March 28, 2008

Garfield Ridge condo sales steady

Category: Affordable condos. Posted by Mike at 10:32 pm.

Some Chicago neighborhoods continue to see steady sales despite a general downturn in the Chicago real estate market. According to data from the Chicago Association of Realtors, Garfield Ridge had a total of 22 units sold during the year, up from 21 units sold in 2006.

The rise in demand in the area led to a slight drop in the average turnover time for condos and lofts on the market. Condo owners and developers who sold their unit in Garfield Ridge in 2007 had to wait an average of 96 days, down from 101 days in 2006.

The solid demand and slight drop in the inventory of unsold condos and lofts sitting on the market helped keep prices in positive territory in 2007. The average sales price for units sold during the year posted a 12 percent increase from prices seen in 2006, one of the best in the city.

However, the neighborhood continues to be one of the most affordable in the city. With an average sales price of just over $170,000, Garfield Ridge is an excellent choice for young professionals and families looking to get in their first condominium. Browse through great deals on Chicago Condos For Salehttp://www.chicagocondonews.com/ around Garfield Ridge as well as many other neighborhoods around the city today.

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