Another High-Priced Sale More Evidence of Chicago’s Strong Condominium Market
The Chicago condo market nabbed another big sale earlier this year, when the current head of Chicago snack company C.J. Vitner sold a penthouse in the city’s Gold Coast neighborhood for $2.85 million.
Crain’s Chicago Business, which reported on the sale, said that Bill Vitner, the condo’s now-former owner, had originally listed the condo with an asking price of just under $3 million. The condo never reached the open market, but instead sold without being officially listed.
The condo boasted views of Lake Michigan and includes 3,000 square feet of living space.
Here’s what’s most important to other Chicago homeowners: The three-bedroom, three-bath condo has seen a solid rise in value. The Vitner family purchased the unit in 1994 for $805,000. A $2.85 million sale, then, represents a solid appreciation in value.
Now, the odds are high that you’ll never sell a condo for nearly $3 million. But this high-end sale is yet more evidence that the Chicago condominium market remains a strong one. Housing prices across the city have been rising for more than four years now. If you’re ready to sell your Chicago condo, now is a good time to jump into the market.
Of course, you will have to take certain steps to make sure your city condo fetches the best sales price. This includes staging your condo to make sure it shows well and looks large and bright. You’ll also have to work with a knowledgeable REALTOR® to set the right asking price.
Remember, today’s condo buyers are savvy. They know when a unit is priced too high for current market conditions. Instead of making offers on over-priced units, they’ll simply move on to another Chicago condo that is priced more realistically.
So, yes, these big-money condo sales are an indication of a strong city housing market. But they don’t mean that listing a condo for the wrong price won’t still result in anything but a dearth of offers.