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$2.2 Million 'Urban Sandbox' Home Tops New Sales in Bucktown, Wicker Park

By Alisa Hauser | March 25, 2013 9:54am

BUCKTOWN —  As the number of homes on the market continue to shrink, sales are moving at a fast and frenzied clip, based on the latest real estate sales data for Wicker Park and Bucktown.

According to Realtor Eva Bergant's blog, 32 homes were sold in a three-week period from February 24 to March 17; over one-third had been on the market for less than 30 days.

Of those sold, 19 were condos, nine were single family homes and four were multi-unit apartment buildings.

Topping the list of sales was a five-bedroom, three-bath single family home at 1625 N. Wolcott Ave. in Bucktown that was featured in the 2012 Modern Luxury Home Tour.

Constructed in 2008 as part of the "Urban Sandbox" development, the home listed by Realtor Karen Ranquist sold for $2,275,000 on March 14.  The property was on the market for just under a year and sold at 95 percent of its list price.

The "Urban Sandbox" home took 330 days to sell, far above the current market time average of 132 days, according to the latest data from Bergant's blog.

Bergant's blog indicates that the average market time was 132 days in February, reduced from 220 days at this same time last year.

As of March 17, there are just 31 single family homes for sale on the market, as compared to 62 at this same time last year. 

The inventory crunch continues for condos and multi-unit buildings, too, with just 84 condos on the market today, compared to 153 last year and nine multi-unit buildings, as compared to 26 at the same time last year.

Realtors are feeling the pinch as they seek to find new homes to show their clients.

"Right now it's kind of a frenzy. If a home goes on the market Tuesday morning you need to get your clients in on Tuesday evening," said Realtor Daniel Sullivan from Conlon Real Estate.

While there are many factors driving the turnaround — from interest rates under four percent to "skyrocketing rents" —  Sullivan credited a word-of-mouth aspect as a boon to the market turnaround.

"Clients are skeptical of [brokers] telling them they need to buy a place in one day, but when they hear it coming from friends and family, it's different," said Sullivan.

Sullivan added: "The whole method of buyers having leverage has completely flipped."

In "fast sale" highlights:

• A three-bedroom, two-bath condo with garage parking at 1849 N. Hermitage Ave. in Bucktown sold for $699,000 on March 15. The unit — part of the "Urban Treehouse" condominiums formerly home to the Sisters of the Resurrection convent — was on the market for just one day and sold at 104 percent of its list price.
• A three-bedroom, three-bath single family home at 2117 W. Charleston Ave. in Bucktown sold for $798,000 on March 8. The home was on the market for three days and sold at 100 percent of its list price.
• A three-bedroom, three-bath single family home at 1338 N Leavitt St. in Wicker Park sold for $500,500 on March 14. The home was on the market for seven days and sold at 105 percent of its list price.
• A three-bedroom, two-bath penthouse unit with garage parking at 1600 N Bell Ave. in Wicker Park sold for $505,000 on March 4. The home was on the market for five days and sold at 101 percent of its list price.
• A two-bedroom, two bath condo with parking at 1523 N Ashland Ave. in Bucktown sold for $340,000 on Feb. 27. The property was on the market for seven days and sold at 97 percent of its list price.
• A three-bedroom, two-bath penthouse duplex unit with garage parking at 1300 N. Wood St. in Wicker Park sold for $600,000 on Feb. 28.  The home was on the market for 20 days and sold at 92 percent of its list price.

• A four-bedroom, two-bath single family home at 1734 W Julian Ave in Wicker Park sold for $370,000 Feb. 25.  The property was on the market for 25 days and sold at 100 percent of its list price.
 

Among the $1 million plus highlights:

• A four-bedroom, three-bath single family home at 2050 W. Wabansia Ave. in Bucktown sold for $1,047,500 on March 1. The property was on the market for three months and sold at 86 percent of its list price.

• A five-bedroom, three-bath single family home at 1321 N. Bell St. in Wicker Park sold for $1,040,000 on March 4. The property was on the market for six months and sold at 99 percent of its list price.

• A six-bedroom, four-bath single family home at 2127 W. Schiller St. in Wicker Park sold for $1,880,000 on March 13. The property was on the market for 10 months and sold at 94 percent of its list price.