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Published on 7/4/08
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East Garfield Park
The appeal
Living large: With the neighborhood’s low property prices, buyers can get more space for their money.
The inside scoop
Listed as one of the top ten up-and-coming neighborhoods in the country last year by BusinessWeek, and with a median home price just above $240,000, East Garfield has ample opportunities for new buyers. “When you look at how much you can get and how close the neighborhood is to I-290, to public transit, to the West Loop and cultural things like Garfield Park Conservatory, it’s clear that the neighborhood is undervalued,” explains Zeke Morris, a Realtor who serves on the board of directors for the Chicago Association of Realtors.
Because the neighborhood doesn’t have the same retail options as established communities like Edgewater and Albany Park, Morris adds, buyers must be willing to ride out the transition into a hip, established ’hood. “It’s up-and-coming, therefore if you’re looking for a neighborhood that’s already complete, this isn’t it,” he says.
What $250K will get you
Buyers who invest here can score a three-bedroom, single-family home with a two-car garage for that price, while Lincoln Parkers blow that much on a studio, Morris says. Plus, that investment likely will appreciate significantly over the next ten years. The neighborhood is undergoing massive gentrification, with more than 100 new condo units springing up on the 700 and 800 blocks of South Kedzie Avenue and the 2800 block of West Washington Boulevard.
HOT PROPERTY
Flats on Fulton, 2900 block of West Fulton Street: $209,000–$249,000
Located three blocks from Garfield Park, these 1,100- to 1,200-square-foot, two-bed, two-bath condos have the standard hardwood floor/granite countertops/stainless-steel appliance package as well as private decks, bay windows and easy access to the Green Line. Contact owner Mike Hulett at 773-744-4447; fultonflats.com.
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