Pilsen Market Update
By Phil Buoscio of Better Living Realty
Just wanted to send out a quick update on the Pilsen market. As you can see from the graphs below, the market has been a bit up and down over the last 3 years. There has been a high number of short sale and bank owned units have brought down values considerably. It seems though that a lot of that distressed inventory has worked its way through the market. There are still a lot of great deals out there, but there lots of competition to get in on those lower priced properties now.
Condos – Attached Single-Family
As you can see from the graphs the 2 bed condo market has been on a rather dramatic slide over the last 3 years. Values have been going down over the last three years on these 2 beds by about 20% a year on average. There does seem to be some stabilization in this market though. I recently had a 2 bedroom condo at 1811 W. 21st Place go under contract above the past 12 months average. There has also has been 6 closings above the $149,000 recent average in the last 6 months. So if you own a 2 bed unit in Pilsen it looks like you should see price stabilization or maybe even some appreciation over the next 12 months.
Three bed condos have taken about a 25% hit from 2010 prices. The average for 2011 is so low because there was only one closing in that time period at 1707 S Ruble. So the larger 3 beds obviously held up value wise a little better then their 2 bed counterparts. The pipeline for 3 bedroom condos is not looking so great though right now. There are two pending 3 bed units listed at $199k and $249k. Those will presumably close lower then their list price. And there is one recent close for for $200k. So in my opinion the best case for 3 beds over the next 12 months is stabilization, but more then likely we’ll see some depreciation on 3 bed values.
Single Family Homes
Single family homes have fared much better then condos in Pilsen. As you can see 3 bed or larger homes have done pretty well over the last 2 years. I think the trend on single family homes will be continued stabilization with a good chance of appreciation over the next 12 months. There were three closings on single family homes above the $175k average price in the graph below. There’s even a pending sale on the East side of the neighborhood for $439k which bodes well to boost the average price over the next 12 months.
If you would like more specific information on your homes value, give me a call and I can do a free CMA. Or fill in your property information at the bottom of this email (or click this link) and I will process your CMA in 24-48 hours. If you are facing a hardship and need to sell a home that’s underwater, I can help you. I’ve been specializing in short sales for the last 3 years. Visit www.ShortSaleSuperMan.com for more information on short sales and to see if one might work for you. I’ve also been Top Producer in Pilsen seven times since 2004 and I am the neighborhood expert when it comes to selling single family homes, condos and 2-4 units.