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Lake Park Crescent

Lake Park Crescent Renews South Chicago Neighborhood

It wasn’t until the Chicago Housing Authority finally demolished four decaying high-rise buildings near Lake Michigan in North Kenwood that developers began to take note of the possibilities in this historic and convenient part of the city.

North Kenwood was once one of the wealthiest neighborhoods in all of Chicago. Visitors to this part of town can still see many of the stately mansions that were built by the rich during the turn of the century.

The neighborhood was a mix of people from all over the world, and one of the most vibrant areas of Chicago. The area experienced a steady economic decline and an increase in crime that drove many people to other parts of the city.

Lake Park Crescent is tagged as the development that is bringing back that former glory to the neighborhood. This mixed-income development offers a total of 490 units for residents of all income levels.

The project is led by Draper and Kramer. The award-winning developer has completed projects in River North and Streeterville, including the Grand Ohio and 440 North LaSalle.

A total of 248 units are being sold at the market rate, according to plans from the Chicago Housing Authority. 122 units are offered as affordable housing while 120 units are planned as public housing for long time residents of the neighborhood.

Buyers will be able to choose from many different properties, including condominiums, lofts, and townhomes. Floor plans are also geared towards both larger families and single professionals. There are one-, two-, three-, and four-bedroom condominiums available.

A one bedroom, 695 square foot condominium can be bought for $347,800. There are also condominiums with floor plans ranging up to as much as 1,400 square feet.

A standard package of amenities is included with the property, including hardwood floors, appliances, and granite countertops.

Residents of North Kenwood enjoy quick access to parks on Lake Michigan. There are many opportunities for jogging and biking in the neighborhood.

The neighborhood is conveniently located close to downtown Chicago. Residents can experience the world class restaurants, nightlife, and cultural events that make Chicago one of the best cities in the world.

The last quarterly numbers for the real estate market in Kenwood show that the market could be resistant to the downturn in the market that other neighborhoods are facing. However, the area has consistently dealt with inventory problems, with many new condo and loft developments completed and under construction that continue to flood the market each year.

According to the Chicago Association of Realtors, during the second quarter of 2007, Kenwood saw a slightly higher number of sales than during the previous year. There were 61 condominiums sold during the second quarter of 2007, up from 59 during 2006. The average sales price also increased by 14 percent.

The average turnover time for a condominium in Kenwood declined during the second quarter of 2007 to 166 days, the lowest level since 2004. However, this is still one of the longest turnover times for any neighborhood in Chicago. The citywide turnover time was an average of 100 days.

Kenwood could also face increasing pressure from the condo market in other parts of the city. The Chicago real estate market is seeing lower sales and an increase in inventory for condominiums around the city.

Buyers should be aggressively looking for prices that reflect the reality of current market conditions. There are more sellers competing for fewer buyers, meaning that prices in the short term should be dropping in both Kenwood and across other neighborhoods in Chicago.