Although downtown Chicago is bursting at the seams with new apartment developments, many neighborhoods on the north side have seen construction for luxury single-family homes pick up as well over the last few years.
In a city as populated and established as Chicago, though, most new construction homes at this point replace older, outdated structures that nobody wants to live in or really don’t fit well with today’s modern lifestyle.
In Lakeview, teardowns have become quite the norm, easily leading all neighborhoods in that particular real estate category. According to a report from Crain’s, Lakeview had nearly 300 residential buildings torn down to make way for new homes over the past five years, or about twice as many as the second-ranked neighborhood, North Center, which has just 124 over that same time period.
In many ways, the statistics aren’t terribly surprising, as Lakeview has long been a sought after destination for home buyers searching for all different kinds of properties. In addition, the highly-rated schools on the North Side also drive demand for single-family homes, especially in areas like Lakeview, North Center, and Lincoln Park.
In all, Chicago saw 354 teardowns citywide in 2015, and it’s estimated that nearly all where somewhere on the city’s north side.
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By: Terri McAuleyChicago Condos for Sale
“Chicago’s Luxury Condo Specialist”