Sue Fox, @Properties. Direct 773.816.1788
Subscribe to Site
- FHA loans
- Market conditions
- Tax credits
Real Estate radio
There are 28 houses, many of them new construction, currently for sale at prices above $1 million in Bucktown, Wicker Park and Ukrainian Village. But despite many months — sometimes more than a year — on the market, the majority of these sellers seem reluctant to lower their prices. Some are surely developers who built spec houses and now don’t want to face the fact that the depressed market has sliced deeply into their hoped-for profits.
Only 13 of the 28 have cut their prices, a ratio far less than the local average. Two-thirds of home sellers in Illinois reduce their asking prices, according to data collected by the Illinois Assn. of Realtors. Home sellers in Chicago, a region hit hard by foreclosures, typically post the largest price reductions in the state.
But at the top of the market in popular Bucktown and its neighboring areas, you’ll find houses like 2556 W Huron Street, a 4-bedroom renovated greystone for $1.3 million that’s been on the market for two and a half years without a price reduction. Or 2032 W Ohio Street, a 7000-square-foot mansion with 5 bedrooms, 20-foot ceilings and a huge roof deck, all spread over two city lots. It’s been stubbornly priced at $1,685,000 for a whole year.
Others are more recent listings, with no price reductions all summer and into the fall. Or there are homes like 1232 N Hoyne Avenue, a modern 6-bedroom with an elevator, two playrooms and a screening room, which has been priced at $1,699,000 for more than nine months (it did have one price cut before that, from $1,749,000.)
While I agree that Bucktown and Wicker Park are wonderful, hip places to live, it’s simply not realistic to leave these overpriced luxury homes languishing on the market. If they are not selling after months online, by definition they are priced too high. And over the past four months, only three of these million-plus houses have closed. Three out of 28… That’s a pretty low ratio.
So if you are shopping for a high-end house in Bucktown and its environs, I wouldn’t put too much stock in these lofty price tags. All three of the homes that actually sold, after all, went for $175,000 to $650,000 less than their original prices.
Leave a Reply
- Sizzle is back in the South Loop
- How to Buy a Chicago Foreclosure (as Supply Steadily Shrinks)
- Home prices jump 15% in 2014, but cold weather chills sales
- Lincoln Square on a Tear as Average House Price Tops $600,000
- More choices ahead for Chicago buyers as rally cools