How did townhouses do in 2010?
*In 2010 the median price of a Lincoln Park towhhouse was $540,000. This is down from 2009 median price of $568,000. Our MLS system (MREDLLC.com) shows 172 closed units entered in as "townhouse" style. This is up from the 159 units sold in 2009 (as we predicted here). The lowest was closed at $220,000 on North Bissell (then immediately renovated, listed and now under contract at $449K!) and the highest was closed for $1,465,000 at The Pointe on North Lincoln Avenue.
We will be looking at several aspects of Lincoln Park townhouses in 2011 including location, style, lifestyle and relevant sales data to our daily business dealings here and at YoChicago.com. Click here for more Lincoln Park Posts!
According to a couple of our industry sources there are around 3000 townhouse units in the Lincoln Park community area in Chicago. The townhouse is a "style" of housing that describes an attached single family home that basically sits on it's own parcel of land and does not have neighbor units attached above or below. The units usually share common walls somewhere in the house. Townhouses can be organized in a condominium association with governing by-laws and assessments or can be fee-simple (much like a single family detached house).