Studies. Smith says he doesn’t have hard data yet, but the institute is working to publish its first report on the topic this summer.
The home at 2436 West Bloomingdale Avenue is listed by George Furla with North Clybourn Group. He estimates being near the trail has boosted real estate prices 5 to 20 percent over surrounding neighborhoods. A similar-sized home—7,640 square feet, six bedrooms, four-and-a-half bathrooms on a double-wide lot with two attached two-car garages—in Lincoln Park would sell for twice this price, he says.
“It’s definitely one of the most unique homes in Chicago,” says Furla. The seller, an architect, bought the former working garage just west of Western Avenue in 2008 and converted it into a single-family residence. Massive wooden bow truss ceiling beams were sandblasted clean to maintain the exposed curved roof with a large glass skylight, which remains from the building’s previous life.
The street-level floor now includes a sunken living room, a large open space that can be either a dining room or gallery, a contemporary kitchen with upscale appliances, and two front bedrooms with high windows so those passing on the street can’t see in. The master bedroom suite is in the back of the house, away from the trail. Second-floor front-room windows face the trail and a rooftop deck looks down on it, as well as providing views of the city.
Is it all enough to support that price?
The wide mix of housing stock in the area can make direct comparisons tricky, Smith says. Other current listings along Bloomingdale near Furla’s are either condos or townhouses.
The closest single-family listing, at 1757 N. Campbell, is on the market for $1.3 million but is only 1,334 square feet. Farther east in Wicker Park, there’s a $3.6 million single-family home listed with 7,000 square feet, a price that may be influenced by its location in a historic district.
3 months ago