Maywood is a town located approximately 10 miles west of the city of Chicago. Home to Maywood Racetrack, Loyola Medical Center, and Rock of Ages Baptist Church. A short drive from Oak Park, Maywood has been seen as a town that geographically could become a highly developed and diverse community much like the bordering Oak Park and Bellwood.
One of Maywood's greatest supporters is Loyola Medical Center; the Nationally Ranked hospital is the #3 hospital in all of Illinois (US Health News). Much like what we see in Rogers Park, Loyola hospital's centrality in Maywood allows for the community to see the benefits without directly being involved. Additionally,Loyola recently announced they would begin construction on the new Marcella Neihoff School of Nursing.*
In the past two years we have seen Roosevelt Road, the retail strip of Maywood, add a new car dealership, additional strip centers, and three (3) new national chain restaurants. The strip center, sits on the Broadview/Maywood border, is now 100% occupied with tenants such as Target, The Home Depot, Chase, and an eye-raising one in Starbucks.
Lastly, Maywood's High School is a target for many young student athletes. Parents of talented young individuals prefer to have their children go to Proviso East High School as the sports program has churned out many professional athletes. The list is too long to mention all but includes:
- Doc Rivers- All-Star NBA guard and former Head Coach of the Boston Celtics
- Ray Nitschke- Hall of Fame NFL linebacker for the Green Bay Packer
- Orval Grove- All Star White Sox pitcher
- Michael Finley- NBA guard and member of 2007 NBA Championship team
- Ray Buchanan- All Pro NFL defensive back
The recent recession put many residents and homeowners in financial turmoil; jobs were lost, businesses shut down, and mortgages went deep underwater. The light at the end of the tunnel is coming as more potential home buyers and renters begin to take a look into Maywood for its proximity to schools and affordability. Affordability & growth in the market can be seen by current home prices; median sales price has risen to $80K: a $35K rise Y/O/Y.
As rents and home prices in the communities surrounding the area continue to rise, more families will turn to Maywood. These buyers/renters will seek quality housing that fits their budget. As more families face the burdens of student debt, consumer debt, and pinch pennies in a slow growth environment, affordable high quality housing will remain in demand. Maywood will be the beneficiary for the simple reason that more residents equal more tax dollars, jobs, and spending. These tax dollars go to fund better roads, schools, after school programs, and this is path towards a thriving community.
Below are real estate statistics on Maywood:
- Median Sales Price $100K
We strongly believe Maywood will see growth in the medium term as rehabbers and developers improve the community. This is already being seen in construction permit issuance, foreclosure inventory, and developer projects. The investment horizon is more than 1-2 years, however, the statistics speak for themselves. We leave you with the following:
- Foreclosure Inventory has dropped from 300 units to under 40 units
- 65 construction permits were issued in the past 3 months
- Pangea, who invest in the success of communities, own more than 28 properties in Maywood
- Lillie Plaza-Maywood's first Rent-to-Own Condo Conversion
- 15Warren- Maywood's first Luxury Market-Rate Rental Building
- 1010 Greenwood-Maywood's first luxury affordable rental building
- 1010 Madison-Maywood's 2nd Luxury Rental Building