Greg Whelan, who’s in the top 1.25% of buyers’ agents, is seeing a lot of buyer activity in communities close to the lake.
Right now, a lot of buyers are focusing on condos in Lakeview, Lincoln Park and South Loop. What’s interesting is that buyer’s aren’t clustering in certain price ranges: I’ve worked on deals ranging from $190,000 – $750,000.
Less Room To Negotiate
Greg has also seen is that sellers are much more in tune with the market than they were a few months ago:
Earlier in the year, sellers didn’t or wouldn’t recognize the conditions of the market, but no more. Sellers now have a better understanding of the market, and as a result, more homes are priced closer to market value. Most homes are selling within 94% to 97% of list price, except in the South Loop where many new construction condos sell parking separately, driving sales prices to 103% of list. Six months ago, buyers could pull recent apples-to-apples comparable past sales and expect to pay less, now buyers should expect to pay at or even above the most recent comp prices.
What are you seeing the communities near the lake?