Chicago Condos Seeing Surge in Prices, Buyer Competition
Posted by Helaine Cohen on
The Chicago condo market continues to benefit from increased competition and buyer demand, as prices hit a 32-month high in June, according to the Standard & Poor’s/Case-Shiller Home Price Indices.
Prices for both condos and single family homes reached high levels to begin the summer buying season, with condo prices up an additional 4.6 percent to the single family homes’ 3.3 percent rise in prices on a month-over-month basis.
This data puts Chicago condo prices back to where they were in April 2002, signaling a return to normalcy for the condo and housing market in the greater Chicagoland area. Also eye-popping is the fact that condo prices are 23.5 percent higher than where they were from the low experienced in March 2012.
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Whether you’re an established Chicagoan living in the city full time or are just looking for a stylish in-town condo you can call home several times a year, River North may offer some of the best 1-bedroom options in all of downtown. Most people know River North for its upscale restaurants, unique culture and the exquisite River North Gallery District, but when it comes to finding a great deal on chic, fashionable condos housed in high-end full-service residential buildings, there’s no other place in Chicago quite like north of the river.
Much of the nation’s housing market has gained momentum over the past year due in part to a diminishing inventory ramping up buyer demand and boosting competition, creating a seller’s market. In Chicago, that trend has been exemplified by the area’s condo market.
With the Streeterville neighborhood being filled with so many extravagant high-rise condo buildings, it’s sometimes easy to overlook one that’s loaded with desirable features, first-rate living amenities, and of course a great overall value. And while numerous Streeterville condo buildings may not get the appreciation they deserve, one particular address that seems to be a bit more underrated than it should be is 250 E. Pearson. The condos at 250 E. Pearson, which is also simply known as The Pearson, truly are exceptional and aside from all the spectacular interior features each unit possesses, 250 E. Pearson is conveniently positioned in one of the best locations in all of Streeterville.
Living on Lake Shore Drive in Chicago can be compared to living on Madison Avenue in New York or Mulholland Drive in Los Angeles. Despite being downtown Chicago’s busiest and most used thoroughfare, Lake Shore Drive real estate is still at a premium and is all about status and prestige. For home buyers searching the downtown Chicago real estate market from out of town, Lake Shore Drive may just seem like nothing more than a noisy, heavily traveled highway built to funnel drivers in and out of the city. But for those who know and love Chicago for what it is, real estate along Lake Shore Drive is a status symbol that’s understood well by locals and something that’s particularly sought-out by luxury home buyers who want the best of what the Windy City has to…
Combining elements of classic architecture with state-of-the-art modern amenities that would entice any condo buyer, the residences at Ten East Delaware truly represent the best of both worlds when it comes to Chicago condo living. Located just blocks from beautiful Lake Michigan and the Magnificent Mile, this building in the heart of the Gold Coast is home to some of the most refined and sought-after Chicago dwellings available.
With world-renowned eateries like Alinea and Avec, Chicago has made its way to the forefront on national culinary excellence over the past decade or so. For Chicago condo owners and the city's residents, living in areas like River North, the Gold Coast, Streeterville and Lincoln Park often means quick and easy access to some of the finest dining and libations in the nation, and a recent report from Crain's Chicago Business gave the details on some stellar additions to this fine city's bustling food and beverage culture.
It took Chicago awhile to catch up with the housing market boom that much of the nation has experienced in 2013, but a recent report from Midwest Real Estate Data LLC (MRED), as reported in Chicago Magazine, shows many positive signs for those looking to unload their Chicago condos and Chicago homes for sale.
In a trend that falls in line with what much of the nation has been experiencing in 2013, Chicago condos and homes for sale are seeing low inventory, high prices, bidding wars, and quick turnaround between when a property or space is listed and when it is sold.