Thursday, February 28, 2013

Lakeview condo sales up 46% over 2012 (81% more than 2009)

While at an inspection with a client today I mentioned we're only at the end of February and it already seems like a LONG year.  That's because we are brokering many transactions while intensely looking for the best homes every day on the buy side. We are also handling multiple showings and offers on listings. It is a very active housing market in our key neighborhoods and we have not even thawed out yet.
New construction condos along West Addison Street in Southport Corridor, Lakeview (photo Eric Rojas)
Let's take a look at condo sales in one of the more popular areas for our clients.  Right now we have buyers looking for Lakeview condos (attached homes and town houses) in the $250,000 range and other clients looking up to $700,000.  We've seen a very active market in the "dead of winter" for both these lower and higher price-points.

Lakeview Condo Sales (attached homes including town houses) Jan 1st to Feb 26th, 2013

161 condos/ attached homes have closed this year (Jan 1st to Feb 27th).  This is up 46% over the 110 sold condos over the same period in 2012. The median price for an attached home in Lakeview this year is $285,000. 

The highest sale so far is 340 West Barry Unit C for $965,000... a three bedrooms, two baths full floor condo in a converted mansion. This location at West Barry and North Lake Shore Drive West is one of my favorites in the city!
West Barry and North Lake Shore Drive West in Lakeview (Google Maps image)
Lakeview attached condo sales same period year to year

You can see the last boom in 2008 prior to the financial crash.  Then you see a little bump in 2010 helped by Federal stimulus.  The latest boom is fueled by pent-up demand for those with cash, lower list prices and low mortgage interest rates.

(Jan 1st to Feb 27th)
2013     161 units
2012     110 units
2011       98 units
2010     101 (affected by FED First Time Buyer stimulus)
2009       89 units
2008     151 units

Sold out new construction condos built in 2012 at North Racine and West Cornelia, Lakeview (photo Eric Rojas)