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Cover Story: The Neighborhoods Issue

by Jason Porterfield

South Side

SOUTH LOOP

For years the South Loop was essentially an afterthought for many homebuyers who didn’t see the potential of the area’s proximity to the lake, Grant Park and all of the attractions of the Loop itself. The redevelopment of former commercial buildings, the growth of colleges such as Roosevelt University and Columbia College Chicago, and the emergence of new construction all contributed to a booming market until the national housing market began collapsing in 2006.

The neighborhood’s many amenities such as easy access to public transportation and walkability are driving factors behind its resurgence. There’s also an interesting mix of redeveloped commercial buildings, new town homes and condo buildings in the area to attract a diverse clientele to the neighborhood, which stretches from Congress Parkway down to 26th Street and from Lake Michigan to the Chicago River.

In 2016, Baird & Warner opened an office in the South Loop to expand upon its footprint in the neighborhood. Managing broker Jim Psyhogios has sold homes in the South Loop for 25 years, so he’s particularly aware of the unique rhythms of this ever-changing community.

“Condos and townhouses are moving well because we have a nice variety of them,” he says. “Of course there are a lot of rental buildings that have gone up in the South Loop recently. I’m thinking some of those are going to turn condo someday if the banks lighten up a little bit and let developers do condos.”

Millennials are dominating the South Loop market, but Psyhogios expects to start seeing an increase in the number of older homebuyers in the neighborhood. Many empty nesters who had hoped to downsize earlier held off due to the market collapse.

“Instead these empty nesters chose to keep their homes and continue with what they were doing for a while longer until the market started to go back up to the point they wanted to sell at for their retirement,” he explains. “Now, they’re downsizing, getting rid of their homes in the suburbs and coming downtown.”

South Loop By the Numbers

  • -7.9% in new listings (995 to 916)
  • +5.6 in closed sales (410 to 433)
  • +1.5% in median sales price ($354,750 to $360,000)
  • +12.2% decrease in market time (98 to 86)

Source: Chicago Association of Realtors

BRIDGEPORT

Redfin recently listed Bridgeport as the third most expensive neighborhood for single-family homes in Chicagoland for the first quarter of 2017, with a median sale price of $483,500. The traditionally working-class neighborhood is among the most ethnically diverse in the city, with residents of Mexican and Chinese descent particularly well represented. Bridgeport is also the home turf of the powerful Daley family, including former mayors Richard J. and Richard M. Daley.

Bridgeport is bounded by the Chicago River to the north, Bubbly Creek to the west, Pershing Road to the south and the Union Pacific railroad tracks to the east. Halsted Street serves as the neighborhood’s commercial heart, and an influx of new restaurants serves to attract visitors to the area. Other major draws include the Chicago White Sox at Guaranteed Rate Field and a growing number of arts and culture attractions such as the Zhou B Art Center and the Bridgeport Art Center and Co-Prosperity Sphere.

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