Price Cuts Spur Big Condo Sales in Chicago
February 25th, 2010 categories: Chicago Real Estate News, For Buyers, For Sellers, Housing Market
One thing still works for buyers struggling to sell condos in Chicago’s still sluggish condominium market: price cuts.
The HousingWire news service reported on Feb. 19 that Chicago real estate developer Belgravia Realty Group managed to sell 50 condominiums in just four weeks recently by cutting prices on units at its 565 Quincy project in the Loop by as much as 30 percent.
This made a big impact in the downtown condo market, according to Appraisal Research Counselors, the Chicago commercial appraisal firm quoted in the story. The company said that sales at 565 W. Quincy accounted for 79 percent of all new-construction sales in downtown Chicago since the first of the year.
565 W. Quincy, located at the intersection of Jefferson St. and Jackson Blvd. in downtown Chicago, provides an important point about the current state of Chicago’s downtown condominium market: Sales may be going up, but developers are slashing asking prices to fuel the jump.
It’s a good lesson for condo owners in the city, too. If you have to sell your condo in today’s residential market, make sure to meet with a skilled REALTOR® before you list your unit. A REALTOR® who knows your neighborhood and its localized real estate market will be able to help you set the right initial asking price for your unit.
Buyers today still have a lot of inventory from which to choose. This is especially true when it comes to condominium units in downtown Chicago. There are simply too many unsold units clogging the market. To sell a unit today, then, you have to do everything you can to set yours apart from your competitors. The best way to do this, still, is by offering the best price for your unit.
If you try pricing your downtown Chicago condo at an asking price that is too high for the current market, the odds are great that your unit will sit for months without attracting any solid offers. Price it right, though, and you greatly increase your chances to move your unit.
Belgravia knows this lesson. It’s one that all condo sellers should learn, too.
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Thank you for all the great posts from last year! I look forward to reading your blog, because they are always full of information that I can put to use. Thank you again, and God bless you in 2010.