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/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