Back in 1992 we published Coops & Condos, a reference work for real estate agents. It contained accurate information on every North side lakefront 12-unit or larger development, and sold well at a cover price of $49.
The book was organized by neighborhood. Each neighborhood section began with a brief write-up and a statistical summary of unit inventory and price levels. Here’s part of what we had to say about Rogers Park in 1992:
The average unit in Rogers Park will set you back just over $47,000 …
Low price levels are probably one of the reasons for the relative scarcity of condo and coop units in Rogers Park. The area has seen real estate values depreciating both in absolute terms and adjusted for inflation. The average selling price of a condo in Rogers Park in 1979, for example, was $52,800 – $5,400 more than the current average. And that’s before you take the ravages of inflation into account.
If you’re considering a condo purchase in Rogers Park, don’t count on making a killing when you go to sell.
Was that sound advice in 1992? Would it be sound advice regarding Rogers Park condos today?