Tuesday, July 28, 2015

Chicagoist: Wicker Park, Bucktown Home Values Spike After Bloomingdale Trail Opens

Is this something to look forward to when a similar project such as turning inactive rail embankments into greenspace happens in Englewood?

Via Chicagoist:
Just weeks after the opening of the newly-transformed Bloomingdale Trail, known as The 606, thousands of homeowners in Wicker Park and Bucktown are seeing their property valuations soar.

Home owners are reporting seeing whopping 30-60 percent increases in their home values this year in housing value reassessments handed out by Cook County officials. The county last assessed the values of these homes in 2012.

About 107,000 homeowners received their new valuations in the mail this month, according to DNAinfo, and they have until Aug. 17 to appeal the assessments. If they don't appeal, they are likely to see their property taxes spike in the coming year too. That could mean more annual housing costs for homeowners and increased rents for renters.

The median sale price for a home in the city's West Township, which encompasses some of its most popular West Side neighborhoods, has gone up 34 percent for condos and 12.3 percent for other types of residences, according to a release from the office of Cook County Assessor Joseph Berrios.

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