Residential Spaces - Bucktown and Wicker Park - October 2, 2012

This week 5 of the 10 closings were at 99.1% of the list price or higher.  The number of properties available on the market today is less than it has been recently.  In fact, there are just 3.7 months of inventory in the area, if buying continues at the current rate.  At the end of September 2011 there was over 10 months of inventory of condos and nearly 8 months for single family homes.   Great property that is priced at today’s market is selling quickly.  This is a big market change, and prepared buyers and sellers are making the market move quickly.  Current interest rates continue to be low and attractive. 

The FHA loan programs have a recent change that makes this a financing option for more condo buyers with 3.5% down.  They have increased the maximum % of investor ownership in a condo association that will potentially qualify for FHA loans.  Your loan officers can tell you more about what types of loans you qualify for and what types of properties you are able to purchase now.

Bucktown/Wicker Park closings last week:  2 Detached single family house, 4 Attached condos, and 4 2-4 unit buildings

2Sold - Detached Single 

2125 W Homer 2 bedroom 2 bath 2 Stories 5 days $416,000

1633 N Hermitage 5 bedroom 3.1 bath 3 Stories 1 day $990,000 (99.1%of list price)

4 Sold - Attached Single 

2012 W St Paul #414 2 bedroom 1.1 bath parking, Condo, Duplex, Loft 28 days $300,000 (just over list)

2331 N Lister #D 2 bedroom 2.1 bath 2 garage Townhouse 3+ Stories 23 days  $385,000

1751 W Julian #5 3 bedroom 2 bath 2 garage, spaces Condo 6 days $405,000 (101.5% of list)

1846 W Armitage #1E 3 bedroom 2.1 bath garage Duplex, Condo 9 days $490,000 (106.3% of list)

4 Sold - Two to Four Units 

1350 N Bell 2units, each 3 bedroom $269,900 (Short Sale) (100% of list)

1312 N Claremont 3 units each 3 bedroom $375,000

2232 W Lyndale 2 units – 2 bedroom + 1 bedroom $410,000

1219 N Damen 2 units 3 bedroom + 2 bedroom 5 days  $518,000

Quick take –

What’s on the market now?  List Prices - High Low Average Median

47 Active - Detached Single

$4,400,000 $259,000 $1,334,679 $1,100,000

99 Active - Attached Single

$749,900 $130,000 $414,861 $399,000

14 Active - Two to Four Units

$1,175,000 $270,000 $544,243 $429,500

*** Information sourced from MREDLLC; 10/1/12. Residential properties - Bucktown (Ashland, Western, Fullerton, North) and Wicker Park (Ashland, Western, North, Division)

Have a topic you’d like to see explored or a real estate question send it in. 

If you’d like more information on properties currently on the market or selling your home just drop me a note at EvaB@atproperties.com