Thursday, February 11, 2016

Report: Sloop Condo Prices Grew 4% Year-Over-Year

Some good news on the real estate front (via Chicago Business Journal):
Chicago's condo real estate market appears to be coming out of a eight-year sleep.  
According to a new report, there's been a recovery in condo prices, with prices now above their peak level prices in 2008. The average condo cost per square foot in downtown Chicago has reached $421, which is 1.7 percent above 2008's levels, according to a report by Appraisal Research Counselors.

Specifically related to the Sloop:
"On a year-over-year basis comparing the third quarter of 2014 with the third quarter of 2015, the greatest price increases were experienced in the Loop survey buildings, which rose 11 percent in price, with the West Loop buildings at 9 percent, Gold Coast buildings at 7 percent, South Loop buildings at 4 percent, and Streeterville and River North buildings both having 2 percent price increases on a year over year basis."  
Expect to see new condo construction in the near future, as the report's authors write "with the strengthening of prices seen in the resale market, the number of resales taking place, and the lack of new condominium product available for sale, the feasibility of new condominium development is improving and is expected to continue to strengthen."

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