In this past week our clients were involved in a multiple-offer for a Lincoln Park town home. In the same week two other homes we viewed (and they passed on) sold within a couple days of listing. A week prior to that, a couple town-homes we wanted to view went under contract before we could get in.
|Roof deck views from 2024 N Racine in Lincoln Park. The town house was listed at $649,000 and under contract within a few days.|
Comps are OUT...the market is IN!
Current Lincoln Park buyers are very sophisticated about the market and know what they want. When nice town-homes have hit the market they've been met by large demand and quick decision makers. The buyers in this market are buying what they want and are willing to compete and pay higher prices than last year.
It's more of a balanced market where good properties are coming on at prices a good number of buyers are satisfied with. It's important to note these are conventional sales and not short-sales or foreclosures. Motivated buyers have had to step up their game to get a home they truly like.
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