Suddenly the condo market inventory in Lincoln Square is tight with many units under contract at the moment.
There are a handful of new construction projects popping up. Let's look at the sales numbers for 2013 thus far:
Lincoln Square Condo Sales Jan 1st through May 28th, 2013
105 condos (attached units, town houses) sold and closed thus far.
|Farmers Market at Leland and Lincoln (Photo, Eric Rojas)|
This is up a little from the 93 units sold same time last year. The median price of a condo is about $225,000 for the greater Lincoln Square community area
this year. Median price is up from the $212,000 about this time last year. The prices are generally higher in the southern locations and lower in the northwestern portions of the large community area.
The lowest sale
for 2401 W Balmoral... a studio apartment in a former defunct condo conversion project.
The highest sale
this year for an attached unit is 2002 W Sunnyside for $615,000
. The four bedrooms row house/ town house offered newer construction with a single family feel.
It feels like all Lincoln Square condos are under contract. There are 95 condos under contract at the moment with only 64 units actively for sale.
Asking prices for units under contract range from $45,000 to $575,000. The median asking price of a condo under contract is $250,000.
264 condos closed in Lincoln Square in all of 2012. I think we will surpass that number in 2013. At the moment, about 199 condos are closed or under contract with 6 months to go in the year.
|Dining in Giddings Plaza, Lincoln Square (Photo, Eric Rojas)|
We've represented many condo buyer's and sellers in Lincoln Square.
It is a relatively sleepy condo market. There are much fewer units in general than a Lakeview or Lincoln Park
while new construction and gut rehab projects have been virtually non-existent since the 2008 financial crash.
Prior to that, you would mostly see new construction built on the major streets of Lincoln, Western, Damen and Lawrence from 2000-2008. The residential streets have almost exclusively vintage gut-rehabs with 2 bedroom, 1 bath condos.
Very few three to six unit new construction buildings can be found in all of Lincoln Square despite the abundance of these buildings in Lakeview and Lincoln Square.
It pays to be prepared for the small number of excellent condo homes that do hit the market.