Two listings I toured last week were four blocks apart, both two-bedroom condos near Mary Bartelme Park. One had multiple offers by Sunday. The other has been sitting for close to two months and just took its second price cut.
That's the West Loop this fall. Anyone who tells you the neighborhood is "hot" or "cooling" is flattening it. What I see in the MLS is a split, and the line runs through a few specific features.
The units still moving fast have deeded parking, sit inside the Skinner West attendance boundary, and are in buildings with healthy reserves. Family buyers are chasing that school boundary hard, and they'll pay for it. The units that sit are usually one-bedrooms without parking, often in mid-2000s conversions where the association has been putting off masonry or roof work. Buyers and lenders are asking harder questions about reserve studies and special assessments than they were two years ago. A building with a pending assessment can lose a financed buyer at the last minute.
**If you're a first-time buyer**, this is your opening. Those slower one-bedrooms are where you have leverage. Ask for the last two years of association meeting minutes before you write an offer, not after. If the building is solid and the unit just lacks parking, you can negotiate. A monthly spot on a nearby lot costs far less than the premium people pay for a deeded one.
**If you're an investor**, I'd argue the one-bedroom without parking is a better rental than most people think. Tenants who work in Fulton Market or near the Morgan Green Line stop care a lot less about a car. Just run the numbers with the real HOA dues, plus a cushion for assessments. Don't use whatever the listing sheet shows.
**If you're selling**, be honest about which market your unit is in. I've watched sellers price a no-parking one-bedroom off a neighbor's sale that had a spot and a Skinner West address. It doesn't work, and the price cuts later cost more than pricing it right on day one. Get your association documents together before you list so buyers don't find the surprises for you.
So which of the two markets does your unit belong to? I'm happy to tell you honestly.