Sue Fox, @Properties. Direct 773.816.1788

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The sweet spot for Bucktown condos

filed under: Bucktown, Buyers, Chicago home prices posted on July 27th, 2011

A TRUE LOFT IN BUCKTOWN:

A TRUE LOFT IN BUCKTOWN: This two-level loft in the heart of Bucktown illustrates why it makes sense to price your condo in the range where buyers are buying. Originally listed for $399,000 in March 2010, it sat on the market for eight months. By the following spring, the sellers had re-listed this 2-bedroom, 2-bath condo with garage parking at $349,900 -- the sweet spot for Bucktown condos. It sold within a month, and closed in April for $321,000.

These days, selling a Chicago condo is almost all about pricing. I was doing a search recently for some Bucktown buyers when I came across some interesting data for the neighborhood, suggesting that there is a sweet spot for Bucktown (and Wicker Park) condo pricing: between $300,000 and $350,000.

Over the past year, more condos in West Town (the MLS area that includes Bucktown, Wicker Park, and River West)¬† — 137 of them, to be exact — sold in this price range than at any other price point. Another 109 condos sold at prices between $350,000 and $400,000.

Since a total of 691 condos were sold here over the last 12 months, that means more than a third of them went for somewhere between $300,000 and $400,000.Why does this matter? Every property is different, of course, but the price distribution gives you a pretty good idea of the competition. In a relatively cool market, it helps to know that the hottest action is happening in the low $300s. If you want to sell in Bucktown or Wicker Park, it may make sense to price your condo at $349,000 and aim for a quick sale rather than starting at $400,000 and waiting for buyers to materialize.

Buyers are scarce these days, especially for big-ticket items. For example, only 80 condos sold for more than $500,000 in the past year in all of West Town. It makes sense; these days you can find a single-family house for that price in many desirable  Chicago neighborhoods.

Written by Sue Fox //

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