Thursday, August 26, 2010

Lincoln Park multi-unit building sales up 316% in 2010

2010 Lincoln Park multi-unit building sales (two, three and four flats) at the time of this writing are up 316% over 2009 multi-unit sales from January 1st through August 26th. What a difference a year, and a global banking catastrophe, make. Hmmm, maybe you're Realtor should grasp what's going on in the world when pricing your property for sale or representing your purchase... but I digress.

In 2009 January through August, only six multi-unit buildings (two to four units) sold with a median price around $700,000 in Lincoln Park. Four of those buildings closed in August as lending started to loosen up and the vultures started to pick off the wounded and dead.

This year, January through August an astounding (cough) twenty-five multi-unit buildings have closed with a median price of $890K. A 316% increase in unit sales. Consumer confidence and lending certainly improved while sellers finally got off the fence and put their buildings on the block. The well heeled are back in converting these buildings or tearing down and building new. My guess would be 30% were bought for speculation while the majority for custom personal residences. It will be interesting to see if the year finishes strong like last year.

Read also Multi-unit sales soar 77% in Lake View, Northcenter Chicago

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