Now let’s take a look at the West Loop
Real Estate market. The West Loop is
a very popular neighborhood. Much like
the South Loop, I feel that this area is
an excellent area to invest in. This is
because this area is so close to all that
downtown has to offer: jobs, shopping,
restaurants, museums, parks, etc.
For this analysis, I made “1400 West” my
western cutoff point.
2009 3rd QTR
West Loop Condo Sales
========================================
.Type
…….#_Sold
.AVG_Price
=========================================
..1Bed…………….87……………$254K
..2Bed…………..111……………$350K
..3Bed…………….27……………$530K
..4Bed………………3…………….$690K
————–
There was a lot of activity in the 3rd quarter
within the West Loop. A total of 228 condos were
sold in the 3rd quarter. That’s 76 condos
sold per month. It looks like buyers in the
West Loop are still finding financing. This
is a great sign for the local Real Estate market.
Currently there are 647 Condos listed for For Sale
on the MLS. So, we have about 8 1/2 months of
inventory.
A balanced market is considered to have 6 months
of inventory. So, it is leaning towards being a buyers’
market in the West Loop. But, prices seem to be
holding up pretty well at $349K for the average
2 bed/2 bath condo.
Please contact me for more information on buying
(or renting) a West Loop Condo.
Until the next time,
Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!
Visit me online: www.773property.com
EQUAL HOUSING OPPORTUNITY
