The end of summer means deals on the Chicago housing market. Real estate company SpotProperty used their DealSpotter technology to find the top ten housing deals for Chicago in the month of August. Based on similar homes in the area, the residences in the list are well below market value.
990 N Lake Shore Drive #10C
With a list price of $549,000, this three-bedroom, two-and-a-half bath condo is a deal for luxury home buyers. Compared to similar nearby apartment its list price is significantly lower.
Similar nearby homes homes have an average list price of $841,100. This means that the condo at 990 North Lake Shore Drive is priced $292,100 less than the average nearby properties. The only potential downside is that this condo is slightly smaller than the average size of similar homes.
This condo has 2,000 square feet of living space compared to 2,061 for nearby homes.
1730 N Richmond Street
This modern single-family home consists of 3,000 square feet of living space for $429,000. What home buyers can purchase is three bedrooms and two and a half baths. At first glance deal seekers might pass this property by, but its value lies in the house’s size.
The average price for a similar property in the area is $430,500, making 1730 N Richmond Street’s price tag lower, but nothing special. When it comes to cost per square foot, however, there is a different story. Similar homes in the area have an average of 2,400 square feet with an average cost per square foot of $179.
1730 N Richmond Street’s cost per square foot is $143. In other words, it’s a larger house for slightly less than other homes in the area.
12217 S Peoria Street
This 1,140-square-foot Chicago bungalow has a price tag of $27,900. What you’ll get for an estimated $107 loan payment per month is a three-bedroom, one-bath home situated on a 9,448-square-foot lot. Also included is a two-car garage.
What makes this a deal is the home’s comparison to nearby properties. Similar properties in the area go on market for $41,000 and have a cost per square foot of $36. Not only is 12217 S Peoria Street larger, it has a lower cost per square foot at $24.
2849 W 85th Place
This single-family brick home at 2849 W 85th Place recently underwent a $10,000 price reduction. For $124,900 home buyers could purchase four bedrooms and three and a half baths spread throughout 1,300 square feet. Included is a fully finished basement.
What makes this home a deal is the amount of living space. While the average home in the area has a list price of $124,080, which makes 2849 W 85th a touch more expensive, it is larger. The average size of similar nearby property is 1,237 square feet.
In short, same cost, more space.
1516 S Wabash Avenue #408
This one-bedroom, one-bath studio is on the market for $138,900, but has the potential to drop lower. Since June the price has been reduced twice. The latest change was in August when the price dropped from $141,500 to its current figure. While this decrease might be considered small potatoes, the condo is priced much lower than properties near 1516 Wabash Avenue, which have an average list price of $188,800.
At 800 square feet, the condo is animal-friendly and includes central air and a fireplace—both important in the Windy City’s topsy-turvy weather. Also included are exposed brick walls and hardwood floors.
2422 N Kildare Avenue
This new construction is on the market for $189,000, down from $199,000 a month ago. What makes it attractive to potential home buyers is both its price and size. Compared to similar nearby properties this home is both larger and cheaper.
Interested home buyers can purchase four bedrooms and three baths spread through 2,400 square feet. This brings the price per square foot to a more-than-reasonable $78. The average cost of a similar property in the area is $144,600. Add on the fact that this property is more than 1,300 square feet larger than similar properties in the area, and you know why it’s on SpotProperty’s list.
4807 N Winthrop Avenue #4
Since April this condo/townhouse has had its list price slashed from $167,000 to $126,000. Today, this two-bedroom, one-and-a-half bath home has a price per square foot of $136. The average cost of a similar nearby property is $161,200. This is a savings of $41,000. The only downside is that this Winthrop home is slightly smaller than similar properties. The average size of a nearby property is 1,000 square feet, while this deal is 920 square feet.
4104 N Hamlin Avenue #1
This two-bedroom, one-bath condo has a significantly lower list price than similar nearby properties. In the past month, this condo has had its price slashed from $125,000 to $109,000. In one swoop, the condo went from being above the average nearby price to well below. The average price of similar nearby properties is $119,400. This means this home’s list price is about $10,000 less than surrounding properties.
Rehabbed in 2005, this 900-square-foot condo comes with hardwood floors, granite countertops, and a large deck.
7001 W Altgeld Street #1E
The condo at 7001 West Altgeld Street is both cheaper and larger than similar nearby properties. This 1,000 square foot condo is on the market for $69,000 and includes two bedrooms and one bath. Nearby properties have an average list price of $90,200 and the average square footage is 1,048.
2138 N Neva Avenue
This single-family home’s list price is significantly lower than similar nearby properties. This screams deal. This home’s list price is $109,000, while the average price of similar nearby homes is $136,240. This is a savings of $27,240. Not too shabby for a deal-seeking home buyer.
Nonetheless, this home is slightly smaller than similar nearby homes. That average size comparable homes is 1,287 square feet. The average cost per square foot for these homes is $103. 2138 N. Neva Avenue have cost per square foot of $90.
What you’ll get with this all-brick bungalow is 1,200 square feet that includes four bedroom, two baths, and a finished basement.
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