Humboldt Park Hotter Than Ever When it Comes to Real Estate: Redfin
HUMBOLDT PARK — Humboldt Park, which Redfin named the nation's 10th hottest neighborhood in January, is even more popular now, according to a midyear review conducted by the national real estate brokerage.
That’s because median home sale price is up 62 percent since it was dubbed the 10th hottest 'hood in January, according to Redfin, making Humboldt Park one of two neighborhoods re-listed as “red hot” on Redfin's list.
“The city as a whole appreciated at about a rate of 11 whereas this area came in at 62 percent,” said Redfin real estate agent and Logan Square resident Greg Whelan. “On a scale of 1-10, it’s a 10. It’s outperformed by 5 times … that's a tremendous boost.”
A boost that easily beat out all others on the list — of the other nine “Hottest Neighborhoods” listed in the report, the next highest in terms of sheer change in median sales prices was 25 percent in the Eagle Rock neighborhood of Los Angeles, according to Redfin.
Whelan called the rising values a positive change for homeowners in the neighborhood but admitted that it could possibly also have a negative effect on renters, who could potentially see rising prices as the area’s popularity rises, though the two are not inherently correlated.
But “it’s all popularity contest — and Humboldt Park is doing well in the popularity contest,” he said.
The changing demographics aren’t lost on groups like LUCHA, the West Humboldt Park Development Council and other neighborhood organizations focused on affordable housing in the increasingly more costly area.
"The critical point for us is that we've got one of the highest foreclosure rates in the city along with Englewood," said Chet Jackson, executive director of the development council. "It's great to have these kinds of accolades, but for people who don’t have the financial resources to relocate or support their current location it puts them at a particular disadvantage — they have to look for substandard housing in other areas."
"While it's not happening today you can predict that it's going to happen," Jackson added. "There has to be some sort of balance that occurs. And when you're growing rapidly there's no such thing as balance."
Whelan cited investment in real estate, new restaurant openings, increasing opportunities for night life and low prices for developers as much of the recent drive since last year.
As prices in surrounding neighborhoods like Wicker Park, Bucktown and Logan Square rose, many residents and developers chose Humboldt Park as "spill over" locations.
The shift won’t come as a complete surprise to most as the neighborhood has recently received the attention of incoming restaurateurs, including Brendan Sodikoff, who's planning two new Humboldt Park locations for the intersection of California Avenue and Augusta Boulevard.
Likewise the soon-to-be-completed 606, also known as the Bloomingdale Trail, will make the Western and Damen Blue Line stops more accessible while connecting residents to the popular commercial areas of Bucktown and Wicker Park, said Redfin agent David Smith.
“This, as well as being adjacent to the already-popular Logan Square is likely driving up buyer interest,” he said.
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