Friday, December 28, 2012

Lincoln Square single family home sales up 18% for 2012

Its been a steady year for Lincoln Square homes sales for both the high and lower end transactions.  Developers, first-time home buyers, move-up buyers (in the middle to upper end pricing) and luxury home buyers all seemed to find desirable options in this popular North Side community area.
Giddings Square.  Photo, Eric Rojas Broker
In all, 97 homes have closed as of December 25th. This is up 15 homes (18%) over the same period in 2011. Another 14 are currently under contract and I imagine a handful will close this week prior to year's end.  The median price is about $485,000.  That's a bump up from the $465,000 median in 2011.

6 homes sold for over $1 million in 2012 and 2011.  2 homes are currently under contract for over $1 million.

The good, the bad and the ugly

The highest sale in 2012 was 2019 W Giddings for $1.795 million...a new construction Landrosh built home on a 37' wide lot.  The location is close to the Damen Brown Line, the Ravenswood Metra stop and Giddings Square...the mecca of Lincoln Square shopping and community. 

The lowest sale was 2249 W Farragut sold for $140,000 cash in the Bowmanville neighborhood of Lincoln Square. This was a small, corporate owned bungalow built on the rear of the lot and a great deal for this desirable block with many rehabs and new construction homes over the years.  My guess is this will be a tear down for a custom house for the owner of the property or for a developer to build and sell retail. 

15 of the 97 closed homes were distressed sales (either short-sale or foreclosure).  That's actually 4 more - and a higher percentage of distressed sales - over the same period in 2011.  I think this is an indication that banks are getting short sale and foreclosure sales done faster rather than any destabilization in housing prices.
Lincoln Square new construction and renovated houses sold well in 2012.