ResalesChicago"s Lakeview Celebrates Diversity
Lakeview is one of the most livable neighborhoods in Chicago, say local Realtors, who enjoy selling its wide variety of housing. And it doesn"t hurt to be close by to the Chicago Cubs" Wrigley Field, with wonderful restaurants, entertainment and shopping nearby.
"Lakeview is a most "livable" neighborhood with a variety of single family, condos and multi-unit housing," say Realtors Karen Breen Elia and Louis M. Elia, "One of the most diverse and eclectic north side neighborhoods, Lakeview has almost as much variety in it"s housing stock as it does in it"s population - stately mansions, lakefront highrises, gracious vintage co-ops, new construction condominiums, heavy timber lofts, and Victorian greystone and brick multifamily buildings all combine to create the symphony that is Lakeview.
"Home to the Chicago Cubs at Wrigley Field, this neighborhood is filled with a multitude of great restaurants, specialty shops, supermarkets, national chain retailers and plenty of entertainment and nightlife," add the Elias. "One and one half miles of lake and park on the eastern border offers recreational facilities of boating, jogging, skating, swimming and biking."
What"s happening in the market? Despite the amenities, sales are slower than they have been.
"The Lakeview market in Chicago indicates a slowing of buying activity due primarily to seasonal conditions as well as economic concerns and an upward turn of mortgage interest rates," caution the Elias. "There is an overabundant supply of properties currently on the market (including 771 condos without a notably large new construction/new conversion project), and a 10 percent downward price trend in the average list price of condominiums that sold in the month of September vs the month of October. We expect activity to increase after the first of the year when we enter our traditionally strong real estate market of the first and second quarter."
Says Realtor Doug Fox, "The market seems to be picking up. The favorable rates definitely improves the buyer"s purchasing power.
Advises Fox, "I feel that there is a balancing of the market between the sellers" wants and the buyers" expectations. There seems to be a hesitancy on the buyers" part in making a decision to purchase."
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