Wednesday, July 18, 2012

Lincoln Park condo unit sales up 49% in 2012, median price stable

We've had several town house and condo sales in Lincoln Park this year including units on Sheffield, Hudson and Eugenie.  It has certainly felt like activity is up.  Here is a look at the actual numbers.
The "Portals" in eastern Lincoln Park (photo Eric Rojas)

Lincoln Park Condo Sales (attached units) in 2012

470 condos (attached units including town houses) have sold from January 1st to June 30th this year.   That's way up 49% from the 315 sold condos in the same period 2011.  The median price for an attached unit so far in 2012 is $385,000 (a typical unit may be a middle floor two bedrooms, two baths 1999 build condo with garage parking).  The median is about the same as the $380,000 for same period 2011.  The stable prices for a couple years is a good sign.

The Highs:
By far, the highest priced attached unit was a penthouse co-op in 2430 N Lakeview Avenue, Unit 17PH that sold for $3,675,000 at the  The 5600 sq/ft unit covered two floors with unobstructed Lake Michigan views ) The over $8,000 monthly assessment (including property taxes of $41,000 a year) affords a full amenity lifestyle on the lake and 3 parking spaces.
The Lincoln Park "skyline" overlooking the lagoons (photo Eric Rojas)

The second highest was sale was at 1009 W Webster Avenue #2 for $1,365,000.  The duplex penthouse is in a two unit new construction building using green materials like recycled old Chicago brick. Highly unique with great style, this home is in the heart of DePaul neighborhood and all it's shops, restaurants, parks and bars.

The Lows:
The lowest sale was a studio apartment at 607 Wrightwood #805 sold for $75,000 cash.  This fantastic location is steps from the lakefront, easy downtown and has every amenity you need outside your door.  Live the Lincoln Park lifestyle for peanuts. In 2012 69 units sold for $200,000 or under and only 5 of those had at least 2 bedrooms. In 2011, 49 units sold at or under $200,000.

 2008-2012 same period unit sales (January 1st to June 30th)

2012: 470 units sold / median price $385,000
2011: 315 units sold / median price $380,000
2010: 431 units sold / median price $400,000 (affected by government First Time Buyer credit)
2009: 303 units sold / median price $396,000
2008: 476 units sold / median price $425,000
2007: Units sold well exceeded 500 units for the same period. By April, there were already 419 units sold.

Contact us to buy or sell a Lincoln Park condo, town house or single family home. More Lincoln Park posts HERE!