Promising Real Estate of Bucktown

-By Meg Ward

Freight trains roar through the west side of the city. Smoke billows from the stacks of gray industrial corridors. As these images of the Northwest Side of Chicago begin to disappear, attractive low-cost housing and a bustling community emerge. The industry and river that built Chicago now provides territory for new housing. This area of Bucktown, primarily a manufacturing district that developed into a cozy residential neighborhood, continues to take advantage of the availability of a huge amount of vacant land.

"Bucktown is one of the hottest neighborhoods in the city and it has been for 10 years," says Don DeBat, marketing consultant and founder of Don DeBat and Associates.

Neighborhoods like Bucktown continue to grow because developers taking advantage of industrial sites, buying them out, and constructing lofts, condominiums, and town homes. The industrial businesses bought out simply pick up and move to the suburbs.

DeBat also notes that a great deal of these lots are located along one of Chicago's long-forgotten natural resources.

"A lot of the land along the river used to be industrial." One lot promising new development used to be a boatyard, DeBat explains.

There are also vacant lots that are bought and built on. "Newer housing in Bucktown is the result of a lot of re-hab and in-fill," DeBat says. In-fill refers to the teardown of existing property and constructing new buildings from scratch.

But not all neighborhoods can allow for in-fills to provide for newer housing. Areas such as Wicker Park are considered historical and aren't allowed to be touched. So developers look for new building sites elsewhere.

"The trend is not only moving west, but north as well," says Karl Whittenbarger, a consultant at @ Properties, one of Chicago's leading real estate agencies. Whittenbarger predicts that the development will continue to move northwest and soon hit Logan Square. Residents have been moving to areas in search of a great deal.

"These 'pioneers' continue to go west and are finding a lot for their money," says Whittenbarger.

"Some people misconceive any area west of Western Avenue as a seedy neighborhood," explains Whittenbarger. "I wouldn't have any problem moving farther west or northwest."

The truth is, these areas are ideal spaces to build great buildings for lower cost. It is especially rewarding for those who are tired of renting and wish to buy in a neighborhood that isn't congested such as Lincoln Park or the Goldcoast. It also allows for the buyer to increase in size and luxury without the dramatic increase in price. New construction on North Avenue and Bloomingdale Avenue has begun. The "Bucktown View," as they are called, provide 2- and 3- bedroom duplexes as well as 27 condos in a 4-story brick and limestone building. The duplexes run from $324,900 to $389,900 and the condos will go for $247,900 to $299,900.

Just southwest of Lane Tech College Prep is the new construction of the Belmont River Club town houses. The Belmont River Club used to be home to the Henry C. Grebe & Co., which would construct magnificent yachts and sailboats since 1926. This is just one example of taking advantage of greatly located industrial property along the river and turning it into affordable housing. This type of property has become both valuable and fashionable as the city has continued to clean up the river and create recreational areas along its banks. Prices range from $313,900 to $459,900.

Both of these new projects are a short train or bus ride from the heart of the city and are surrounded by popular restaurants and busy nightlife providing entertainment for neighborhood residents.

Brian Ferber, 27-year-old advertising consultant, moved to Bucktown two years ago from the Lakeview neighborhood.

"At first I moved farther west because it was more affordable," Ferber admits, "but I was quickly taken by the culture this side of the city provided. I love the restaurants and I appreciate the diversity my neighbors have offered me."

Similarly, Matt McGeary, 27-year-old medical device salesman, moved out to the west neighborhoods in search for something new and within his budget. "I knew that it was an up-and-coming area but didn't know how much I would enjoy the trendiness of this area," McGeary says. "I was also pleasantly surprised by the lack of overcrowding that this area gave me. It's a treat to feel comfortable in a neighborhood situation yet be so close to the central business area where I work."

Don Debat and Associates - (312) 944-1177

@Properties - (312) 491-0200

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