Monday, July 26, 2010

Buyers finding value in Wicker Park condos

Our Wicker Park home listing here was priced right, well maintained and sold in three days!

Due to our recent condo sales in the Wicker Park neighborhood we've been watching the market closely to find trends. We've noticed a good number of condo transactions in the greater Community Area of West Town relative to other north side neighborhoods. The Wicker Park neighborhood of West Town- particularly when hugging trendy West Division street within a couple blocks north and south- makes up the bulk of condo transactions here. Buyers are continually attracted to the amenities, night life, transportation and proximity to downtown that Wicker park offers.

The top dollar prices are paid just north and south of West Division Street in the area between North Ashland Avenue and North Western Avenue. However, the sub-neighborhood of Noble Square located just East of Ashland in Wicker Park can save you over ten percent (10%) off comparable unit sales West of Ashland. You need only walk a couple extra blocks to experience the same neighborhood amenities. This location may also put you closer to the CTA Blue Line.

Noble Square area:

Some statistics:

The hottest condo market is the two to three above grade bedrooms, two bathrooms condo variety. These are the "minimum wants" for most buyers these days. In June, there were 57 of these types of condos sold with an average closed price of $364,892 and a median price of $330,000.

33 of the 57 closed units were east of North Western Avenue. 14 of those units were in either vintage conversion buildings or existing loft building conversions. The rest were newer construction buildings from the past 5 to 10 years.
There is a large amount of conversion lofts and newer construction 3 and 6 flats in the neighborhood.

This two beds, two baths listing of ours had a back yard!

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