Condo Sales up in the Chicago Loop
The Chicago Loop is seeing a marked increase in condo sales despite bad news coming out of the real estate market across the city.
According to the most recent report from the Chicago Association of Realtors, the Chicago Loop saw a total of 401 condos sold during the third quarter of 2007.
This is an 80 percent increase over the same period last year, the largest increase for any neighborhood in Chicago.
Several major projects for luxury Chicago Condos are underway around the Loop, attracting professionals and retirees looking to move back to the city from the suburbs.
The turnover time for condominiums in the Loop is declining to levels not seen since 2003. If you are selling your condo in the Loop, it will now take you an average of 62 days to find a buyer. This is one of the lowest turnover times for a major condo market in Chicago.
The average sales price for a condo in the Loop jumped during the third quarter to $470,094, a 39 percent increase over last year.
Condo values in the Loop are also boosted by increases in rental rates for the neighborhood. The Loop is seeing annual increases of about 5 percent for luxury rentals.
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