Lincoln Park: one of Chicago’s best neighborhoods. Many flock to this community because of its restaurants, parks, shopping, nightlife, entertainment—and booming Chicago real estate market. Yet as Fox Chicago’s Mark Saxenmeyer reported last Thursday, this high-end neighborhood isn’t immune to recession.
Although the troubles facing Lincoln Park aren’t as bad as the rest of the city, the community has experienced its fair share of closed businesses and foreclosures. And according to Rubloff‘s Doug Fox, many Lincoln Park residents are even selling their homes for less than they owe because they’ve lost their jobs and are desperate. According to Saxenmeyer, condo sales have dropped 3 percent since 2008.
But many Lincoln Park-ers are looking on the bright side. Single-family home prices rose 5 percent since 2008. The recession has also kept rent prices down, a benefit to many local businesses. Chicago’s famed Goose Island Brewery at 1800 N. Clybourn Ave. was scheduled to shut down because of increasing rents, however because of the recession the pub was able to renegotiate the price with the landlord.
Others, such as Ald. Scott Waugespack, see the recession as an opportunity for good urban planning, business growth and development. As Saxenmeyer’s piece points out, long-time business A. Finkl & Sons Co., a steel factory in West Lincoln Park, is set to close next year. The factory is located on 22 acres of prime Chicago real estate. Waugespack says he would like to see it turned into a location for alternative technologies such as solar and wind power. He states that this idea is both eco-friendly and would create more jobs for the community.
Despite Lincoln Park‘s more recent hardships, it still remains one of Chicago’s most vibrant neighborhoods. And in the end, these trying times will only improve Lincoln Park for the better.
To watch Saxenmeyer’s story, and Rubloff’s own Doug Fox, see the video below. Or, to learn more about Lincoln Park, contact Chicago real estate agent Sheldon Salnick at 312-264-5853 or email@example.com.