More First Quarter Sales Numbers By Neighborhood
Mary Umberger, the Tribune’s real estate columnist, wrote about some interesting first quarter sales numbers yesterday (provided by Re/Max Northern Illinois).
Remember, the Chicagoland area saw a 30% drop in sales in the first quarter compared to a year ago.
Among the positives: a narrowly defined Loop area, where 305 sales were up 89 percent quarterly; and the Douglas neighborhood, with 50 closed transactions for an 80 percent increase.
Other city neighborhoods with gains: Albany Park, up 18 percent (60 units closed); North Center, up 2 percent (100 units).
Re/Max said 15 city neighborhoods saw single-family home sales increase; condo sales in 11 city neighborhoods were up.
For the narrowly definied “loop area”, you can’t help but wonder if those sales numbers were because MoMo and Metropolitan Tower started closings. Some sales might also be in American Invsco’s 200 N. Dearborn, where the company continues to give out generous incentives to move units.
From an American Invsco press release:
Nicholas S. Gouletas, chairman and CEO of American Invsco, reports the company recently conducted a five-day mass closing at Chicago Title & Trust Co. for nearly 100 units at the 309-unit high-rise.
“We are averaging seven or eight sales a month and are approaching the 50-percent sold mark,” said Gouletas, who has successfully developed, marketed and managed more than 40,000 condominiums nationwide valued at more than $4 billion since 1969.
“Buyers include a mix of Loop workers who want to walk to work, pied-a-terre purchasers seeking an in-town near the Loop Theatre District, and investors from as far away as California,” said Stefanie Neuman, sales manager at 200 North Dearborn. Prices range from $238,600 for a studio to $562,600 for the most expensive penthouse.
But sales were still down year-over-year on the near north side for the quarter.
The Re/Max analysis said that combined sales results for the Mid-North neighborhoods of Albany Park, Lakeview, Lincoln Square, North Center and Uptown were down “only 10 percent” in the quarter.
So much for ‘declining markets’ [Chicago Tribune]
Yep, keep cherry picking data and cheerleading. Pretty soon there won’t be any good data points.
I know for a fact that American Invesco is digging VERY deep for buyers as the condo’s they’re selling are going to people out of state (California for example).
[Edited by the Editor. Let’s keep it clean. Thanks.]
A:
The Spire is selling most of its units to people outside of the country (according to the sales center.) Selling to a buyer who doesn’t live in Chicago isn’t anything new.
Let’s keep it clean about what we say about the developers. People have their own opinions.
Thanks.
I like the $4 billion valuation for 40,000 condos–an average price of $100k–which is about what one should pay for an Invsco (what happened to the e?) condo.
I think the “e” is in foreclosure…