The State of Real Estate in Rogers Park

Today I had a meeting with Rogers Park Community Development Corporation and shared  “The State Of Real Estate in Rogers Park”. 

Rogers Park is located on the Northside of Chicago. Its boundaries are the Lakefront on the East, Ridge Avenue on the West, Devon Avenue South to just a little North of Howard on the North. Loyola University is located in Rogers Park.

Real Estate in Rogers Park consist of Single Family Homes, Condominiums, Townhomes and some Multi-Family 2 -4 unit buildings.

Prior to 2007 Rogers Park had a lot of buildings that were converted from rental to condominiums. As a result most of the real estate market was being supported by first time home buyers buying new construction condominiums.

The following data covers the Residential Real Estate Market in Rogers Park over the past 24 months.

 I have included data for both Single Family Homes and Attached Homes which include condo and townhouse sales data.

As the data suggests there were fewer sales in the past 12 months for both Single Family and Attached homes in Rogers Park. This maybe the result of the First Time Home Buyer Tax Credit or just due to fewer qualified buyers or a combination of both.

When buyers were looking to buy they tended to look at pre-foreclosure short sales or foreclosures 21%-43% of the time.

Single Family Home prices actually appreciated 3% over the past 12 months while Attached homes depreciated in value 12% during the same period.  Clearly the  shear number of  distressed Attached Home Sales was the main reason for this reduction.

 

 The Real Estate Market in Rogers Park

The following data comes from the MLS. The author of this report makes no representation to the accuracy of the data provided by the MLS.

Property Type Months Total Sales Short Sales Foreclosures % of Total Sales Market Time Avg Sale Price
SF 12 34 1 6 21% 177 $390,000
SF 24 55 3 8 20% 199 $377,000

 

 

 

Property Type  Months Total Sales Short Sales Foreclosures % of Total Sales Market Time Avg Sale Price
Attached 12 392 34 133 43 191 $151,000
Attached  24 714 63  159 31 202 $169,000

 Join Rogers Park Community Leaders this Saturday September 11, 2010

Community leaders reach out to struggling condo and homeowners in Rogers Park.

 

( Chicago , IL ) — Condo and homeowners are invited to attend an informational workshop hosted by 49th Ward Alderman Joe Moore on September 11, 2010 from 10:00 am-2:00 pm at the Rogers Park Library 6907 N. Clark Street, 2nd floor.

 

The event will feature a presentation on How to Avoid Foreclosure given by local HUD-certified housing counseling agency Rogers Park Community Development Corporation.  Immediately following the presentation, participants will have the opportunity to meet one on one with HUD- certified housing counselors.  Volunteers from Legal Assistance Foundation, CEDA and Citizen’s Utility Board will also be available. 

 

Contact:

Caleb Sjoblom

Director

Rogers Park Community Development Corporation

773-262-2290 x 13

www.rogersparkcdc.org

 

###

 

Heather Whiteford

Associate Director

Rogers Park Community Development Corporation

1411 W. Lunt

Chicago , IL 60626

Ph: 773-262-2290 Ext. 12

Fax: 773-262-2537

www.rogersparkcdc.org

Eat, Play, Love Our Neighborhoods! http://www.explorechicago.org/city/en.html

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