Quote:
Originally Posted by gebs
As someone who lives in the area, I've definitely seen a fair share of properties hit the market. I've spoken with a few real estate agents and they confirm that selling places in the city isn't what it was in 2019. Listing prices have gone down and may continue to do so, with some apartment buildings dropping rents to lure in tenants.
That said, I agree with both sentinel and Handro. My addition to the conversation is that making the city more affordable (even if it's due to a generational pandemic) is good news for anyone who had wanted to move but couldn't. This dip will likely create opporunities for young professionals and families who want to make the leap and take root in city living.
For all its current woes, the city isn't going anywhere.
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I was going to wait to unleash this, but Crains has been writing about various areas of the city since late summer where properties are selling for above their original list prices. I do have a map for this for November 2020, which is interesting, but we'll start with this - January - February 5, 2021 (today) as of a few hours ago. You will see that the majority of properties aren't downtown, but there is a cluster kind of near Soldier Field in South Loop.
https://www.google.com/maps/d/u/0/vi...024999998&z=10
There are at least 192 properties that sold in this time period (Jan 1 - Feb 5 mid day) which sold for greater than their list price, and another 66 properties which sold for the same as their list price.
By property type:
Single family home: 101
Condo/Townhome: 45
Multi unit building: 45
Land: 2
By community area, sale price > original list price:
Auburn Gresham: 10
Austin: 8
West Lawn: 7
Ashburn: 6
West Pullman: 6
Belmont Cragin: 6
Chicago Lawn: 6
Greater Grand Crossing: 6
New City: 6
West Town: 5
Portage Park: 5
Garfield Ridge: 5
Chatham: 5
Near South Side: 5
Washington Heights: 5
Community area, sale price = list price:
West Town: 6
Edgewater: 5
Portage Park: 4
Austin: 3
Near West Side: 3