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Condoseller, Both Buyer and Seller in Lincoln Park, Chicago,...

On the EL vs. Across the street.

Asked by Condoseller, Lincoln Park, Chicago, IL Mon Apr 28, 2008

I'm thinking of selling my condo that backs up to the EL. How much of a price difference will I see vs. similar units across the street?

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4
I would ask a few local realtors to present CMA's (comparative market analysis) for your property. They will do the homework for you! Ask them about their marketing plans and their ideas to overcome the el tracks and get buyers in the door.
0 votes Thank Flag Link Sun May 18, 2008
Condoseller,

Correction to my earlier answer. Sheridan Rd going south of Irving splits and goes east and continues south as Sheffield. Comps are available on Sheffield south of Wrigley to Belmont.

Ken.
Web Reference: http://www.KDRchicago.com
0 votes Thank Flag Link Thu May 1, 2008
Condoseller,

There are a few locations in Lincoln Park and Lakeview where condo's have been built on either side of the street that'll give you a good idea of what the discount is for backing up to the El v's not. In a number of other areas the properties backing up to the El are 2 flats or rental buildings that have been held for a number of years which make it difficult to find a condo comp. As Elvis mentions in his answer, Sheridan Rd south of Wrigley and north of Belmont provides the best stretch of condos recently built that could give you a good indication of price differential from one side of the El v's the other.

Some stretches of the El are less noisy if you're close to the station and trains are moving more slowly but the bottom line is when you back up to the El you eliminate a huge part of your buyer pool. You have to price it to stand out against the competition in the area. Units sell that back up to the El and if it's priced right, shows well and is in a location that buyers can't normally afford, you'll find a buyer.

Best of luck, Ken.
Web Reference: http://www.KDRchicago.com
0 votes Thank Flag Link Tue Apr 29, 2008
It's a duplex down. No windows in the back so you don't see the EL. Can't really find any true "comps" on my side of the street.
0 votes Thank Flag Link Mon Apr 28, 2008
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