ML - Michigan Avenue

2013 - Issue 8 - December

Michigan Avenue - Niche Media - Michigan Avenue magazine is a luxury lifestyle magazine centered around Chicago’s finest people, events, fashion, health & beauty, fine dining & more!

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Page 131 of 147

HAUTE PROPERTY LEFT: 1730 North Hermitage Avenue is one of the choice homes close to The 606. BELOW: A rendering of The 606 Bridge at Milwaukee and Leavitt. continued from page 129 the project debuted in 2004, its surrounding residential market went from sleepy and middling to hot and decidedly haute. A 2005 economic impact study commissioned by the city showed that the park was responsible for at least $1.4 billion of nearby quality residential development and a whopping $100-per-square-foot increase in area values—not to mention the retail and tourism bucks from its 4 million visitors a year. For The 606—so dubbed in deference to the zip code prefix shared by all Chicago neighborhoods—the benefits are far more geographically widespread and will impact local residents more directly. Realtors, retailers, city officials, and community activists have touted all four neighborhoods touched by The 606 for years thanks to their intriguing housing stock, diversity, and potential for further economic development. The project will do those communities a world of good, since all need more green space, according to a 2011 study by TPL showing that Chicago ranks 14th among 19 densely populated US cities in parkland per 1,000 residents. With walking, running, and biking trails punctuated by five parks, The 606 will provide superb recreational green space aplenty. Not surprisingly, Mayor Rahm Emanuel has become instrumental in getting the project underway, noting its potential to "connect communities" and "improve quality of life for many of our residents." It's precisely these qualities that make the project a game-changer for so many, says Baird, "especially families. They'll be able to run or bike for almost three miles without crossing a street." The 606 also includes plans for community gardens and a performance space, notes Baird, who has worked on these types of projects all over the country with TPL. As for those rising real estate values, "Wicker Park and Bucktown have already experienced a decades-long rise in luxury residential real estate as young families have moved here for spacious new construction or totally renovated single-family homes on larger lots," says @properties broker Joe Zimmerman, who specializes in the area. "But they're about to become even more desirable," he adds, referencing a sleek, 2009 five-bedroom, 7,800-square-foot home on a double lot at 1744 West Cortland Street he listed for $3 million in August, right after work started on The 606. "That's a Lincoln Park price, and it went under contract in six weeks," points out Zimmerman. And Humboldt Park and Logan Square, which have yet to see luxury land in their confines, "will have the biggest gains in value," predicts Baird. This makes now the time to get in on the real estate action. As for Zimmerman, he's looking west for future sales, noting that "smart buyers will be looking to build or renovate in Logan Square, so I assume Humboldt Park isn't far behind." MA MARKET MOVERS The 606 is making these hot properties even hotter. Right now, "Prime properties facing the Trail are scarce because Bloomingdale was essentially an alley rather than a real street," notes Prudential Rubloff broker Jeff Lowe—and with the excitement surrounding The 606, "they're about to become even more rare." Lowe is marketing one of the few singlefamily houses that does just that: a four-bedroom, three-and-a-halfbath, 3,600-square-foot house at 1937 West Bloomingdale Avenue for $989,000. Other luxury homes currently on the market include: 1921 North Honore Street A five-bedroom, four-and-a-halfbathroom 5,500-square-foot priced at $1.975 million. Jameson Sotheby's International Realty broker Greg Viti, 312-751-0300; 1823 West Cortland Street A five-bedroom, three-and-a-halfbathroom, 4,100-square-foot home that just broke ground and hit the market this December for $1.650 million. Joe Zimmerman, @properties, 773-230-0826; 1622 North Marshfield Avenue A five-bedroom, three-bath, two half-bath, 4,700-square-foot home priced at $1.642 million. Coldwell Banker broker Rita Kerins, 773-807-2387; 1730 North Hermitage Avenue A four-bedroom, three-and-a-halfbathroom, 4,000-square-foot home priced at $1.349 million. Prudential Rubloff broker Jeff Lowe, 312-339-1133; 130 MICHIGANAVEMAG.COM 129-130_MA_HP_Opener_Winter2014.indd 130 11/20/13 10:26 AM

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