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Wicker Park Real Estate Market Trends
These are some interesting graphs that I pulled from MLS data this morning...



This data was pulled from MRED this morning choosing Wicker Park as a neighborhood. From this data it looks like Wicker Park has done pretty well at maintaining median sale prices over the last 3 years. Single family home prices look pretty flat over the last 3 years.
The inventory of single family homes has been dropping steadily which generally should push prices up for Wicker Park Homes should it continue.
You can learn more about real estate in Chicago at our website.
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Enter an eclectic, art gallery-filled area that meshes artists, hipsters and yuppies together harmoniously. For those who love both upscale boutiques and resale shops, chain restaurants and mom-and-pop joints, dive bars and lounges, this west side Chicago neighborhood is your bread andbutter. Wicker Park has long been a popular community for young, fly-by-the-seat-of-their-pants Chicagoans, but in recent years the scope of residents has adjusted to include families and older generations that enjoy the energetic youthfulness and quirky vibe. Wicker Park is teeming with fashionable restaurants bolstering a culinary scene that stretches far and wide, offering options for all palates and budgets. Tucked in between tasty noshing spots are countless retail storefronts, hawking must-have additions to your wardrobe and music collection. If live music is what you seek, Wicker Park nightlife is a hotbed of venues for local bands, national artists and record-spinning DJs to rock and roll.
Here's the deal: Wicker Parkers love to go out. On any given Friday or Saturday night (or Monday or Thursday for that matter) the six-corner intersection of North, Milwaukee and Damen is crawling with bar-hoppers just looking to have a good time. But don't worry -- the massive number of bars in Wicker Park neighborhood ensures that no spot is ever too crowded.
If you are a die-hard music lover, Wicker Park has something for you every night of the week. The historic Double Door (1572 N Milwaukee Ave, 773-489-3160) has hosted many a bands in its thirteen-year history including world-famous rockers Rolling Stones, Cranberries, Smashing Pumpkins and Liz Phair. The venue continues to showcase bands that are just on the verge of blowing up. And down the street, The Note (1565 N Milwaukee Ave, 773-489-0011) does jazz, reggae, Brazilian and other world music until 4am, 5 on Saturdays.
As long as we're on the subject of late-night neighborhood entertainment, let's jump right in. Knowing your late night options can help you pace yourself, right? Nick's Beergarden (1516 N Milwaukee Ave, 773-252-1155) is a perfect 4am stop if you don't mind a divey patio, California-ish decor, loud music and a great beer selection. Oh, and the "never a cover charge" philosophy doesn't hurt either. Say you've been rockin' it upscale for the night and want to keep it that way, Wicker Park Tavern(1958 W North Ave, 773-278-5138) may be more your bag with their redwood bar, amber lighting, modern jukebox and seven plasma TVs. Long a staple of the hippest six-corner intersection in Chicago, Estelle's (2013 W North Ave, 773-782-0450) isn't trying to be anything but a place to get booze. The biggest frill in this place is a jukebox, so the focus is on getting one last drink before bedtime.
If a dive bar is definitely your style, hit up Beachwood Inn (1415 N Wood St, 773-486-9806). They have cheap drinks, board games, pool, and one of the most eclectic jukeboxes in the neighborhood. On the other hand, if the thought of a dive makes you cringe, head to one of this Chicago neighborhood's nice and neat places. Though Rodan (1530 N Milwaukee Ave, 773-276-7036) is technically a restaurant (with a focus on South American and Southeast Asian cuisine) after 9pm the lights go down, the music goes up, and the hipsters fill the bar. Across the street Debonair Social Club (1575 N Milwaukee Ave, 773-227-7990) aims to be more than just a watering hole. Their emphasis is on arts and culture, and while serving up drinks they show art videos and display projects, all chosen by their resident artistic curator. Debonair brings in nationally-known DJs like Steve Aoki, and has become a popular spot for lovers of house music. Across the street Empire Liquors(1566 N Milwaukee Ave, 773-278-1600) is about as sleek as they come. The windows looking onto the street are covered in black, the bar top is made of concrete, and the walls are metallic. Very hard core.
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I wanted to shed some light on real estate trends in the neighborhoods surrounding where I live of Bucktown, Wicker Park, Ukrainian Village and Noble Square. It is easy to get caught up in the real estate news du jour, but let's step back and see how these neighborhoods have performed over broader periods of time.
First, the valuations over the last 10 years. This chart really highlights why real estate typically isn't a short term investment. In fact, if you bought 10 years ago, values are still above 2001 pricing.
Now the 5 year valuation overlook. This is the one that's a bit scary. But the trends aren't too different than what happened all over the country, unfortunately.
Finally the 1 year overview. It is nice to see things begin to level off, especially in the Noble Square and Wicker Park neighborhoods.
If you'd like to see more charts, please visit this Local Info tab on Zillow. Or visit this link if you'd like to learn how to embed local charts in your blog.
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[To view this post in original format please visit http://therealestateloungechicago.com]
"No rest for the wicked!" I'm not sure where the phrase comes from but it comes to mind when I am dashing about like a man with his hair on fire. Ever since the presidential election, the phrase has fit as perfectly as the pair of Ugg's my wife got me for Christmas. Showings increased as did contracts. And my buying clients were ready to move forward as well. Call it consumer confidence or call it an aberration, I can only report what has been the experience of Thomas McCarey. I attribute it to a mixture of ridiculously low interest rates combined with a faith, hope and confidence in incoming president Barack Obama. Take a look at today's New York Times which reports that 79% of respondents to a NYT-CBS poll -
were optimistic about the next four years under Mr. Obama, a level of good will for a new chief executive that exceeds that measured for any of the past five incoming presidents. And it cuts across party lines: 58 percent of the respondents who said they voted for Mr. Obama’s opponent in the general election, Senator John McCain of Arizona, said they were optimistic about the country in an Obama administration.
I share this hope, faith and confidence. And not simply because it bodes well for my profession. But moreso for what it bodes for my boys. The beauty of change, including radical change (for the election of an African American as president of the United States is a radical change) is that it becomes synthesized into the culture's psyche. In a real and important sense it becomes normal. And so for my boys and their generation an African American man being president is just the way it is. Like kids of color and white kids being in the same classroom. Or a woman being the head of a corporation. Or everybody having the right and opportunity to vote. Or an African American being president. In the meantime my phone keeps ringing with folks calling on my listings. As I write this brief blurb I am hosting an open house at the newest luxury listing of The Real Estate Lounge Chicago at 1055 N Hermitage. A bunch of snow-top walkers have ambled by to see this East Village two bedroom penthouse with a fully decked rooftop. Plus showings are on tap tomorrow. List price of $499,900 includes a garage parking space. Also showing tomorrow is my West Loop one bedroom timber loft at 1250 W Van Buren. With a south-facing view and parking included, first-time buyers and in-town seekers have flocked to this great condo which is listed at $229,900. As was the case with my gorgeous Lakeview listings at 550 W Surf and 726 Addison, I look forward to these viewings leading to, as we say in real estate, "something in writing." With consumer confidence inching forward (combined with those ridiculously low mortgage rates), I don't think my confidence in the market is misplaced.
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