Monday, March 23, 2009

RESALE HOME AND CONDO SALES STRONG IN CHICAGO’S ELITE NEIGHBORHOODS

While sales of new condominiums in Chicago’s downtown market were sluggish in 2008, one veteran Realtor notes that the home and condo resale market was relatively strong in more than a dozen elite city neighborhoods.

“The housing market in Chicago can vary dramatically from one neighborhood to another,” said Louise Study, a 15-year real estate brokerage veteran at Rubloff Residential Properties’ Gold Coast office. “In fact, although the number of properties that traded in 2008 was recognizably lower than in past years, the median sale prices were close to the same level, and sometimes even higher than the previous year.”

Recently, Appraisal Research Counselor’s “Downtown Chicago Residential Benchmark Report,” noted that only 542 new-construction condos were sold in downtown Chicago in all of 2008.

In contrast, Study, who compiles an annual Multiple Listing Service report tracking single-family homes, condominiums and co-operative apartment resales, reported that 554 upper-bracket single-family homes were sold along with 1,516 condos and co-ops in the dozen elite city neighborhoods she surveyed in 2008.

Study’s report tracked resales in the following elite neighborhoods—Gold Coast/Near North Side, Lincoln Park, Lakeview, Bucktown/Wicker Park, Roscoe Village, Ravenswood, Andersonville South Loop, West Loop, Kenwood and Hyde Park.

Here are highlights of the “Study Study of Residential Real Estate,” now in its 24th year.

• Gold Coast/Near North. Thirteen single-family homes sold in 2008 for a media price of $2.125 million. Prices ranged from $670,000 to $13 million. And, 458 Gold Coast/Near North condominiums and co-ops sold for a median price of $750,000 last year. Prices ranged from $500,000 to $4.7 million.

“There currently are 28 active home listings in the Gold Coast/Near North market with a median listing price of $3,072,500,” Study said. And, there are 752 active condo and co-op listings with a media asking price of $899,000.

• Lincoln Park. A total of 97 single-family homes sold in 2008 for a media price of $1.625 million. Prices ranged from $510,000 to $5.050 million. And, 258 condominiums and co-ops were sold in the Lincoln Park market for a median price of $620,000. Prices ranged from $500,000 to $1.439 million.

Study reported that there currently are 117 active home listings in Lincoln Park with a median listing price of $1.999 million. There are 195 active condo and co-op listings with a media asking price of $698,900.

• Lakeview. Sixty-eight single-family homes sold in 2008 for a median price of $1.119 million. Prices ranged from $580,000 to $3.4 million. And, 232 condominiums and co-ops were sold in the Lakeview market for a median price of $584,000. Prices ranged from $500,000 to $1.665 million.

Study reported that there currently are 77 active home listings with a median listing price of $1.399 million. There are 206 active condo and co-op listings with a median asking price of $625,000.

The study also provided the following 2008 snapshots of single-family home, condominium and co-op sales in the following neighborhoods:

• South Loop. One single-family home sold for $760,000. Some 232 condos sold at prices ranging from $500,000 to $3.499 million.

• West Loop. Ten homes priced from $760,000 to $1,530,509 were sold. Some 54 condos sold at prices ranging from $500,000 to $825,000.

• Bucktown/Wicker Park. A total of 161 homes sold at prices ranging from $500,000 to $3,467,500. And, 208 condos sold at prices ranging from $500,000 to $1.25 million.

• Roscoe Village. A total of 154 homes sold at prices ranging from $500,000 to $2,499,900. Fifty-one condos sold at prices ranging from $510,000 to $897,500.

• Ravenswood. Sixteen homes priced from $500,000 to $1,022,500. Four condos sold at prices ranging from $525,000 to $875,000. This segment of the survey also included the Chicago River neighborhoods of Ravenswood Gardens and Ravenswood Manor.

• Andersonville/Lakewood Balmoral. Twenty homes sold at prices ranging from $505,000 to $1.868 million. Five condos sold at prices ranging from $505,000 to $610,000.

• Kenwood/Hyde Park. Fourteen homes priced from $515,000 to $1.675 million were sold. Fourteen condos and co-ops sold at prices ranging from $515,000 to $1.675 million.

Study said the residential real estate market in Chicago’s elite neighborhoods is being strongly influenced by the current business cycle.

“Homeowners should remember that real estate is a local business,” Study said. “Sales price are economic indicators of the state of the economy and reflect consumer confidence. Based on previous business cycles, economists expect housing prices to rise in due course.”