Chicago Living - Relocation Guide 2008 - (Page 18)

Lofts and condominiums Like so many cities across the country that once were filled with manufacturing plants and warehouses, Chicago has ample buildings with high ceilings and wide-open spaces. Many of these buildings have been converted into loft condominiums with spectacular views, and newcomers looking for a place to call home in the heart of the action currently have a lot from which to choose. Diagonal hardwood floors, 20-foot timber ceilings and gourmet kitchens are typical amenities. Indoor parking and storage rooms are also standard issue. Unlike bungalows, which are scattered throughout the city, lofts tend to be concentrated in several neighborhoods, including the West and South Loop and River North. Soft lofts—condos with slightly lower ceilings and a less industrial feel—can be found in more neighborhoods, particularly on the North Side near the “L tracks. Other available condos ” include vintage buildings, both former apartment buildings and two-flats, that have been rehabbed and converted into condos. The Hyde Park neighborhood on the city’s South Side is one exception where buildings are generally co-ops rather than condos. Like single-family homes, loft and condo prices vary from $175,000 for smaller one-bedroom units, to $850,000 or more for luxury lofts in desirable neighborhoods, such as the Gold Coast. townhomes and detached singLe-famiLy homes bungalows that line each block. But bungalows can be found in all areas of town, from North Side to South Side, and by some estimates account for as much as one-third of the city’s single-family housing. They typically have hardwood floors and built-in hutches and other architectural flourishes. The Historic Chicago Bungalow Initiative (www.chicagobungalow. org) helps homeowners who want to restore bungalows with special financing and other incentives. Of course, not everyone who has an older home in Chicago has a bungalow; there are Georgian, Victoria and frame homes, which range from the modest to the magnificent. Many of the commonplace two-flats, once buildings with two apartments, have been converted into two-story, single-family homes, often with bedrooms on the top floor and communal living space, such as the kitchen and dining room, on the first floor. Older Tudor homes and more elaborate architecture of years gone by is more often found in the suburbs than the city, particularly in the North Shore communities of Evanston. Prices for older and vintage homes run the gamut, from $225,000 for a modest bungalow on the Southwest Side to $6 million (or more) for an estate on the North Shore. 18 chicagol i v i ngmag.com The three- or four-story brick townhome looks like it is overtaking the bungalow as the most common type of housing in the city. These brick, new construction homes are typically found on the standard Chicago lot, 25 feet by 125 feet. Three or four stories tall, depending on the zoning in the neighborhood, the homes have full basements. Some townhouses are divided into several condos, usually one of which is a duplex, often with balconies on the front, or decks on the back. Singlefamily townhomes tend to have skylights and significant open space indoors, as well as amenities such as granite countertops, as standard features. There are more new construction homes on the market than in previous years, so bargains may be found in that category as well. In communities such as the Northwest suburbs, one-story, new ranch homes are in great demand, as baby boomers want everything all on one floor. Even though these homes may be on one level, they are not necessarily modest. In the suburbs, the farther away the home is from the city, the more likely it is to have a more affordable price tag. Average selling prices range from $350,000 for older homes and $500,000 for new construction on the low end. Homes with more than 2,800 square feet are starting around $600,000. ■ C h i c a g o L i v in g 2008 http://www.chicagolivingmag.com

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Chicago Living - Relocation Guide 2008

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