|Image from Eric Rojas|
770 South Loop condo units sold from January 1st to December 26th in 2012. That' up 94% over the same period in 2011. A pretty astonishing number. Many factors may have contributed...low interest rates, stabilizing condo associations, low prices for the location and compared to incomes and faster processing of short sales and foreclosures. New development completely halted after 2008. Four years later people are beginning to feel comfortable with pricing and value in the new normal.
The median price in 2012 was about $250,000 for an attached condo. Same period in 2011, the median price was about $260,000 for an attached condo.We've always maintained that the South Loop is a desirable neighborhood for many many reasons and with time our real estate conundrum would play itself out for the positive (if you could afford to ride out the short term issues). Given signs of improvement in the economy it's not entirely surprising to see sales up so much in 2012 especially when we're comparing it to 2011. Anyway, the post also goes on to show the number of sales over the last 5 years:
South Loop Condo Unit Sales 2008-2012
- 2008 unit sales 1,127
- 2009 unit sales 637
- 2010 unit sales 568 (affected by Federal First Time Buyer stimulus)
- 2011 unit sales 405
- 2012 unit sales 770 (as of Dec 26th)
So what do you think? Are you optimistic about your real estate?