Thursday, September 26, 2013

West Town "three bedrooms or more" condo sales up 32%, price explosion in 2013

New construction condo units coming to the East Village neighborhood along North Damen Avenue just South of Division Street.

With single family home prices out of reach for many (and many don't want the maintenance of a house) we see increased demand for larger condo units for those looking to expand.  We recently spoke to a potential seller about their three bedroom duplex-down condo listing in the Wicker Park/ East Village area of West Town.  Larger condo unit sales and prices have been mostly up over last year's sales around the North Side of the city. 

Our guess is West Town has followed suit.  Here's a look at three bedrooms or more attached unit sales in West Town.

West Town sold three bedrooms or more attached units (condos) January 1st to September 20th, 2013

395 condo units listed at 3 bedroom or more have sold this year so far.  That's up 32% from the 298 units sold same period in 2012.  The median price is about $448,000, up $50,000 from about $398,000 last year.
January 1st to September 20th
395 units sold in 2013 with a median of $448,000
298 units sold in 2012 with a median of $398,000
222 units sold in 2011 with a median of $407,000
207 units sold in 2010 with a median of $449,000
180 units sold in 2009 with a median of $445,000
246 units sold in 2008 with a median of $475,000

The highest sale in the West Town Community Area for an attached unit this year is a 4 bedrooms riverfront town house at 457 N Canal closed at $1,655,000. The year 2000 built home is listed at 4000 square feet and just a couple blocks from River North and minutes to Streeterville and the Loop.

The lowest recorded sale in West Town for a three bedrooms unit is 528 N Hartland Court Unit F1 for $63,000.  The foreclosure unit was one of four (4) three bedrooms condos that sold for under $100,000.

More new construction at West Thomas and North Winchester answers the demand for larger condo units.

For Sale, Under Contract
93 condo units are currently listed in the West Town Community area.  There are 102 three bedrooms or more condo units under contract at the moment with a median asking price of $472,000.  That there are often more units under contract than listed in particular community areas has been a little shocking to many buyers this year.

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