Monday, November 03, 2014

Condo sales in West Loop's Skinner West school district: Prices up

We were viewing properties  in West Loop a couple weeks ago near the well regarded  Skinner West school at 1260 West Adams.   (All Photos Eric Rojas, Real Estate Broker, Kale Realty)

The school campus sits on the east end of Skinner Park.  The Skinner West school district is basically a large square just west of the river extending to South Ashland on the west border and West Kedzie to the Eisenhower expressway (290) north to south.

Approximate Skinner school district.  There is a small portion of the northeast corner of the shaded area above that is actually out of district (that resides in Ogden school). 
This particular West Loop area located in Skinner West school is already know for restaurants, tech, tons of housing development, production industries (Harpo Productions) and proximity to major employers in the Loop.  This combination of desirable school, nightlife and industry usually makes for pricey homes in Chicago.

Here's a look at condo sales in the Skinner West neighborhood attendance boundaries so far this year.

Residences across from Skinner West at the corner of South Throop and West Adams.
Three or more bedrooms unit sales January 1st through October 31st

125 units with three or more bedroom closed so far in 2014. Unit sales are up 37% over same period last year.  The median price is a robust $682,000.  91 units sold over the same period in 2013 for a median price of about $590,000.  Median price of current sales is up almost $100,000 year to year.  Price is reflective of what was available for sale but also signals a strong market for larger, higher end units.

The lowest priced  three bedroom unit sale this year  is 222 S Racine Unit 607 for $376,000.  The historic Daily News building unit included deeded garage parking and great outdoor space.  The large 93 unit building came with a $501.00 assessment (includes heat).

The highest priced condo sale in the Skinner school district this year is 122 South Aberdeen Unit 6N for $1,601,844.  The new construction penthouse unit is listed at over 4,200 sq/ft and features a private elevator.

 Two bedroom unit sales

319 two bedrooms units sold thus far in 2014 (down 7%).  However, the median price is up about $25,000 over last year at $3750,000.  343 units sold same period in 2013 with a median price of about $350,000. This may be reflective of the high demand and low mortgage interest rates running into lower inventory.  Most new buildings completed have been strictly rental apartments making popular (and more affordable) two bedroom quality condos a little more rare.  Prices of the offered units pushed up a little.

One Bedroom unit sales

Converted lofts cut from industrial buildings and a spattering of high-rise and mid-rise buildings provide a good number of one bedroom condo homes in West Loop.

248 one bedroom units sold so far in 2014 with a median price of about $255,000.  258 one bedroom units sold same period in 2013 with a median price about $245,000.    

Again, we see a slight uptick in median price.  However, we still have bit more short sale and foreclosure action in this sector over other types of residential property. One bedroom units were probably the hardest hit in the market crash. 

Path and play lot at Skinner Park

Cool views from school!

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