Thursday, January 06, 2011

Lincoln Square multi-unit prices up 24% in 2010

*2010 Median price of multi-units in Lincoln Square was $440,000, up 24% from 2009 (median price in 2009 was $363,000).

We discussed purchasing a multi-unit quite a bit in 2010. The prices have come way down from the top of the market in 2006, mortgage interest rates and FHA loans were favorable and possible rental income all made them good buys for owner operators. Multi-units can afford you a desired neighborhood with amenities such as garage, basement and backyard(!) when a single family home is out of financial reach.

*In 2010, 39 Lincoln Square multi-units closed. These include two, three and four unit buildings sold on our MLS. This is up by three buildings from 2009 which closed 36 multi-units.

Multi-units are back in the game and many long time owners have the ability to sell for market or below prices. Although we like the affordability of the owner/operator option of the multi-unit for first time buyers, many experienced buyers are still converting the two and three flat buildings into single family dream homes for themselves. This can be done under the top price thresholds for comparable single family homes in the neighborhood, leaving them with not only a wonderful home but also a good investment. Just walk the Lincoln Square community area and you will see contractors busy converting homes today.

View more Lincoln Square posts here!

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