Back in April we looked at some neighborhoods here in Chicago that might be most appealing to actors, artists and/or first time home buyers. However, there is one community in particular that has been skyrocketing of late, is the home of some excellent theatre and might be worth your consideration: Uptown.

I thought it would be interesting to take an in-depth look at this Northside locale and what it can offer to prospective home buyers. As my strong suit is on the financing end, I decided to call on the services of a couple of realtor friends of mine, Jasen Schrock of Prudential Preferred Properties (also an actor and musician) and the Chitown Realtor Team of Ted Mortellaro and Jen Bradley of Keller Williams (both former actors).

Defining Uptown

What is considered “Uptown”? With its various sub-neighborhoods such as Buena Park (where I bought my first home, a charming 370 sq. ft. studio) and Sheridan Park, the boundaries of Uptown have always been a bit unclear. Let’s set the record straight. Being one of Chicago’s 77 community areas, Uptown has officially defined boundaries of Foster on the north, Lake Michigan on the east, Montrose (Ravenswood to Clark) and Irving Park (Clark to Lake Michigan) on the south, Ravenswood (Foster to Montrose) and Clark (Montrose to Irving Park) on the west.

The Uptown Theatre Scene

There is a wealth of terrific theatre throughout the Uptown community. The first company that comes to mind is the award-winning Profiles Theatre at 4147 N. Broadway. This company is known for its gritty, superbly acted productions and it’s a rare year that associate artistic director Darrell W. Cox doesn’t snag a Jeff nomination (or two). Right next door is National Pastime Theatre, currently the home of Infamous Commonwealth’s critically acclaimed production of The Kentucky Cycle. And there’s Black Ensemble Theatre at 4520 N. Beacon, which is currently running At Last... A Tribute to Etta James. Just a few blocks away at 4437 N. Broadway you’ll find Frankie J’s on Broadway, which offers the best of both worlds: great eats and hilarious improv. But perhaps the most exciting development in Uptown is the arrival of The Annoyance Theatre, which will be moving in very soon to The Gunnison Lofts building (corner of Broadway and Gunnison, just north of the Uptown Theatre), along with two new restaurants.

The Evolution of Uptown

For years folks have been waiting for Uptown to join the ranks of other thriving Northside communities such as Andersonville and Ravenswood. While the neighborhood has taken its time making the transition from gritty to glam, it appears to have turned the corner of late. Shoddy and broken-down buildings have been replaced by hip bars, ambitious restaurants and (gasp) Starbucks.

“There is a big push for the development of Uptown,” says Jasen. “New commercial entities like Borders, Starbucks and Target are joining existing neighborhood establishments like The Green Mill, The Riviera Theater and The Aragon.” Restaurants such as Magnolia Café, Tweet and the afore-mentioned Frankie J’s on Broadway have led the migration of small, eclectic bistros to the community.

Ted and Jen added, “A Trader Joe’s is being planned for the corner of Lawrence and Winthrop, a new family-owned 12 unit movie theatre will be coming to the area, and a condo development of over 300 units will be going up in the lot behind the Uptown Bridgeview Bank, projected to start in the late fall.”

Buying a Home in Uptown

But enough about that. The point is, there is a burgeoning theatre scene in Uptown and businesses of all sizes are moving in at a rapid pace. Let’s get to the good stuff. From the first quarter of 1999 to the first quarter of 2004, property values in Uptown have improved 82 percent. A recent CNN/Money article (May 5, 2005, “This Year’s Hottest Zip Codes”) estimates a price change of 12.5 percent in the coming year.

“If you think about that forecasted price change, even at 12 percent, a purchase price of $150,000 can make you $18,000 in appreciation,” say Ted and Jen. “Where else can you make $18,000 for doing nothing?”

Ok, ok, so maybe not “nothing.” If there’s one thing we’ve learned over the past nine months of this series, it’s that buying and owning a home requires a great deal of research, patience and persistence. But I think you get the point.

The most important question here is can you afford the neighborhood? According to Ted and Jen, at the time of this writing, there are 53 resale properties currently available in Uptown for under 150K: 19 studios, 33 one-bedrooms, and one two-bedroom. Jasen added, “There is a nice mix of high rise living and smaller two and three story condo options, as well as a blend of vintage condos and brand new construction.”

So as you are scanning the cityscape for your new home, you might want to spend a little extra time in Uptown. Here are some other links for your research: For demographics and other vitals, head to www.answers.com/topic/uptown-chicago. You can learn all about the latest local developments at www.uptownchicagocommission.org and you might also stop by www.buenaparkneighbors.org.

In the meantime, if you have any questions, even if you already are a home owner, feel free to call or e-mail me anytime. As always, please send me any comments or suggestions about this article, and let me know if there are topics you would like to see discussed.

Mike McNamara has been an actor in Chicago for the past seven years in theatre, commercials, television and film. Mike is also a mortgage consultant and loan originator with West America Mortgage Company. He can be reached at 773/398-0021 or McNamara310@aol.com. Jasen Schrock can be contacted at 773/805-7432 or jschrock@prupref.com. Ted Mortellaro and Jen Bradley can be reached at 773/770-SELL(7355) or wiszbang@rcn.com.

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