Driving back and forth to Chicago for work can be a real pain in the behind. But you do it week after week because you can't afford to live in the city.
Or can you?
Movoto Real Estate has analyzed the Chicago housing market to find the five best housing deals. Running the gamut in price, these homes have a list price that is below the market value of similar homes. Below, in no particular order, are the best housing deals currently on the Chicago housing market.
990 N Lake Shore Drive #10C
Similar nearby homes homes have an average list price of $841,100. This means that the condo at 990 North Lake Shore Drive is priced $292,100 less than the average nearby properties. The only potential downside is that this condo is slightly smaller than the average size of similar homes.
1730 N Richmond Street
This modern single-family home consists of 3,000 square feet of living space for $429,000. What home buyers can purchase is three bedrooms and two and a half baths. At first glance deal seekers might pass this property by, but its value lies in the house’s size.
The average price for a similar property in the area is $430,500, making 1730 N Richmond Street’s price tag lower, but nothing special. When it comes to cost per square foot, however, there is a different story. Similar homes in the area have an average of 2,400 square feet with an average cost per square foot of $179.
12217 S Peoria Street
This 1,140-square-foot Chicago bungalow has a price tag of $27,900. What you’ll get for an estimated $107 loan payment per month is a three-bedroom, one-bath home situated on a 9,448-square-foot lot. Also included is a two-car garage. What makes this a deal is the home’s comparison to nearby properties. Similar properties in the area go on market for $41,000 and have a cost per square foot of $36. Not only is 12217 S Peoria Street larger, it has a lower cost per square foot at $24.
2849 W 85th Place
This single-family brick home at 2849 W 85th Place recently underwent a $10,000 price reduction. For $124,900 home buyers could purchase four bedrooms and three and a half baths spread throughout 1,300 square feet. Included is a fully finished basement.
What makes this home a deal is the amount of living space. While the average home in the area has a list price of $124,080, which makes 2849 W 85th a touch more expensive, it is larger. The average size of similar nearby property is 1,237 square feet.
1516 S Wabash Avenue #408
This one-bedroom, one-bath studio is on the market for $138,900, but has the potential to drop lower. Since June the price has been reduced twice. The latest change was in August when the price dropped from $141,500 to its current figure. While this decrease might be considered small potatoes, the condo is priced much lower than properties near 1516 Wabash Avenue, which have an average list price of $188,800. At 800 square feet, the condo is animal-friendly and includes central air and a fireplace—both important in the Windy City’s topsy-turvy weather. Also included are exposed brick walls and hardwood floors.
So, at the very least, there's hope that one day, you'll be able to spend less time driving and more time at home with the family!