"This area is very
desirable - I'll have no problem selling"
I’ve
heard
that a few times from clients as they come to terms with the market. Let's take a look at the reality. I looked at 2
areas on
the north side that are typically defined as "desirable". The North/Damen/Milwaukee intersection
(ground zero of Bucktown),
and the Southport Corridor. Here's what I found.
AREA:
"North/Damen/Milwaukee"
I used the half-mile square around the intersection: roughly Schiller to Bloomingdale, Wood to Leavitt.
|
Type
|
Listed
|
Sold/Contract
|
Median
List
|
Median
Sale
|
|
Condos
|
198
|
95
|
$452,500
|
$410,000
|
|
Single
Fam
|
80
|
21
|
$1,299,000
|
$1,050,000
|
48% of condos sold. Those that did were typically 10% below market.
26% of homes sold. Those that did were typically 19% below market.
AREA:
"Southport Corridor"
I used
the
half-mile square from Racine to Ashland, Belmont to Addison.
|
Type
|
Listed
|
Sold/Contract
|
Median
List
|
Median
Sale
|
|
Condos
|
302
|
141
|
$439,900
|
$415,000
|
|
Single
Fam
|
51
|
17
|
$1,900,000
|
$1,490,000
|
47% of condos sold. Those that did were typically 6% below market.
33% of homes sold. Those that did were typically 22% below market.
So
that’s
what you get in a “desirable” location. How about a
neighborhood that isn’t as
magnet-y as the Southport Corridor or Bucktown?
Let’s
take a look at the first half-mile square west of California in Albany
Park.
Still a beautiful neighborhood, but not typically what people think of
first
when they think “north side”…
AREA:
Albany Park
I used
the
half mile square from California to Kedzie,
Irving
Park to Montrose.
|
Type
|
Listed
|
Sold/Contract
|
Median
List
|
Median
Sale
|
|
Condos
|
226
|
44
|
$259,000
|
$236,750
|
|
Single
Fam
|
32
|
7
|
$351,950
|
$309,950
|
19% of condos sold. Those that did were typically 9% below market.
33% of homes sold. Those that did were typically 12% below market.
Moral(s) of the story...
- The
3 L’s of real estate are alive and well
- if
you followed the 3 L’s it gives you a 50/50 chance of selling
(instead of a 20/80 chance)
- if
you’re above market on price, you’re not going to
sell anytime
soon