Wednesday, January 11, 2012

Lake View single family homes sales up 12% in 2011, median price flat

One of our favorite home listings and sales last year was 2911 N Racine in Lake View.  Bob and I worked with our client in every aspect of preparation to bring the home to market and get top dollar.  Let's take a look at over-all single family home sales for Lake View in 2011.

Sales: 122 single family homes sold in the Lake View Community Area of Chicago in 2011, up 12% over 2010.  The median price was about $980,000, about the same as 2010...just missing that $1 million mark again.

The Highs: 2856 N Hermitage sold for $3,650,00.  The outstanding luxury home on a 50 foot wide lot had a bit of a peculiar location in a newer "sub-division" on the western outskirts of the Lake View Community Area.  The little nook of a neighborhood features some high-end homes that border Chi Che Wong Park. 63 homes sold for over $1 million.
The Lows: 1019 W George sold for $250,000.  This short sale was already gutted with some framing completed.  A steal of a deal for the location and standard lot size.
Distressed: Only 6 sales were indicated as a short-sale of foreclosure.  At 5%, it is probably one of the lowest percentage of distressed single family home sales for a any Chicago Community Area.

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