Friday, December 21, 2012

Gold Coast two bedroom condo sales up 41% for 2012

We are looking for a modest Gold Coast apartment for a client.  How have two bedroom condo sales fared this year in this most distinct neighborhood? We look at the neighborhood boundaries of North Avenue to Oak Street and LaSalle Street to the lake.
Image and search boundary of Gold Coast created from (Eric Rojas)

TOTAL two bedroom condo sales:
181 total condos have sold and closed in the Gold Coast neighborhood thus far in 2012 (January 1st-December 19th) with a median price of about $385,000.  Unit sales are up 41% over the 128 sold in all of 2011. 23 units are currently under contract so we should see the total closed number inch up prior to the end of the year.

Photo Eric Rojas, Broker

Two bedroom , one bath condo sales:
In 2012, only 11 two bedroom, one bath condos closed thus far (December 19th).  The median price was an affordable $182,000... with an average assessment of about $550 a month covering various degrees of amenity and maintenance. One unit, a co-op with $900.00/month assessment (includes monthly taxes), included parking.

Two bedroom, two bath condo sales:
In 2012, we've seen  about 133 two bedroom, two bathroom condos sold.  A more popular, and, expensive option at a median price of $400,000.  Assessments range from about $500.00 to "how much you got?"  The units vary greatly in age, amenity, finish, size, parking options and assessment in this smallish market area dense with many mid-rise and high-rise buildings.

Of the 133 sold units, only 9 were $200,000 or less.  Most of those were short sale, foreclosure or garden units and not in good shape. Several were cash only deals.

More Gold Coast HERE