March 18, 2008

Edgewater market update

Category: Lakeshore Condos. Posted by Mike at 7:21 pm.

Edgewater has seen a lot of activity in recent years as developers look to the neighborhood for its excellent lifestyle and affordable property. However, sales are off the peak seen in 2005.

According to the Chicago Association of Realtors, a total of 902 condos were sold in the neighborhood in 2007, down from 980 sold during the previous year. It is the lowest total annual sales that the neighborhood has seen since 2001. However, Edgewater continues to be one of the most active markets in Chicago.

Buyers interested in an Edgewater condominium may start to see lower prices in the next few months. While prices continued to rise in 2007, the one-percent increase was the lowest in more than a decade.

Also, as more condos and lofts sit on the market, sellers may face some pressure to offer incentives to attract more interest in the area. The average turnover time for units sold in 2007 rose to 122 days, up from 111 days in 2006.

Buyers should keep an eye out for great deals on Chicago Condos For Sale in Edgewater as well as other neighborhoods around the city.

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