Hyde Park Condo Selling Prices

Hyde Park Condos – Price Per Square Foot

Hyde Park Chicago Single Family Homes – Average Selling Prices

Hyde Park Chicago Condos – Average days on market

Hyde Park Condos – Percentage of distressed sales

Until the next time,
Mark Killion
Real Estate Broker
Kale Realty
Chicago, IL
773-354-6693
www.773property.com

A view of the Chicago skyline

Hyde Park Real Estate – Condo Analysis – 3rd Quarter 2015

Hyde Park Real Estate – Rental Analysis – 3rd Quarter 2015

Let’s take a quick look at real estate values in Hyde Park Chicago.
Selling prices are up for studios, one bedroom, and two bedroom condos.
Studios are up a whopping 26 %. One bedroom condos are up 7% and
2 bedroom condos are up a healthy 4% year over year.

However, it looks like the larger units took a hit for some reason.
Condos with 3 or more bedrooms are down 16% year over year.
If you are thinking about buying a 3 or 4 bedroom condo in Hyde Park,
now might be a good time since the average selling prices have dipped.

Now let’s take a look at the Hyde Park rental market.
The Hyde Park rental market is in high demand.
The neighborhood has great amenities including restaurants, shopping,
and parks. When demand is high and supply is low, prices will increase.
As I just demonstrated, I have always been skilled at stating the obvious.
Studios rents are up 20%. Two bedroom units are up 6%.
4 bedroom units are up a whopping 30% year over year.
But, one bedroom and 3 bedroom rentals remained unchanged.

So what does this all mean? In a nutshell, Hyde Park condos are in demand.
But, some bedroom counts are doing better than others. After looking at this
data, one thing stood out to me: the relationship between studios and one bedrooms.
Studios are selling for 41% less than a one bedroom unit.
But the rental income for a studio is only 23% less than a one bedroom unit.
So your return on investment, or cap rate, is likely to be higher with a studio.
So instead of buying a one bedroom unit, you may want to consider purchasing
two studio units. Of course, your mileage may vary. Contact me for more information.

Until the next time,

Mark Killion
Kale Realty
542 W. Roosevelt Rd
Chicago, IL 60607

Send me a note!

Visit me online: www.773property.com

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Hyde Park Real Estate – Average Selling Prices

In the chart shown above, we see that prices bottomed out around the beginning of 2013.
Prices have been slowly climbing since then. If the current trend continues, we will be back at 2010
prices pretty soon. If you are thinking about buying in Hyde Park, now might be a good time before
prices increase further.

Hyde Park Real Estate – Average Days on Market

Looking at the chart above, we see that market time was the lowest in 2013. This coincided with
the fact that selling prices were at their lowest too. As prices started increasing, so did the
market time. Currently, it is taking about 5 1/2 months to sell a 2bed/2bath condo in Hyde Park.
This is about the same amount of time it took to sell a condo in 2010.

Hyde Park Real Estate – Average Monthly Assessments on a 2bed/2bath condo

In the chart shown above, we see that the average monthly assessments are steadily climbing.
Monthly assessments generally cover things like heat, water, landscaping, snow removal, and
common insurance. The average assessments on a 2bed/2bath condo are currently about $730/month.
Well, I hope you found this information useful. If you have any questions about buying
or selling real estate in Chicago, please send me a note: mark@markkillion.com

Until the next time,

Mark Killion
Kale Realty
542 W. Roosevelt Rd
Chicago, IL 60607

Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

Newport Condos For Sale

Newport Condos - Kenwood Chicago

The Newport Condos complex in Kenwood Chicago is one of my favorites.
The high rise towers sit right across from the beautiful Lake.
The north building has unobstructed views of the famous Chicago
skyline. The south building also has great views of the lakefront.

Real estate values at the Newport Condos were hit hard by the
Great Recession. Many units have been sold due to foreclosure.
This has caused selling prices to drop consistently over the last few years.
But it appears that prices have gained some stability.

If you are a buyer, this is a great time to pick up a condo in an excellent location with awesome lake views. This is a full amenity building. The building was constructed in 1963. It sits near 48th and Lake Shore Drive. Each tower has 27 floors. All together, there are 728 condos at this complex.

REAL ESTATE VALUES

During the 12 month period ending MAY 12 2015, a total of 28 condos were sold.
Selling prices ranged from $30,000 all the way up to $579,000. The median selling
price was $74,250.

One potential downside with this building is the high assessments. It is not uncommon for 2bed/2bath unit owners to pay $700 per month for assessments. The assessments usually include Heat, Air Conditioning, Water, Gas, Common Insurance, Doorman, TV/Cable, Exterior Maintenance,

But, even with the high assessments, I feel that units in this building are under valued.
You really can’t put a price on panoramic views of the lakefront and skyline.
On top of that, this is one of the few FHA Approved Condo buildings in the Kenwood / Hyde Park area.

If you are thinking about buying, selling, or renting in the Newport Condos Complex,
please contact me. I would be happy to assist you!

Newport Condos For Sale

Until the next time,

Mark Killion
Kale Realty
542 W. Roosevelt Rd
Chicago, IL 60607

Send me a note!

Visit me online: www.773property.com

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2014_Hyde_Park_Real_Estate_Analysis

Average Selling Price for a 2 bedroom condo in Hyde Park (by year)

Chart of median selling prices in Hyde Park Chicago

Until the next time,

Mark Killion
Kale Realty
542 W. Roosevelt Rd
Chicago, IL 60607

Send me a note!

Visit me online: www.773property.com

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2013 Hyde Park Real Estate Sales Analysis

Until the next time,

Mark Killion
Kale Realty
542 W. Roosevelt Rd
Chicago, IL 60607

Send me a note!

Visit me online: www.773property.com

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This is what it looks like today:

The old Village Center in Hyde Park

( I think this picture is kinda cool, because I took it while they
were actually doing demolition work. )

And this is what it will look like at the end of 2014:

The “City Hyde Park” new development coming in 2014

Big difference huh?
This should have a positive impact on Hyde Park Real Estate values.
The only downside is that it will undoubtedly increase congestion and
traffic in this popular Chicago neighborhood.

Until the next time,

Mark Killion
RE/MAX Premier Properties
1205 N Dearborn
Chicago, IL 60610

Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

Until the next time,

Mark Killion
Kale Realty
542 W. Roosevelt Rd
Chicago, IL 60607

Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

Hyde Park Mobil Gas Station being demolished

The Mobil gas station and car wash on 53rd Street is currently being demolished.
The gas station has been on 53rd street for many years. It is being demolished to
make way for a new 13 story residential and retail building! The new building will
be named Vue53. Construction is set to begin early 2014.

Hyde Park Village Foods Site of new Whole Foods

Rumor has it that a new Whole Foods grocery store is coming to Hyde Park.
It will be at the site of the old Village Foods grocery store on 51st and Lake Park.
There will also probably be a large apartment complex built near the same location.

The new Harper Square development was completed earlier this year.
53rd and Lake Park looks totally different than it did a couple of years ago.
53rd and Harper is looking good too. One of these days, I will have to catch
a movie at the new and improved Hyde Park Theater!

LA Fitness in Hyde Park Chicago at Harper Court

Theater in Hyde Park Chicago

Until the next time,

Mark Killion
Kale Realty
Chicago, IL

Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY