Chicago Real Estate and Community News

The “Two Flat” is a major part of Chicago history. One of the most common real estate options on the market, a 2 Flat is a two-story building with a legal apartment on each floor.

Many of them were built as far back as the 1910s and continue to be a mainstay of neighborhoods like Avondale, Bridgeport, Brighton Park, and Humboldt Park. While some have been converted to single-family homes or knocked down in favor of high rises, buying a 2 Flat in Chicago continues to be an excellent investment choice.

#1 Rule of Real Estate: Location, Location, Location

2 Flats currently make up about 30% of the city’s real estate market. In fact, the term itself is pretty much exclusively used in Chicago. With so many options to choose from, how do you know which 2 Flat is right for you?

Chicago Real Estate is flush with many types of homes, ranging from single-family homes to multi-family buildings, bungalows, Victorian Mansions, and of course many high-rise buildings. 

One of the often under appreciated options are the Chicago 2-flat buildings. The great history of Chicago is built upon two-flat housing, brick by brick.

What Is a 2-Flat?

A 2-flat is a two story building with a legal apartment on each floor. Two Flats are also known as Duplex apartments in other parts of the Country. However, in Chicago a Duplex is defined as an attached single unit comprised of two floors with interior stairs connecting them both, typically in a condo building.

Lincoln Park is a beautifully sophisticated neighborhood that is an ideal place to call home. Over the last ten years property values have increased 39% making it one of the most in demand neighborhoods in all of Chicago.

It features a stable market and many renters return or remain in the area because of its ideal location. There are many multi-family properties in need of updates, perfect for buyers who are ready for a challenge.

Lincoln Park Real Estate Market At a Glance

Right now, Lincoln Park real estate prices have remained stagnant after years of increasing in value. Since 2012, Lincoln Park properties have been on the rise increasing over 127% of their value.

Irving Park is truly an authentic Chicago neighborhood. The history of Chicago is displayed throughout these neighborhoods with beautiful architecture and style to each property. 

It is is known for its architecture. Some of the buildings in this neighborhood have been around since before the Chicago Fire in 1871 and run the gamut from bungalows to Victorian mansion. 

Irving Park is home to ample lofts, homes, condos and multi-family apartments. The neighborhood gets its name from the famous author, Washington Irving.

Irving Park Market At a Glance

Multi-family homes have increased by 1.08% compared to January of 2019. Irving Park properties have had a healthy advance for the past decade. The price for a multi-family home in Irving Park has increased 120% since 2012. 

Chicago Multifamily Homes in High Demand

If you’re considering selling your multifamily property, the market is currently on your side. In general, a healthy real estate market has a 3-5% annual appreciation rate. Chicago Multi-family real estate prices have appreciated roughly 40% since January 2015, that’s an 8% appreciation per year. Keep in mind that real estate is local so it is important to research your neighborhood to get accurate data and make a wise determination.

Streeterville Real Estate - Luxury Townhome For Sale

436 E North Water Unit A - Offered for $1,599,000

Sold 07/01/2020 Price $1,412,500

Oasis In The City

Are you looking for a lifestyle change?  Perhaps you want to downsize from a large single-family home in the suburbs and move to the city, yet you still need enough space to accommodate adult children, aging parents, relatives or guests.  You want to enjoy all the city has to offer, yet in a quiet and relaxed atmosphere.  If you are looking for an Oasis in the City, then our Streeterville Realtors have the perfect home for you!

Avondale Real Estate: Get to Know the Neighborhood

Avondale is a smaller, residential neighborhood that provides the experience of a community-oriented neighborhood complete with modern conveniences nearby and an enticing nightlife. 

The area provides small businesses and large retailers all dotted along the main roads, but beyond that are sprawling residences, intermixed with well known local hot spots for dining and nightlife. 

This makes it a great locale for homeowners, renters, and landlords alike - close to the city, but far enough away to have more reasonable prices and a more relaxed lifestyle.

Avondale Real Estate Market At a Glance

The current Avondale Real Estate Prices for closed sales in Avondale range between $139,990 and $950,000 with the median sale price of $399,000. This brings the average price per square foot to $222.

Logan Square Multi-Family Real Estate: Complete Guide

Logan Square has been enjoying a renaissance and, as a result, is now one of Chicago’s Premier Neighborhoods, along with Bucktown and Wicker Park. 

Once you walk along the tree-lined main strip of North Milwaukee Avenue, it is easy to see why the 3.23 square miles of Logan Square has become a real estate jewel. There you’ll find unique eateries, art galleries, music venues, and amazing architecture dotting this family-friendly (and pet-friendly) Northside neighborhood, only seven miles from downtown Chicago.

Logan Square real estate prices and its rich property market reflect the ongoing attraction of this contemporary area.

Logan Square Market at a Glance

Logan Square is known for its dynamic housing options, including:

Selling a condo in Chicago is different than selling a single-family home.  Condominium buildings are governed by their own Association which establishes rules and regulations, policies and procedures for selling and moving in/out of a unit.  When planning on selling, it is important to work with your property manager to ensure that you comply with those policies and procedures as well as provide relevant documents and information required to complete the sale.

Is Your Listing Agent Really Working for You?

If your real estate agent has your property on a lockbox as part of their marketing plan, is this the right agent for you? When you hire a real estate agent to market and sell your home, ask them how they handle showings. Many agents will put your property on the MLS and slap a lockbox on the fence or door and expect the home to sell itself. Remember, you are paying your realtor commission for their services. Once inside the property, the buyer’s agent is unfamiliar with the home and showing it for the first time. Having to figure out which key opens the door, how to disarm the security alarm, operate lighting controls, or where the parking spot is located becomes less than an ideal experience for the prospective buyer.