are coop/condos prices going up?

Asked by Rob Krill, Springfield, MO Sat Jun 23, 2012

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Dayle Lively’s answer
Dayle Lively, Agent, Winnetka, IL
Sun Jun 24, 2012
Hi Rob,

In the past 12 months, 268 attached units (condos, co-ops, townhouses) sold in Evanston with a median price of $208,750--this does not include foreclosures or short sales, which, if included, brings that median price down to $180,000. During the 12 month (prior) 12 month period from June 23, 2010-June 24, 2011, there were 266 units sold with a median sales price of $260,000; including the foreclosures and short sales brings that price down to $239,700. You can see that while the number of units sold has remained constant, the sales price has declined significantly. Besides what has happened in the general economy, I believe that the addition of many new units to the area (not just in Evanston, but also nearby communities that might be in a buyer's search pool ) such as Optima Woods in Skokie near Old Orchard Shopping Center have altered the supply/demand dynamics.

Currently there are 269 units for sale in Evanston ranging from $44,900-$1,200,000, with 195 of them priced under $300,000. With interest rates still very low and a sizable selection, it's a good time to buy. Let me know if you'd like any further information or help in exploring some good options for you.

Dayle Lively
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Noah Seidenb…, Agent, Evanston, IL
Sun Jun 24, 2012
I have many clients who bought condos in the Optima Horizons 800 Elgin because it is walking distance to Northwestern University and they are going down not up. An example ( cant name the unit number yet we are going to sign a contract) He bought a west facing condo 3 years ago for $325,000 and now it is worth about $275,000 to $285,000. When this building opened the properties sold fast now our economy is so bad that the parents are unwilling to buy in most cases and tell their kids to go out and find a rental.
0 votes
Evelyn S. Fr…, Agent, Chicago, IL
Sat Jun 23, 2012
Hi Rob,

In general yes, +3.8% in Evanston.

If you'd like a more detailed report send me your email & I will send you a copy of the stat report.
0 votes
Osh Nissan, Agent, Evanston, IL
Sat Jun 23, 2012
If you are asking about Evanston specifically, condo prices are still relatively stable. The potential exception is the high end condo inventory. There are fewer units of that segment available and so there is some upward pressure in that segment.
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