SPACE, MAN Spread out in Ridgeway Terrace’s 1,100-square-foot condos.

Albany Park

The appeal
Anything goes! The neighborhood’s intense level of cultural diversity provides a mix of shopping, restaurant and nightlife options you’d be hard-pressed to find anywhere else.

The inside scoop
It’s the most diverse neighborhood in Chicago and the third-most diverse in the country, according to the Albany Park Neighborhood Council. Residents of this 12-block-by-12-block stretch between the Irving Park and North Park neighborhoods collectively speak more than 25 languages. Restaurants, shopping and housing are equally diverse, says Jeremy Segal, a Realtor with @ Properties. “You have smaller condominiums for the lower-range home buyers, but then you’ve got larger houses, even mansions in the million-dollar range,” he says.

Home to several big-wig residents (including Gov. Rod Blagojevich), the area features property values that have increased at a rapid rate, according to the Chicago Association of Realtors. Since 2003, the median price for a single-family home has skyrocketed by a whopping 43 percent. Segal says the neighborhood has continued appreciating because of its proximity to Horner Park (a 55-acre green space featuring softball, football, baseball and soccer fields, five tennis courts, and a playground), the Brown Line and Lincoln Square’s nightlife, along with restaurant options ranging from Korean barbecue joints to Mexican bakeries.

What $250K will get you
Expect most condos at that price point to be gut rehabs with about 1,200 square feet of living space, Segal says. The area features a wide array of condos from garden units to high-rise condos to row houses, so plan to invest some time shopping around for the perfect place.

HOT PROPERTY

Ridgeway Terrace, 4954 N Ridgeway Ave: $190,000–$230,000

If you snag one of the 25 one- or two-bedroom condos in this building, you’ll come home to new hardwood floors, granite countertops and a built-in fireplace. Units average about 1,100 square feet and are within walking distance of several local hot spots, including Matsumoto Japanese Restaurant (3800 W Lawrence Ave) and New York Bakery (3455 W Lawrence Ave). Call Rebecca Baum at 847-863-0871; ridgewaycondos.com.