Tuesday, January 06, 2015

Moving on up! Unit Sales Up 27% in 2014 at 2 East Erie in River North

2 East Erie, Chicago IL 60611 in River North.  Photos Bob DePalma, Broker, Kale Realty
 We often view 2 East Erie, Chicago IL 60611 in River North.  Client's like the fact it's a more recent 2002 construction high-rise in a very desirable "eastern" location of River North. Views, iconic buildings, hot new mega-spots like Eataly, old touristy classics like Shaw's Crab House and Howl at the Moon or shopping at Bloomies... you name it.  2 East Erie is in the middle of the action and close to CTA Red Line stations.

Old spots, new trends and icons within every direction of 2 East Erie
Here's a snap shot 2013-2014 unit sales at 2 East Erie.
Unit sales in 2013 = 22
2-Studio units sold with average price $205K
11-1Bed/1Bath sold with average price $263K
3-2Beds/1Bath sold with an average price $361K
6-2Beds/2Baths sold with an average price $494K

Unit sales in 2014 = 28 (up 27%)
4-Studios aver price $184K (although the lowest sale was $131,000 while the three others averaged $205,000)
12-1Bed/1Ba ave price $311K
2-2Beds/1Baths ave price $346K
10-2Beds/2Baths ave price $509K

The largest price jump is average price of a one bed unit up 18%. All of that does depend on finish level, floor, parking spot, view etc.  However, it appears buyers were paying more for a one bedroom units in 2014 than then they were in 2013.
2 Beds/2Baths average price was up only 3% and the other style units dropped a little.

There are many high-rise buildings with one bedroom homes in River North.  However, once you factor building amenities, age, location price and assessments it gets easier to narrow down the good choices in budget.

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