StreetAdvisor Question this week:
Can a couple live affordably in Chicago’s Loop?
In order to answer the question, we need to know how much it costs to live there, and then based on the current interest rates, determine monthly costs. From that, we can figure out how much income one needs to purchase this mythical condo.
If the couple lives in a One Bedroom condo in Chicago’s Loop, Near North, or South Loop Neighborhoods….
I did research on 1,2, and 3 bedroom condos in Chicago’s Near North (8008), Loop (8032) and Near South (8033) neighborhoods, and I discovered the following:
- One bedroom sales have increased between 20% and 36% in the 3 neighborhoods
- Average taxes range between $ 3364 and $ 3723 per year.
- Average assessments range between $ 445.39 (South Loop) to $ 590.26 in the Gold Coast.
Cost to Live in a One Bedroom Condo
Let’s determine the monthly cost of one of these one bedroom condos.
Purchase Price: $ 230,000
Down Payment: $23,000
Interest Rate: 4.5%
Debt Ratio 28% of Gross Income
Monthly Payment Resulting from these assumptions:
Principal and Interest: $ 1841
Taxes: $291.67 (or, $ 292)
Gross Monthly Payment: $1841
Annual Tax Savings for Federal and Illinois: $3254 (from Bankrate.com)
Net Monthly Payment (not including property tax savings): $1569
What do you have to Earn To Afford This Purchase?
Lenders usually allow for more debt than this, but when I first became a Realtor in 1987, the 28% rule was always followed. (Part of why we got into trouble in 2008 was our relaxing of this 28/36 debt ratio.)
28% debt ratio means that the gross monthly payment can be no more 28% of the gross monthly income.
For this example, $1841 / 28% = $ 6575 per month.
Annual Income Required: $ 6575 x 12 = 78,900.
Two Bedroom Condos –
Loop, Near North, Near South
Three Bedroom Condo Prices –
Loop, Near North, Near South
Want to Learn More about condos in the Loop, Near North, or Near South Neighborhoods?
Are you ready to begin the first steps toward owning a condominium in Chicago?
Contact Anne Rossley
of Baird & Warner today!
What are the most expensive streets
in Chicago’s Lincoln Square Neighborhood?
Based on the MRED sales data over the last 5 years, 4 streets in Lincoln Square are known for their luxury properties:
Since 2007, 32 homes sold for over $800,000 on these 4 streets. Giddings had the most homes that sold over $800K (11), according to the Midwest Real Estate Data MLS service. Sunnyside had 9, averaging $1,364,117. Hamilton’s 6 averaged just over $1.3MM, while Wilson’s 6 averaged $1.1MM. Of all 32 properties, 8 were vintage homes (built before 1925), which were clearly the bargains- they averaged $1.0MM. Only 3 (on these 4 streets) sold for over $1.0MM.
Tour The Most Expensive Lincoln Square Streets
See photos and get property information by selecting one of the following links:
pdf version tablet version
| || ||Closed Date||Listed||Sold||SF||# Rms||Beds||Baths||Yr Blt||Lot Dim||Recent Rehab
|2012||Giddings||8/8/13||$1,050,000||$1,010,000||3900||9||4||3.1||2001||30 X 123||No
|2019||Giddings||5/25/12||$1,795,000||$1,795,000||5100||12||7||4.2||2012||37.5 X 124||No
|2129||Giddings||7/21/08||$1,595,000||$1,497,500||4950||12||5||4.1||2008||37.5 X 123||No
|2152||Giddings||2/1/11||$1,795,000||$1,675,000||5100||13||7||4.2||2010||37.5 X 124||No
|4439||Hamilton||7/16/13||$2,689,000||$2,589,000||NR||13||6||3.2||2008||37.5 X 177||No
|4913||Hamilton||7/9/13||$999,000||$975,000||4700||10||3||3.1||2005||30 X 117||No
|4934||Hamilton||8/3/13||$1,299,900||$1,206,500||4600||12||6||4.2||2008||30 X 120||No
|2104||Sunnyside||1/30/13||$1,395,000||$1,367,500||4100||12||4||3.1||2012||35' X 100'||No
|2109||Sunnyside||10/4/13||$1,280,000||$1,280,000||NR||11||5||3.2||2013||26 X 125||No
|2132||Sunnyside||9/1/09||$899,000||$860,000||NR||12||5||3.1||1886||50 X 100||Yes
|2161||Sunnyside||9/18/09||$1,862,500||$1,862,500||5500||13||6||4.2||2009||37.5 X 125||No
|2310||Sunnyside||1/29/10||$1,249,000||$1,301,000||NR||11||5||3.1||2007||24 X 125||Yes
|2120||Wilson||9/16/10||$1,379,000||$1,310,000||4300||11||5||3.2||2005||37.5 X 125||No
|2125||Wilson||1/30/09||$899,900||$847,500||NR||11||4||2.2||UNK||35 X 135||No
|2174||Wilson||7/11/08||$1,175,000||$1,087,500||NR||13||5||3.1||2007||37.5 X 125||Yes
|2174||Wilson||3/22/11||$1,050,000||$825,000||5500||14||4||3.1||1901||37.5 X 125||Yes
|2600||Wilson||6/7/11||$1,250,000||$1,200,000||6000||12||5||5.1||1920||45' X 120'||Yes
What Homes in Lincoln Square Sold for the Most Money?
I shared the streets that had the most pricey homes,
but what are THE MOST EXPENSIVE HOMES?
See the Most Expensive Lincoln Square Homes
See photos and get information – select one of the following links:
Pdf version Tablet Version
| || ||Listed||Sold||Date||ASF||# Rms||Beds||Baths||Yr Blt||Lot Dim||Recent Rehab
|4439||Hamilton||$2,689,000||$2,589,000||7/16/13||0||13||6||3.2||2008||37.5 X 177||No
|2161||Sunnyside||$1,862,500||$1,862,500||9/18/09||5500||13||6||4.2||2009||37.5 X 125||No
|2019||Giddings||$1,795,000||$1,795,000||5/25/12||5100||12||7||4.2||2012||37.5 X 124||No
|2131||Agatite||$1,875,000||$1,775,487||8/31/11||5100||12||7||4.2||2011||37.5 X 124||No
|2152||Giddings||$1,795,000||$1,675,000||2/1/11||5100||13||7||4.2||2010||37.5 X 124||No
|2129||Giddings||$1,595,000||$1,497,500||7/21/08||4950||12||5||4.1||2008||37.5 X 123||No
|2104||Sunnyside||$1,395,000||$1,367,500||1/30/13||4100||12||4||3.1||2012||35' X 100'||No
|2120||Wilson||$1,379,000||$1,310,000||9/16/10||4300||11||5||3.2||2005||37.5 X 125||No
|2310||Sunnyside||$1,249,000||$1,301,000||1/29/10||0||11||5||3.1||2007||24 X 125||Yes
|2109||Sunnyside||$1,280,000||$1,280,000||10/4/13||0||11||5||3.2||2013||26 X 125||No
|2145||Eastwood||$1,299,000||$1,250,000||6/28/10||4600||11||4||4||2004||37.44 X 121.55||No
|4934||Hamilton||$1,299,900||$1,206,500||8/3/13||4600||12||6||4.2||2008||30 X 120||No
|2600||Wilson||$1,250,000||$1,200,000||6/7/11||6000||12||5||5.1||1920||45' X 120'||Yes
|4420||Campbell||$1,199,000||$1,150,000||10/6/08||0||10||4||3.1||2007||30 X 125||No
What’s for Sale Now in Lincoln Square?
As of this writing, there are 4 homes for sale over $800K, ranging in price from $899,000 to $ 1,199,000.
It’s early in the spring selling season, so to get immediate alerts when new listings become available, sign up for a Lincoln Square Home Search Alert by selecting this link:
Looking for a real estate agent who’s an expert in Chicago’s north side neighborhoods?
Contact Anne Rossley of Baird & Warner.
As a StreetAdvisor contributor, I have been considering how to answer the question,
This is a loaded question, indeed!
Here are the reasons I CANNOT answer the question:
- What’s “upper middle class”? Certainly, the cost of living in Chicago is higher than the cost of living where I grew up — in Bloomington, Illinois. We’re not Manhattan, however. Chicago has 77 neighborhoods, or communities, all with their own charms.
- What’s “best” ? Best in terms of location? Amenities? Value? What’s best for the young professional right out of college may not be best for a family of 5 with 3 kids in elementary school, nor the same for empty nesters in their mid 60’s.
Here’s what I CAN answer:
- Average (mean) cost of single family homes by neighborhood,
- Published demographic information by neighborhood
- Amenities for each neighborhood
Relative Prices of Some Chicago North Side Neighborhoods
For purposes of this post, I’m including a few examples of neighborhoods in which I’m most familiar. This is NOT an all-inclusive list of neighborhoods in Chicago. The chart below shows average (mean) prices for single family homes – resale only (not new construction) for
As of today’s writing, the average prices are:
Lincoln Park $1,350,000
North Center $875,000
The prices aren’t surprising – essentially, the closer the neighborhood lies in relation to the loop, the more expensive the homes.
Micro-Neighborhoods in Chicago
These neighborhoods include many sub- or micro-neighborhoods. Sales prices within each neighborhood can vary greatly, depending on many factors (proximity to public transportation, conformity, school district…)
For example, Edgewater has multiple micro-neighborhoods, delineated by block clubs, as seen in this map:
There are so many neighborhoods, micro-neighborhoods, and even preferred areas within the micro-neighborhoods that giving an average price for Edgewater is somewhat misleading. I live, for example, in Lakewood Balmoral (# 16 above). This block group, the Lakewood Balmoral Historic District, is part of Andersonville, which is part of the Edgewater Community. To give an average resale price for all areas above is not at all indicative of the values within LBRC (or #16).
Here are the differences:
| ||# Properties Closed||# Days on Market||Median Sales Price
|Lakewood Balmoral Historic District||11||67||$940,000
Beyond Home Prices – Other Criteria for Choosing a Neighborhood
So far, we’ve just talked about average prices.
Other things to consider when choosing a “best” neighborhood:
- Crime by block, neighborhood, police beat, community – See Clear Map – Select this link
- Elementary Schools – See my website to learn more about Chicago Elementary Schools and specifically, CPS Elementary School Districts on the city’s north side.
- Proximity to Public Transportation/Highways – See Map Below and click on photo to pull up website.
Having said all this, I find there’s no way to easily answer the question, “What is the best upper middle class neighborhood in Chicago”.
This post is just a long-winded way of saying that it’s critical that buyers work with an experienced Realtor who’s familiar with the neighborhoods AND MICRO-NEIGHBORHOODS in Chicago, who can help clients best understand their priorities, and who can then provide all options that meet those needs.
As the daughter of a currently-driving 81 year old, helping mom decide when it’s time to give up driving is on my mind these days.
I was delighted to find this article from Senior News – 50 and Better –
Help your elderly parents retire
from driving when it’s time
The article gives great advice – basically, it provides a list of suggestions for how to evaluate your parent’s skills, how to gently suggesting limitations and alternatives, and how to begin the difficult conversation of easing out of driving.
Most importantly, the article reminds us that we, as the adult children, may have to make the difficult choice to take charge by intervening to prevent our parents from driving when they could endanger themselves and others.
More than anything, starting the conversation WELL BEFORE it’s necessary is the best way to parent your parent!
Of course, making sure your parents live where they don’t need to drive is the best way to keep them safe.
Chicago Seniors – Live in a home
with a Great Walk Score
Senior Living Centers offer meal plans and bus trips for shopping/shows/doctor appointments.
For those who are aging in place, living in a neighborhood/building with a high walk score – meaning necessary amenities are close by – is a must.
Chicago Senior Living Facilities
Here are some senior housing centers in Chicago and their walk scores:
The Admiral On the Lake — Walk Score
Sunrise Living Center – Lincoln Park – Walk Score
The Hallmark — Walk Score
The Clare – Walk Score
The Kenwood – Walk Score
The Breakers — Walk Score
The most frequently requested property in Chicago is probably the 3 bedroom condo — and outdoor space of some kind is usually a “must have” for today’s buyers.
This post includes information for 3 bedrooms in 3 Chicago neighborhoods – Near North (including Streeterville and the Gold Coast), the Loop, and the Near South Side (South Loop).
Three Bedroom Sales Statistics
Three bedroom condos in the South Loop, Loop, and Near North are listed (on average) at $ 1.3MM, and they range in price from $ 335,000 to $5,900,000. There are currently 271 condos for sale in these neighborhoods, and 336 have sold over the last 6 months — the inventory is low right now!
The properties that sold were under contract in an average of 97 days, and they sold for 96% of the listed price at the time of contract. (Many had price reductions during the listing — the sales price was 89% of the ORIGINAL listed price.)
Click Here for Condo Sales Data for the Loop, Near North, and South Loop Neighborhoods
# Months Supply of 3 Bedroom Condos
Average Sales Prices of 3 Bedroom Condos
See What’s for Sale Today…
Select the appropriate link below and see what 3 bedroom condos are listed now:
Best 3 Bedroom Condos for Sale
$500,000 – $800,000
While 3 bedroom condos average over $1MM in these neighborhoods, I’ve found some terrific properties for sale between $500,000 and $800,000. Below are my top choices in what’s available today.
Take an online tour of these homes when you select this link.
Make an Appointment to find your Chicago Condo!
Contact Anne Rossley of Baird & Warner
| || ||Unit|| ||List Price||SF||Days||RMS||BR||BA||EXP||Incl?
Staging your home for sale has become a requirement in the last 2o years.
Not only will staging help you sell FASTER and at a HIGHER PRICE, but so many sellers employ staging techniques prior to going on the market that the few who do not properly prepare to sell are at a tremendous disadvantage.
Lately, laundry room areas have become an important area of focus for today’s buyers. When I first began selling condos in the Gold Coast/Near North side of Chicago, more condos DIDN’T have washers and dryers than those that did. Today, most of my buyers won’t look at a condo unless it includes a washer and dryer. Better yet, an organized, spacious area for cleaning one’s clothes catches buyers eyes and help them fall in love with a home.
As professional photos of homes are so critical in selling property, I always limited my photos to the most “photogenic” rooms of the home, ignoring banal locations like mud room, 3rd bathroom, and laundry area. Today’s buyers, however are savvy — if we leave these photos out of the presentation, they often wonder if something’s wrong with the extra baths, entrance, or utility areas.
Here’s an example of one of my unappealing laundry areas – needless to say, we worked on a plan to spruce up this area!
Staging your Home – Checklist
That said, I always include staging the laundry area when I work with my sellers. Like every room in the home, the keys are
- getting rid of clutter
- deep cleaning
- getting rid of foul odors
- painting, if necessary
Staging your Home – Laundry Room
Melissa Tracy writes about staging the Laundry Area in her recent article, Dress up the Laundry Room with Style, and she suggests
- adding storage,
- adding a folding station, and
- enhancing with color.
I agree with all her suggestions! To read her full article, select this link: Dress up the Laundry Room with Style
when you’re ready
to have me walk through your home and offer staging suggestions –
this is one of the many services I provide to my clients!
For more help in staging, follow my boards on Pinterest:
Staging your Home to Sell
Tips and Tricks for the Home
Other links you might enjoy to help stage your laundry room:
Houzz slideshow of Laundry Rooms
YouTube Video of Tips
The historic Frank Lloyd Wright home at 5132 S Woodlawn has been on the market now for over a year. It was listed in November, 2012 for $ 2,500,000 and reduced in May, 2013 to its current price of $2,425,000.
5132 S Woodlawn
The home sits on a 75×163′ lot, and the original woodwork and stained glass windows are incredible! The home offers 7 bedrooms, 4 baths, 4 fireplaces, and a 2 car garage. The 6100 square foot home is being offered for sale for the first time since being built in 1897.
Find Historic Homes for Sale in Chicago
Interested in finding a Chicago historic home at a lower price or in a different neighborhood?
Call or Email
Anne Rossley today!
Chicago Historic Districts
Chicago Historic Homes on Pinterest
Home care for seniors is becoming more and more popular –
1. aging in place – some seniors wish to stay in their homes and have someone come in to help;
2. independent living – if a seniors in an independent living facility, but needs a bit of a hand, in-home care can postpone moving into the assisted-living residential facility.
If in-home care is sought, it’s critical to find the best possible agency/person to care for our loved ones.
How do we do that?
Retirement Homes offers this article on how to choose a Home Care Agency:
Article – How to Choose a Home Care Agency
Do you have a parent who needs help in downsizing?
Are you considering a move to smaller space?
Ready to take advantage of the home equity in your home?
Contact Anne Rossley of Baird & Warner –
your Senior Real Estate Specialist
Call Anne today: 773-620-5333
Get your Pinpoint Market Analysis
via Email today (Select this link)
Please check out this very short slide show that demonstrates why every day matters in your quest to make a good real estate investment.
This home is newly available for sale, but you WILL NOT find it in the Multiple Listing Service.
The brick single family home, near the Menomonee Club and Old Town Triangle building, was previously a 2-flat, and has been rehabbed by the current owners. Now it’s ready for buyers who crave grand spaces (7000 square feet!), privacy (brick walls enclose the compound), and fabulous entertaining spaces (both inside and out) in a location near everything Chicagoans love!
Do you Love to Entertain?
Outside, there are 3 entertaining spaces. Over the 2 car garage is a lushly landscaped deck overlooking Crilly Court.
Do you Love to Garden?
Between the house and the garage roof deck, a paved patio with landscaped planting beds provides privacy and and escape from the convenient city nearby.
Do you Love Flexible Spaces?
Bring the outdoors in to the house by opening the sliding glass doors which separate the 1st floor den from the front patio.
Do you Love Custom Design Details unlike anywhere else?
A detail photo (below) shows the custom iron work that the owner had specially manufactured to add grandeur to the home – this delightful design detail is used to great advantage, highlighting key areas throughout the home’s exterior and gardens.
The interior photos will be posted in the next few days, but if you want to view the property right away, please contact Anne Rossley at Baird & Warner.