While enjoying a vacation at our condo in Costa Rica with my husband, I received an offer for my seller on my listing of a 3 unit apartment building in Andersonville in Chicago, after just 23 days on the market. Thanks to Skype international calling, after several days of negotiation on behalf of the seller, seller and buyer reached agreement. The Grey Stone building attracted a lot of attention from buyers, with its original dining room and kitchen hutches, ornamental woodwork, capitals and molding were intact and unpainted. The 105 year old building had been owned by just two families since being built in 1906, by Chicago haberdasher Henry Meek.
As I was preparing a more in depth analysis for the appraiser, I was surprised to see that prices on two and three flat apartment buildings in Andersonville are holding up pretty well, given current market conditions. Buildings are selling for approximately 95% of final list price. In the recent six months, six buildings closed or went under contract, and there are eight for sale. This translates to 8 months of inventory, and an absorption rate of one per month, which is considered a buyer™s market. Market times for recently sold buildings are 57-63 days. Nicely rehabbed two unit buildings are going for $600,000, three units in the $700K ranges. Condo quality gut rehabbed buildings are selling for $270 to $311 per square foot. Recent rehabs selling for $210 to $271 per square, partially rehabbed buildings selling for $152 to $170 per square foot. Buildings needing total rehab are selling for $106 to $150 per square foot.
Maggie Finegan, ABR, Move with Maggie Chicago Real Estate Team