Wednesday, October 29, 2014

The view looks good for South Loop condo sales

Views from The Shops at Roosevelt Collection in the South Loop taken earlier this month (All photos Eric Rojas, Bob DePalma, Real Estate Brokers)
South Loop condo sales numbers have climbed way up for the last five years.  It has been pretty dramatic from 2009 when all new construction condo buildings stopped to the present time.  In fact, South Loop condo sales in 2012 were up 94% over 2011. Crazy!

There were of course reasons for this increase.  Demand started to catch up with the lack of inventory due to the complete halt in building.  Prices were relatively cheap in the improving market. Interest rates were low (and still are). The original "investors" in these buildings were foreclosed or forced to short sell at great prices (if you would take on the risk).

Since that time condo associations have stabilized.  The health of a condo association is the X factor in your decision to buy in one building or another.  As buildings took control and amended by-laws and rules to be more owner friendly and prudent buyers felt more secure in making the investment. Sales happened and prices began to rise again.

Looking north on South Indiana Avenue

Here's a look at one, two and three bedroom condo sales (attached units including town houses) from January 1st to October 28th, 2014.

Three or more bedrooms condo sales (includes attached town houses)

129 three or more bedrooms units closed this year from January 1st to October 28th.  The median price of a unit is about $642,500.  123 units with a median price of about $660,000 sold over the same period in 2013.  A pretty stable run for larger homes over the last two years.

The highest sale thus far in 2014 is $1,616,000 for a condo unit at 1211 S Prairie Unit 2901.  The three bedrooms northeast corner unit in South Loops most prominent building comes in just under 3,000 sq/ft and two garage spots. At least 24 units have sold for over one million this year.

Views from a client's condo in South Loop. Photo Eric Rojas, Broker, Kale Realty

Two bedroom condo sales

374 two bedrooms condo units sold with a median price of $392,000. Unit sales are up 21%.  
307 units sold over the same period in 2013 with a median price of $370,000.
The highest two bedrooms sale is $1,075,000 at 1211 South Prairie Unit 6202.

One bedroom condo sales

151 one bedroom units sold with a median price of $235,000.  153 one bedroom units sold over the same period last year with a  median price of $220,000.

The highest one bedroom sale is $470,000 once again at the 1211 S Prairie building.

Live and shop, shop, shop in South Loop
You may pay a little more to live in the South Loop than a few years ago but that price tag comes with more stable housing, increased retail options and more nightlife.

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