Tuesday, February 05, 2013

January sales: Lakeview, Lincoln Park condos selling "like hotcakes"

Attached home sales (condos, town homes) are now as competitive and 'fast" as the single  family home market has been. Our clients who have started searching with us last November/ December have been in disbelief this year. Roughly half the places they were really interested in would sell before they could get a showing by the weekend.  Everyone is on the same page now and dialed in!
You too can have a condo on North Halsted in Lincoln Park (Photo Eric Rojas).
The market definitely FEELS fast to our clients. 169 Lincoln Park condos are under contract right now With Chicago Association of Realtors reportedly tighter inventory numbers, the best homes (and best priced homes) sell quickly to a large set of motivated set of buyers that know what they want.

Lincoln Park Attached Home Sales (condo/ town house) January 2013

50 attached homes sold in January 2013 in Lincoln Park (up over the 42 closed in January 2012).  The median price was about $380,000, steady with last year.
The lowest priced sale was a studio at 625 W Wrightwood for $93,000.  The highest condo sale was at the new construction luxury building 2550 N Lakeview Ave (formerly Lincoln Park 2520) closed for $2,335,060

Only 3 of the 50 condos (attached homes) sold in January 2013 were listed as short sale or foreclosure.
6 of the 42 condos sold in January 2012 were listed as foreclosure or short sale. 
Lots of new construction condos in Lakeview over the last 12 months (photo, Eric Rojas)

Lakeview Attached Home Sales (condo/town house) 
January 2013

Lakeview, a large, densely populated area for condos, saw a bigger jump in unit sales and median price.

Lakeview had 91 closings with median $312,000 in January 2013.  The unit sales were up 49% over last year in January.
61 condos closed with median $295,000 in January 2012

Highest sold unit in January was 710 W Barry #3 for $815,000.. a 3300 square foot duplex-up penthouse in a renovated grey-stone. The lowest sold unit was 3600 N Lake Shore Drive #916 for $60,000...a high-rise studio apartment.


14 of the 91 closed properties in Lakeview (15%) were listed as a short-sale or foreclosure.

Stats gathered from MREDLLC.com