Eric Rojas, Chicago Real Estate Broker

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Tuesday, August 27, 2013

West Loop two bedroom condo sales: 2 beds, 2 baths UP 80%

We have been heavily searching West Loop two bedroom condos for a client moving to town.  The location is close to UIC campus and downtown were the couples  need to be  respectively.  Here's a look at two bedrooms condo sales this year.
Looking east from the West Loop neighborhood. Photo Eric Rojas, Real Estate Broker

Two bedrooms, One bath sales January 1st to August 23rd, 2013
Only 16 two bedrooms, one bath condo units have sold so far this year.  The median price is about $250,000.  This seemed low to me on an up year for condos - and it is.  Sales are down 10 units from last year.

The West Loop neighborhood had many of its conversions and new construction buildings completed from 2000 - 2008 when having two bathrooms was a must for buyers. There are simply less two bedrooms one bath units in the market.  The hot market also has the median price up over $40,000 from year over year.  So higher prices and low inventory of two beds, one baths on the market have made it tougher to get a good unit thus pushing unit sales down.

Two bedrooms, Two baths sales January 1st to August 23rd, 2013
In contrast, 139 two bedrooms, two bath units have sold in the West Loop neighborhood this year.  This is way up (80%) over the 77 units sold same period last year.  The median price is about $350,000...  over $100K more than two bedrooms, one baths units this year.

The lowest priced two bedroom, two bathrooms sale is at 1500 West Monroe #725 for $200,000.  The unit was a foreclosure Fannie Mae HomePath property with the kitchen entirely ripped out.  The highest priced two bedrooms, two baths sale is 850 W Adams Unit 2C for $615,000.  The large, open loft unit included garage parking and a nice sized terrace.

West Loop neighborhood (Map produced from MREDLLC.com).  All sales data gathered from MREDLLC.com and analyzed by Eric Rojas, Real Estate Broker with Kale Realty.  Call/ email us when buying, selling, renting.

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