2010 was not kind to condominiums on Chicago’s Far North Side: Our two northernmost neighborhoods, Rogers Park and Edgewater, both saw condo prices decline steeply. For Rogers Park, it was a steep decline for three quarters — it’s 36% lower than last quarter and 52% lower than the same quarter a year prior. The last several years have seen a steady decline in selling prices for these condos, from a median of about $225,000 in 2007 to under $100,000 in 4Q 2010.
Rogers Park was caught in the middle of a condo boom of courtyard building conversions when the market crash hit, prompting stories like this one that make any condo owner shivver. Edgewater, which has the more stable Andersonville within its boundaries, has held value better over the years. It fell just 14% over the last quarter. At $171,500, the median selling price of a condominium is 36% lower than it was a year ago.
See side-by-side charts for condo market conditions in both neighborhoods back to 2007 at Lakeshore Analytics.
Jeff Baird is a real estate valuation consultant based in Chicago. He founded Lakeshore Analytics to bring comprehensive, understandable housing data and analysis to Chicago-area readers. The site features a blog with free market news and charts, summary data on 20 top neighborhoods, and quarterly data subscriptions.