When we did our video tour of 2911 N Racine in Lakeview a couple months back (now under contract), the median price for a single family home was about one million dollars. Lakeview almost achieved that median price in the first 6 months of 2011, coming in a median $975,000 (up 12.5% over 2010) for the 47 closed homes (data researched on MREDLLC.com of which I'm a member).
Lakeview had 47 closed homes in the first 6 months of 2011, up 3 closed homes (6.5%) over the same period in 2010.
The highest closing was $2,700,000 for 3743 N Greenview in the Southport Cooridor area and in Blaine elementary school district.
The lowest closing was $250,000 for 1019 W George, a gutted frame home. It was a cash short- sale deal... a ridiculous deal for a professional contractor/builder. Only 3 houses sold for under $500K out of the 47 closed houses.
7 of the 47 homes closed were a short sale or foreclosure property. Only 3 were foreclosures (bank owned, REO) which prompted me to ask the rhetorical question "Where are the foreclosures?" in a past blog post.
The second half of 2011 should see sellers adjusting to this market and deals going quickly if priced below first half comparable sales. Please call us if you are looking to buy or sell North Side Chicago homes. We are very active in the market and will help find a good value or set the appropriate expectation for your homes sale.
The field at Hawthorne school in Lakeview.