Well, it officially sucks to be a first-time buyer in the West Loop. According to Keller Williams Realty, the average (not median) price of a one-bedroom condo in the neighborhood today is $280,615, up from $264,184 in December 2005. Ouch. Why the sudden jump?
The West Loop generally attracts younger buyers, who are more likely to want a one-bedroom unit than a two-bedroom one, so there is a bit of a bidding war going on, according to Kevin Knepp, from Keller Williams. As interest rates rise, those who might have been able to afford a two-bedroom home a few months ago, are now prowling the market for one-bedroom units.
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