Why the $500–850K home in New Eastside may be more valuable than you realize
By Urban Real Estate
For many years in the Near North Side and our New Eastside neighborhood, renovation options included constructing features like smarter floor plans and adding standard in-unit conveniences like washer and dryers. Some residences offered better outdoor space, along with finishes that were reasonable and didn’t break the bank.
Of course, most were in a more affordable price bracket than they are today.
“Today’s future of new construction takes luxury, posh appointments and in-building amenities to a whole new level, making some of the entry units of soon-to-be-delivered homes in new buildings such as the Vista start well in the $1 million range,” said Michael Emery, a senior partner at Urban Real Estate.
“It’s exciting, and increases the value of all our homes, however it does make the $500–850K market more desirable than ever before, as it is a price-point for a larger unit that is becoming a rarity in our neighborhood.”
If you are looking to sell a home within this price range, consider what you own as a treasure that will be hard for buyers to find anywhere else. A two bedroom within this range is a true gem and a rarity as time progresses. If you’re in the process of searching for a new home, this year may be an ideal time to think about your next move and garner top dollar for your property.
“We recommend clients meet with their realtor early in the process, and create a list of ‘what’s necessary’ in terms of updates and renovation, versus ‘what isn’t’ and potentially, where a credit can be issued to a buyer when that time comes,” said Emery. “It helps homeowners prioritize their dollars and resources, and could eliminate headaches for improvements that may be avoidable.”
Today’s real estate opportunities are endless, and with great representation, can be prosperous for both the seller and buyer alike.
Contact Urban Real Estate at (312) 528-9200 or visit UrbanRealEstate.com
Published June 4, 2018