Market Conditions in 60616>Question Details

1234t, Home Buyer in Rogers Park, Chicago,...

what do you think the trend will be in the south loop in the next five years and have prices stoppped dropping in the area?

Asked by 1234t, Rogers Park, Chicago, IL Mon Dec 6, 2010

Help the community by answering this question:

Answers

12
Urvashi Verma’s answer
Yes, I believe that the supply will eventually catch up to demand in the next 5 years. Right is an AMAZING time to buy property & there are a few really good deals in area. For the first-time since 2001 we are seeing opportunities for return on investment in condo market. Pls feel free to contact me if you interested in finding out more.
0 votes Thank Flag Link Mon Dec 6, 2010
The South Loop boundaries are roughly Harrison on the North, 22nd Street on the South, Lake Michigan on the East and Halsted Street on the West. There has recently been some discussion that includes the Motor Row District which is basically the 23rd and Michigan to the Lakefront as that area is being redeveloped to include an expansion of the Hyatt Regency McCormick Place, construction of a new hotel and/or condo project and development of an restaurant/ entertainment district in the historic motor row area. That said, prices in the South Loop have been increasing with some condos and rentals actually going off the market at MORE than their original list price. If you are considering buying or renting in the area, and are not already working with another broker, please do contact me at 312 933 4121, I will be more than happy to assist you.
0 votes Thank Flag Link Thu Jul 25, 2013
South Loop is now getting hot again. Although prices aren't what they were in 2007 (where are they?), it is a great area to buy a condo for your own use or as a rental investment. Just let me know if you need any help.
0 votes Thank Flag Link Wed Jul 3, 2013
What is the cut off on South Loop? What is consider South Loop?
0 votes Thank Flag Link Mon Jul 1, 2013
The South Loop runs from Jackson South to Roosevelt Rd, from Michigan Ave West to The Chicago River.
Flag Sun Sep 29, 2013
The South Loop runs from Jackson South to Roosevelt, Michigan Ave. West to the Chicago River.
Flag Sun Sep 29, 2013
Generally speaking the South Loop covers everything south of Congress up to 24th street.
Let me know if I can help with anything else.
Flag Mon Aug 12, 2013
South Loop is in a great location, and I believe that the area will increase in market value as the market improves. It is all about location and south loop is very close to downtown, the lake, Soldier Field and much more. South Loop is definitely an area to keep on your radar.
0 votes Thank Flag Link Fri Jun 21, 2013
I've lived in the southloop for about 8 years and I experienced the up and down and now back up of the properties. Right now South Loop is very very HOT and there is not enough inventory out there for most buyers. The prices are going up and people are paying full price or more for most of the inventory out there. Sunal Patel, Remax Vision, 312-286-1286.
0 votes Thank Flag Link Tue Jun 4, 2013
South Loop is HOT!
I am currently working with numerous investors who all want to buy, but there just isn't enough quality inventory! Prices have definitely stopped dropping in the area, every new property coming on the market today is priced higher than the one before. Many bank owned properties are selling for more than the listing price. It's a great time to buy.


Ilona Koziel
Real Estate Broker, J.D.
Charles Rutenberg Realty
312.731.4773 Mobile
ilona.koziel@gmail.com
0 votes Thank Flag Link Thu Feb 14, 2013
Predicting a trend for the next 5 years is anybody's guess, we all want to hope it will all get better.... but
first the economy, then the unemployment numbers, and then ridding the market of short sales, foreclosures and other distressed properties and then prices will stop from dropping ....

Although a very optimistic person, the faster all other factors will recover, the faster the real estate pricing will too.

Hard to tell today, when that will be the case!
Hope this helps a little ...
Edith YourRealtor4Life and Chicago Connection and Northshore Expert
Working always in the very BEST interest of her clients
EdithSellsHomes@gmail.com
0 votes Thank Flag Link Mon Dec 6, 2010
I dont think prices have stopped dropping in the south loop just yet. They really over developed the area with cookie cutter new construction places. A lot of developers were banking on the market staying good, and then when it went south, so did the new development prices. And some buildings have never recovered. Also, there has been a slew of special assessments on a lot of the loft buildings in the south loop, which has made a lot of units in those buildings go to foreclosures or short sales, weakining the prices for condos in that area. I think for now, the trend will be a slow recovery. The prices will continue to drop around this area.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
0 votes Thank Flag Link Mon Dec 6, 2010
To start with it depends on what you call the S Loop. It use to be just Printers Row/Dearborn Park. Then it went to Roosevelt. Now it's Cermak.
The farther south you go the worse it will be. The entire S Loop became over developed, just too many units were built which will negatively affect the demand/supply balance for many years to come. There are still 3-4 newer construction projects that got caught when the market changed and decided to just rent out all the units until things improved so some day even more units will hit the market.
You need to be very careful for what you buy and what you pay and where it's located. Be near an El stop, but not witinin ear shot of the noise. Have parking and a real good view and pay a good price and have a 5+ yr time frame to hold on to it or find another neighborhood.
If you really mean zip 60616............that is barely S Loop....16th to Cermak. I would avoid it.
0 votes Thank Flag Link Mon Dec 6, 2010
No they have not stopped. If you want to owner occupy, then go for it. Otherwise, contact me and I can show you how to live for free.
Web Reference: http://www.markmalave.com
0 votes Thank Flag Link Mon Dec 6, 2010
You can look at Trulia's stats and trends (in the menu above) here is a link.

http://www.trulia.com/real_estate/60616-Chicago/

Wait another year to buy, prices are declining. From Trulia's data, It looks like you have about 15 months of inventory in this zip, normally you should have 6 months of inventory, so there is too many houses for sale, which means prices will drop. Good Luck
0 votes Thank Flag Link Mon Dec 6, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer