The Average Chicago Condominium

We've done average apartments. How about average condos?

Second verse, same as the first.

A few weeks ago I did a little overview of what the average Chicago apartment looked like. It was pretty popular. But my office is on me for material that they can promote from their new social media campaign, and they're not so pleased with all the rentals that I do. (They are a residential sales brokerage, after all. They want me selling stuff, not renting it. Hint hint.) So, we're going to do the same thing with condos today as I did with rentals before - find the profile of the average condo and then pick out a few from the recent sales bin to show you what they look like.

What's the point? Well, if these are all hovering around the median price point for recent sales, then you can reasonably expect to find something comparable at or around this price in the immediate future somewhere in Chicago. Prices have started to tick upward, especially at the lower end of the spectrum, so we may not see this as the average for much longer. More importantly, this serves as a historical snapshot of what the average Chicago home buyer could afford to purchase in 2012.

It is extremely oh-so-very-much easier to find the average stats for home sales. They're pretty much all condensed into one database. When searching rentals I usually have to cross reference the MLS against Craigslist against any other myriad of listing databases, tally the statistics by hand (including calculating the offsets between list price and final leased price), and generally do a lot of data churning to get you the tasty, fresh numbers that I spout out each week. By contrast, averaging condo prices is easier than a Hollywood starlet.

So why these condos in particular?

Over the past year the median sale price for a condo has been $220,000. Most of the condos sold within that price point had 2 bedrooms, either 1-2 baths, and were constructed in or around 2005. And behold, trusty readers, I have gone out and found you a sampling of 5 condos that sold within the past 6 months that duly suit all of those criteria.

There were about 10 that actually fit the bill. I culled 5 that had bad photography or that I found to be shady deals for one reason or another. The remaining 5 are here for your viewing enjoyment.

Condo #1: 1720 S Michigan #2610

Condo #2: 4553 N Magnolia #402

Condo #3: 2436 W Cortez #3E

Condo #4 5321 N Lincoln #2C

Condo #5 1928 S Wabash #2

So, dear piggies, what do you think? Are they all extremely different? Pathetically identical? What do you suppose leads to the drastic differences in assessments and taxes? Are you surprised at the locations of the listings? Was this what came to mind before when you thought about Chicago condos?

Do tell, and if you want to find something like this, shoot me an email!