Downtown Chicago Condo Rentals

Hello to all my blog readers out there.
I wanted to take a quick look at rental activity
in the West Loop.

This analysis is based on properties that were rented
from JAN 1st 2013 through MAR 20 2013 in the West Loop
Chicago neighborhood.

This year we had 93 units rented through March 20th.
Last year we had 108 units rented through March 20th.
So the total number of units rented has decreased by 16%.

However, the median rental price this year was $2,125.
Last year, the median rental price was $2,000.
This represents a rental increase of 6.25%.

Here is the median rental price breakdown by unit size:

Studio = $1,300
1 bedroom = $1,752
2 bedroom = $2,558
3+ bedroom = $3,643

For this analysis, I considered the West Loop to run
from 400 West to 1600 West and 700 South to 500 North.

If you are thinking about renting a condo in the West Loop
neighborhood, this analysis should give you a good idea
of current market values.

If you need assistance with renting a condo, please send
an e-mail to mark@markkillion.com

I help owners and tenants!

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

In many areas of the city, the number of properties
sold is trending up while the selling price is
trending down. So demand is being driven by
increased affordability and the tax credit.

Also, investors are back in the market snatching up
deeply discounted bank owned properties. The
distressed property sales are pulling down Chicago’s
median value. There are properties on the South
and West Sides selling for $20,000! But, I think
that certain areas, like the South Loop and the Near
North side, are stabilizing. Sales activity in those areas
is high, but there is also a lot of inventory on the market.

Hopefully, when the tax credit expires, consumer
confidence will be higher than it is currently. The
timing is good, because it expires during the busy
Spring selling season. So right when it expires,
seasonal demand will be picking up.

I think we hit bottom around July/August 2009.
There is a lot of pent-up demand out there. But there
is even more uncertainty. The main concern now is
job creation. But, I think overall that 2010 will be a better
year than 2009.

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

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