Wrigley Field, New Owner, Might Be A Boon To North Side Housing
November 2nd, 2009 categories: Chicago Info/News, Chicago Neighborhoods, For Buyers, For Homeowners, For Sellers
The Ricketts family made its introduction to Chicago last week. Unless you’ve canceled all your newspaper subscriptions, threw out your TVs and radios and unplugged your Internet connection, you probably know that the Ricketts are the new owners of the Chicago Cubs.
You should also understand that the ownership change is big news for the city and the real estate market. You don’t have to be a Cubs fan to appreciate the positive impact that the team has had on housing values on the North Side. There are many reasons why condominiums and single-family homes in Wrigleyville, Lakeview, Lincoln Park and Southport have historically appreciated in value so steadily. A big one is the strength of the North Side neighborhoods with their wealth of entertainment, dining and shopping options.
Like the Cubs or not, the Wrigley Field experience, and the bars and restaurants it has attracted to the North Side, is a big part of the entertainment that has made the North Side’s top neighborhoods so attractive to so many homebuyers.
This is why anyone who’s interested in buying a condominium or single-family home in Lakeview, Lincoln Park or Roscoe Village should be happy now that the Cubs have a new owner, Ricketts family public face Tom Ricketts, who seems intent on turning the Cubs into a consistently winning squad.
The hope among Cubs fans is that Ricketts will sink enough money into the team to turn it into an annual World Series contender. This would be great news for the neighborhoods surrounding Wrigley.
A strong Cubs team means more visitors to the area during baseball season. These visitors will spend more dollars in the bars and restaurants outside the field. New diners, café’s and coffeehouses will continue to open.
And this, of course, means that the neighborhood will remain strong, something that can only be good for local housing prices.
As I mentioned earlier, there are many factors accounting for the consistent strength of the housing industry on Chicago’s North Side. Wrigley Field and a strong Cubs team are just two of these reasons.
But they are awfully important ones.
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