Thursday, November 20, 2008
40 E. 9th Street, Chicago, IL 60605
A Condominium Market Analysis
Burnham Park Plaza is a 25 story condominium building in Chicago's Loop. Built in 1912 as the YMCA Hotel it was converted to condominium and contains 277 units.
According to the Northern Illinois MLS the average sales price in this complex in the twelve months ending November 19, 2008 was $263,294.00 with 66 days on the market, with 17 sales.
Average prices have decreased -21.07% , sales volume has decreased -41.38% and marketing times have decreased -20.48% over the previous twelve months.
In the twelve months ending November 19, 2007 the average sales price was $333,583.00 with 83 days on the market, with 29 sales.
There are currently 11 active listings in this complex with prices from $174,000.00 to $699,000.00. At the current level of absorption of 1.42 sales per month this represents 7.75 months of available inventory.