Wednesday, June 15, 2011

Lincoln Park town house sales down 46% first half 2011

I took this photo this morning of the well kept courtyard at 1030 W Wrightwood before attending the final walk-through of our listing.

We just closed another Lincoln Park town house listing earlier today at 1030 W Wrightwood Unit I while our clients and their growing family are off to their next house. Town houses are a category of attached housing to imply there are no above or below units to the subject unit. They can be fee simple with no assessments or part of a condo association with assessments. How have Lincoln Park town house sales fared this year?

Lincoln Park saw 45 closed town houses in the first 6 months of 2011. This is down from 83 closed units (-46%) same period 2010. The median price was $550,000 on the nose with the highest sale at $1,005,000 and the lowest sale at $325,000. Interestingly, the median was also $550,000 same period 2010.

The hopes of economic recovery and the buzz surrounding the Federal First Time Buyer's credit fueled the almost double sales of first-half 2010. However, with the median price the same at $550,000, more higher-end buyers bought units despite being less influenced by the credit. It is widely observed (in our opinion) that the lower-end, under $400K buyers, were highly influenced by the $8,000 credit and $500,000 less so.

In 2011, it appears both lower and higher end town house buyers in Lincoln Park are sitting it out. We can see the logic of lower-end sitting out without the first time buyer credit. But it also means the higher-end buyers with similar or more favorable mortgage options than 2010 have bought less this year. With 123 active town house listings in Lincoln Park at this writing, we don't believe the difference in sales has been due to inventory offered.

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