Monday, May 10, 2010

Three bedroom Lincoln Park town homes under $500,000

We've had a recent sale of a Lincoln Park three bedroom town home and another group of client's out looking this weekend for the same. I thought we'd take a look at entry level three bedroom Lincoln Park town home sales under $500,000 for the last 6 months. A town home can either be fee simple (no assessments) or be a part of a homeowners associations and classified as a condo. A ton home style home does not have neighbors above or below (but connected on the sides by another home).

In the Lincoln Park community area as defined by Chicago and our local MLS, only three town homes with at least three bedrooms closed for under $500,000 in the last six months. There are some other properties described as "town homes, but they are really duplex units with a neighbor above or below them.

Currently, five town homes with at least three bedrooms are under contract for under $500,000. The best deal being 1927 N Mohawk Unit B, a fee-simple town home for $427,711. I viewed this home and it's a great deal. It's bank owned and I could see it had a roof leak issue affecting a few areas. But the location, finishes and the fact that it is in Abraham Lincoln Elementary district easily made the cost of a tear-off roof worth it.

If you're in the market now, there are currently seven active town homes for sale. But, don't expect to be in the "real" Lincoln Park. None of the three bedroom town homes for sale under $500,000 are anywhere close to even Halsted... You are looking at the 1300 block west and further out!

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