A couple of my buyers found a 3 bedroom townhouse for sale in Chicago’s North Center area that they really like. However, there just aren’t any comparable sales to justify a price anywhere close to what the sellers are asking well into the $600Ks so my sellers are going to keep looking. As shown below by the green bars, there have only been two 3 or 4 bedroom condo sales in North Center in the past year above $600K. Both were new construction and very high end with elevators. One has a private rooftop deck with a terrific view of the Chicago skyline. The townhouse my buyers like is nice, but not in the same league as those.
North Center 3 & 4 Bedroom Condo & Townhouse Sale Price Distribution Past Year (green) vs. Prior Year (black outline)
The black outline bars show that 14 3 or 4 bedroom North Center condos and townhouses sold in the prior year with sale prices between $600K and $700K. The vertical dashed lines show that the median sale price dropped 9.6% from the prior year at $470K to this past year at $425K.
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