Gold Coast Homes Ready for a Face-Lift: Neighborhood Update

By
Real Estate Agent with RE/MAX Premier Properties

Start your Gold Coast home search here.

 

Gold Coast

Housing Type: Condo

While there weren't many new listings since last month much of the condo market in the Gold Coast has enough inventory to be pushing a buyer's market, if it isn't already in one. A trend we have seen in this neighborhood is that developers who have previously built single family homes are now turning to the Gold Coast and buying condos to update them. They are seeing an influx of buyers moving into the city from the north suburbs and those buyers are looking for updated condos close to the Magnificent Mile. This is going to be great for the neighborhood. The developers will keep the market moving at a good pace and the condos that are in original condition should start seeing some updates they have been missing. The median sales price for condos in the Gold Coast was $407,500.

 

Price Range: $400,000-$800,000

Gold Coast Chicago Real Estate Market Trends

Gold Coast Chicago Real Estate Market Trends

Price Range: $800,000+

Gold Coast Chicago Real Estate Market Trends

Gold Coast Chicago Real Estate Market Trends

Gold Coast

Housing Type: Townhome

There haven't been many changes in the townhome market. One of the homes that went under contract was a new listing with a market time of only 24 days. Otherwise, the average market time for townhomes that are under contract is 221 days and for the ones that are available it is 253 days so far. 

Price Range: $400,000-$800,000

Gold Coast Chicago Real Estate Market Trends

Price Range: $800,000+ 

Gold Coast Chicago Real Estate Market Trends

 

Gold Coast

Housing Type: Single Family Home

Only a couple homes have come to the market. While one home went under contract in 127 days this is not the norm. Sellers who are thinking of listing their single family home in the Gold Coast should prepare for a long listing time. Currently, the average time for the homes that are under contract is 506 days and for those that are active, it is 373 days. If you are preparing to sell you might want to take a lesson from the developers who are buying condos and make sure your home is up to date and turn-key. Those that have sold and are under contract have been professionally updated and decorated.

Price Range: $1,000,000-5,000,000

Gold Coast Chicago Real Estate Market Trends

Gold Coast Chicago Real Estate Market Trends

Price Range: $5,000,000+

Gold Coast Chicago Real Estate Market Trends

 

 

Start your Gold Coast 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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Rainmaker
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Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

This is such helpful information to share with consumers! I am sure it will make the phone ring for you. 

Nov 17, 2016 08:47 PM #1
Rainmaker
191,812
Terri Buseman
RE/MAX Premier Properties - Chicago, IL
Downtown Chicago

Thanks Lise!

Nov 18, 2016 01:38 AM #2
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Rainmaker
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Terri Buseman

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