Last night my partner, Mary Kaye, and I met with a couple of new buyers interested in buying a condo in Edgewater. Currently, Edgewater condo buyers have more negotiating power in some price ranges verses others.
As shown below the number of condos for sale in Edgewater (red bars) priced between $100K and $150K is well above the number that sold (green bars) in that price range in the past year. Thus, at the current sales rate and even without more condos for sale coming on market, it will take well over a year to sell all of those currently for sale.
Number of Edgewater condos for sale in each price range (red) vs. number sold in past year (green)
The picture for sellers is brighter in the $200K to $250K price range. The competition is lower with the number of condos for sale well below the number that sold in the past year. I recently sold an Edgewater condo in that price range for 99% of original list price.
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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
