Tuesday, October 23, 2012

Irving Park single family home sales up 25% for the year

The North Center single family home market has been super heated and Lincoln Square homes have been pricey for many wage earners for some time.  The Irving Park Community Area  is filling the void for many of these single family home buyers that are priced out just east.  The area offers several distinct geographic areas developed strategically around transportation and parks. Better yet, the transportation and parks (namely the highway) developed right through the area at times in its history. 
Many folks are turning to the Irving Park area as an alternative to Lincoln Square and North Center.  Photo of double lot American Foursquare stucco at Ridgeway and Byron (Eric Rojas, Real Estate Broker)

Most locations are easy to highway access to downtown or the suburbs. It's a short trip back in to Lincoln Square and North Center dining, business and amenities. Some areas of Irving Park offer higher-end homes as well that compete with their eastern neighbors pricing but offer more land.

Irving Park Community Area Single Family Home Sales 2012

162 single family homes have closed from January 1st to October 21st of this year That's up 25% over the same period in 2011.  The highest closing this year has been 3908 N Kildare, a double-lot mini palace in Old Irving Park for $1,075,000 (really nice 2007 built home and lot). The next highest was $774,000...so a large drop-off. There are a few other options from $800,000 to over $1M in Irving Park now.

Distressed Properties
In 2011, 32 of the 134 (24%) Irving Park homes sold were either a short sale or foreclosure (bank owned).
In 2012,  46 of the 168 (27%) Irving park homes sold were either short sale or foreclosures.

The distressed property and estate sale market has helped a renovation and re-sale boom throughout the Irving Park neighborhood.  All data gathered from MREDLLC.com data and interpreted  by Eric Rojas, Real Estate Broker.