West Loop 2 bedrooms condo sales up, median price up first quarter 2012

Looking east from West Loop: Photo Bob DePalma, Real Estate Broker

Since we are working with more buyers and sellers in West Loop again this year, I figure we'll take take a look at 2 bedrooms condo sales this first quarter of 2012.  

Closings, Price Up:
22 two bedrooms condos have closed in West Loop at the time of this writing with a median price of about $290,000 (January 1st to March 29th).  Sales are already up 4 units (with Friday still to go) and median price up $10K over first quarter 2011. The lower half of the price range for sales tended to be west of 1200 West (Racine) or along the Eisenhower. There are currently 53 units under contract, so we should see a handful of closing tomorrow (Friday and last day of the month).  That could push the sales numbers up another 10 units.


The Highs:
The highest closing this year thus far for a two bedrooms condo was $402,000 for 955 West Monroe #3B.  It is a two beds, two baths, huge terrace with garage parking. A 2008 built, 12 units building...prime location and an elevator to boot.


The Lows:
1224 W Van Buren, a two beds, one and one-half baths small soft loft conversion with garage parking sold for ...wait... $154,000 with a $395 monthly assessment.  This is a large converted condo building along the Eisenhower that has struggled with sales over the years...but, still a pretty good deal!


Distressed:
6 of the 22 closed sales in our MLS were designated either a short sale or a foreclosure.