Tuesday, August 09, 2011

Lincoln Square million dollar home sales

In Lincoln Square from January to August 1st 2011, there have been 5 homes sold over $1,000,000 (one million) and 2 homes currently under contract well over $1,000,000.

I have been writing about gut renovation and new construction opportunities (for primary residences and for retail market) on the rise in Lincoln Square from spring 2010 to the present. The 2008 financial crash had really halted any higher end development or sales for a year. However, buyers are now buying "tear-down" and antiquated homes it seems at a greater pace and improving them with renovations or flat out new construction. Land is more affordable too.

Let's see if this increased activity has impacted the number of million dollar home sales in the Lincoln Square community area. In my opinion the Lincoln Square area has been attracting a steady number of affluent home owners despite the the over-all pressure on lower real estate prices and flat economy.

Lincoln Square Million Dollar Home Sales January 1st-August 1st:

2011 = 5
2010 = 6
2009 = 0
2008 = 5
2007 = 7
2006 = 10
2005 = 5

The recent million dollar home sales are fairly evenly distributed between infill construction (tear down and build new) and luxury re-sale homes.

We can see the spike at the peak years of 2006-2007, the impact of the financial crash in 2009 and a settling perhaps over the last two years. The average number of one million dollar home sales in Lincoln Square over the last 7 years January through August is about 5 a year.

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