In early 2008, specifically March, the south loop has seen an increase in market activity above that of the fourth quarter of 2007.  Market statistics indicate an increase in buyers entering the market which has reduced market times and the excess inventory. To illustrate this point I will be using absorption rate.  Absorption rate indicates how long it would take for the current inventory in an area to be purchased if the rate of consumption continued at a steady pace, assuming no new units come onto the market.  In order to determine that pace I will use the number of closed units in the month of February. 

Hence, there were 156 closings of condos in the South Loop during March. (ranging in sales price from $128,000 – $1,900,000)

There are 1254 condos currently on the market (ranging from $144,900 – $4,250,000)

 Therefore, it would take approximately 8 months to absorb the current inventory. 

Meaning for Sellers:

Absorption rates were much higher in 2007.  Eight months of inventory demonstrates a return toward normalcy in the South Loop.  At about 6 months of inventory the market is said to be balanced.  Any lower than four months and you can call it a seller’s market.  I would still suggest that if you’re selling a condo in South Loop, you should hold off listing it until some of the current inventory is sold, the new construction inventory will make your task all the more daunting.  If waiting is not an option, it is of utmost importance that a seller understand the general amount of competition out there and moreover, have the willingness to price your property according to market conditions and the direct competition to your unit. 

Meaning for Buyers:

 From the purchasing side, eight months of inventory still allows a buyer to be selective in their purchases by searching out the best prices, terms, and conditions.  Whether purchasing new construction or a resale unit, opportunity abounds.

I would like to highlight a couple listings I saw this week while previewing property: 

1. Eco 18 at 1818 S. Wabash - New Green Development featuring geothermal heating and cooling, solar hot water, energy recovery systems and a rooftop garden.  Standards include bamboo flooring, stainless steel appliances, and all the modern touches you would expect from a new construction development.  Floorplans range from 1 bedroom 1 bath to 2 bed 2 bath and a den.  Prices range from $279,900 to $659,900. For further details visit: www.eco18.com

2. Lakeside Lofts 1025 – 1035 S. Indiana - Developer Close Out.  1 bedroom, 1 bedroom + den and two bedroom floorplans still available.  Prices range from $245,800 to $395,800. Incentives include a free Garage Parking spot

If you would like to see any of the properties mentioned here, or would like a neighborhood update for another area please feel free to contact me. justin.conner@tregchicago.com

Best,

JLC

Market statistics indicate an increase in buyers entering the market which should reduce market times and begin to reduce the excess inventory. To illustrate this point I will be using absorption rate.  Absorption rate indicates how long it would take for the current inventory in an area to be purchased if the rate of consumption continued at a steady pace, assuming no new units come onto the market.  In order to determine that pace I will use the number of closed units in the month of February. 

Hence, there were 36 closings of condos in Lincoln Park during February. (ranging in list price from $152,000 – $2,317,500)

There are 612 condos currently on the market (ranging from $149,900 – $13,066,900)

 Therefore, it would take approximately 17 months to absorb the current inventory. 

Meaning for Sellers:

Absorption rates reached over two years in Lincoln Park in 2007.  January saw the absorption rate fall to a little over one year.  February was slower than January which is not uncommon.  While a little over a year of inventory is still quite a bit, the drop off from last year bodes well for the market leveling in 2008.  If you’re selling a condo in Lincoln Park, ideally you should hold off listing it until some of the current inventory is sold.  If waiting is not an option, it is of utmost importance that a seller understand the general amount of competition out there and moreover, have the willingness to price your property according to market conditions and the direct competition to your unit. 

Meaning for Buyers:

It’s a buyer’s market.  While lending standards have become more strident, for those that qualify to buy a wealth of opportunity abounds. Whether buying a first home, or buying up to the dream home, a buyer can be selective in their purchases and search out the best prices, terms, and conditions.

I would like to highlight a couple listings I saw this week while previewing property: 

1. 2620 N. Halsted #2 - New construction three bedroom two bath condo.  Includes two decks and two parking spaces.  Exquisite millwork matches Brazilian cherry hardwood floors.  All the upgrads one could ask for with marble baths, body sprays, and rain showers.  Finishing touches include a fully organized closet and high end appliances.  Listed at $577,000.

2. Lincoln Park 2520 - New construction development sits on three acres of prime parkfront real estate where Columbus hospital used to stand.  Designed by renowned architect Lucien Lagrange. Lincoln Park 2520 offers luxury living at its finest with unparalleled amenities including, a concierge service, fitness center complete with massage rooms and a dance studio, and one acre landscaped garden including a dog run.  Not to mention the finest finishes and abundant square footage.  To schedule a showing contact me. justin.conner@tregchicago.com For further details go to: www.lincolnpark2520.com

 If you have questions about any of the properties mentioned here, or would like a neighborhood update for another area please feel free to contact me.

Best,

JLC

In early 2008, specifically February, the south loop has seen an increase in market activity above that of the fourth quarter of 2007.  Market statistics indicate an increase in buyers entering the market which should reduce market times and begin to reduce the excess inventory. To illustrate this point I will be using absorption rate.  Absorption rate indicates how long it would take for the current inventory in an area to be purchased if the rate of consumption continued at a steady pace, assuming no new units come onto the market.  In order to determine that pace I will use the number of closed units in the month of February. 

Hence, there were 102 closings of condos in the South Loop during February. (ranging in sales price from $178,000 – $1,550,000)

There are 1226 condos currently on the market (ranging from $146,000 – $4,250,000)

 Therefore, it would take approximately 12 months to absorb the current inventory. 

Meaning for Sellers:

Absorption rates were much higher in 2007.  While a little over a year of inventory is still quite a bit, the drop off from last year bodes well for the market leveling in 2008.  If you’re selling a condo in South Loop, ideally you should hold off listing it until some of the current inventory is sold, the new construction inventory will make your task all the more daunting.  If waiting is not an option, it is of utmost importance that a seller understand the general amount of competition out there and moreover, have the willingness to price your property according to market conditions and the direct competition to your unit.  In February there were instances of listing a property and accepting an offer within a month.  It can be done, but a good realtor is crucial to effectively marketing a property under these circumstances.

Meaning for Buyers:

 From the purchasing side, a year of inventory still allows a buyer to be selective in their purchases by searching out the best prices, terms, and conditions.  Whether purchasing new construction or a resale unit, opportunity abounds.

I would like to highlight a couple listings I saw this week while previewing property: 

1. The Columbian at 1160 S. Michigan - Positioned on Michigan avenue with easy access to everything that Chicago has to offer including Chinatown, Little Italy, Greektown and Pilsen.  This building was designed to maximize views of the Chicago skyline, Grant Park, and Lake Michigan.  Full amenity building with one, two and three bedroom units ranging from $355,000 to $2.5 million for penthouses.  Heated garage parking is available.  Available for immediate delivery.  For more details visit: www.thecolumbian.chicago.com 

2. 1111 S. Wabash #2602- North East corner unit with views of Chicago Skyline, Lake Michigan, and park.  Three bedrooms, two and a half baths and 2600 square feet provide all the space you will require.  Plus two parking spaces.  55 x 20 terrace includes a built in Viking grill.  Fully upgraded in full amenity building, listing for $1,349,000. 

 If you have questions about any of the properties mentioned here, or would like a neighborhood update for another area please feel free to contact me.

Best,

JLC

In this week’s update I will focus on condos in Wicker Park and Bucktown. While there are plenty of housing options in Wicker Park and Bucktown, there are not the exorbitant levels of inventory seen in some other areas of the city.  However, there has been an influx of luxury condo developments, six to twelve unit, new construction buildings with very high end finishes. 

In order to paint a picture of the current market, I will be using absorption rate.  Absorption rate indicates how long it would take for the current inventory in an area to be purchased if the rate of consumption continued at a steady pace, assuming no new units come onto the market.  In order to determine that pace, I’ll use the number of closed units in January.

Hence, there were 22 closings of condos in Wicker Park and Bucktown in January. (ranging in list price from $131,000 to $1,124,900)

There are 294 units currently on the market (ranging from $199,900 to $824,500)

 Therefore, it would take approximately 13.3 months to absorb the current inventory.

Meaning for Sellers:

The absorption rate in Wicker Park and Bucktown is consistent with what I have seen in most neighborhoods in Chicago. (10 to 15 months of inventory)  This is a decrease from much of last year and reflects the slowing of new construction and an increase in willing and able buyers entering the market.  13 months of inventory still indicates and overstock of homes and if you are planning to sell now your home needs to be priced competitively and kept in excellent showing condition.  Visit the “current homeowners” section for tips on how to make your home show like a model.

 Meaning for Buyers:

From the purchasing stand point, a 13month supply provides a wealth of options to choose from.  Searching through this much inventory can be intimidating for some buyers, specifically those making their first purchase.  Good Realtors should be constantly viewing property.  This expertise, coupled with a proper buyer interview will streamline the search for a buyer and allow them to focus only on the properties that truly fit the needs they have communicated to their agent.  Visit the “How to Buy a Home” page for an explanation of the home buying process.

I would like to highlight two units new on the market this week in Wicker Park and Bucktown. 

 1. 2228 W. Belden #2E - Incredibly upgraded three bedroom, two and a half bath penthouse duplex.  Unit boasts a private roof top deck (50 x 16) and panoramic skyline views. Plus top of the line finishes including Viking and Sub Zero appliances as well as Grohe and Toto fixtures.  Garage parking is included for a listing price of $689,500.

2. 2302 W. North Ave. #2E - Upgraded two bedroom, two bath condo with wide open floor plan.  Intimate 8 unit elevator building with roof top deck and skyline views.  In addition to these features the unit comes with a parking space and has extremely low assessments at $125/month.  Listing price of $369,900.

 Contact me if you have further questions about any of the properties mentioned here or would like to schedule a showing. If you would like to see a neighborhood update for another area or a different type of home, leave a comment stating your interest.  If any one area garners enough comments, I’ll gladly do the research and provide a post.

Best,

JLC

In this week’s update I will focus on two bedroom condos in Lakeview.  Like most every neighborhood in Chicago, there are a multitude of condos currently on the market and in addition, some planned new construction.  I will be using absorption rate to illustrate exactly how much inventory is out there.  Absorption rate indicates how long it would take for the current inventory in an area to be purchased if the rate of consumption continued at a steady pace, assuming no new units come onto the market.   In order to determine that pace I will use the number of closed units in the month of January. 

Hence, there were 27 closings of two bedroom condos in Lakeview during January. (Ranging in sales price from $214,900 to $586,000)

There are 410 two bedroom condos currently on the market. (Ranging in list price from $184,900 to $675,000)

 Therefore, it would take approximately 15.2 months to absorb the current inventory. 

Meaning for Sellers:

 If you’re selling a two bedroom condo in Lakeview, ideally you should hold off listing it until some of the current inventory is sold.  If waiting is not an option or you plan to buy a larger home, it is of utmost importance that a seller understand the amount of competition out there and moreover, have the willingness to price your property according to market conditions and the direct competition to your unit.  In essence, this means pricing your property the lowest or second lowest within the building or among comparable properties.  Units are certainly still moving, but the ones that are selling create value in the eyes of a buyer.  As with any other type of purchase, buyers determine value by comparison shopping.  A good realtor is crucial to effectively marketing a property under current market conditions.

Meaning for Buyers:

 From the purchasing side, a little over 1.25  years of inventory on the market coupled with still historically low interest rates provides a buyer a classic buy low opportunity.  The chance to search out a good deal in an area where they were previously hard to come by.  Case in point, I recently sold a duplex in Lakeview to a buyer for $505,000, it was originally listed at $575,000.

I would like to highlight two listings I visited this week in Lakeview. 

 1. The Lofts at 1800 - Technically in North Center, not Lakeview, but the development warranted mention here.  Located on quiet tree lined grace, yet still walking distance to Wrigley Field and the shopping and restaurants of Lakeview, Lincoln Ave, and the Southport Corridor.  Floorplans range from 1 bedroom and 1 bath to 3 bedroom + den and 2.5 baths in this six floor mid-rise development.  Most units feature an expansive terrace and indoor heated garage parking adds comfort and convenience.  Expected delivery in late 2008.  Prices range between $263,100 and $511,100.  Contact me for a showing: justin.conner@tregchicago.com.  For further details visit: www.loftsat1800.com

2. 1318 W. George, Unit 2B - Soft loft with two closed bedrooms.  18′ ceiling, exposed brick, and duct work make for a dramatic entertaining area in combined kitchen, living, and dining room.  Intimate elevator building with six total units.  Other feature include fully upgraded kitchen, 1.5 car garage, and roof top deck with skyline views.  Listed at $519,000.

 If you have further questions about any of the properties mentioned here, or would like a neighborhood update for another area please contact me or leave a comment stating the neighborhood.  If any one area garners enough interest, I’ll gladly do the research and provide a post.

Best,

JLC

In January of 2008 we have seen an increase in market activity above that of the fourth quarter of 2007.  Market statistics indicate an increase in buyers entering the market which should reduce market times and begin to reduce the excess inventory. To illustrate this point I will be using absorption rate.  Absorption rate indicates how long it would take for the current inventory in an area to be purchased if the rate of consumption continued at a steady pace, assuming no new units come onto the market.  In order to determine that pace I will use the number of closed units in the month of January. 

Hence, there were 43 closings of condos in Lincoln Park during January. (ranging in list price from $149,000 – $1,380,000)

There are 529 condos currently on the market (ranging from $134,900 – $13,066,900)

 Therefore, it would take approximately 12.3 months to absorb the current inventory. 

Meaning for Sellers:

Absorption rates reached over two years in Lincoln Park in 2007.  While a little over a year of inventory is still quite a bit, the drop off from last year bodes well for the market leveling in 2008.  If you’re selling a condo in Lincoln Park, ideally you should hold off listing it until some of the current inventory is sold.  If waiting is not an option, it is of utmost importance that a seller understand the general amount of competition out there and moreover, have the willingness to price your property according to market conditions and the direct competition to your unit.  In January there were instances of listing a property and accepting an offer within a month.  It can be done, but a good realtor is crucial to effectively marketing a property under these circumstances.

Meaning for Buyers:

 From the purchasing side, a little over a year of inventory still allows a buyer to be selective in their purchases by searching out the best prices, terms, and conditions.

I would like to highlight a couple listings I saw this week while previewing property: 

1. 1920 N. Howe #1R – Uniquely designed Lincoln park duplex.  Three bedrooms, two outdoors spaces and a truly open and livable floor plan.  Parking is included and the unit is priced extremely well for its location.  Listing for $484,000 

2. Lincoln Park 2520 - New construction development sits on three acres of prime parkfront real estate where Columbus hospital used to stand.  Designed by renowned architect Lucien Lagrange. Lincoln Park 2520 offers luxury living at its finest with unparalleled amenities including, a concierge service, fitness center complete with massage rooms and a dance studio, and one acre landscaped garden including a dog run.  Not to mention the finest finishes and abundant square footage.  To schedule a showing contact me. justin.conner@tregchicago.com For further details go to: www.lincolnpark2520.com

 If you have questions about any of the properties mentioned here, or would like a neighborhood update for another area please feel free to contact me.

Best,

JLC

In this week’s update I will focus solely on two bedroom units in the south Loop.  Prevelent new construction that is reasonably priced and bolstered by buyer incentives has made it difficult for current homeowners to sell their properties in the South Loop.  In order to paint a picture of the current market, I will be using absorption rate.  Absorption rate indicates how long it would take for the current inventory in an area to be purchased if the rate of consumption continued at a steady pace, assuming no new units come onto the market.  In order to determine that pace, I’ll use the number of closed units in the last thirty days.

Hence, there were 8 sales of two bedroom condos in the South Loop over the last 30 days. (ranging in list price from $285,000 to $513,900)

There are 169 units currently on the market (ranging from $250,000 to $749,500)

 Therefore, it would take approximately 1.76 years to absorb the current inventory.

Meaning for Sellers:

If you are selling a two bedroom condo in the South Loop I would suggest holding on to the property until some of the current inventory has been absorbed, or rent the unit out.  If you must sell, the good news is 1.76 years of inventory, is not as daunting as the 2.5 years of supply in areas like Lakeview and Lincoln Park.  In the current market, getting eyes on your property (read: showings) early on in the listing process is an absolute necessity.  The longer your unit sits on the market, the more it will blend into the already extensive inventory.  In order to achieve this goal, your listing must hold the number one market position in price, location, or condition.  The ideal is to be first in all three.  Since you can not move real estate to improve the location, price and condition become the major factors.  Be prepared to price competitively. Remember, if you are planning to buy up after your home sale, while you might not make as much as you hoped on your sale, you will not have to pay as much for the new buy up property.  Here you must think like an investor, in the long run the appreciation of the new property will outweigh what you had to give up in your sale.

 Meaning for Buyers:

From the purchasing stand point, a 1.76 year supply provides a wealth of options to choose from and this does not fully count the new construction that is currently underway but not yet listed.  Searching through this much inventory can be intimidating for some buyers, specifically those making their first purchase.  Good Realtors should be constantly viewing property.  This expertise, coupled with a proper buyer interview will streamline the search for a buyer and allow them to focus only on the properties that truly fit the needs they have communicated to their agent.

I would like to highlight two new developments I visited this week in the South Loop. 

 1. The Columbian at 1160 S. Michigan - Positioned on Michigan avenue with easy access to everything that Chicago has to offer including Chinatown, Little Italy, Greektown and Pilsen.  This building was designed to maximize views of the Chicago skyline, Grant Park, and Lake Michigan.  Full amenity building with one, two and three bedroom units ranging from $355,000 to $2.5 million for penthouses.  Heated garage parking is available.  Available for immediate delivery.  For more details visit: www.thecolumbian.chicago.com

2. Michigan Avenue Tower 2 at 1400 S. Michigan -  Positioned on Michigan avenue with easy access to shopping, dining, and entertainment.  Full amenity building including a full size pool with sun deck and an urban garden.  One and two bedrooms available from $309,990 to $579,990 with buyer incentive of one parking space included in price. Delivery in fall of 2008. For more details visit: www.1400michigan.com 

 Contact me if you have further questions about any of the properties mentioned here or would like to schedule a showing. If you would like to see a neighborhood update for another area or a different type of home, leave a comment stating your interest.  If any one area garners enough comments, I’ll gladly do the research and provide a post.

Best,

JLC

In this week’s update I will focus on two bedroom/two bathroom condos in Wicker Park and Bucktown. While there are plenty of housing options in Wicker Park and Bucktown, there are not the exorbitant levels of inventory seen in many other areas of the city.  However, there has been an influx of luxury condo developments, six to twelve unit, new construction buildings with very high end finishes.  There are also plans to convert the former rail line running along Bloomingdale to a “3 mile long elevated linear park running through the heart of chicago, connecting neighborhoods, the river, and our great park system.” – www.Bloomingdaletrail.org

In order to paint a picture of the current market, I will be using absorption rate.  Absorption rate indicates how long it would take for the current inventory in an area to be purchased if the rate of consumption continued at a steady pace, assuming no new units come onto the market.  In order to determine that pace, I’ll use the number of closed units in the last thirty days.

Hence, there were 9 sales of two bedroom condos in Wicker Park and Bucktown over the last 30 days. (ranging in list price from $289,000 to $599,800)

There are 109 units currently on the market (ranging from $275,000 to $729,800)

 Therefore, it would take approximately 12 months to absorb the current inventory.

Meaning for Sellers:

If you are selling a two bedroom condo in Wicker Park or Bucktown you should in theory have an easier time than you would in some other neighborhoods in the city.  Case in point, the 12 months of inventory here, while still quite a bit, does not compare to the approximately 2.5 years of inventory in both Lakeview and Lincoln Park.  Still, in order to ensure a successful and moreover, quick sale, your listing must hold the number one market position in price, location, or condition.  The ideal is to be first in all three.  Since you can not move real estate to improve the location, price and condition become the major factors.  Check back for tips on how to make your home show like a model. (Current Homeowners section)

 Meaning for Buyers:

From the purchasing stand point, a 12 month supply provides a wealth of options to choose from and this does not fully count the new construction that is currently underway but not yet listed.  Searching through this much inventory can be intimidating for some buyers, specifically those making their first purchase.  Good Realtors should be constantly viewing property.  This expertise, coupled with a proper buyer interview will streamline the search for a buyer and allow them to focus only on the properties that truly fit the needs they have communicated to their agent.

I would like to highlight two new developments I visited this week in Wicker Park and Bucktown. 

 1. 2157 West Division - 7 unit new construction with just two condos left.  European style design with clean lines, kitchen appliances integrated into cabinets, and gorgeous bathrooms.  Heated garage parking and available for immediate delivery.  Listing at $589,800.  For further details visit www.ranquistdevelopment.com

2. 2438 West Bloomingdale - New Construction 3 flat with a duplex down, duplex up and simplex inbetween.  Dark hardwood floors throughout, stainless steel appliances, Granite countertops, natural stone baths, and a plasma in the bathroom.  Each unit includes a generous outdoor space and secured and covered parking.  Units are available for immediate delivery and prices start at $349,900.

 Contact me if you have further questions about any of the properties mentioned here or would like to schedule a showing. If you would like to see a neighborhood update for another area or a different type of home, leave a comment stating your interest.  If any one area garners enough comments, I’ll gladly do the research and provide a post.

Best,

JLC

In this week’s update I will focus on two bedroom/two bathroom condos in Lakeview.  Like most every neighborhood in chicago, there are a multitude of condos currently on the market and in addition, some planned new construction.  To illustrate exactly how much inventory is out there, I will be using absorption rate.  Absorption rate indicates how long it would take for the current inventory in an area to be purchased if the rate of consumption continued at a steady pace, assuming no new units come onto the market.  In order to determine that pace, I’ll use the number of closed units in the last thirty days.

Hence, there were 10 sales of two bedroom condos in Lakeview over the last 30 days. (ranging in list price from $252,000 to $489,000)

There are 305 units currently on the market (ranging from $244,950 to $719,900)

 Therefore, it would take approximately 2.5 years to absorb the current inventory.

Meaning for Sellers:

 If you’re selling a two bedroom condo in Lakeview, ideally you should hold off listing it until some of the current inventory is sold.  If waiting is not an option or you plan to buy a larger home, it is of utmost importance that a seller understand the amount of competition out there and moreover, have the willingness to price your property according to market conditions and the direct competition to your unit.  In essence, this means pricing your property the lowest or second lowest within the building or among comparable properties.  Units are certainly still moving, but the ones that are selling create value in the eyes of a buyer.  As with any other type of purchase, buyers determine value by comparison shopping.  A good realtor is crucial to effectively marketing a property under current market conditions.

Meaning for Buyers:

 From the purchasing side, a little over 2.5  years of inventory on the market coupled with still historically low interest rates provides a buyer a classic buy low opportunity.  The chance to search out a good deal in an area where they were previously hard to come by.

I would like to highlight two new developments I visited this week in Lakeview. 

 1. Bellezza at 1624 W. Grace – 16 unit complete gut rehab of one and two bedroom condos with quality appliance packages and finishes.  Bellezza is located on Grace a fairly quiet, residential street, yet still is easily within walking distance of wrigleyville and the shopping and restaurants of Southport Corridor.  Prices range between $299,900 and $369,900.

2. The Winchester at 3175 N. Hudson – 47 unit new construction building of 2 and 3 bedroom homes with lake and city views.  The Winchester is 1/2 a block from Lake Michigan making all that lakeview has to offer easily accessible.  A full amenity building including fitness facility, indoor parking, doorman, and extra storage.  Delivery in Fall of 2009.  Prices range from $479,900 to $759,900.  Additionally, two penthouse units are available for just under $2 million.  For further details visit www.thewinchesterchicago.com

 If you have further questions about any of the properties mentioned here, or would like a neighborhood update for another area please contact me or leave a comment stating the neighborhood.  If any one area garners enough interest, I’ll gladly do the research and provide a post.

Best,

JLC

 While not as saturated as the last quarter of 2007 (check previous posts), Lincoln Park is still full of 2 bedroom condos for sale.  To illustrate this point I will be using absorption rate.  Absorption rate indicates how long it would take for the current inventory in an area to be purchased if the rate of consumption continued at a steady pace, assuming no new units come onto the market.  In order to determine that pace I’ll use the number of closed units in the last thirty days.

Hence, there were 7 sales of two bedroom condos in Lincoln Park over the last 30 days. (ranging in list price from $335,000 – $849,000)

There are 198 units currently on the market (ranging from $250,000 – $1,386,000)

 Therefore, it would take approximately 2.4 years to absorb the current inventory.

Meaning for Sellers:

 If you’re selling a two bedroom condo in Lincoln Park, ideally you should hold off listing it until some of the current inventory is sold.  If waiting is not an option, it is of utmost importance that a seller understand the general amount of competition out there and moreover, have the willingness to price your property according to market conditions and the direct competition to your unit.  A good realtor is crucial to effectively marketing a property under these circumstances, perhaps someone that understands absorption rates and how they effect not only the market as a whole, but also the effects on buyers and sellers specifically. 

Meaning for Buyers:

 From the purchasing side, a little under 2.4  years of inventory on the market provides a buyer a unique opportunity.  The chance to search out a good deal in an area where they are generally hard to come by.

To this end, I would like to discuss the vast range of price points available in Lincoln Park. 

 Some developments, for instance, Lincoln Park 2520 (www.lincolnpark2520.com), warrant the million dollar price tag do to their ammenities, space, and uniqueness.  While others, are priced sheerly based on reputation of the neighborhood.  In a buyer’s market, like this one, these listings will not sell.

This week I would like to highlight two properties that were not only in excellent condition, but also priced appropriately and extrememly salable.

 1. 1664 N. Dayton – Two bedrooms and two baths with parking listed for $435,000.  Dayton is a quiet residential street with easy access to all shopping, restaurants and night life that Lincoln Park has to offer.  The only draw back is that this unit is not fully update, but for $100,000 less than units of comparable size, you can do the upgrades yourself and save a penny or two, or acutally a million.

2. 2636 N. Orchard – Two bedrooms and two baths on the top floor or a sixteen unit building listing for $409,000.  This unit includes access to multiple rooftop decks and feels like a loft with some exposed brick and ductwork, but all bedrooms are closed.  The only draw backs are four flights of stairs and that there is no parking included, but there are multiple rental parking options within a short radius.

 If you have further questions about any of the properties mentioned here, or would like a neighborhood update for another area please feel free to contact me.

Best,

JLC