Mmb975, Both Buyer and Seller in Chicago, IL

What's going on in River North?

Asked by Mmb975, Chicago, IL Tue Feb 12, 2008

Are people buying? Are there good deals to be had on condos? I am thinking about selling my RN condo and buying something larger in the same area. Is now a good time? Is there any way I'll actually make money if I sell (have owned for 4 years)? thanks for your input!

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5
River North is very popular right now and yes, buyers seek propery in the RN area.

While it's true that prices have adjusted downward in many Chicago areas, as Nick said, many sellers who feel they didn't meet their 'bottom line' with their sale are finding they are able to upgrade in ways they probably would not have been able to 2 years ago, so the 'loss' ends up being a gain.
1 vote Thank Flag Link Sat Feb 16, 2008
Patti Pereyra, Real Estate Pro in Chicago, IL
MVP'08
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I would definitely agree with Scott and Kale on this one. Not knowing what you paid for your home 4 years ago, I would estimate it will be hard to realize any profit on it. If you are looking to upgrade to a new place, you should be able to make it up on the buy side. There are some great condo deal out there.

Make sure that you enlist the help of a good buyers agent. In River North & the Loop there are several buildings that have problems that are not clear on first look. For example, high foreclosure rates or high rental concentrations, etc. A good buyer's agent will be able to inform you of those issues and get you a good deal on the buy side. The way mortgage rates have been waxing and waning, you may even be able to improve your mortgage rate.

Michael Michalak
Broker - RE/MAX Signature
mikehelpschicago.com
mikesellschicago@gmail.com
312-527-4417
Web Reference: http://mikehelpschicago.com
0 votes Thank Flag Link Sun Nov 29, 2009
If you bought 4 years ago the chances of turning a profit are slim to none. I am seeing phenomenal deals on a weekly basis in the River North area- especially for small 2 bedroom units. There was so much speculative buying when the market was white-hot that now a lot of people are holding onto properties and I'm seeing a ton of vacant inventory just sitting.

I think a lot of people jumped the gun in terms of deciding to purchase in RN rather than look in other areas and I think prices are certainly less insulated here than they are for the more established part of the near north area- the Gold Coast. Many of the huge high rises are struggling and I am seeing a noticeable jump in foreclosures here too.

My advice- sell your condo for what you can get for it and then turn around and upgrade for $.80 on the dollar compared to what you would have paid when you bought what you have now. The area- like the rest of Chicago- will make it through this crisis but there just simply hasn't been a buyer's market like this is a long time so take advantage!
0 votes Thank Flag Link Mon Oct 20, 2008
4 years is plenty to see return even in a slower market. I have found that most are selling for a little less then they normally would and then making it up on the buy side with a good deal.
Just saw a foreclosure at 300 W. Grand listed at $209,000- It had 15 offers on it in one day and sold for over asking price.
Web Reference: http://www.KaleRealty.com
0 votes Thank Flag Link Tue Feb 12, 2008
As with anything else... it depends.. but 4 years is a reasonable time to expect a return. RN prices have adjusted down slightly but all in all it's pretty good.
0 votes Thank Flag Link Tue Feb 12, 2008
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