Tuesday, August 30, 2011

Lincoln Square multi-unit sales 2011 January-August up 34%, median down

We've been touting great looking "spread sheet" numbers all year for two through four flat multi-unit purchases. It's been a very affordable and flexible way to live in a desired location and hedge your financial investment. The lower interest rates and increasing rents have helped make multi-units a good buy vs condos.
Two-flats and single home conversions line Lincoln Square streets.

31 multi-units (two-four unit buildings) have sold in the Lincoln Square Community area this year, January through August. The median price was about $400,000.  All buildings but one had 2-3 units.

2011 unit sales January through August were up 34% over same period 2010 (31 units v 23 units). The 2011 median price is down about 9% ($400,000 v $440,000).  Sales numbers analyzed from MREDLLC.com our local MLS.

The over-sized Chicago lots near CTA trains and the popular Lincoln Square commercial strip have been snatched up by developers. Live-in, owner-operator buyers have been purchasing at the median price or jumped well above the median for a well renovated building with great location. Gut rehab buyers (private owners and developers buying to convert to single family home) have been purchasing well below the median on standard lots.

We do buyer and seller representation on the North Side of Chicago from Gold Coast and Lincoln Park to Lincoln Square.  Contact us at 773-687-4646 to explore your options. House, condos, multi-units... see what makes dollars and sense!

All photos and analysis by Eric Rojas and Bob DePalma, Real Estate Brokers unless otherwise noted.

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