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Signs Of Generations Moving And More Inventory Coming To The South Loop
Like last month, low inventory and short market times continue to define the market in the South Loop. Although we only chart condos in price ranges between $250-650k an interesting trend is happening among the single-family homes in the South Loop, which is a sign that inventory will start coming back to the market after a very long hiatus.
Inventory across the city has been down since 2012 and that has been pushing prices up. There is more construction going on this year than there has been in a very long time, however, it's mostly luxury rental. The condos that are being built are mostly ultra-luxury, where the 1-bedrooms start at $750k or so. There are also a bunch of condo buildings that are being deconverted into apartments. So, there's clearly going to be a flood of rentals over the next couple of years.
However, there are also some signs that condo inventory is going to start picking up too. In Dearborn Park there are 5 single family houses for sale. Four of them were listed in the past 60 days. One of them has been on and off the market since 2015 and it is finally under contract. In 2015 it was the only one on the market and in 2016-2017 only one other single family house sold in that neighborhood. These houses are listed between $1-2m. They are often purchased by move-up buyers coming from condos and townhomes that are valued from around the $450s and up. When they start buying the houses they will list their condos. Many of the people moving out of the houses will be downsizing. If they stay in the city, they will likely by buying the ultra-luxury condos, smaller but even nicer homes. Those that are being built now are slated for delivery between 2019-2022.
By listing today it's clear that some of the single-family owners are ready to move now. As the new condos are delivered more of the larger residences may be sold so the owners can move into their new home, causing a domino effect of inventory coming available and ready for the next generation of buyers.
A licensed real estate broker associate since 2005 Molly Heyen also has expertise in account management and marketing. She's an entrepreneurial, self-starter with honed communication and negotiation s....
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