Thursday, October 24, 2019

Looking at the Loop! Condo sales and median price dip year to year

Loop living is all about convenience and access to the city's best in culture, dining and business. Having a Pete's Coffee in your building is cool too. All photos Eric Rojas, Broker Kale Realty
I was in the Loop last week to evaluate a potential listing.  The downtown condo was a "distressed" purchase (foreclosure/ short sale) as an investment six years ago. Now the investor owners are looking to sell high. Located in an amenity building in the southern portion of the Loop the condo is an attractive unit for those wanting to "walk to work".

Views looking north down South Wabash from in front of 41 East 8th Street.
This investment condo was easy to rent out due to the myriad of universities, professional offices, transportation options, garage parking space included... you name it! It's the big city! You are steps from Grant Park and all its festivals. It would be a convenient place to live in and have flexibility to rent out if needed down the road.

41 East 8th Street in the Loop

Vibrant Columbia College is directly across the street from the building.

The CTA Red Line tracks are just west of the building.
This particular unit is on the 2nd floor. It's a cool feeling to be so close to the action. It's easy to get in and out of the building with less elevator waits. The views from the corner unit are still good despite the low floor.
Downtown (Loop) Condo Sales

611 downtown condos have sold this year (January 1st to October 23rd) with a median price of about $330,000. 646 condo units sold over the same period in 2018 with a median price of $345,000.

The lowest priced condo to sell downtown this year is at 40 East 9th Street Unit 612 for $112,500.
The studio apartment is a convenient in town for someone with business downtown. 

The highest priced sold condo downtown is 60 East Monroe, Unit 7201 for $3,478,787. The luxury unit features highly custom finish level and jaw dropping views.

Loop condo unit sales are trending down the last two years and median price took a dip this year. The unit sales are lowest year to year since 2012.

2019 (January 1st to October 23rd) 611 units closed, $330,000 median price
2018 same period 646 units closed, $345,000 median price
2017 same period 711 units closed, $346,000 median price
2016 same period 723 units closed, $345,000 median price
2015 same period 678 units closed, $348,000 median price
2014 same period 652 units closed, $341,900 median price

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