Rising real estate values near The 606 are proving speculative buyers right! The Institute for Housing Studies at DePaul University points out here that though certain areas have performed better than others, real estate values for homes within three fifths of a mile of the 606 are positively impacted to a statistically significant degree. The area south of Lyndale north of Potomac, running from Keeler to Western, has seen the highest increase in value.
Not familiar with The 606? Check out the map. You can find the elevated park at Bloomingdale Avenue (1800 North), running from Ashland on the east to Ridgeway on the west. The Western Avenue trail access point is within two blocks of the CTA Blue-Line Western Station. The 606 creates ease of access to many amenities different neighborhoods offer. There are two great dog friendly parks to the east (Churchill Field Park and Walsh Park). Boulevards connect The 606 to Palmer Park and the heart of Logan Square – and if you ride a Divvy there are stations near many trail access points. For an area of the city cut off from the lakefront, part of the value-add of the 606 lies in providing a safe, well-lit community amenity for recreation and leisure.
The DePaul study also points out that pricing from bubble peak to present in the west 606 region is still down 2.5% as of Q2 2016, indicating there may be more runway for price appreciation. If you’re looking for a multi-unit building in this area, owner-occupant strategies seem to meet market pricing, with great opportunities to offset living expenses by investing in an income property. Read about some of our reasons to buy a two flat in this blog post. E-mail Erin.Hafeli@bairdwarner.com to discuss her thoughts on this investment strategy in more detail.