The view looks good for South Loop condo sales

Views from The Shops at Roosevelt Collection in the South Loop taken earlier this month (All photos Eric Rojas, Bob DePalma, Real Estate Brokers)

South Loop condo sales numbers have climbed way up for the last five years.  It has been pretty dramatic from 2009 when all new construction condo buildings stopped to the present time.  In fact, South Loop condo sales in 2012 were up 94% over 2011. Crazy!

There were of course reasons for this increase.  Demand started to catch up with the lack of inventory due to the complete halt in building.  Prices were relatively cheap in the improving market. Interest rates were low (and still are). The original "investors" in these buildings were foreclosed or forced to short sell at great prices (if you would take on the risk).

Since that time condo associations have stabilized.  The health of a condo association is the X factor in your decision to buy in one building or another.  As buildings took control and amended by-laws and rules to be more owner friendly and prudent buyers felt more secure in making the investment. Sales happened and prices began to rise again.

Looking north on South Indiana Avenue

Here's a look at one, two and three bedroom condo sales (attached units including town houses) from January 1st to October 28th, 2014.

Three or more bedrooms condo sales (includes attached town houses)

129 three or more bedrooms units closed this year from January 1st to October 28th.  The median price of a unit is about $642,500.  123 units with a median price of about $660,000 sold over the same period in 2013.  A pretty stable run for larger homes over the last two years.

The highest sale thus far in 2014 is $1,616,000 for a condo unit at 1211 S Prairie Unit 2901.  The three bedrooms northeast corner unit in South Loops most prominent building comes in just under 3,000 sq/ft and two garage spots. At least 24 units have sold for over one million this year.

Views from a client's condo in South Loop. Photo Eric Rojas, Broker, Kale Realty

Two bedroom condo sales

374 two bedrooms condo units sold with a median price of $392,000. Unit sales are up 21%.  
307 units sold over the same period in 2013 with a median price of $370,000.
The highest two bedrooms sale is $1,075,000 at 1211 South Prairie Unit 6202.

One bedroom condo sales

151 one bedroom units sold with a median price of $235,000.  153 one bedroom units sold over the same period last year with a  median price of $220,000.

The highest one bedroom sale is $470,000 once again at the 1211 S Prairie building.

Live and shop, shop, shop in South Loop

You may pay a little more to live in the South Loop than a few years ago but that price tag comes with more stable housing, increased retail options and more nightlife.

South Loop BOOM? Condo unit sales UP 94% in 2012

One of the higher profile boom and bust stories of the Chicago real estate market is the South Loop Community Area.  The community teemed with new highrise condo buildings and town home developments over the past 10 years.  The lakefront, access to downtown amenities and employment,  highways access and views can be fantastic.

However, the 2008 financial crash particularly exposed the over built, over-priced and over-their-heads developer era of the South Loop. Let's see how condo sales fared in 2012, a good year for city condo sales in general.

Highrises and town house developments in South Loop (Photo, Eric Rojas).

770 South Loop condo units sold from January 1st to December 26th in 2012.  That's up 94% over the same period in 2011.  A pretty astonishing number.  Many factors may have contributed...low interest rates, stabilizing condo associations, lower asking prices for the location, good income to housing price ratio and faster processing of short sales and foreclosures.  New development completely halted after 2008. Now, four years later people are beginning to feel comfortable with "new" pricing and what they value in the new normal.

The median price in 2012 was about $250,000 for an attached condo.
Same period in 2011, the median price was about $260,000 for an attached condo.


Distressed (Short Sale and REO, Bank Owned Sales)

In 2012 about 226 out of 770 of the closed condos (29%) were recorded as short sales or foreclosures (bank owned, REO).

In 2011, 149 of the 396 condos (38%) sold were recorded as short sales or foreclosures.

South Loop Condo Unit Sales 2008-2012

2008 unit sales 1,127
2009 unit sales    637
2010 unit sales    568 (affected by Federal First Time Buyer stimulus)
2011 unit sales    405
2012 unit sales    770 (as of Dec 26th)

All statistics gathered from MREDLLC.com and analyzed by Eric Rojas, Licensed Real Estate Broker.  Stats are deemed accurate but not guaranteed.  Some approximate median prices and sales numbers are noted along with anecdotal information.

South Loop three bedrooms (or more) condo sales up 44%, median up over $100,000

Views from a condo showing at 100 East 14th Street (Photo Eric Rojas, Real Estate Broker)

We recently worked with clients who just closed a South Loop three bedrooms town house.  It wasn't easy as few options were available in their school district and price-point requirements.
South Loop has seen a big resurgence in condo sales (attached units including town houses) over the past couple years.  As in many neighborhoods the competition for larger units with three true bedrooms is fairly intense. 

Our clients just closed on 20 West 15th Street in South Loop... a rare true three bedrooms town house for under $450,000 in South Loop Elementary School district (Photo Eric Rojas, Real Estate Broker)

Three bedrooms or more attached home sales (condo, town house) January 1st to September 27th

110 attached units with three bedrooms or more have closed in the South Loop this year.  That's up 44% over the 76 units sold same period last year. The median price is a hefty $649,000; way up over the $525,000 same period in 2012.

The highest sale this year is 233 East 13th Street #2405 for $1,600,000.  The contemporary high-end three bedroom condo is listed at 3300 square feet on one floor and features a true full service bar area and family room.  The lowest sale is at 328 East 25th Street #2W for $215,000.  The three bedrooms, two baths condo was built in 2008 and located on the southern border of the South Loop Community Area.

Foreclosures, Short-sales

The percentage of sales that are either foreclosures or short sale is down.  This year, 14 of the units sold were listed as foreclosure or short sales (13%).  That's down from the 17 units last year in only 76 sales (22%).

Foreclosure, Short-sales percentage
2013 at 13%
2012 at 22%
2011 at 19%
2010 at 5%
2009 at 10%
2011     19% of sales were


The higher number of sales and higher median price mimics much of the most popular neighborhoods in the city.  The South Loop was particularly beat up after the 2008 financial crash.  However, the high demand for properties near Loop jobs, public transportation and highway access has allowed sellers of larger, nicer units in South Loop to come back on the market again and sell conventionally.

Statistics gathered from MREDLLC.com and analyzed by Eric Rojas, Real Estate Broker

Consulting on "flips" and a look at South Loop condo sales

2000 S Michigan is an early condo conversion in the historic Motor Row area of the Near South Side and growing South Loop neighborhood. All photos Eric Rojas, Broker, Kale Realty.

I stopped by the old Motor Row neighborhood of Near South Side community area to consult on a condo renovation project last week. Many of the original condo conversions of this particular area were developed just before the financial market crash.  It has taken 10 years for the immediate area to show substantial development and growth.  But here we are. Many of the original units are getting a face lift or gut rehab and selling in the market for good prices.

Greater South Loop market picked up crazy steam a couple years ago. The development of McCormick Square as a new neighborhood and the new Wintrust Arena has helped consolidate the rebound of Motor Row and nearby and South Loop real estate prices. All this major activity creates opportunities for smaller developments and gut renovation "flips".

The views of the Second Presbyterian Church from a grade level loft condo I checked out!

The general South Loop neighborhood of Near South Side from Congress to West Cermak. Excluded are Printer's Row (west of State Street) and Chinatown south of Cermak.

South Loop Condo Sales
115 attached South Loop units (condo, town house) have sold in 2018 thus far. The median price of a condo is about $360,000. Over 2017 the same sales area showed 802 closed attached units with a median price of about $382,000.  Interestingly back in 2013 sales were fairly consistent to 2017. 752 units closed with a median price of $364,000.

South loop offers some pretty cool streetscape views.

In the entire Near South Side community area, 867 attached units sold over 2017 with a median price of about $375,000.

My hoopsters 1st and 3rd from the left.

I've visited the new Wintrust Arena for a couple DePaul University basketball games and my kids already want a "staycation" at the Marriot Marquis. 

South Loop condo and townhome unit sales (median price up a tick)

 

South Loop... the best loop! Looking south down South Indiana Avenue Monday morning. All photos Eric Rojas, Broker, Kale Realty

We're currently preparing a South Loop townhome for the market. Let's take a look at greater South Loop sales this year.

South Loop condo sales January 1st to November 13th

South Loop unit sales were down about 72 units (-13%) in 2020 compared to the same period in 2019.  The median price of a sold condo is up about 3% year to year.

548 South Loop condos (attached units and townhomes) have sold so far this year.  The median price of a sold unit is $382,000. The highest priced sale is 1201 South Prairie Unit 5301, Chicago IL 60605 for $1,620,000. The lowest priced sale so far this year is 345 East Eastgate Place Unit 305, Chicago IL 60616 for $125,000.

620 units sold over the same period in 2019 with a median price of about $372,000. 

More South Loop posts here!

 

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.   

South Loop townhouse sales: Up and down unit sales and median price

We viewed three bedrooms townhouses this morning in peaceful, well located Dearborn Park II development of the South Loop. This particular section is across from South Loop Elementary and conjoining park.

We're all dealing with the reality of the coronavirus outbreak. However some folks have the added complication of needing to move. They may have leases coming up, home sales under contract or moving to Chicago for a new job. Most of our business is on hold while folks wait this out. We currently have some essential business to take care of while taking appropriate precautions. Additionally I'll keep posting observations to my blog and Facebook site as much as possible (when I'm not homeschooling my kids). 

Stately town homes line Jones Park in South Loop. I think most people would be surprised by the tranquil life offered in the middle of South Loop.

We have clients looking to upgrade space from their South Loop two bedroom condo. They want to keep their small family in the immediate area. The convenience to work, shopping, the lakefront and cultural events are too great a draw to jump ship! It's a good time to take a look at South Loop townhouse sales numbers in the ever evolving lakefront neighborhood.

Greater South Loop neighborhood sales area we generally monitor.  All stats based on this footprint.

South Loop Townhouse Sales
In the first three months of 2020 (January 1st to March 20th) eleven townhouses closed in South Loop. The median price is about $600,000. 320 East 18th Street was the highest priced closing at $860,000. Over the same period of 2019 thirteen townhouses closed with a median price of about $500,000.  The highest priced closing reached $1.7M with another closing at $1.5M.

There have been interesting swings in units sales and median price over the last four years. If the $600,000 holds up this year we'll see another swing back up. What's interesting there were no new town homes built over the last four years that might have explained the over $100K median price spike in 2018. Unit sales jumped to ninety-one townhouses sold in 2017 over just fifty-nine sold in 2016.

2019: Sixty-one total townhouses closed with median price of  about $530,000.
2018: Eighty-three townhouses sold with a median price of a whopping $770,000!
2017: Ninety-one townhouses closed with a median price of about $635,000.
2016: Fifty-nine townhouses closed with a median price of about $565,000

One of my favorite South Loop sight-lines... driving northbound down South Indiana Avenue!

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.

 

News Flash... South Loop has a ton of Construction

I think I'm developing a reputation with my readers as the king of the understatement. Yes, the South Loop neighborhood has ALOT of construction. Don't take my word for it... just read the Chicago Tribune's expose on the South Loop from this Sunday's real estate section.

Stats of note:
"The South Loop outperformed other parts of downtown in 2005 new-construction residential sales and has increased its share of the downtown condo market to 44 percent, according to Appraisal Research Counselors, a Chicago firm that tracks residential sales."Huge activity is going on in the South Loop. It's the most active part of the city," said Gail Lissner, vice president of Appraisal Research. "The South Loop has had dramatic growth. In 2000, the area had 7,700 housing units. By the end of this year, it will have 13,600, almost double."

"Lissner said of the 6,200 units in the South Loop on the market now, two-thirds have been sold. "In the next couple of years, 6,100 more units are proposed."

My eye has been on the South Lopp for a few clients in the past year... from the under $300K with a parking spot for one and up to $400K for another.

It's seriously hard to believe how many high rise units that are proposed, under construction and completed (and the number of units already for sale). That is, until you think about the proximity to the central business and financial districts. And, that centralization can sprawl along the lakefront too I suppose. So far, it has been mainly residential development that has dominated the landscape, as pointed out in the Tribune article. Retail has had a tough time due to the density of people and their cars. It seems even though people are buying in the South Loop, they are taking their cars with them.

But that's boutique retail that has been slow to develop and thrive... it took awhile, but their is a ton of major retail stores that will now anchor the Roosevelt and Canal area. This should be plenty of stores and more for the new wave of South Loopers and welcome to the old wave. It's far enough off the lakefront as to not disturb the cityscape, but close enough to walk to (bring your folding cart and a backpack for your stuff on the way back).

Let's face it... the only thing that has slowed this gold mine by the lake front (and museums) is clean up of old industrial warehouses and displacement of the "have nots". Nothing exclusive to the South Loop, and every desirable location of the city seems to eventually have its day of gentrification vs. displacement and affordibility. I mean, look at Uptown... its still a 50/50 proposition there. Near the lake and transportation... some beautiful enclaves. But crime, elements of poverty and social ills still lace the landscape.

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

Condo sales in West Loop's Skinner West school district: Prices up

We were viewing properties  in West Loop a couple weeks ago near the well regarded  Skinner West school at 1260 West Adams.   (All Photos Eric Rojas, Real Estate Broker, Kale Realty)

The school campus sits on the east end of Skinner Park.  The Skinner West school district is basically a large square just west of the river extending to South Ashland on the west border and West Kedzie to the Eisenhower expressway (290) north to south.

Approximate Skinner school district.  There is a small portion of the northeast corner of the shaded area above that is actually out of district (that resides in Ogden school). 

This particular West Loop area located in Skinner West school is already know for restaurants, tech, tons of housing development, production industries (Harpo Productions) and proximity to major employers in the Loop.  This combination of desirable school, nightlife and industry usually makes for pricey homes in Chicago.

Here's a look at condo sales in the Skinner West neighborhood attendance boundaries so far this year.

Residences across from Skinner West at the corner of South Throop and West Adams.

Three or more bedrooms unit sales January 1st through October 31st

125 units with three or more bedroom closed so far in 2014. Unit sales are up 37% over same period last year.  The median price is a robust $682,000.  91 units sold over the same period in 2013 for a median price of about $590,000.  Median price of current sales is up almost $100,000 year to year.  Price is reflective of what was available for sale but also signals a strong market for larger, higher end units.

The lowest priced  three bedroom unit sale this year  is 222 S Racine Unit 607 for $376,000.  The historic Daily News building unit included deeded garage parking and great outdoor space.  The large 93 unit building came with a $501.00 assessment (includes heat).

The highest priced condo sale in the Skinner school district this year is 122 South Aberdeen Unit 6N for $1,601,844.  The new construction penthouse unit is listed at over 4,200 sq/ft and features a private elevator.

 Two bedroom unit sales

319 two bedrooms units sold thus far in 2014 (down 7%).  However, the median price is up about $25,000 over last year at $3750,000.  343 units sold same period in 2013 with a median price of about $350,000. This may be reflective of the high demand and low mortgage interest rates running into lower inventory.  Most new buildings completed have been strictly rental apartments making popular (and more affordable) two bedroom quality condos a little more rare.  Prices of the offered units pushed up a little.

One Bedroom unit sales

Converted lofts cut from industrial buildings and a spattering of high-rise and mid-rise buildings provide a good number of one bedroom condo homes in West Loop.

248 one bedroom units sold so far in 2014 with a median price of about $255,000.  258 one bedroom units sold same period in 2013 with a median price about $245,000.    

Again, we see a slight uptick in median price.  However, we still have bit more short sale and foreclosure action in this sector over other types of residential property. One bedroom units were probably the hardest hit in the market crash. 

Path and play lot at Skinner Park

Cool views from school!

South Loop three bedroom condo sales

We've been in South Loop this early spring season shopping for three bedrooms, two or more baths condos (including town house style homes). There have been a few compelling deals that have made the neighborhood once again an option for my downtown professional clients looking for value.

Generally, I like clients to get as far "north" in South Loop as possible. The expanded area I like to show in South Loop is from West Roosevelt on the north to 18th Street on the south end. The further south will generally afford larger, less expensive loft spaces. While further north will get you a nice deal in a smaller loft, a mid-rise or high-rise that's closer to the restaurant and shopping action.

The number of closed three bedrooms, two baths condos with garage parking in the last six months is dismal. When searching closed units in South Loop between 1100 block and 1800 block south, only six closed results come back. Closed prices range from $260,000 for a foreclosure in 1717 South Prairie high rise to $1,187,532 in One Museum Park West. It's crazy out here!

Bump up to three bedrooms, three baths condos with garage parking and we have only six closings for the last six months as well... ranging from $405,000 to $1,200,000.

Although the South Loop has been a saturated and depressed market over the last few years due to the many high rise units, it will still take a median price of $500,000 to get a nicely finished three bedrooms, two or three baths attached unit with garage parking included. More so if you're considering a town house near the lake on a street like South Indiana or South Prairie.

Lofts are back in West, South Loop

We've been heavy in South and West Loop lately with loft buyer clients. The city vignettes are endless in these parts.

Looking north from a rooftop deck at 14 N Sangamon at dusk

Interesting South Loop and West Loop market stats coming up this week.  Our guess is condo sales are up in the West Loop and South Loop.  We'll see.

Looking down West Jackson late morning last week

Awaiting a showing at 120 E Cullerton, South Loop

A great building in Printer's Row: 600 South Dearborn sales and views

Printer's Row looking like Printer's Row. One of the views looking south from 600 South Dearborn Unit 616 offered at $329,000. Photo Eric Rojas, Broker, Kale Realty. Condo listing by Thomas Feddor, Dearborn Street Realty

We were back viewing 600 South Dearborn over the weekend. Our client will be working in the heart of downtown and this building offers great location, historic neighborhood and attractive price-point. The loft like units are very unique and owners have manipulated the various floor-plans.  It's aesthetic particularly attracts artists like our client. Units generally have tall ceilings and lot's of wall space for displaying art and the almost quaint block is a pleasure to step out on.

Looking out east at original building's in Printer's Row from Unit 616. Views, atmosphere and surrounding buildings are crucial for many buyers and affect real estate values. Printers Row delivers on urban, historic aesthetic.

Originally built for railroad offices in 1911 the Transportation Building was converted to apartments designed by architect Harry Weese circa 1982.  600 South Dearborn Street is located in the Printing House Row District. 

According to the Wikipedia entry "The Printing House Row District is a U.S. historic district on the 500 through 800 blocks of South Dearborn, South Federal and South Plymouth streets in the Loop community area of Chicago, Illinois. It was listed on the National Register of Historic Places as South Dearborn Street – Printing House Row Historic District and listed as a National Historic Landmark as South Dearborn Street – Printing House Row North Historic District on January 7, 1976".

600 South Dearborn condo sales
The last 12 months have been very dynamic for 600 S Dearborn sales. 25 units have sold with a median price of about $235,000. The median price range will get you a one bedroom, one bath unit with an average assessment around $375.00 in the building.  The building is listed at 294 total units but I'd guess it's a dozen fewer officially with combined units.

The highest priced unit sold in 2015 is 600 S Dearborn St Unit 1316 for $325,000 with a $475.00 assessment. It's a great value for a fully renovated 2 bedrooms, one bath virtually downtown location at 1,400 sq/ft. A second bathroom can be added without disturbing the main floor-plan. The lowest sold unit is 600 S Dearborn St Unit 2110, Chicago, 60605 for $183,000. The one bedroom foreclosure needed a complete rehab.

We will continue to show the 600 S Dearborn building for buyers that want a cool urban aesthetic and unique condo units. Amenities include 24hr door staff, small exercise room, laundry room and bulk Internet/cable deal.  The location has terrific access to CTA trains and the highways.

Breaking down South Loop attached condo / town house sales (unit sales down about 20%)

South Loop attached units sales (condos, town homes) January 1st to May 19th.

South Loop attached unit sales and median price has dipped year to year. Unit sales are down about 20% and median price down about $15,000. These are pretty steady numbers considering the pause when the pandemic was declared. 

198 condos and attached town homes have sold so far this year. The median price of a closed unit is about $370,000.  Median price for one bedroom units is about $265,000, two beds about $400,000, three beds jumps to about $682,000 and four beds or more about $800K.

246 units sold over the same period in 2019 with a median price of about $385,000.

April and May Closings
49 units closed in April this year while 68 units closed in 2019.  23 units closed from May 1st to May 19th this year while 47 units sold over the same period in 2019. 


I've been reading many indicators that this may be the bottom of the coronavirus affected sales. Our MREDLLC.com / Chicago Association of Realtor stats indicate that Chicago purchase contracts have been up for four straight weeks.

We see from the graph the solid lines (contracts) trending up and catching up to same period last year.

Quick STATS: Lakeview condo sales fierce, UP 33%

A "good" condo is a subjective thing.  But one thing we do well is know when a listed condo will sell quickly.  How?  As a wise person once said, "It is what it is".  This does not mean it's THE condo for YOU, it just means we have a good sense in a given market what will sell and at what price.

We saw this two beds, two baths Lakeview condo with garage parking last weekend.  $349,000 asking with this roof top cabana to boot.

And the good condo market is wicked fierce in our most active markets of Lincoln Square, Lakeview, Lincoln Park, North Center and South Loop.
Here's a look at Lakeview's condo sales for the first half of 2013.

From January 1st to May 31st of 2013 of this year 688 Lakeview condo units have sold.  That's up 33% from the 514 that sold same period in 2012...a good year in its own right.  216 condos closed in May 2013 alone.

What sold?  Here's a breakdown including attached townhouse units.
129 one bedroom condos sold with a median price of $155,000 (most in the lower half of pricing  reside in dated high rise and mid-rise buildings near the lake)

325 two bedroom condos sold with median price of about $335,000.  Two bedroom condos can vary greatly with one, two or two and one-half baths.  They also vary greatly in parking availability and outdoor space.

179 three bedroom condos sold with a median price of about $475,000.  Of course, styles and features vary greatly.

Only 29 Lakeview condos with at least 4 or more bedrooms sold with a median price of $651,000.  We sold one of them at 416 W Briar Place.

West Town "three bedrooms or more" condo sales up 32%, price explosion in 2013

New construction condo units coming to the East Village neighborhood along North Damen Avenue just South of Division Street.

With single family home prices out of reach for many (and many don't want the maintenance of a house) we see increased demand for larger condo units for those looking to expand.  We recently spoke to a potential seller about their three bedroom duplex-down condo listing in the Wicker Park/ East Village area of West Town.  Larger condo unit sales and prices have been mostly up over last year's sales around the North Side of the city. 

Our guess is West Town has followed suit.  Here's a look at three bedrooms or more attached unit sales in West Town.

West Town sold three bedrooms or more attached units (condos) January 1st to September 20th, 2013

395 condo units listed at 3 bedroom or more have sold this year so far.  That's up 32% from the 298 units sold same period in 2012.  The median price is about $448,000, up $50,000 from about $398,000 last year.

January 1st to September 20th

395 units sold in 2013 with a median of $448,000
298 units sold in 2012 with a median of $398,000
222 units sold in 2011 with a median of $407,000
207 units sold in 2010 with a median of $449,000
180 units sold in 2009 with a median of $445,000
246 units sold in 2008 with a median of $475,000

The highest sale in the West Town Community Area for an attached unit this year is a 4 bedrooms riverfront town house at 457 N Canal closed at $1,655,000. The year 2000 built home is listed at 4000 square feet and just a couple blocks from River North and minutes to Streeterville and the Loop.

The lowest recorded sale in West Town for a three bedrooms unit is 528 N Hartland Court Unit F1 for $63,000.  The foreclosure unit was one of four (4) three bedrooms condos that sold for under $100,000.

More new construction at West Thomas and North Winchester answers the demand for larger condo units.

For Sale, Under Contract
93 condo units are currently listed in the West Town Community area.  There are 102 three bedrooms or more condo units under contract at the moment with a median asking price of $472,000.  That there are often more units under contract than listed in particular community areas has been a little shocking to many buyers this year.