I’ve always boasted to outsiders that Chicago is a world-class city. One of the reasons for this is that the city has a history of attracting some of the country’s top retailers to its business strips. Whatever you need to buy, the odds are great that you’ll be able to find it in Chicago.
The city recently nabbed its latest big-name retailer: computer and electronics giant Apple.
Apple recently announced that it will open a nearly 15,000-square-foot Apple Store along the Clybourn Corridor on the North Side of Chicago. A story in Crain’s Chicago Business says that Apple will pay a top rent of about $700,000 just for the land on which its new store will sit.
This will mark the second Apple store in the Chicago area. The company in 2003 opened a 25,000-square-foot outlet at 679 N. Michigan Ave.
It’s little surprise that Apple chose this location. Bounded by North and Clybourn avenues and Halsted Street, the Clybourn Corridor shopping district has become a go-to strip for shoppers from Lincoln Park, Roscoe Village, North Center, Lakeview and much of the North Side. Apple, apparently, is so confident in this area that it chose it over the greatly hyped Block 37 development along downtown State Street.
The Apple Store will be just one more retailer adding to the wealth of shopping options for the residents of Chicago’s top North Side neighborhoods. This mix of retailers is just one reason why I still point to housing in neighborhoods such as those listed above as good investments.
Yes, the housing market in Chicago is still slumping. And, yes, housing prices are still falling. But these neighborhoods are strong. And once the slump does end, housing prices here should recover nicely.
Buyers want to live in these neighborhoods. As more businesses move into them, they only add to the strength of these already popular neighborhoods. So if you’re thinking of purchasing a residence in one of these top areas – whether you’re considering a condominium or single-family home – meet with your REALTOR® to go over exactly what you want in a residence.
This is a great time to buy. And the neighborhoods noted above - among others - are great places to invest in residential real estate.
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