Real Estate Market Activity

BY PAULA ARNETT

In site of the talk about the economy, real estate activity in Sheffield is ahead of last year as of late in the second quarter. The accompanying chart* shows more properties under contract and closed this year compared to last year, with condominium sales having the greater number. Total new listings are about the same as last year.

Interesting FYI’s

There have been several recent teardowns in the neighborhood: 2100 block of Kenmore for $740,000 in May 2002 and 2200 block of Magnolia for $750,000 in June 2001.

A property in the 2100 block of seminary was on the market last fall and was listed at $750,000 closed on June 7 at $725,000, and then at $835,000—it was flipped for a $110,000 profit.

As mentioned in the last issue of SNN concerning the 2100 blocks of Magnolia and Lakewood, the properties have now closed: the corner building sold for $850,000 and, the building to the north, the former German Hungarian bakery, sold for $700,000 in May 2002. The vacant lots across the alley on Lakewood sold for $650,000 each in May 2002.

	4/1/2002 to 6/15/2002	4/1/2001 to 6/15/2001
Listed
Single Family	23	29
Condo	112	100
Multi	6	14
Total	141	143

Under Contract
Single Family	13	13
Condo	64	54
Multi	6	5
Total	83	72

Closed
Single Family	14	11
Condo	45	37
Multi	4	5
Total	63	53

*Data compiled from Multiple Listing Service of Northern Illinois

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