(I hate when people don't update their sites. I've become one of those people. And I'm ashamed. I'm sorry fellow nerdy Chicago real estate junkies. This will not happen again. Just kidding - it probably will happen again. I usually wait until I see something interesting to write.)
A client of mine asked me a great question on Thursday night: if we take a loss on our condo in Albany Park (they're on the market right now), and buy in another neighborhood - have those neighborhoods taken AS BIG a loss? In short - he wanted to know that if they're going to get their asses kicked on price that everyone has had an equally painful ass-whopping. So I looked into it.
Here are results on 2 bed, 2 bath condos since 2005 for price (I typically consider the 2/2 to be the bread-and-butter of the Chicago condo market). The peak year for price is shaded in green...
Prices have been going down since the peaks in the northside neighborhoods. And for the first time, NO neighborhood is immune (I'm looking at you Lakeview).
So - to answer the question - has Albany Park fared worse? Yes. Is everything else going to "catch up". Yes - it definitely looks like it.
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