It is great to see so many renters turn into buyers in this market. Right now many tenants are deciding to become home owners in Chicago for the first time due to the increase in rent prices. Buying in Chicago is very different than buying in any other market as not only the product is different but the laws and even the weather is different than many other cities. With all this being said I have put together a website to help everyone from first time buyers to those buying their second and third homes understand some of the very basics in today’s market.
BUYING IN CHICAGO
Park Place Tower located at 655 W. Irving Park is full of short sales and foreclosures. However over recent months buyers have been flocking to the building and supply has finally started to drop to healthier levels! This does not mean that prices are going back up, but it does mean that if priced right those who need to sell in the building can do so quickly.
Currently there are 19 units on the market priced between $105,000 and $399,000.
There are also 27 units UNDER CONTRACT! Many of these are short sales which may take a while to close, but we will soon start to see these units close out in the MLS.
10 Units have sold in the past 3 months in the building. Two 1 Bedroom units sold for $180,000 and $191,450. In addition to these sales a 1 Bedroom converted to a 2 Bed (only 849sf) sold for $214,000. While these prices are down from the highs of 2007, they are “healthier” prices than we saw in 2010 and 2011 in the building.
Paul Blackburn is a licensed Illinois Realtor and Broker with @ Properties Chicago. He can be reached anytime via e-mail at Paul@PKBlackburn.com