Tuesday, October 30, 2012

Lincoln Square condo sales now and then

Lincoln Square condo sales really slowed after the 2008 market crash.  Let's take a look at the numbers this year... and back then.
The fountain in Giddings Plaza at this year's Apple Fest

Lincoln Square condo sales January 1st to October 24th 2012

226 condos have sold to date this year.  That's up slightly over the 215 closed during the same period last year.  61 of those sold were under $100,000 and mostly located in the northwest region of Lincoln Square.  This is where dozens of ill fated condo conversion  buildings have been selling short-sale and foreclosure units. The vast majority of the lower end sales under $100,000 required cash.

2012 median price is about $200,000.
2011 median price was about $200,000 as well.

On the high-end this year 2000 W Berwyn #402 sold for $510,000.  The newer construction 3 beds, 3 baths penthouse with elevator and garage parking features terrific roof-deck outdoor space. A townhouse I've always liked at 5115 N Damen Unit A sold for $505,000.  It has a great top floor family room that opens to a roof deck.

57 units in 2012 have sold for $300,000 or above.
51 units in 2011 sold for $300,000 or above during the same period.
Welles Park playlot (Photo Eric Rojas)

Lincoln Square Total Condo Sales 2007-2011

It is still hard for many people to comprehend the wild drop in condo unit prices and unit sales from before the 2008 financial market crash until now. 

Take into consideration that in 2007, 540 condo units were sold.  None were sold under $100,000 and 227 units were sold over $300,000 (contrast that with the 57 units sold over $300,000 this year so far with only a couple months left). 

2007: 540 units sold, median price $280,000
2008: 395 units sold, median price $305,000
2009: 273 units sold, median price $256,000
2010: 278 units sold, median price $227,500
2011: 254 units sold, median price $200,000

Although condo sales and prices have looked stronger this year in neighborhoods like Lakeview and Lincoln Park, Lincoln Square may remain flat for another year possibly dead on with last year's sales and median price.

More Lincoln Square Posts HERE