Sunday, August 22, 2010

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

Property photo of 2852 N Racine, closed 8/2/10 for $565,000 as a short sale. The property sold in 2005 for $750,000 and $800,000 in 2006!

Residential multi-unit building sales (2-4 units) are up 77% in 2010 over the same period in 2009 in Lake View and Northcenter. 78 multi-units (2-4 units) have sold this year through our present date of this writing. From January to August 2009 44 total multi-units sold (statistics analyzed from, out multiple listing service).

My partner and I have sold and represented buyers in this "popular again" building type this year. Many are bought solely for conversion to single family homes as a primary residence by their owners.
As prices have come way down from the overzealous "flip" frenzy and mortgage interest rates remain low, multi-units have been a prime target of savvy buyers.

A couple reasons these two, three and four flat buildings are popular: Prices have come way down from the bubble and are very competitive in price compared to updated single family homes. Secondly, owners have more buying power if they are able to move in and keep renters in the other units. This is a huge advantage over single family homes when trying to afford your desired neighborhoods.

We're experienced in researching and negotiating good multi-unit values for those looking for their next home.

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