Chicago Real Estate Guide

A Wicker Park Story: Renovating and Renting to Cope with the Times

• September 22, 2011

by Erin Calandriello

Patrick Bevil at work.

Despite the fact that Wicker Park’s popularity has grown over the past five years, many area homes are still not worth what they were during the housing boom. So, instead of upgrading, neighborhood homeowners like Patrick and Kristin Bevil are modifying their current home, to make space for little ones and sit tight until housing prices climb.

The Bevils purchased a two-bedroom, 1.5-bath loft in Wicker Park for $380,000 in 2007. At that point, the housing market had already begun its downward spiral, but home values were still notably higher than they are today. The current median sales price for properties similar to the Bevils in the Wicker Park/West Town area is around $325,000, according to the Redfin data.

This reality puts homeowners, like the Bevils, in a predicament. If they sell, they would lose money, but the smaller space limits the ability to expand their families. So, instead of selling their 1,400 square-foot abode, the Bevils are making changes, so that the home is suitable for a family in the coming years.

Kristin Bevil drilling a wall

They started out by converting their breakfast nook into an office and installing doors to the bedrooms to create more separation. Like most lofts in Chicago, their walls that did not reach the ceiling. Now, with plans to have a baby, they are extending the walls upwards in an effort to reduce outside sound, and create a more suitable environment for their future child. “[With these changes], the place will be good until our kid turns four or five,” Patrick Bevil told UrbanTurf.

However, Bevil admitted that even with the changes, it’s not enough to sell it for what they paid in 2007. “We can not sell the property for what it was worth until I rehab the kitchen and bathroom,” he said. “Down the road, we may keep it as a rental and lease it to roommates or another couple.”

The Bevils said if they are fortunate enough to either sell or rent in the future, they will likely move to a more affordable area like Lincoln Square or even the suburbs.

This article originally published at http://chicago.urbanturf.com/articles/article/a_wicker_park_couples_story_renovating_and_renting_to_cope_with_the_times/4200

1 Comment

1. STARCHY said at 6:43 pm on Tuesday September 27, 2011:

   better pay some attention to the a/c
   systems designed for open loft floor plans dont work very well when you start partitioning off the space.
   ESPECIALLY the return air.