Sunday, September 29, 2013

South Loop three bedrooms (or more) condo sales up 44%, median up over $100,000

Views from a condo showing at 100 East 14th Street (Photo Eric Rojas, Real Estate Broker)

We recently worked with clients who just closed a South Loop three bedrooms town house.  It wasn't easy as few options were available in their school district and price-point requirements.
South Loop has seen a big resurgence in condo sales (attached units including town houses) over the past couple years.  As in many neighborhoods the competition for larger units with three true bedrooms is fairly intense. 

Our clients just closed on 20 West 15th Street in South Loop... a rare true three bedrooms town house for under $450,000 in South Loop Elementary School district (Photo Eric Rojas, Real Estate Broker)

Three bedrooms or more attached home sales (condo, town house) January 1st to September 27th

110 attached units with three bedrooms or more have closed in the South Loop this year.  That's up 44% over the 76 units sold same period last year. The median price is a hefty $649,000; way up over the $525,000 same period in 2012.

The highest sale this year is 233 East 13th Street #2405 for $1,600,000.  The contemporary high-end three bedroom condo is listed at 3300 square feet on one floor and features a true full service bar area and family room.  The lowest sale is at 328 East 25th Street #2W for $215,000.  The three bedrooms, two baths condo was built in 2008 and located on the southern border of the South Loop Community Area.

Foreclosures, Short-sales

The percentage of sales that are either foreclosures or short sale is down.  This year, 14 of the units sold were listed as foreclosure or short sales (13%).  That's down from the 17 units last year in only 76 sales (22%).

Foreclosure, Short-sales percentage
2013 at 13%
2012 at 22%
2011 at 19%
2010 at 5%
2009 at 10%
2011     19% of sales were

The higher number of sales and higher median price mimics much of the most popular neighborhoods in the city.  The South Loop was particularly beat up after the 2008 financial crash.  However, the high demand for properties near Loop jobs, public transportation and highway access has allowed sellers of larger, nicer units in South Loop to come back on the market again and sell conventionally.

Statistics gathered from and analyzed by Eric Rojas, Real Estate Broker

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