Saturday, May 09, 2015

Shopping Portage Park two-flats, prices trend up for 5 years

We viewed this wide, well cared for two-flat with completed in-law unit in the basement at 5405 W Melrose 60641 in Portage Park last week.  The property went under contract quickly with a $349,000 asking. One of the better conditioned properties I've seen in the $350,000 range. Photo Eric Rojas, Broker, Kale Realty
The Portage Park area is kind of a thing now. There was a time as a wee lad I played in these alleys with my older cousin and his buddies.  Now, I'm seeing demand for area properties pick up.  We've been working with more and more buyers looking for nice single family homes and multi-units.  It's a neighborhood with a good parks, shopping and well cared for homes at relatively affordable prices.

Portage Park two-flat sales
100 two-flat buildings (multi-unit buildings with two legal apartments) have closed in the Portage Park community area in the last 12 months.  That's alotta two-flats!  The median price is about $285,000.  

From January 1st to May 8th of this year 25 two-flats have closed with a median price of about $275,000.  Over the same period in 2014, 29 two-flat buildings sold with a median price of about $230,000.

Same period sales:
2013    37 units closed with a median price about $195,000
2012    31 units closed with a median price about $175,000
2011    28 units closed with a median price about $175,000
2010    33 units closed with a median price about $195,000 (First Time Buyer home credit in effect)
2009    19 units closed with a median price about $259,000

A couple good signs. Prices up and much of the foreclosure / short sale mess has really cleared up.  In 2012, 21 out of the 31 (68%) closed two-flat buildings were either short-sale or foreclosure (bank owned) sales from January 1st to May 8th. In the same period of 2015, 6 of the 25 sales (24%) were short sale or foreclosure. Moderately rising prices and regular sales make for a more stable community.

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