Chicago Condo Directory

The real estate market in many neighborhoods around Chicago is experiencing a decline in sales due to difficulty in the mortgage market.  Washington Park has seen a sharp drop in sales in recent months.

According to data from the Chicago Association of Realtors, a total of just 10 condos and lofts were sold in the neighborhood during the fourth quarter.  This is a huge drop from the same period in 2006, when 41 condos were sold.

Condo owners and developers that did sell their unit in Washington Park saw higher prices during the fourth quarter.  According to the C.A.R. report, the average sales price for units sold during the quarter rose by 8 percent from the same period in 2006.

However, if demand doesn’t pick up in the short term, buyers could start to see lower prices in the neighborhood.  Condo owners who face financial difficulty could end up having to offer a significant discount in their asking price to attract more attention from buyers.

Browse through the best Chicago Condos For Sale around Washington Park as well as in many other neighborhoods across the greater Chicago region.

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