Yesterday a developer showed me his Rogers Park 4 flat (shown left) currently under development. The gut rehab will result in 4 2 bedroom 2 bath condos. The top 2 condos will include a garage spot while the bottom 2 units will include an outdoor parking space.
Back in December when I compared Evanston and Roger Park 2 bedroom 2 bath condos, the median price for such homes in Rogers Park was 6.2% higher for the previous 3 months than compared to the same time period a year earlier1. Now comparing the past 6 months2 to a year ago, the median price is down 6.6%. The number of units sold dropped over 50% from 121 down to 54 condos.
Based on the developer’s previous rehabs, I have no doubt these will be nice condos. How they will fare in the current condo market is yet to be seen.
1Based on Midwest Real Estate Data LLC (MRED) Data. MRED was recently formed by the merger of MLSNI and MAP MLS.
2I used 6 months instead of 3 months due to the low number of sales during the past 3 months.
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
