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Park Boulevard

The South Side of Chicago has traditionally been one of the last areas of the city to see the benefits of growth in the real estate market. However, the neighborhood has not been left behind in the last few years.

One of the newest developments announced for the South Side of Chicago is Park Boulevard. The 37 acre development will replace dilapidated buildings from the Chicago Housing Authority with homes, condominiums, a school, parks, and retail space.

The sales office for this large development is located at 47 W. 35th Street in Chicago.

The development is led by several major Chicago-area companies. Mesa Development LLC, Neighborhood Rejuvenation Partners, Walsh Construction, and Kimball Hill Homes are working together to transform this corner of the South Side.

Residents will be able to choose from homes, townhomes, lofts, condos, and duplexes in the new development.

Floor plans for the units will range from 673 square feet to as much as 2,600 square feet for a single family home at Park Boulevard.

Amenities include stainless steel appliances, hardwood floors, and granite countertops. Bathrooms come with separate tubs and showers.

Private indoor parking is available for residents. There will be green space to enjoy a warm afternoon.

Park Boulevard will offer long time residents of the South Side of Chicago an affordable option in the neighborhood.

The development will offer one-third of all units at market rate, an additional one-third at affordable rates, and the other one-third will be rental units for former residents of Chicago Housing Authority buildings.

However, doubts have been raised as to whether the development will be affordable for local residents who were displaced by the redevelopment of the neighborhood.

The neighborhood is going through major changes. Park Boulevard promises to change the face of the area by bringing new residents and retail space to the area.

Downtown Chicago is just a few minutes away. Commuters have several options for getting to work in the area. Buses and El trains connect the South Side with the rest of the city.

If you are looking at buying a new home on the South Side of Chicago, you should keep in mind the latest market numbers for real estate in the area.

According to the latest report from the Chicago Association of Realtors, both the average sales price and total sales of single family homes are down in South Chicago.

According to the report there were a total of 26 homes sold during the second quarter of 2007, down from 31 last year. This is also the third consecutive year that the area has seen a drop in sales.

The average sales price is also down. During the second quarter of this year, a home in South Chicago sold for $141,564, down from an average of $167,000 during the same period last year.

However, even with the recent drop in the sales price of homes in the area, the average is still twice as much as the average sales price seen just four years ago. Many residents in the neighborhood could be priced out if prices don’t come down.

Prices for homes in South Chicago should continue to drop in the short term. There are more homes sitting on the market longer than before. If you are selling your home in the area, it will now take you 123 days to find a buyer, up from 77 last year.

Sellers will have to offer incentives to attract more buyers. Buyers should negotiate for a price that reflects the current real estate market conditions.