“Edgewater is one of the few places where you can get a reasonably priced condo and still have access to new restaurants, shops, even dog boutiques that already-popular neighborhoods have had forever,” says Mario Greco, a broker associate with Rubloff Residential Properties.

In addition to a number of smaller residential projects, the Granville, an 11-story high-rise with 160 condos and four floors of retail space, is being built on the 6200 block of North Broadway.

What $250K will get you
You can land a swanky one-bedroom, one-bath in a prime spot (either with a lake view or in the heart of Edgewater nightlife) or a new two-bedroom, two-bath on a more residential street, Greco says. Though the El ride is 40 minutes from Edgewater to downtown, a long commute is a small price to pay for tons of space at a relatively cheap price. But act fast: The Chicago Association of Realtors reports that in the past three years, the median price for a single-family home in Edgewater has risen more than 13 percent.

HOT PROPERTY

Catalpa Gardens, 1122 W Catalpa Ave: $199,000–$364,900

In addition to indoor parking, exercise facilities on the top floor and an on-site dog-walking area, this 11-story complex featuring one- and two-bedroom units also includes a one-year buyer’s warranty for any construction-related issues. Expect granite countertops, hardwood floors and, for pricier units, private balconies overlooking the lake. 773-293-3100; catalpagardens.com.