Could the next hot neighborhood lie in United Center Park? It’s very likely, and here’s why.
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In our latest episode of “Next Neighborhood,” we’re taking a look at Chicago’s United Center Park community.
United Center Park is located just west of the West Loop area. You’re probably familiar with the condos and restaurants that make up the West Loop, but the United Center area has been less notable for real estate watchers in the city. It’s anchored mostly by the United Center arena itself, where the Bulls and Blackhawks play and concerts are held.
Those who don’t live there mainly believe the area is full of parking lots and not much else. However, big things are coming to the neighborhood, largely due to the fact that it’s getting a new L stop at Damen Street and Lake Street. If you think of the impact the L stop made on the Fulton Market area, you know what’s in store for United Center Park.
Once everyone knows about a neighborhood, the game is over, so you want to play while you can.
The housing stock in the area is somewhat diverse, but it’s mostly lacking—there’s a lot of land currently available. You can expect there to be plenty of new development in the next few years. Currently, there are condos from the early 2000s and old, historic homes where you can find a deal (if you’re up for renovations). The median sale price for condos in the area is $265,000. Compare this to the median price of nearly $450,000 in the West Loop.
If you’re looking for investment opportunities, appreciation, or multi-family homes to move into, this area is worth your consideration. Even if you think the area is currently underdeveloped, that is what “Next Neighborhoods” is all about: We look for the up-and-coming areas in Chicago. Once everyone knows about a neighborhood, the game is over, so you want to play while you can.
If you’d like to talk about your opportunities in United Center Park, have any questions, or need more information, feel free to reach out to me at 312-313-1628. I look forward to hearing from you soon.