Tuesday, January 20, 2015

Cash is King! 34% of Chicago's Near North condo deals all cash

Views from 451 W Huron in the River North neighborhood of Chicago's Near North.  About 34% of attached unit sales were all cash transactions in 2014. (All photos Eric Rojas and Bob DePalma, Brokers, Kale Realty)
Boy we love cash!  And so do Chicago sellers.
We took a look at cash deals in four of our more active markets.  Downtown/ Loop (Area 32), Near North (Area 08), Lincoln Park (Area 07), and Lakeview (Area 06). Looks like big spenders spent big cash.  Here are the percentage of cash deals on attached homes (condos/ townhouses) for each of these neighborhoods in 2014.

2014 average sale price and percentage of cash deals

Near North had 2,538 attached home sales (condo and townhouse) with an average sale price of $565,226.  About 34% of those deals were recorded in our MLS as all cash. Interestingly the cash deal average was a whopping $634,552.  Financed sales averaged less at $528,558.

About 32% of Loop condo deals were all cash.
Downtown/ Loop had 788 attached unit sales with an average price of $475,254.  About 33% of those sales were all cash. Cash sales averaged $447,919 while financed sales averaged $488, 484.

About 18% of Lincoln Park sold condo deals were cash in 2014
Lincoln Park had 1248 attached unit sales with an average price of $530,948.  About 18% of those sales were cash.  Cash sales average price was $472,934.  Financed sales averaged $543,847.

About 17% of condo units sold in Lakeview were cash deals.
Lakeview had 1798 attached unit sales with an average price of $370,981 (far less than the other three examples).  About 17% of those sales were cash with an average price of $283,307.  Financed deals averaged $389,317.

All stats gathered and interpreted by Eric Rojas and Bob DePalma, Kale Realty from MREDLLC.com our member MLS.  Call us to buy, sell, rent in South Loop, Downtown/Loop and the greater North Side.


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