Your Guide has a listing appointment later today for an owner that has two units for sale in a Lake Shore Drive high rise. The family owns a corner one bedroom and the studio next door which is currently attached with an interconnecting doorway in order to use the studio as a master bedroom suite in its entirety.
Since I haven’t posted charts and graphs in some time here at The Guide, what better opportunity to kill two birds with one stone than to share the research on pricing for one bedrooms and studios here.
My favorite statistic on the Studios in the graph above: Over a two year period, the FOR SALE price for studios has only fallen $1,000 – or 0.7%. But that the SOLD price for studios has fallen $32,0000 – 20.9%.
AND: The sale price is down at $121,000, but the lower list price is still hovering at $139,000.
This demonstrates that there are still a LOT of sellers out there not dealing in reality.
One bedroom FOR SALE prices have fallen $16,000 – 7.4% – over a two year period. But SOLD prices are down $19,000 – nearly 10% – over the same period. And again, there is a $20,000 disparity between current SOLD prices and current LIST prices.
Can you measure degrees of fantasy? Is one group of sellers more connected with reality of only off on pricing by 10% versus 20%? Or are the delusions equal as overpricing by any amount will have the same result: long market times and no sale?