Real estate prices are always a hot topic for the city and our neighborhood, so we wanted to post a quick blurb about a post we recently read Curbed Chicago about Q4 2011 rents. The data comes from RentJuice and if you're going to rent your place, it's encouraging to see the Sloop above average.(Image form Curbed Chicago)
7 comments:
Not sure how I should feel about this...
Great news for the South Loop! If people are willing to spend the money to live here, it will bring in businesses and a better quality of people.
I wonder if the projects on 19th and 21st and Mich are included in this!
Joking aside, this is a good data point for the neighborhood.
this data is way too general and not dependable. They have West loop and lincoln park prices per ft almost the same? yea right
Casper-
Why are you surprised that the West Loop and Lincoln Park price/sq.ft. are on par? Which do you think should be higher? Substantiate or expand on your comment please.
I took a look at the source data. I do think the information, as presented, is a little misleading (there is so much you can hide in averages). The south loop has more 2 bdrm units than most high end neighborhoods in the city, which raises the avg rent price. At the same time, 2 bdrm units have a lower cost per sq ft, which lowers that metric.
As someone who has lived in almost every major neighborhood in the city, I can tell you that rent prices in the south loop are pretty high relatively speaking, but most of the units are new. Neighborhoods like Lincoln Park command much higher prices for their remodeled condo units, but they have a lot of lower end units that drive their prices down.
OK, back to work...
Here is an article with the CEO of Habitat (they own the affordable housing building - Long Grove) which is the OLDEST building they own. It states they are spending more money and investing, but of course no mention of this building. If any of our city officials, alderman or investors are reading this blog, they understand how this building and 2101 S Michigan are truly crippling development and neighborhood well being.. I hope people in the South Loop start emailing or contacting Habitat and our Alderman to see what can be done about tearing them down or rehabbing them for hotel use or market rate rental. http://www.chicagorealestatedaily.com/article/20120120/CRED01/120129983/q-a-with-habitat-ceo
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