Last week two newly built homes on Wallace Street in Canaryville sold 24 hours apart, the latest and most stylish homes in a wave of sales at over $400,000 in the historical home of Stockyards workers.
So far in 2019, seven houses in Canaryville have sold for $400,000 or more, and nine in 2018. In each of the previous two years, there had been only one sale at that level.
“It’s overflow from Bridgeport,” immediately north of Canaryville, said Heidi Eng, the Richland Properties and Homes agent who represented the buyers who paid $475,000 for a newly built house on 41st Street in Canaryville in July.
In Bridgeport, the median sale price of a house has risen 9.9 percent so far in 2019, according to end-of-November data from the Chicago Association of Realtors. That’s more than double the increase citywide, 4.8 percent.
“People are priced out of Bridgeport, they try McKinley Park and Brighton Park but both of those already blew up with spillover from Bridgeport,” she said. In both those neighborhoods, prices have been rising, though not as swiftly as in Bridgeport. Prices are up 3.3 percent in McKinley Park and 2.5 percent in Brighton Park.
“Buyers are looking for new homes, and Canaryville is still affordable compared to Bridgeport or McKinley Park,” said Amy Mei, an agent with Landmark & Property Group. She represented a new four-bedroom house that sold for $475,000 in July. Several blocks north in Bridgeport, a house with roughly the same attributes sold for $699,000 in May.
Much of the demand originates in Chinatown, Eng said, where both existing move-up buyers and new immigrants want to live nearby. China is Chicago’s second-largest place of origin for immigrants, after Mexico.
Canaryville is a small neighborhood, about six by eight blocks immediately east of the old Stockyards, within the larger neighborhood officially called New City. Its working-class origins left it with numerous small, now antiquated houses that builders can get at low prices, which results in a lower end price of a finished replacement home on the site.
One of the pair that sold last week on Wallace Street house went for $469,000 on December 12, and the other for $450,000 the next day. Both were built in this year’s most popular style, modern farmhouse, with detailed wood trim on the façade, a metal porch roof, simple-lined cabinetry and barn-style sliding wood doors in the kitchen. They stand out from the simple brick houses that make up much of Canaryville's new construction.
Built by Real View Design, a firm that has also built houses in Avondale and Albany Park, the pair “are something new for Canaryville, more stylish than we’ve been seeing,” said Nancy Hawes, a lifelong resident of Canaryville. Hawes, a Bricks Realty agent represented the sellers and buyers of both houses. “They’re selling basically the same house on the north side for over $800,000,” she said.
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December 17, 2019 at 06:09AM
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With home prices rising fast in Bridgeport, buyers turn to Canaryville - Crain's Chicago Business
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