Start your Streeterville home search here.
Streeterville
Housing Type: Condo
Just as we saw last month the market is continuing to balance out in Streeterville. We are seeing a slight uptick in inventory as well. Homes are continuing to sell in 3-4 months on average, but we are seeing them come to the market faster than they are selling. Sellers are going to start noticing more competition and will want to be careful with their marketing and pricing strategies to have the best chance at reaching all of the potential buyers. See the chart at bottom for an illustration of how pricing affects visibility. The median sales price for condos was $453,750.
Price Range: $400,000-$800,000
Price Range: $800,000+
Streeterville
Housing Type: Townhome
The home we've been watching with the land lease has lowered its price to $775,000. It's a tough sale since it is not a common type of arrangement in Chicago. There is a new townhome listed in the $1-2m range. The three homes that are available will probably see many of the same buyers. In fact, the one that is listed for $1.5 is in a good place. It is the newest listing, at only 29 days. It's priced in the middle of the other two listings and the assessments are over $1,000/mo less than the home that is priced higher. If the land lease was purchased with the home that has one the list price would be about $1.2m. So the home listed at $1.5 has a good chance of attracting the buyers for both that one and the one listed at $2.1. It looks like that seller is looking to move quickly as well. He is listed at $401/sf. However, if you include the land lease with the sale that has one it is listed at $547/sf and the most expensive home is listed at $571/sf. Keep an eye on these homes through the next few months. This continues to be a great illustration in various marketing and pricing strategies. The home that closed sold for $1,850,000.
Price Range: $400,000-800,000
Price Range: $800,000+
Start your Streeterville home search here.
*In this blog series we focus on one of twenty neighborhoods in Chicago, each day, and provide charts to give you a brief update on the activity that neighborhood has seen over the past month in a variety of price ranges for Single Family Homes, Townhouses, and Condos, as available.
When looking at these charts please keep in mind that not every housing type is available in every neighborhood (the Loop doesn't have houses) and some homes compete within even smaller subsections than these, meaning we can dig even further in this data. Please let me know if you would like a personal assessment of your target market.
For information about real estate in Chicago or resources in your area please contact us and sign up for our free market report!
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