Thursday, August 28, 2014

Under contract! 811 Chicago Avenue #605 and Evanston condo prices: Sales way up from 2012

A newer construction condo building in Evanston near Chicago Ave and Main Street.  The location is steps to Metra, Purple Line, restaurants, grocery stores and four blocks to the lake (Photo Eric Rojas, Broker, Kale Realty).

We just listed for sale 811 W Chicago Avenue #605 in Evanston this month and our clients accepted a contract a couple weeks later. The home sale is now contingent on attorney review/ inspection period. 

Evanston is a large and diverse North Shore suburb adjacent to Chicago.  It is more known for it's expensive enclaves of houses by the lake and Northwestern University than for condos.  However, affordable condos offer a great mix of urban and suburban lifestyle near a beautiful stretch of lakefront beaches, shopping and dining.

Evanston condo sales January 1st-August 22nd, 2014

368 condos (attached units, town houses) closed so far this year slightly down from 390 units closed last year.  The median price of a condo this year in all of Evanston is about $230,000. This is is up from 200,000 same period last year.  Without any significant new construction condos built this year to bolster numbers, resale inventory is a little lower and prices a little stronger.

The highest sale was 807 W Davis Street #2403 for $1,075,000.  The newer construction high-rise penthouse unit with fantastic lake views is listed at 2700 sq/ft with two car parking included.  Three condo sales (attached homes) topped one million dollars.  Two were downtown high-rise units and one was an attached 4000 sq/ft town house in a small two-unit development (side by side attached homes).

Evanston offers newer construction amenity buildings and vintage condos atop (or among) urban retail and dining options.  Most Evanston areas maintain a lower key feel than Chicago and a lower comparable price yet offer close proximity to the lake with plenty of services and entertainment (Photo near Chicago Ave and Main Street in northern Evanston, Eric Rojas, Broker, Kale Realty)
Fun Facts
41 condos were sold for under $100,000.  A good number of these units were two and three bedroom homes.  Most units sold under $100,000 were located in the far north or western portions of Evanston. 

92 condos were sold with at least three bedrooms and two bathrooms.  The median price for these larger homes is about  $365,000.  Only nine units with at least 3 beds and two baths sold for under $200,000 (so don't expect a miracle!).

62 units sold with exactly two bedrooms and one bathroom.  The median price for these units is about $131,000.  

Evanston condo sales same period 2009-2014 (Jan 1st to Aug 22nd)
2014     368 condos sold, median $230,000
2013     390 condos sold, median $200,000
2012     268 condos sold, median $180,500
2011     245 condos sold, median $217,500
2010     299 condos sold, median $250,000 (*Year of Federal First Time Buyer Tax Credit incentive)
2009     209 condos sold, median $245,000

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