October 23, 2007

Chicago real estate update: Albany Park

Category: Luxury Condos. Posted by Mike at 11:13 am.

Albany Park is another Chicago neighborhood that is experiencing weak sales of condominiums.

According to the most recent report from the Chicago Association of Realtors for the third quarter, a total of 77 condominiums were sold in the neighborhood.  This is a 19 percent drop from the same period last year.

Condo owners and developers are waiting longer to find a buyer in Albany Park, putting further pressure on prices in the market.

If you’re selling a condo in Albany Park, you can expect to wait an average of 158 days to find a buyer, 60 percent higher than the average for all of Chicago.  It is also the longest turnover time that the neighborhood has seen in at least 15 years.

After several years of solid growth, the average sales price climbed only 2 percent in one year.

If demand continues to lag in the neighborhood and condo owners wait longer to find a buyer, then we should start to see lower prices for condominiums in the neighborhood.

Keep up with the latest news for Chicago Real Estate and find great deals on new luxury condominiums in neighborhoods around the city.

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