Weekly Stats: River North
Aug 24, 2010 at 12:30 PM by Julie Dorger
River North is located directly north of the loop and is bound by Chicago Ave (800N), the Chicago River (300N), State Street (0 E/W), and the Chicago River (400-600W).
River North is a very artsy neighborhood that is known for its plethora of art galleries. People flock to the intersection of Superior and Huron on Fridays for new exhibits, which is sometimes referred to as "SUHU." There is also an abundance of nice restaurants and trendy nightclubs in the area. Themed restaurants like the Rainforest Café and The Hard Rock Café find their homes in River North.
The Merchandise Mart, which is a first-class shopping center, is also in River North. The combination of the mixture of attractions in River North and its proximity to the Magnificent Mile and the Loop make it a highly desirable place to live.
River North is an interesting blend of architecture and transformation. Former warehouses have been converted to loft residences, and new townhouses and mid-rise condominium developments are attracting urban dwellers who love the proximity to the Loop and the Financial District.
The CTA "brown" elevated train line is accessible at the Franklin stop in River North. This elevated train circles the loop allowing open access to downtown. There are also busses that run on Chicago, Grand, and State Streets.
Statistics for River North so far this year are as follows:
From 1/1/10 through 3/31/10, there were 86 total attached units sold with an average sale price of $463,508 at a 97% ratio of sale price to list price.
From 4/1/10 through 6/30/10, there were a total of 167 attached units sold with an average sale price of $$393,772 at a 98% ration of sale price to list price.
Though it appears that the second quarter shows a drop in average sale price, that is only due to the doubling of units sold. There were almost twice as many 2 bedroom units sold along with a 100% increase in studio/jr 1 bedroom sales in the second quarter thus lowering the average sale price. However, the total number sold as well as the sale price to list price increase show a positive upswing for the neighborhood!
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