Chicago’s Next Top Neighborhood
Out of all the neighborhoods in Chicago – which would you guess to be the city’s next residential hot spot? Did East Garfield Park come to mind?
Well, it did for Businessweek.com in an article that unveiled a list of the top 10 up-and-coming neighborhoods in the largest U.S.cities.
Along with New York, Boston, Los Angeles, San Francisco, Miami, Denver, Phoenix, Seattle and St. Louis, Chicago was one of the cities evaluated in this home-value appreciation assessment. Researchers reached their conclusions by determining which neighborhoods experienced the highest home valuation in the past five years (discounting any areas where the median home value already exceeded the median home value for the entire city).
In Chicago’s case, the winner was East Garfield Park, located about 2.5 miles directly west of the Loop. The study found East Garfield Park had a remarkable 94.98% increase in median home sale prices between the fourth quarter of 2001 ($110,142) and the fourth quarter of 2006 ($214,757).
The neighborhood has been going through a major revitalization in recent years which helps explain the dramatic change in home valuation. East Garfield Park is centrally located, close to downtown and is serviced by both the CTA Green and Blue Lines, making it a convenient and accessible Chicago neighborhood. In addition to a vast rehab of vintage homes and buildings, many modern condominiums have gone up in the vicinity as well.