Homes near train stations possess extra sales appeal
In suburban Chicago, home sales in communities served by Metra commuter trains have declined less sharply than suburban Chicago as a whole has. While these homes aren't selling any more quickly, an analysis of recent sales by RE/MAX looked at three factors: the number of homes sold, the average number of days those homes spent on the market and the average sales price.
"Given the recent focus on gasoline prices and the nationwide decline in auto usage that has been reported, we were curious to see if homes in towns with a Metra station were selling more briskly than those in the Chicago suburbs generally," said Jim Merrion, regional director of the RE/MAX network in northern Illinois. "The results we obtained suggest that the differences between home sales in Metra-served communities and sales in other suburbs aren't dramatic."
The RE/MAX analysis compared sales for the first half of 2008 and 2006 of homes sales in three towns along each of the 11 Metra corridors throughout the Chicago suburbs. According to the analysis, the number of homes sold in Metra-served towns was 3.2 percent less than those in the entire suburban area. The average market time needed to sell a home in Metra towns rose from 88 days in 2006 to 165 days in 2008, and the two-year change was nearly identical for all suburbs, increasing from 84 to 162 days. Metra towns saw a 2.7 percent decline in the average price of a home from 2006 to 2008, while the suburbs as a whole experienced an increase of 1 percent over the two-year span.
"It will be interesting to see if the increased public attention to energy issues translates into stronger sales in communities served by public transit in the years ahead," said Jim Merrion, regional director of the RE/MAX network in northern Illinois. "At this point, the differences are minimal, but we plan to keep and eye on the situation and see how it evolves."
The Optima Old Orchard Woods in Skokie is located six blocks away from a four-way interchange onto the Edens Expressway and a mile from the Skokie Swift to Metra stations.
"The central location of Optima Old Orchard Woods enables residents to enjoy an exceptional blend of nature and urban conveniences, including 20-minute access to downtown Chicago," said David Hovey, FAIA, nationally known architect and designer of the architecturally significant building. "The building is cutting-edge in its design and use of green construction, and it includes the highest standards of luxury appointments as well as every comfort and amenity. The convenience of the location is a key component of the desirable lifestyle."
A selection of one- to three-bedroom condominiums in Elm Tower is being offered with incentives ranging from $10,000 to $30,000 on contracts for 30- to 60-day delivery. Prices range from $329,900 to $459,500 before incentives. In Maple Tower, 12 models are open for viewing with prices range from $239,800 to $545,000 for one- to three-bedroom plans. For more information, call (847) 583-4700 for voice mail or visit www.optimaweb.com.
Additional communities located near transportation include a number of communities from R. Franczak & Associates. The Stratford of Palatine, is a 32-unit condominium community; The Heritage of Palatine, a 48-unit luxury condominium community; and The Heritage of Palatine Brownstones, an exclusive collection of seven rowhomes; all in downtown Palatine; and The Waterford Condominiums, a community of 118-units with only 11 remaining in downtown Des Plaines. For more information on any of these communities, call (847) 705-6238 or visit www.rfranczak.com.
"The convenience of public transportation close to your home is a major buying consideration and the ultimate solution for people who have to travel to the city for work," said developer Ray Franczak of R. Franczak and Associates.
Communities in the city located near the CTA Blue Line include Bucktown Station, Logan-Station and Grand Station by Paramount Homes. Bucktown Station is a 15-unit mixed-use condominium and retail development in Bucktown, located a half block south of the Western/Milwaukee/Armitage CTA Blue Line elevated station. Logan-Station is located near the CTA's Blue Line station at Kedzie and Milwaukee, and features 60 units. When completed, the community will be composed of 10 back-to-back condominium buildings in a series of six- and eight-flats. Grand Station is a condominium community planned above the Grand/Halsted/Milwaukee subway's Grand Station in the Fulton River District. For more information, visit www.bucktownstation.com, www.logan-station.com or www.paramounthomes.com.