WICKER PARK — The real estate market in Wicker Park and Bucktown continues to move fast but inventory has jumped too, with 15 percent more homes available for sale today than two months ago, based on the latest sales data for the neighborhoods.
According to Realtor Eva Bergant's blog, there were 169 homes sold in a nine-week period from July 28 to Sept. 29, just one day shy of the close of the third quarter.
Currently there are 36 single-family homes available for sale in Wicker Park and Bucktown, 117 condos and 18 multi-unit buildings.
"This is the first quarter that we had with a supply increase and sales [of condos] jump too," said Realtor Greg Nagel, who sells homes in the 60622 zip code which encompasses Wicker Park, Ukrainian Village and East Village.
Nagel's Q3 analysis of two-bedroom, two-bathroom condos, which he calls, "the bellwether of the neighborhood," showed a 75 percent increase in sales over the previous quarter as well as a 12 percent price increase.
The statistics translate to stories of bidding wars and creative tactics employed by eager buyers.
In one recent instance, Nagel helped a client compete and win against two other buyers on a condo that had been listed for two days.
Nagel's client waived a mortgage contingency, offered an "as-is rider" and made an offer of three percent over list price.
A mortgage contingency allows a buyer to "kill the sales contract" if they are unable to get a loan, Nagel said, adding that while the clause mainly protects the buyer, it also allows the seller to keep the earnest money put down by the buyer.
Even with an inventory surge, homes are still being snapped up fast.
Over one-third of the homes sold in Bergant's analysis of the last two weeks of the third quarter had been on the market for less than 30 days, with several homes selling above list price.
A two-bedroom, two-bath duplex in a vintage building at 2105 W. Division St. in Wicker Park sold for $285,000 on Sept. 24. The home — just west of Damen Avenue — had been on the market for six days and sold at 112 percent of its list price.
While short sales and foreclosures are commanding top dollar, some developers are taking advantage of estate sales.
A brick cottage at 2336 W. Lyndale St. in Bucktown met the wrecking ball earlier this month.
The two-bedroom one-bathroom cottage was snapped up for $376,500 on August 28 after six days on the market.
Builder Rafa Stop from RD Precision confirmed the home, sold at 92 percent of its list price in an estate sale, was demolished last week and two three-bedroom duplexes are planned for the site.
Stopa, whose firm built luxury homes in Lakeview, is also building a similar duplex at 2335 W. Lyndale St., where another home was demolished earlier this year, bringing a total of four new homes to the 2300 block of West Lyndale Street, just east of Western Avenue.
"The area is turning more modern and hip. ... I think there's a big movement in the neighborhood [to build]," Stopa said.
Other sale highlights:
A three-bedroom, two-bath condo at 2052 W. North Ave. in Wicker Park sold for $539,900 on Sept. 10. The fourth-floor penthouse had been on the market for seven days and sold at 100 percent of its list price.
A four-bedroom, three-bathroom single-family home at 1342 N. Hoyne Ave. in Wicker Park sold for $2,050,000 on Sept. 13. The home had been on the market for 20 days and sold at 103 percent of its list price.
A seven-bedroom, four-bathroom single-family home at 1406 N. Hoyne Ave. in Wicker Park sold for $1,995,000 on Sept. 20. The home had been on the market for one day and sold at 100 percent of its list price.
A three-bedroom, two-bathroom, single-family home at 2135 W. Cortland St. in Bucktown sold for $805,000 on Sept. 20. The home had been on the market for 3 days and sold at 106 percent of its list price.
A five-bedroom, three-bathroom single-family home at 1645 N Wood St. sold for $1,495,000 on Sept. 6. The home was on the market for 7 days and sold at 100 percent of its list price.
A five-bedroom, three-bathroom, single-family home at 2120 N Winchester Ave. in Bucktown sold for $1,169,000 on Sept. 6. The home was on the market for one day and sold at 97 percent of its list price.
A four-bedroom, three-bathroom, single-family home at 1614 N. Wolcott St. in Wicker Park sold for $1,225,000 on Sept. 6. The home had been on the market for 8 days and sold at 95 percent of its list price.
