After taking a look at Station Square, I thought we’d compare it to it’s neighbor on 1021 N Garfield St – 1021 Clarendon. This condo building was built in 2005. The sheer number of units in the building – 417 – can explain some of the variations in the building. This building in particular has been hit pretty hard in 2008 by short sales and foreclosures. Although it is FHA approved, there are many investors in the building that may have gone belly up on their investments (condo fees tend to eat into cash flow), and caused some of the units to be lost.
28 Units Sold in 2008
1 bedroom units: Average Sale price: $371,500, 53 Days on the Market (DOM)
1 bedroom w/den: Average Sale price: $422,123, 15 DOM
2 bedrooms units: Average Sale price: $524,000, 96 DOM
3 bedroom, 2 bath, 2 parking spots: $680,000, 48 DOM
Through public notices, I know of 2 more that are up for auction in the next month…many of the properties sold in 2008 were short-sales, and the ones that were sold at auction don’t factor in to these numbers. These sales only reflect those shown in our local MLS.
It’s interesting to see how different buildings, even 10 feet from one another, fair differentlyin this market. There’s a lot to consider when debating where to buy your next/first/future home, or investment. Now is a great time to grab a deal….so if you’re interested in learning why and where, i’m always open to questions!