Tuesday, December 20, 2011

West Town single family home sales up 16% and climbing, median price steady

West Town, Chicago single family homes sales are diverse and vary greatly upon location east or west of North Western Avenue and if your house is under a highway.  Amenity filled Wicker Park and Bucktown are the higher-end neighborhoods while homes just west of Western Avenue and on the far south borders of the West Town Community Area can be significantly less.

We often see creative, modern renovations and construction in West Town
145 West Town single family homes have closed from January 1st, 2011 to December 20th, 2011 up 16% over same period in 2010. The median price this year is about $606,000...almost equal to last year's $599,000.  35 homes are currently under contract so the total number of sales will likely increase over 20% from last year.

The Highs: 1627 N Wolcott, a modern new construction home, closed at $1,950,000 in the spring. 
The Lows: 910 N Richmond, a brick two story structure, sold for 42,000 cash.  The buyer's agent represents developers in the area so it will likely be a professional rehab and should have a good margin to re-sell.  It may also be a custom design/ build home purchase for the buyer.
Distressed: 28 properties (19%) sold during this period were either foreclosure (bank owned REO) or short sales. Last year, 35% of single family homes sales were either foreclosure of short sale.

We represent clients in buying, selling and renting properties in the West Town areas of Wicker Park, Buck Town, East Village, Ukrainian Village and Humboldt Park.  Please contact us with questions.  All analysis and photos Eric Rojas, Realtor and Broker.  Closing data gathered from MREDLLLC.com.

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