Eric Rojas, Chicago Real Estate Broker

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Tuesday, February 15, 2011

South Loop three bedroom condo sales



We've been in South Loop this early spring season shopping for three bedrooms, two or more baths condos (including town house style homes). There have been a few compelling deals that have made the neighborhood once again an option for my downtown professional clients looking for value.


Generally, I like clients to get as far "north" in South Loop as possible. The expanded area I like to show in South Loop is from West Roosevelt on the north to 18th Street on the south end. The further south will generally afford larger, less expensive loft spaces. While further north will get you a nice deal in a smaller loft, a mid-rise or high-rise that's closer to the restaurant and shopping action.




The number of closed three bedrooms, two baths condos with garage parking in the last six months is dismal. When searching closed units in South Loop between 1100 block and 1800 block south, only six closed results come back. Closed prices range from $260,000 for a foreclosure in 1717 South Prairie high rise to $1,187,532 in One Museum Park West. It's crazy out here!


Bump up to three bedrooms, three baths condos with garage parking and we have only six closings for the last six months as well... ranging from $405,000 to $1,200,000.




Although the South Loop has been a saturated and depressed market over the last few years due to the many high rise units, it will still take a median price of $500,000 to get a nicely finished three bedrooms, two or three baths attached unit with garage parking included. More so if you're considering a town house near the lake on a street like South Indiana or South Prairie.

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