Chicago’s real estate market is red hot on the South Side

Alexandra Ronan and Justin Zamarripa not too long ago married after assembly at work on a challenge collectively. Then they purchased their first house, a condominium in Bronzeville.

“We have been initially going to supply one thing lower than the listing value however as soon as we knew that there was a lot competitors to get this place, we upped it above the asking value,” Zamarripa mentioned.

“It was rather a lot,” Ronan mentioned. “It was fairly busy. Our realtors are an awesome husband and spouse staff, Mr. and Mrs. Faulkner.”

Arnett Faulkner, principal at Howell-Faulkner Group, closed the deal. She and Greg primarily promote on the Gold Coast and Close to South Facet – they usually say the market is scorching.

“Due to the a number of vacant tons, there’s alternatives to develop… for brand spanking new improvement, each industrial, blended use and likewise residential use,” Greg Faulkner mentioned.

“There’s new townhomes, new condos, reasonably priced housing, single-family properties,” Arnett Faulkner mentioned. “Far more reasonably priced then what you’d pay on the North Facet.”

Beginning a yr earlier than the pandemic, the ABC7 Information Workforce checked out property values from 2019 to early 2022. It discovered Close to North Facet properties are inclined to promote for extra and are extra typically available on the market. However Close to South Facet properties have had bigger property worth will increase over the past three years, with the most important enhance within the Oakland neighborhood. South Facet properties additionally spend much less time available on the market.

And actual property on the South Facet could profit from new developments. Amongst them is a $3.8 billion redevelopment of the previous Michael Reese Hospital web site, with its personal Metra cease.

There’s additionally the almost $1 billion Obama Presidential Middle, the place President Obama has reportedly requested Tiger Woods to tackle the Jackson Park-South Shore Golf Challenge. Whereas it is from a performed deal, Woods got here again with a plan that mixes the 2 programs into one championship course designed to convey PGA occasions.

Sandy Reynolds invited me to her condominium within the South Loop.

“I would like the variety of a neighborhood,” Reynolds mentioned. “And it is nonetheless gentrifying, if you’ll, I imply, by way of eating places and sort of leisure inside the neighborhood.”

Reynolds moved there after promoting her Kenwood house for $2.3 million. In 1991, she bought it for $595,000. Her $3.2 million condominium is among the many priciest within the South Loop.

“It appeared like an awesome alternative to purchase right here and actually have, you recognize, some funding worth there as effectively,” Reynolds mentioned.

Antje Gehrken, president of the Chicago Affiliation of Realtors, mentioned the market in Chicago will possible get some respiratory room within the close to future, that means house consumers will not need to resolve so shortly and the bidding wars ought to calm a bit.