Hey Kat,
I to was interested in a new condo unit on Western Ave..I wonder what bldg you were looking at?

As long as you buy it right your rate of appreciation (as a percentage) will be the same as your rate of appreciation anywhere else. Your Realtor can run comparable sales for you and show that condos on Western Avenue sell for x amount less than those on a side street. When you sell this property you should do the same analysis and market your property for x amount less than the comparable sales at that time. Your buying pool will be significantly less because the property is on a main street. It is similar to purchasing a property that backs up to the el or is a garden unit. There is nothing wrong with it if you are willing to live there, but there are a large percentage of potential purchasers who will not even take a look at something that has a main street address. Good luck!

Hi Kat,

In addition to the advice given in the previous answers I would recommend trying to locate an elevator building to accomodate the arrival of children. Many buyers love the idea of an upper floor or penthouse unit but the joy of nobody living above you and a city view can quickly change when strollers and baby supplies come into the picture.

Having said that, such buildings tend to exist on the busier streets. Commercial zoning allows for wider buildings which can encompass an elevator but due to building height and a small number of units in most buildings (zoning restrictions & cost) are seldom found.

Best of luck with your search.

Definately agree that as far as busy streets go, I'd much rather be on Lincoln between IP and Lawrence versus on Western.

Hi Kat,

You are wise to ask these questions now. No matter what, at the end of the day the unit on Western will still be on Western. That being the case the home will still be proximate to a four-lane street with a ton of traffic, lots of noise, a surfeit of pollution, and an unappealing aesthetic. I doubt that the location will result in any residual value gain unless the purchase price is a steal. Having said this I doubt that you will have great luck in finding a sidestreet condo in Lincoln Square because the nature of zoning here provides for commercial and multi-unit construction along busier streets while sidestreets tend to be aligned with creation of single family homes (with the occasional exception of a rehab on a sidestreet). If nothing else at least shifting toward Lincoln Avenue would be better as it is a two lane road - thus it does not seem so foreboding as Western.

Good luck with your choice making.

Tom McCarey
The Real Estate Lounge Chicago with @properties chicago

Kat-
I have lived in both Diversey and Montrose (for a total of 8 years) and regretted it. Forget about resale and appreciation and think quality of life. Western is a huge traffic artery and you will hear buses, motorcycles, fire engines, etc. and never really get used to it. Many of my clients rule these main streets out in their searches outright without any discussion for these reasons. Just my two cents...

Your concerns are well founded, however you will find some of the lowest prices, on a per square foot basis, north of lawrence. Resales may be a better bet. The buildings are financially stable and sell easily when the time comes. Montrose by Wells Park is attractive and the condos are of good quality. You hear virtually no noise from the street.

Its actually a condo - it would be our first investment into real estate. The condo we would want would not be facing Western, but the entrance to the condo would be on Western. I'm not looking for huge appreciation, but we do expect to be there for 5 years or so, so it would be nice to sell it for some sort of profit.

I agree with Mike. Side street >>>>>> Western Ave. You are buying a home, so I wouln't necessarily be too concerned about appreciation. But if I were to pull out my crystal ball, you missed the boat on Lincoln Square by 10 years, and I'd expect no significan appreciation over the next decade. (Much less so since you will be ON Western Ave). Since you will not likely be staying there for more than 10 years, I would keep not factor in any significan appreciation and concentrate on what location will make you and your family happy.

You are correct in thinking appreciation will be slower on a busy street. Streets such as Ashland, Western, Clybourn are all busy streets and you will normally get more bang for your buck, but you may also have a harder time selling the property b/c some buyers do not even want to look at properties on those streets.

The one caveat would be if the property faced away from the street, so you wouldnt hear the street noise from the unit.