When do you think Hi-rises condo's along sheridan in Edgewater will be back to pre crash levels?

Asked by Dori Pap, Orlando, FL Wed Sep 11, 2013

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12
Philip Sencer, Agent, Chicago, IL
Wed Sep 11, 2013
I think it might take a number of years 5-8, maybe more. There has been a big pop recently, but I do not think it will continue at this rate. However, if anyone could predict such things they would be rich!
1 vote
JIM Michaels, Agent, Chicago, IL
Mon Sep 16, 2013
email me at jmichaels@remax.net and I can assist you with market updates
0 votes
Bill J Delig…, Agent, Naperville, IL
Thu Sep 12, 2013
Each building has its own unique characteristics.
0 votes
Santiago Val…, Agent, Chicago, IL
Thu Sep 12, 2013
If you are looking to sell, I would not hold my breath; some of those buildings are very large and anything like a couple of foreclosures or a special assessment could bring you back several months or years of increases in a couple of weeks. I would look at what the numbers are now, you will often find you can sell for a lot more than a short sale or foreclosure would sell or has sold. If you are buying and you would want to live on the lake, which can be incredibly energizing (how much is this worth); I would look at comparable rents and see if you would be living cheaper buying (most cases you are). Look at the overall health of the building and upcoming work and use that knowledge to adjust for any future costs to see if it all still makes sense. High assessments will always keep people out of this types of buildings but everything is not for everybody and that is probably good.
0 votes
Matt Laricy, Agent, Chicago, IL
Wed Sep 11, 2013
A while A lot of them are older and have high assessments. These will take a little longer to come back.
0 votes
Sohail Salah…, Agent, Chicago, IL
Wed Sep 11, 2013
Dori,

This all depends on the building, bedrooms, etc but many units are selling at above cash levels, which is also relative,


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0 votes
Lee Cherney, Agent, Chicago, IL
Wed Sep 11, 2013
Like others have said, we would need to know the specific building you are living in to give you the most accurate information. The market has really picked up this year, and prices have increased in many neighborhoods, but for many of the older high rises along Sheridan Road - it could take a good amount of time to reach pre-crash levels. These buildings were hit harder than other pockets/neighborhoods in the city.
0 votes
Dirk Gould, Agent, Chicago, IL
Wed Sep 11, 2013
I don't think you can group all of those buildings together as some are simply too financially unstable right now. If you give us a specific building, we can give you a more accurate prediction.
0 votes
David Hanna, Agent, Chicago, IL
Wed Sep 11, 2013
Not until the demand level increases and financing improves. At least 24 months is my guess, it could be much longer. high assessments and aging buildings are not a draw to younger buyers.
0 votes
Jacqueline S…, Agent, Chicago, IL
Wed Sep 11, 2013
No one can answer that question, as the economy is a mystery, even to economist. Look at the pre crash high prices and current prices. Divide that difference by the years that pass and you have the average appreciation/depreciation per year. Keep adding that yearly increase/decrease, until you get to pre crash price.

Condos used to appreciate 10% per year on average in Chicago and there for double in price ever 10 years. This is no longer the general rule, but you can use it as a guideline.
0 votes
Matt Hoyt, Agent, Highland Park, IL
Wed Sep 11, 2013
Hmmm, hard to say. A long time. That area is usually the last to appreciate in my experience. There is plenty of inventory there and the assessments are super high in most of those buildings. Plus the special assessments and general upkeep of antiquated high rise buildings makes them less attractive then the many other location options available in the Chicago area.
0 votes
Jeff Nobleza, Agent, Evanston, IL
Wed Sep 11, 2013
In my opinion it depends on which building you are referring to. At lease three of those buildings are on the West side of Sheridan (no lake views) and have issues with the exterior of the building which have forced them to assess special assessments causing more foreclosures, price reductions, and also lowering owner occupancy rates. Some of these buildings may take quite a while to recover.

There is a building at Sheridan and Hollywood which has a very healthy HOA and recent sales of two bedroom two bathroom condos closed at roughly 84% of what they closed at in 2006 and I feel may go back up to 2006 prices in the next 2-3 years.
0 votes
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