When Needed Price for Buyer Investment: Old Town Neighborhood Update

Start your Old Town home search here.

 

Old Town & Old Town Triangle 

Housing Type: Condo

The seller's market we have been seeing in Old Town continues with low inventory and astonishingly low market times. One home had a market time of 327 days. It sold for $1,100,000 and was originally listed in 2016 for $1.5m while it was being renovated. It was later taken off the market and the renovations were completed. Perhaps the owners hoped someone would come along and buy it before the reno was complete, so they could pick the finishes. When it came back to the market the price was lowered to $1,305,000. The price was only lowered one more time in May to $1,195,000 before it closed just a few days ago. The home shows beautifully in the pictures and I'm sure the new buyers love that that it is newly renovated. However, we always have to wonder if the owners would have made more money by pricing it lower when it was still under renovation. Had someone bought it then they would have had to put more money in to finish the project, so they would have wanted a fair discount on the price to reflect that. The median sales price for condos in Old Town was $816,875.

 

Price Range: $400,000-800,000

Price Range: $800,000+

Old Town & Old Town Triangle 

Housing Type: Townhome

While there still isn't a lot of inventory there are at least a few homes to choose from in each price range. This makes it a little easier for buyers who might be waiting for their perfect space. With the demand we have been seeing over time there is still plenty of space for a few more sellers in every price range. The median sales price among townhomes was $923,000.

 

Price Range: $400,000-800,000

Price Range: $800,000+

 

Old Town & Old Town Triangle

Housing Type: Single Family

Inventory continues to hover under the balanced market and in a seller's market. Quick sales means there are buyers looking in the neighborhood. If you are thinking of selling your single family home don't let the change in season stop you, buyers are looking and they need variety to choose from! The median sales price of single family homes was $816,875.

 

Price Range: $600,000-1,000,000 

Price Range: $1,000,000+

Start your Old Town 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

Your Real Estate Partner

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Visit: TerriBuseman.com

Cell: 312 208 5166

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Comment balloon 0 commentsTerri Buseman • September 08 2017 08:18PM

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