November/December 2005

Now on the market in Sheffield

BY PAULA ARNETT

As it gets closer to the end of the year, the real estate market usually continues to slow down. According to the accompany chart, there are currently 136 properties for sale in the Sheffield* neighborhood. Given the fact that, on the average for the last 7 years, 240 properties close each year, and 176 properties have already have sold or are under contract to close, not every property that is on the market will sell. To reach our average closed properties of 240, 64 more properties will need to be closed by year-end, or about one per day. This could very likely be a record year for least amount of sales. Could it be related to price? The average list price of a single-family home on the market is $2,169,501; for a condominium, $541,936; and for a multi-unit, $1,109,421. The year-end figures will tell.

Latest FYI’s

A vacant lot property in the 2100 block of Dayton that sold for $1,112,500 in October 2003 was resold in October 2005 for $1,325,000. A property in the 2100 block of Magnolia that sold for $1,120,000 in October 2003 and resold for $1,075,000 in February 2005 has new construction with a list price of $2,700,000. A property in the 2100 block of Racine that sold for $1,125,000 has been torn down and a foundation has been poured. A property in the 2200 block of Wayne that sold for $810,000 in March 2005 has been torn down. A property in the 900 block of Webster that sold for $850,000 in July 2005 has been ton down and a sign indicates that condos are for sale.

*Neighborhood boundaries are Armitage on the south, Fullerton on the North, Halsted on the east and the Chicago River on the west.

Data compiled from the Multiple Listing Service of Northern Illinois on October 21, 2005.