Friday, March 09, 2012

Lincoln Park condo unit sales up 27% to start 2012

We've had a couple buyer clients purchase condos in great Lincoln Park locations early this year at 545 W Eugenie and 1145 W Lill (contracts pending). Personally, we have more buyer clients looking for condos in general than over the past three years. Let's take a look if actual unit sales are up for Lincoln Park the first two months of 2012.

79 attached homes (condos) sold in the first two months of 2012 with a median price of $410,000. That's up 27% over the 62 units sold in the first two months of 2011 (but down 3 units from 2010 but that included the first time buyer tax credit stimulus). Looking at the time of this writing (March 9th), 13 more condos have closed for a total of 92 for 2012 thus far.

The Highs:
The highest priced condo closing in Lincoln Park this year was $3,675,000 at Adler House, 2430 N Lakeview Avenue Penthouse unit #17. The home is described as 5600 square feet duplex.  The co-op apartment required a cash deal.  Assessment is over $8,000 a month with taxes included in the monthly assessment ($41,000 in property taxes). Phenomenal location surrounded by the lakefront parks, lagoons and excellent amenities.

The Lows: 
The lowest closed condo was $77,000, a vintage studio apartment at 2324 Lincoln Park West (a stones throw from the highest closed unit). This tiny place was a great all cash buy for the Lincoln Park lakefront lifestyle. It was a conventional sale.

Of the 79 closed units, 15 (20%) were designated as a short sale or foreclosure unit.  Many were under contract much earlier in 2011 and closed early this year.

More Lincoln Park posts HERE

Chicago Market Statistics!

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