New Construction Changes the Lakeview East Market: Neighborhood Update

Start your Lakeview East home search here.

 

Lakeview East

Housing Type: Condo

As the Cubs festivities from last month wind down a few more homes have come to the market. Most of the neighborhood is still approaching a balanced market, with some price ranges still in a buyers market and some in a seller's market. In the $700-800k range about half of the condos available are new construction, whereas in the $1-2m range about 1/3 of them are new construction. We have been seeing in the downtown neighborhoods that where there is new construction comparable properties are either in a balanced or buyers market. Oftentimes the higher priced properties are in the buyers market and Lakeview East is no exception. If you are planning on selling be sure to know whether you will be competing with new construction. Not all buyers are looking for it, but it will have an effect on your market. The median sales price for condos was $271,125.

 

Price Range: $400,000-$800,000

Lakeview East Chicago Real Estate Market Trends

Lakeview East Chicago Real Estate Market Trends

Price Range: $800,000+

Lakeview East Chicago Real Estate Market Trends

 

Lakeview East

Housing Type: Townhome

Only one home has come to the market and the one that has been available currently has a market time of 51 days. It is listed for about $200k less than the one that just sold, the most recent comparable townhome sales were in September and both of those homes took less than a week to sell. The current one looks to be in good shape, from the pictures, but could use some updating and doesn't have private outdoor space. However, without any competition in the neighborhood it could sell soon, we will see! The median sales price for townhomes was $456,600. 

Price Range: $400,000-800,000

Lakeview East Chicago Real Estate Market Trends

Lakeview East Chicago Real Estate Market Trends

Price Range: $800,000+

Lakeview East Chicago Real Estate Market Trends

 

Lakeview East

Housing Type: Single Family

In our August report we talked about the greystone that went under contract after 1300+ days. This is the home that sold. It is not always shown in MLS whether a sale was a short sale or not until the property closes. This one was a short sale. In a short sale or in a foreclosure the bank calls the shots. The difference between the two is that that homeowner is still in possession of the property when it is a short sale. The owner and the listing agent can make cases to the bank for pricing strategy and negotiation opinions, but ultimatley the bank has the final say. Because of this buyers aren't always getting the deal of a lifetime with these properties. It can happen, but the bank's main concern is collecting on the remaining of the mortgage. For that reason when banks are involved it can be a slow process to lower the price of a home to a proper market value and when a buyer is found the time from negotiation to closing can also drag out quite a bit. The home was originally listed for $1,095,000 and sold for $900,000. The median sales price for single family homes was $762,500. 

 

Price Range: $400,000-800,000

Lakeview East Chicago Real Estate Market Trends

Lakeview East Chicago Real Estate Market Trends

Price Range: $800,000+

Lakeview East Chicago Real Estate Market Trends

Lakeview East Chicago Real Estate Market Trends

 

Start your Lakeview East home search here. 

 

*In this blog series we focus on one of twenty neighborhoods in Chicago, each day, and provide charts to give you a brief update on the activity that neighborhood has seen over the past month in a variety of price ranges for Single Family Homes, Townhouses, and Condos, as available.

When looking at these charts please keep in mind that not every housing type is available in every neighborhood (the Loop only has condos) and some homes compete within even smaller subsections than these, meaning we can dig even further in this data. Please let me know if you would like a personal assessment of your target market.

 


For information about real estate in Chicago or resources in your area please contact us and sign up for our free market report!

 

Terri Buseman

312-208-5166                               

Terri@TerriBuseman.com

www.TerriBuseman.com

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Comment balloon 3 commentsTerri Buseman • November 29 2016 10:43PM
New Construction Changes the Lakeview East Market: Neighborhood Update
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