What is the market time for a 1 bdm in a vintage bldg in Edgewater Beach?

Asked by Tracy, 94121 Sat Feb 27, 2010

Seems there is a glut of 1 bdrm condos along Sheridan Rd that have been sitting on the market for 6 or more mos.

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5
Terry Perdue, Agent, Chicago, IL
Sun Apr 29, 2012
It depends on a lot of factors. One of the strongest is the supply and demand. If the supply is high and the demand is low the average market time could be lengthy. For a buyer the value, strength of the association, location, amenities, upgrades can all be a determining factor as to which condo they would choose to purchase. For a seller if they have a loan, can they sell it for enough to pay off the loan, how much do they want to put into the unit in order to market it.
0 votes
Matt Laricy, Agent, Chicago, IL
Sun Feb 28, 2010
Tracy,
Its tough to say on this. It all depents on the type. Are you looking at the high rise or mid rise buildings. Ones facing the lake or not? Etc, etc. This all plays a factor. Are looking to buy or sell one?

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
0 votes
Jeff Nobleza, Agent, Chicago, IL
Sat Feb 27, 2010
Note that if a property is priced right it will sell quickly. I have worked with buyers that have purchased homes there and those homes were not on the market long.

As mentioned earlier, the short sale listings and over priced listings are distorting the market times.
0 votes
Philip Sencer, Agent, Chicago, IL
Sat Feb 27, 2010
Sold units averaged 238 days over the past 12 months, but that number is very misleading and the next 12 months are likely to be very different. The type of vintage unit you have can also make a big difference. A high rise vintage may not be the same as a 20 unit courtyard building. A newer rehab might be different than a conversion from the 1980's. The condition of your particular unit can also make a big difference in market time compared to others.
The market is slow, but there is a wide difference in market time. You should get a market analysis or two that relates to your particular property.

philip
0 votes
Kenneth Baker, Agent, Chicago, IL
Sat Feb 27, 2010
Market times in Edgewater Beach and other areas are tremendously skewed. There is an abundance of 1 bedroom condos on the market and that is mainly due to the very large numbers of short sale and foreclosed listings. The majority of the buyers go after these properties first with the hope of getting the best deal. This leaves the home owner that has a need to sell but is not in a distressed position increased market times. It's a sad situation but one that thousands are dealing with locally and nationally.
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