Even Super Bowl QBs Struggling In Today’s Condo Market
February 4th, 2010 categories: Chicago Info/News, Chicago Real Estate News, Economic Recovery, For Homeowners, For Sellers, Housing Market, Mortgage Info, Real Estate News
I don’t think Rex Grossman will have too many fond memories of Chicago. True, the former Chicago Bears’ starting quarterback led Chicago to the Super Bowl following the 2006 season. But he lost that game. He eventually lost his starting job, too. He was eventually “kicked” out of Chicago – Bears fans had long since turned on the quarterback – and is now a backup quarterback for the Houston Texans.
Now comes the news that Grossman, like so many other Chicagoans, has had to sell his city condominium at a loss. And not just any loss: According to the Chicago Sun-Times, Grossman sold his condo in River North’s Trump International Hotel & Tower for a whopping $700,000 loss.
The Sun-Times reported that Grossman sold his condo for $2 million last week. The paper also reports that he purchased it for $2.68 million in September of 2008. Grossman originally put the unit up for sale at $2.89 million before reducing his asking price to $2.3 million and eventually selling for $2 million.
Grossman’s tale is a good lesson for the owners of Chicago condominiums: Although the market has picked up considerably since 1/1/2010, unless one has lots of equity or absolutely has to sell, now might not be the best time to put your unit on the market. According to a story in the Chicago Tribune, condo prices in Chicago are now at early 2004 levels.
The Tribune cites data from Standard & Poor’s/Case-Shiller that shows that prices fell 8.5 percent for Chicago condominiums in the 12 months that ended in October.
Many condo owners have no choice but to sell now. Their employers may be transferring them to a new city. Maybe they’ve found a better job on their own in a new location. Or maybe they’re going off to graduate school across the country. Whatever the reason, these folks can’t wait out the market.
Their best bet is to do everything they can to set their condo units apart from their competition. These owners should work closely with their REALTORS® to set up a marketing plan. This may include steps as simple as giving their condo’s interiors a fresh coat of paint or something as advanced as hiring a professional stager to show off their unit in its best possible light.
In today’s Chicago condominium market, sellers need every advantage they can get.
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