Tuesday, April 23, 2013

North Center condo sales BOOM 82% in 2013

We have a higher-end North Center condo coming to market soon this spring.  Another client/ friend of ours owns a condo in North Center and just asked me how condo sales were doing this year.  So, it's a good time to talk North Center condo sales!

Condos line North Lincoln Avenue in North Center (Photo Eric Rojas)
 North Center Condo Unit Sales 2013 (Jan 1st to April 22th)
82 attached units sold (condo and town homes) thus far in 2013.  When I first saw that number my guess was unit sales must be up.  And they are up... big.  Same time sales of condos are up 82% over 2012. 

The median price for an attached unit this year is about $334,000 - about the same as last year.  The highest priced closing so far is 1800 W Grace Unit #518T for a whopping $680,927.  Crazy unit number and interesting price for the custom 2 bed, 2 bath 1900 sq/ft gut renovation loft.

West Roscoe Street in North Center (Photo Eric Rojas)

Under contract
Currently, there are another 72 attached units (condos/ town homes) under contract.  246 units closed in all of 2012.  We are well on our way with 154 units either closed or under contract in April of this year.

We have seen excellent demand for condos in our core markets of Lincoln Park, Lakeview, Lincoln Square and now North Center.  In North Center, pricing looks on par with last year and inching up on  two and three bedroom plus units.  It's not a race to the bottom anymore.  The more desirable units with larger square footage are seeing multiple offers and a bump in pricing.  Low priced units are also seeing multiple offers and closings over listing prices.