October 26, 2007

The toughest neighborhoods in Chicago to sell a condo

Category: Luxury Condos. Posted by Mike at 12:22 am.

It seems that there is no end to the bad news coming out of the real estate market in Chicago. Sales are down across the city and condo owners are facing longer waits when it comes time to their property.

So in which neighborhoods does it take the longest to sell a condominium? Of all neighborhoods with more than 50 units sold during the third quarter, Woodlawn holds the unfortunate distinction as being the hardest sell in this difficult real estate market.

According to the Chicago Association of Realtors, condo owners in Woodlawn wait a little more than six months to find a buyer. The average turnover time in the neighborhood is at 187 days.

Albany Park comes next with an average turnover time of 158 days, followed by Kenwood, the Near West Side, and Grand Boulevard.

The Loop holds the distinction of being the easiest neighborhood to sell a condo. Rising rental rates and the excellent location in the heart of the city have kept up demand for condos in the area.

If you’re selling your condo in the Loop, it should take you an average of 62 days to find a buyer.

If you’re on the hunt for Chicago Real Estate, you should find lower prices over the next few months in most neighborhoods. It has become a buyer’s market in the city.

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