Oak Park-River Forest-Forest Park, IL Homes
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From this week's Business of Life
Arts district spurs part of Oak Park
By: Darci Smith July 28, 2008
When Gustavo Rodriguez and Gabi Bovio decided to buy a home in Oak Park this summer, they narrowed their focus to the Harrison Arts District.
"It's very trendy right now," says Ms. Bovio, 32, a stay-at-home mother, of the neighborhood built around the Oak Park Arts District on Harrison Street. "It's a little piece of the city in Oak Park."
Kris Sagan, a real estate agent with Oak Park-based Re/Max in the Village Realtors, heads to the area with clients seeking a home under $500,000, near public transit, restaurants, shops and galleries. Generally, it's an unknown to those who walk into her office and ask sweepingly to "live in Oak Park."
"It really appeals to young families and professionals who work downtown," Ms. Sagan says. Resident favorites, she adds, include Italian restaurant Trattoria 225; Buzz Cafe, which specializes in organic and locally grown foods, and the renowned Val's halla Records, which recently moved from downtown Oak Park to Harrison Street.
The Rodriguez/Bovio family bought a three-bedroom mini-Victorian built in 1908 for $310,000. It had been on the market just 25 days and drew two offers.
According to the Multiple Listing Service, in the past three months, 118 single-family homes were sold in Oak Park, with an average market time of 140 days. Five of those homes were in the Harrison Arts District; they sold in an average of 90 days.
The area — typically defined by Austin Street to the east, Ridgeland Avenue to the west, Madison Street to the north, and I-290 to the south — has a housing stock of mostly bungalows, mini-Victorians and American four-squares in the $350,000-to-$500,000 range. Single-family housing in downtown Oak Park, just south and north of Lake Street, typically starts at $500,000 and tops $1 million.
When R. J. Porter and Jennifer Mangun began looking for a home in the near west suburbs last year, they discovered Berwyn, Oak Park's neighbor to the south. "It just seems quiet and nice," says Mr. Porter, 30, a graphic designer for Chicago-based MBM Co., a wholesale jewelry distributor. "All the houses are the style we like — and it's affordable."
This summer, they bought a three-bedroom, 1920 red-brick bungalow for $235,000 south of the train tracks.
The south side of Berwyn — specifically the Proksa Park area and Depot District — is holding up well, says Stacey Cortez, a sales associate for Chicago-based Prudential Preferred Properties. Its streets are lined with bungalows and Victorian-style homes, with plenty of parks and easy Metra access.
In south Berwyn, 221 units sold for an average price of $231,000 in 148 days from June 2007-08, compared with 76 units for an average price of $200,000 in 154 days in north Berwyn, north of Cermak Road.
©2008 by Crain Communications Inc.