Sunday, July 14, 2013

North Park offers value! Single family home sales for 2013

It's easy and enjoyable for me to track home sale action in the North Park Community Area. My kids and I frequently visit the Northeastern Illinois University campus recreation complex in the neighborhood.  As an NEIU Alumni Advisory Board Member I also enjoy participating in academic programs and conferences.
A recently sold bungalow at 5307 North Bernard gets a gut renovation and second story addition!  The house sold for $200,000 in a conventional sale (not a foreclosure or short-sale).  Below we see the addition from the alley. Photos Eric Rojas, Real Estate Broker

North Park single family home sales Jan 1st - July 12th 2013

28 North Park single family homes closed so far this year.  The median price is about $267,500. 
In the same period of 2012, 28 homes also closed with a median price of $240,000.

 The highest sale this year is 5800 N Spaulding for $620,000.  The 2004 gut renovated home is character filled with "4000 sq/ft" and sits on a double-lot.   

Two really nice houses sold adjacent to Northeastern Illinois University (directly across the street).  5255 N St. Louis closed for $506,000.  The large renovated house house featured for bedrooms above grade and two more in the lower basement level.  5423 N St Louis featuring 4 good sized bedrooms and two full baths closed for a reasonable $425,000. It was a nice value for the large house well maintained finish level.

One of my favorite area home owner gardens at North Bernard and West Berwyn in North park near NEIU (photo Eric Rojas, Real Estate Broker)

Single family home sales 2008- 2013 Jan 1st - July 12th 

North park has been fairly steady and reflective of the over-all North Side Chicago single family home market through the turbulent past 5 years .We see the median price trend down since the 2008 mortgage debacle and pop back up a bit this year. 

The prices of several most desirable neighborhoods really rebounded last year and North Park is following that trend. The lower median prices in 2011 and 2012 also reflect the market's big appetite for buying up the short-sales, foreclosures and homes in need of renovation.  That "cheaper" product is much harder to come by now.

2013 closed 28 homes with median $267,500
2012 closed 28 homes with median $240,000
2011 closed 31 homes with median $260,000
2010 closed 36 homes with median $300,000
2009 closed 24 closed with median $305,000
2008 closed 15 closed with median $320,000

Under Contract

19 homes are under contract as of this writing while only 13 are actively listed.  This also mirrors much of the North side where more homes are under contract than for sale.

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