For those curious about the prices of condos in the Loop, I thought you might find a currently price distribution chart* interesting. As shown below the $200,000 to $300,000 price range has the most condos for sale at 184. There are only 109 Loop condos priced below $200,000. There are 58 priced at $1M and above. The median list price is $358,000.
The price range with the most studios for sale in the Loop is $100,000 to $200,000.
The price range with the most 1 bedroom condos for sale is $200,000 to $300,000.
The price range with the most 2 bedroom condos for sale is $300,000 to $400,000.
The price distribution for 3 bedroom condos for sale is fairly spread out, but primarily between $400,000 and $1M.
With one exception 4 bedroom condos for sale start at $1.5M.
Price Distribution of Loop Condos For Sale - March 2010
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*Based on Midwest Real Estate Data LLC (MRED)
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It was pretty damp as I ran my errands in Lincoln Park this morning. A check of recent median list prices of Lincoln Park 3 bedroom condos (and townhouses) for sale shows that sellers are dampening their expectations. As shown below, the median list price trend line (red) for Lincoln Park 3 bedroom condos for sale continues to gradually ease lower. The median sold price trend line (green) has been falling faster, but the drop has slowed over the past 3 months. Given that the past 3 months are winter months when prices are typically lower, this is even more positive news for sellers. However, Lincoln Park condo buyers don’t have to worry about rising prices anytime soon. Once interest rates start to rise and the tax credits expire at the end of April, I expect continued downward price pressure.
Lincoln Park 3 Bedroom Condo & Townhouse For Sale vs. Sold Median Prices
Looking for the best deal on a Lincoln Park 3 bedroom condo? Put my market knowledge and negotiating skills to work for you! Email or call me (773.793.4516)!
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Saturday I showed primarily 3 bedroom condos in the Boystown Neighborhood of Lakeview. It was a beautiful day for condo shopping, but my buyer and I were exhausted after walking to all 9 condos for sale. Four of the condos were on the 4th floor which added to our workout. My buyer, Scott, joked that he wouldn’t need a gym membership, if he bought one of them! 
Shown below is part of the rooftop deck (or roofdeck as some call it) for one of the 3 bedroom condos for sale in Boystown. After walking up 4 flights of stairs to get to the condo, you have to walk up another flight of stairs to reach it. Scott and I agreed that while it was a very nice roofdeck with very nice views, reaching it involved just a bit too much climbing!
Rooftop deck in Boystown
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by Fran Bailey, Baird and Warner Realtor on March 5, 2010 · 0 comments
in Zillow
The Chicago Tribune’s Mary Ellen Podmolik has an interesting article today about a study on the accuracy of Zillow’s Zestimates (estimates of residential property values). Professors at the University of Texas at San Antonio concluded that Zillow overvalues properties. In their study Zillow overestimated home values for 40% of homes by more than 10%. Zillow underestimated home values by more than 10% for less than 1% of homes.
My experience with Zillow Zestimates in Chicago has been more balanced, but it appears to me that it overestimates more than it underestimates. Over 3 years ago I wrote about Zillow overestimating by 23% the value of a home my buyers had just purchased. A quick check this morning of 2 homes my clients have under contract revealed that Zillow has a Zestimate 14% too high for one of them and a Zestimate only 1% low for the other.
While I don’t put much value on Zillow Zestimates, I do use a lot of the other information Zillow provides. Zillow often has the last sale price for a home. I also use Zillow to find sales data not in Chicago’s multiple listing system. For the full article read, “Is your guess as good as Zillow’s?“
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