| SNN - Sep/Oct 2005 |
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Sheffield Neighborhood News
September/October 2005 Again, is the real estate market still hot?BY PAULA ARNETT According to the accompany chart for Sheffield neighborhood* real estate transactions, the answer is yes. However, market times are longer this year compared to last year for the same period. The average selling price for single-family homes is down by 9%, but several more sales occurred and average market time increased by 7%. The average market time for condominiums increased by 14% and the average selling price increased by 6%. The average market time for multi-unit properties more than doubled and their average selling price increased by 6%. Total sales increased by 6%. Latest FYI’s A property in the 900 bock of Armitage that sold for $975,000 in December 2003 has been told down and new construction has begun. The former Budget rental site in the 1100 block of Armitage is being developed into “The Armitage Collection,” a Luxury Retail Development, according to the sign in front of the property. Buildings on either side of the site have also been acquired for the development. A property in the 2000 of Dayton that sold for $800,000 in May 2004 and for $1,200,000 in July 2005 has begun new construction. A property in the 2100 block of Seminary that sold for $1,300,000 in June 20005 has been torn down. A two-flat building in the 2000 block of Sheffield that sold for $673,000 in January 2004 has been developed into three condos selling as follows: #1, $755,000, April 2005; #2, $539,000, April 2005 and #3, $630,500, June 2005. *Neighborhood boundaries are Armitage on the south, Fullerton on the North, Halsted on the east and the Chicago River on the west
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