Under contract! South Loop condo sells fast with multiple offers (and peek at South Loop sales)

 

I look forward to high-rise life when I'm an empty nester! South Loop is a popular destination for those that want to experience Chicago's cultural amenities and lakefront. (All photos Eric Rojas, Broker, Kale Realty and VHT.com)

Our latest listing at 1101 South State is under contract after multiple offers. The building features amenities including 24/hr door staff, outdoor pool, garage parking, event room and sun deck. The location is on the doorstep of Chicago's Museum Campus. 

Check out the quick walk-through, photos and more info of Unit 2102 HERE.

The views from our latest listing at 1101 S State Street, Unit 2102, Chicago IL 60605 

South Loop condo sales January 1st and August 27th, 2020

South Loop is dominated by high-rise buildings.  Considering the nature of the coronavirus pandemic it is interesting to see how attractive the high-rise condo market has been this year. 405 condo (attached units and attached town houses) have sold thus far in 2020. The median price of a sold condo is about $380,000. Unit sales are down year to year by 18% while median price was about even. In 2019 over the same period 495 condo units sold with a median price of about $372,500. I think many would have predicted a worse outcome when the shelter in place order went into effect.  

Fun Fact: 1201 S Prairie Unit 5301 is the highest priced sold condo at $1,620,000. The lowest priced sold condo is 345 East Eastgate Place Unit 305 for $125,000.

Pool life! 1101 S State along with several other South Loop buildings offer the amenity lifestyle in a central location. 

After a spring pause the Chicago market had a hot June and July despite the pandemic. Early this year I was predicting a relatively slow fall due the upcoming national election. I think the recent civil unrest, lingering pandemic and the election will ultimately hamper over-all unit transactions for the remainder of the year.