Monday, October 06, 2008

Can You Get a Single Family Home in Ravenswood, Bowmanville? Chicago Market Statistics

Can't bear to live in another condo? Sick of renting with that crazy neighbor living above you? The Ravenswood, Lincoln Square and Bowmanville neighborhoods offer MOVE IN QUALITY single family home opportunities this fall season in the price range of $500,000 to $600,000. But they are few and far between!

The MOVE-IN QUALITY re-sale or newly renovated single family home has been a hot commodity when located west of North Western Avenue and south of Peterson (about the 6000 block north). Generally, the farther south you get in this location and closer to the CTA and Metra trains, the more scarace the opportunties and higher the price.

It is an important distinction to make. MOVE IN QUALITY means you will have to make little, if any, necessary renovations to live in the home comfortably.

Although some consumers think they have unlimited opportunities for single family homes, this is not the case in desirable Chicago neighborhoods. Let's take a look at the Chicago Market Statistics for single family homes in the portions of Ravenswood, Lincoln Square and Bowmanville west of Western and south of Peterson:

Checking the the last year to the present, I only get 20 results for active, sold or under contract homes from $500,000 to $600,000 on our Multiple Listing Service. Of those 20, only 13 are condisered MOVE IN QUALITY in my opinion. Of the 13 single family homes sold and currently under contract, over half had a sales contract around 30 days! Some in a week.

Most of these homes sold for over $550,000, with the homes listed for $500,000 to $550,000 going really fast.

The moral of the story here: If you dream of having a single family home in the city, you must be ready to take advantage of lower interest rates when available while understanding the inventory and the location you'd like to buy in. Some people have moved very quickly when a truly well priced single family home has hit the market between $500,000 and $600,000 in a great neighborhood. This was not as possible three years ago.. but there are rare opportunities now.

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