Have a wish list for a house? Chances are, if you’re like the majority of Chicago-area home shoppers, you’d like a free-standing, single-family home with at least 2,200 to 2,400 square feet of living space, four bedrooms and two full baths.
And you’d like it in move-in condition.
Now, how much can you expect to pay for such a home? That, of course, depends on location, location, location.
We picked 10 city and suburban communities representing a geographical diversity but that had a strong stock of housing available to middle-income buyers. We asked real estate agents in those communities to find us the above-described typical house and tell us what a buyer would have to pay in their community.
The house had to have been sold roughly within the last six months. The home each participating agent found did not have to be one of his or her listings, just a good example that typified the area’s housing stock.
What our 10 agents discovered proves that there’s great variety in Chicago’s residential inventory, even in this narrow category. The style of the homes varied, as did their amenities, locations and price tags. Those that were among the pricier in their areas contained desired eat-in kitchens, spacious family rooms and an extra bathroom or two, and they were convenient to shopping districts, parks or schools and highways.
At the other end of the spectrum, those that were considered small for their areas were, not surprisingly, more affordable, making them good candidates for healthy appreciation.
Prices in our survey ranged from a high of $589,000 in the city’s Lake View neighborhood to a low of $165,000 in South Shore.
In most cases, the houses shared an important common denominator because of their four bedrooms, two full bathrooms and good condition. They went quickly and often near their listing prices. One in Lake View sold after four days.
“The market is very strong now, especially for houses already redone. We’re not seeing the rehabber from the ’70s and ’80s, who was willing to put in sweat equity in order to get a good deal,” says Mary Summerville of Prairie Shore Properties in Wilmette.
Lake View–$589,000. This North Side area is highly sought after by those who’ve been nudged out of Lincoln Park and De Paul price-wise or by those who simply want more house for their money, says Mary Quincannon of Beliard, Gordon & Partners.
For $589,000, the top price in our survey, and about $30,000 higher than most Lake View single-family homes sell for, this new property has separate living and dining rooms, a combination kitchen and great room, powder room, three bedrooms on the second floor and a fourth bedroom on the lower level, suitable for a teen, guest or nanny. The house measures 3,200 square feet, much larger than our parameters, but that includes the basement level, which adds another 1,000 square feet and which technically wouldn’t be included in the size by many, Quincannon says.
The house also has today’s popular granite countertops, a two- car garage, large deck and an extra third full bathroom. “The reason for the higher cost is the fourth bedroom and good size of all the rooms,” Quincannon says. “It’s the kind of house that appeals to families who want to remain in the city.”
The taxes, still to be determined, will run about 2 percent of the asking price, or $11,780, a sizable cost, but one that many families are willing to pay to locate where this house is situated, in the increasingly popular Southport corridor, which contains restaurants, bars, shops and entertainment, Quincannon says.
Wilmette–$478,000. The cachet of the North Shore, the sterling reputation of New Trier Township High School and the proximity to the city make Wilmette appealing to house hunters. Mary Summerville of Prairie Shore Properties found a brick and cedar, two-story, Colonial-style house dating from the 1940s in the Kenilworth Gardens neighborhood, which is close to schools and parks. It closed in May for $478,000, just $8,400 less than its asking price of $492,500 and had backup offers, probably because of its fourth bedroom, good condition, generous size of 2,500 square feet and numerous amenities.
On its first floor, it features a large living room with fireplace, separate dining room, eat-in kitchen, small sunroom overlooking the back yard and a half-bath. Upstairs it has four bedrooms and two bathrooms. Other pluses are its central air conditioning, attached two-car garage and finished basement rec room. Taxes are $8,400.
While the average Wilmette home sells for less, at about $394,000, the new owners of this house need not feel they overpaid. “Prices continue to climb. The average listing price of new homes coming on the market is $495,380,” Summerville says. The average time on the market is 47 days.
Western Springs–$385,000. This house also sold for close to its asking price of $389,500 and after just four days. It cost $115,000 more than the average home that sold last year in this near western suburb, which may be attributable to its larger size: 2,300 square feet versus 1,200 for a $270,000 typical home, says Mary Devereux of RE/MAX Properties Group in Western Springs. The taxes were also higher at $4,600.
In addition to its size, the two-story 1942 French Provincial- style home has an extra full bathroom, a fireplace in the living room, a new family room that opens to the kitchen, a main-floor bedroom with full bathroom, a powder room, a partially finished basement and a good-sized lot of 49-by-135 feet that includes a patio. The detached garage has room for two cars.
The appeal of Western Springs lies in its small size of fewer than 12,000 residents, its varied new and vintage housing stock for first-time and move-up buyers, its live theater, new rec center, outdoor pool, expanded public library, 20-minute train ride to the Loop and good schools, Devereux says.
Orland Park–$228,000. Nancy Fox found a traditional two-story brick house with aluminum trim in the Brentwood division that sold after a month for $228,000, or $1,900 less than its listing price of $229,000, which is almost $50,000 more than the village’s average $180,000 selling price of all homes.
Its higher cost may be due to its enhanced amenities: a family room with fireplace, eat-in kitchen with center island, large 15- by-27-foot master bedroom with shower and whirlpool tub, half bathroom, full basement with two rec rooms, attached two-car garage, central air and large 125-by-200-foot lot. Taxes are $3,900.
The appeal of Orland Park derives from its proximity to the Orland Square shopping area, good schools, 25 parks, and convenience to the Loop, which is 35 minutes away by car or commuter train, Fox says.
Flossmoor–$255,000. In another healthy real estate market, a 10-room Georgian brick home that agent Barry Grove, who has his own real estate firm, describes as stately was on the market for only 21 days, almost a month shorter than a typical Flossmor home takes to sell. It sold for $255,000, or $4,000 less than its asking price, which is what the average Flossmoor home currently closes at, Grove says.
Located in the Heather Hill subdivision with an attractive yard with mature landscaping, the 23-year-old house includes a traditional living room, formal dining room, eat-in kitchen, family room, master bedroom with dressing room and whirlpool tub, and two-car attached garage. Taxes are a steep $6,100.
Grove describes the market as “very strong. It appeals to transferees and step-up buyers, who like the schools, children’s programs, parks and real estate appreciation,” he says.
Wheaton–$251,000. In south Wheaton, Mary Bahry of Baird & Warner found a 2,200-square-foot home on a cul-de-sac in an older quiet subdivision, with the extras of a family room with fireplace, half bathroom and unfinished full basement. The house features an updated new kitchen with light oak cabinets and ceramic floor, neutral carpeting, and new roof, furnace and central air. The large yard has mature landscaping.
The house took 75 days to sell It sold for $7,000 less than its asking price of $258,900, which is slightly more than the area’s average price of $240,000 for all homes. Bahry attributes that to the numerous improvements made, particularly in the kitchen and bathrooms. Taxes are $4,700.
Wheaton, which numbers 54,000 residents, continues to show healthy sales and good appreciation of 4 to 6 percent, Bahry says. Interest stems from first-time and move-up buyers because of the range of styles and prices, which go beyond $1 million.
Norwood Park–$232,000. After just six days, much shorter than the typical time frame in this Far Northwest Side Chicago neighborhood, this two-story brick bungalow sold for $232,000, or $11,900 less than its asking price of $243,900, according to Phyllis Romaniak of Baird & Warner’s Edgebrook office.
“It has a new family room addition with hardwood floors and vaulted ceiling, is in good shape and has character, which people consider important since many don’t want ranches that look alike,” she says. It also appeals because of its tree-lined street and its 175-foot-deep, wooded lot that includes a deck. Numerous amenities made it slightly pricier than the typical Norwood Park home, which sells for slightly above $208,064. Its biggest negative–a one-car garage. Taxes are $2,800.
While Norwood Park doesn’t include a major shopping center, smaller stores are situated along Northwest Highway.
“It’s a great location for getting to downtown by car, train or the `L’ easily. It’s not far from the Kennedy Expressway. The homes in the Old Norwood section reflect different styles, are on biggers lots and have different price points,” says Romaniak.
Palatine–$215,000. Agent Nancy Baggio of Coldwell Banker found a brick-and-frame, two-story, 2,300-square-foot house with an extra half bathroom, family room and attached two-car garage on a nice 124-by-85-foot corner lot.
The 32-year-old house took longer to sell than typical Palatine properties do–165 days versus 20 to 70–which may explain why the new owners were able to get it for almost $10,000 less than its $224,500 asking price. “I don’t know why it took longer,” Baggio says. Taxes are $4,000.
“People,” she says, “like the village of Palatine for its historic downtown with turn-of-the-century buildings, 625 acres of parks, 2,500 acres of forest preserve in and around the village, central location and variety of housing styles….”
Mundelein–$208,250. Agent Valerie Fuson of RE/MAX Showcase’s office in Long Grove found a house in the Cambridge West area of Mundelein that took 122 days to close, but when it sold went for only $5,650 less than its asking price of $213,900, very close to the area’s average selling price of $208,000. Taxes are $5,100.
A Colonial-style, 15-year-old home with brick and vinyl exterior siding, it has the requisite four bedrooms and two bathrooms inside its 2,200 square feet, plus a half bathroom, first-floor family room with fireplace, new carpeting, eat-in kitchen, large bedrooms, an unfinished full basement, a deck overlooking the quarter-acre lot and a good location near a pond and park.
“The Mundelein market is hot,” Fuson says. “It’s convenient to (Interstate Highway) 294, the Hawthorn Shopping Center and workplaces such as Motorola and Medline Industries. It also has good schools, a good quality of life with golf courses nearby and good prices. You can get more for your home than in older Arlington Heights or Mt. Prospect.”
South Shore–$165,000. Brenda Clader of Coldwell Banker/Kahn found the least expensive house in our roundup–in the South Shore neighborhood on Chicago’s South Side. The 83-year-old two-story brick home, which sold for $4,500 less than its asking price of $169,900, packs amenities into its 2,200-square-foot layout: a fireplace in the living room, separate dining room, eat-in kitchen, finished basement, hardwood floors, wrought iron entry gate and side drive with detached single-car garage. Taxes are $2,010.
The biggest negatives for some may be the absence of a family room, typical of older homes, though this house has an enclosed front porch. “There’s a range on the South Shore, from modest bungalows to mini-mansions in the Jackson Park Highlands area, which makes the area appeal to a large group,” Clader says.
