Friday, June 20, 2008

Condo Prices Strong in Ravenswood

One of the stronger markets in Chicago in my opinion has been the Ravesnwood area within the greater Lincoln Square/Uptown city neighborhoods. Searching condos for the past six months on our local property listing service, I counted 117 condos active while 157 condos were closed or under contract within Ravenswood (roughly bounded by West Montrose to West Foster, and North Ashland to North Leavitt). The city neighborhood of Uptown creeps in on the eastern most end of Ravenswood while most of the area is in Lincoln Square.

I checked first quarter numbers and found that total unit sales in greater Lincoln Square were down 29%... mimicking the entire city. But median prices were up 8% and average prices up 5%. We should see second quarter numbers in July.

These sale and price numbers would be higher if you just included the Ravenswood area. I feel the northwest portion of Lincoln Square was affected more by the slowing market due to its distance from train lines and the neighborhood centers. Some speculative new construction has not done well.

Anecdotally, my neighbors sold their duplex condo for $35K more than they paid just under two years ago. My personal listings in Ravenswood have sold well and I've been happily surprised by some of the numbers condos are getting in my four block radius. Because I own in the neighborhood, I really don't need statistics to see the value here. I'm in and out of these homes and know what people are buying here and why.
Ravenswood offers two Brown Line stops, a Metra stop, east bus lines, parks and is in the middle of the Lincoln Square and Andersonville entertainment and shopping districts. It's a 10 minute bike ride to Wrigley Field, which I ride often.


Unknown said...

Was the $35,000 before or after the Realtor commission?

Eric Rojas said...

They paid $329K for the new conversion and sold it for $365K with a market time of about 40 days... within 15K of original list price.