Albany Park

Albany Park was once rural farmland far from the fast paced lifestyle of the city of Chicago. During the late 19th Century, Chicago began to expand and annex surrounding townships. The Jefferson Township, which included Albany Park, was annexed by Chicago in 1889.

The neighborhood has gone through its fair share of ups and downs through the years. Heavy development in the area started with the arrival of public transportation, which brought many immigrants from northern Europe to Albany Park.

The first arrivals from Germany and Sweden were soon joined by Russian immigrants during the First World War. By the 1950s many long time residents left the city and moved to suburbs around Chicago.

It was during this time that Albany Park experienced an increase in crime and a general decline in the social fabric of the neighborhood. However, economic incentives from the city of Chicago spurred development and brought a new wave of immigrants to the neighborhood.

These new residents, mostly of Asian and Latin American descent, give Albany Park a new and rich identity.

Amenities and Attractions in the Albany Park neighborhood

The neighborhood offers excellent parks, authentic cuisine from around the world, and easy connections to downtown Chicago.

Homer Park and West River Park both have jogging trails and open areas along the river. Gompers Park is another popular park in the area and is closer to the center of Albany Park.

There are many restaurants in the area worth visiting. For a taste of the local Korean cuisine, head down to Chicago Kalbi Korean Restaurant, located at 3752 West Lawrece Ave.

Albany Park is easily reached via both expressway and El train service that make it easy to reach downtown Chicago and the rest of Illinois.

The population of Albany Park has grown to 57,655 according to the latest numbers from the US Census Bureau. The median income is just over $40,000.

Albany Park is one of the most racially mixed neighborhoods in the city. A total of 46 percent of the population is of Hispanic descent, with a strong Guatemalan community in the area.

Another 17 percent of the population in the area is of Asian descent. The Korean community here is one of the largest in all of Chicago.

The real estate market in Albany Park is going through a difficult time. There are fewer sales, prices are down, and properties stay on the market longer.

According to the most recent numbers from the Chicago Association of Realtors, only 87 condominiums were sold in Albany Park during the second quarter of 2007. Compared to the 145 condominiums sold during the previous year, this represents a 40 percent drop.

The average price of condos in the area has also declined slightly over last year’s numbers. The average sales price registered during the second quarter of 2007 was $226,725.

With less over sales registered in the neighborhood, properties are sitting longer on the market. The owner of a condo will have to wait an average of 187 days to find a buyer, a full two months longer than during the previous year.

This drop in sales and an increase in turnover time should continue to drive prices lower for condominiums in Albany Park, at least for the short term.

Real Estate in Albany Park

Although Albany Park did not experience the heavy development of condominiums seen in other parts of Chicago, the neighborhood does have several new condominiums on the market.

One of the newest developments to come on the market in Albany Park is found at 5148-5156 N. Avers. The 31 condominiums in this newly restored building are priced at $195,000.

The development offers the standard collection of amenities, such as stainless steel amenities and granite countertops.