For now Chicago's Washington Park neighborhood may be a predominantly residential south side community with a sprawling public park and rich culture of African-American heritage, however, as the potential site of the Olympic Stadium for the 2016 Summer Games, this modest neighborhood could really make its mark in the near future. Remnants of the last century's architectural movement are found throughout the area, with a wave of new designs and gut rehabs dusting the streets as well. As Olympic talk heightens, developers and city officials are anticipating the impact such a huge event would have on Washington Park. Temporary athlete lodgings and the massive 80,000-seat arena would only be around for a short period, but the hope is that a surge of new businesses would ride in on the coattails of this once-in-a-lifetime opportunity to bolster the Washington Park neighborhood for decades to come. The current commercial base is slight, with a few soul food mainstays and Chinese takeout, but the annual cultural festivals and fun Park District programs keep things on the up as Washington Park awaits an impending transformation of Olympic proportions.
Washington Park Real Estate and Neighborhood Information
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Washington Park Real Estate
As we’ve just mentioned, Washington Park is the 2016 Summer Olympics location hopeful. If Chicago ends up with the winning ticket to host the Summer Games, Washington Park neighborhood will get a second chance to reinvent itself and step even further away from the half-century of disrepair that plagues its past.
Aside from the massive parklands of Washington Park, and rundown remnants of the last century’s architectural movement in Chicago, roughly 50 percent of the neighborhood’s lots are vacant. The majority of Washington Park’s residents are low-income families. However, we Chicagoans haven’t lost faith in rebuilding this once affluent community.
The City of Chicago recently launched programs that allow mixed income residents to live side-by-side by creating affordable homes below market price for individuals and/or families that meet eligibility requirements. This is all made possible with the cooperation of participating developers working with the city to retain as many of the long term community members as possible. The surge in gut rehab and new construction condominiums is a sure sign that the neighborhood is amidst change. We feel that the ambitious revitalization taking place in the surrounding neighborhoods such as Kenwood, Hyde Park and Bronzeville will only make Washington Park’s fresh makeover inevitable—with or without the Olympics.
As it is today, much of the neighborhood consists of low- and mid-rise brick condos—both vintage and new construction models. Surrounding many of the properties are wrought-iron fences that provide both a sense of security and a nice, well-kept appearance to the residential streets. While attached multi-unit homes are in abundance in Washington Park, single-family detached houses are more difficult to find. The average sales price for a one-bedroom condo is around $168,000, with some studios listed for under $100,000. If you and your family need a little more space—most likely you will—the price point is more, but you definitely get your money’s worth. For example, a three-bedroom condo around here is $205,000, on average.
Washington Park market trends
The average sale price of a home in Washington Park is represented by the chart to the right. The red line indicates the average price based on the total time frame selected in the drop-down window. The blue line indicates the average sale price for the particular month within that time frame. For more detailed information on Washington Park sign up for the trends report below or contact your Dream Town broker.
The average number of days a home in Washington Park spends listed for sale is represented by the chart to the right. The red line indicates the average number of days based on the total time frame selected in the drop-down window. The blue line indicates the average number of days a home spent on market during the particular month within that time frame. For more detailed information on average market listing times in Washington Park sign up for the trends report below or contact your Dream Town broker.
The average sale price of a home compared to its listing price in Washington Park is represented by the chart to the right. The black line indicates the baseline listing price for homes during the time frame selected in the drop-down. The red line indicates the difference between the average listing price and the average sale price during the particular month within that time frame. For more detailed information on Washington Park sign up for the trends report below or contact your Dream Town broker.
The total number of listings in Washington Park is represented in the chart to the right. The red line represents average number of days based on the total time frame selected in the drop-down window The blue bar represents the current number of listings during the particular month of that time frame. For more detailed information on Washington Park sign up for the trends report below or contact your Dream Town broker.
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