Monday, November 14, 2011

Lincoln Park homes sales slightly lower than 2010

Lincoln Park is probably the most searched and sought after single family housing market in Chicago. Many Chicagoans choose to purchase their upper bracket homes here. But (and maybe more importantly) newly relocated upper bracket buyers want Lincoln Park for the architecture, amenities and executive family friendly lifestyle.

122 Lincoln Park single family homes have closed from January 1st to November 1st 2011. This is down slightly from 130 sold in 2010 same period. The median price was about $1.25 million. Median price is also down from the $1.34 million in 2010.  This is a little surprising as most notable North Side neighborhoods have seen gains in the single family home market up to this point.

Interesting Facts:
The Highs: The highest priced closing was 1933 N Burling for $4.5 million...a 2003 custom luxury build on a 33' wide lot. Eight homes have sold for over $3 million and  two homes have sold over $4 million in Lincoln Park this year. In 2010, 13 homes had sold for over $3 million by November 1st with five selling for over $4 million.

The Lows: The lowest priced (detached) single family home sold was 2738 N Bosworth for $542,250. It was a rare move-in condition little brick bungalow (brick bungalows are few in Lincoln Park) that will either be torn down or expanded. Although in good shape, the neighborhood supports a major upgrade at this purchase price.

Distressed: 11 properties out of the 122 closed single family homes were either short sales or foreclosures (REO). 

All sales data gathered from and analysis by Eric Rojas, Real Estate Broker. All Photos Eric Rojas and Robert DePalma, Real Estate Brokers

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