November 12, 2007

Condo prices drop in Edison Park

Category: Luxury Condos. Posted by Mike at 10:10 pm.

Buyers are starting to see better deals for Chicago Condos For Sale in Edison Park.  According to the Chicago Association of Realtors, prices in the neighborhood pulled back by 9 percent during the third quarter.

Sales of condos in Edison Park recovered slightly during the quarter.  A total of 15 condominiums were sold in the neighborhood, two more than during the same period last year.

Condo owners and developers are facing one of the most difficult markets in years, as the turnover time for the neighborhood has hit 86 days.  This is the longest turnover time for the condo market in Edison Park since 1995, and more than 200 percent higher than last year.

The average sales price for a condo in Edison Park now stands at $183,306, making the neighborhood an affordable option for families and young professionals looking to get into their first home.

Buyers should continue to see excellent prices in the neighborhood if demand doesn’t increase in the next few months and the inventory of unsold units continues to rise.  Look for further price cuts in the short term around Edison Park.

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