South Loop real estate is on a roll. According to Midwest Real Estate Data’s BrokerMetrics, median home prices in the neighborhood gained 1.1 percent last year, and its 2011 average of 24.2 months on the market for each listing fell to 7.6 months in 2012 — a 69 percent drop. The new year has started with a bang as well: Listing time on the market dropped to 3.5 months in January. In fact, developer Related Midwest is reporting 40 new contracts on three Museum Park condo towers that the company rebooted just two weeks ago.
None of this is a surprise to @properties real estate agent Landon Harper (call 312-617-6070), who can barely keep up with showings for his South Loop listings, namely unit 315 at 1620 S. Michigan. “I’ve seen things go in a week if they’re priced right, especially good two-bedrooms because they’re in short supply right now,” he says. The 1,000-square-foot, two-bedroom unit — which has been on the market about four weeks and is going for $289,000 — is an astonishing deal because of its 1,500-square-foot deck and upgrades. “They bought it at $363,000 in 2006, but put another $35,000 or so into extra junction boxes and custom lighting, millwork, fixtures, finishes and closets,” he says.
Harper has equally high hopes for unit 404 at 2332 S. Michigan, a vintage two-bed, 2.5-bath duplex with stunning renovated interiors, a private heated garage and a 400-square-foot terrace. It was just reduced from $525,000 to $449,000 — a major deal given that “the owners bought it as raw space for $660,000 in 2008, and built it out with top-of-the-line materials,” says Harper.
Other well-priced two-bedrooms include unit 702 at 1255 S. State for $250,000 (call @Properties broker Amanda McMillan, 773-432-0200); unit 701 at 1801 S. Michigan for $300,000 (call @Properties broker Anne Victorin, 773-510-8762); and two units marketed by Prudential Rubloff broker Judy Howard (call 312-980-5151): unit 908 at 161 W. Harrison for $329,900 and unit 112 at 1143 S. Plymouth for $334,900.
Story by Lisa Skolnik