Bob and I have a photo and video shoot tomorrow morning at a Wicker Park duplex condo that we'll be listing for sale. Pricing can be a bit of an art form in Wicker Park. There is a huge variance in closed sales prices for condos with the same number of bedrooms and bathrooms. Sometimes its hard to find comparable properties in which to gauge what the actual bank appraisal will be. This can be true for many desirable neighborhoods of the city and particularly for locations along the lake.
However, it is rare when you have two bedrooms, two bath units selling for the $300s to the $600s on the same few blocks. So, that's why we are paid the big bucks to figure this stuff out..right? For example, search two bedrooms, two bathrooms with garage parking and you'll get closed returns from $305,000 at 1744 W Division to $610,000 at 2157 W Division only a few blocks apart and unaffected by any major topographic feature like a lake.
The art of pricing takes into account a likely appraisal value...first. However, it is also important to understand the market's demand, availability, location and emotional attachment for the condo a likely buyer might have. What and where are the alternatives? How much is this place to own now taking into account interest rates, taxes and assessment? Can a couple really have a kid here or will they have to move again?
2011 Wicker Park over-all condo sales ( 2 bedrooms or more, the last 60 days for 900N to 1500N and 1600W to 2400W boundaries):
*62 two bedrooms (or more) condos are CLOSED or under contract in the last 60 days.
*The median price for CLOSED for two bedrooms or more condos in 2011 is $415,000
*The median price for CLOSED three bedrooms or more, two baths or more condos in 2011 is about $475,000