Eric Rojas, Chicago Real Estate Broker

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Tuesday, September 17, 2013

HOT Summer! Lincoln Square condo unit sales climb 30%, median price up $30,000

I've seen a much improved selection of Lincoln Square condos come to market in the last 6 months.  Demand and prices have crept back up prompting more quality condo owners to list their homes in several price ranges.  Let's take a look at Lincoln Square Community Area condo sales thus far in 2013.

The fountain in Giddings Plaza, Lincoln Square (Photo, Eric Rojas Real Estate Broker)

Lincoln Square condo sales (attached units) January 1st to September 13th, 2013

250 condo units have sold this year up 30% over 2012.  The median price is up $30,000 over same period in 2012 at $240,000 this year.   192 units sold same period in 2012 with a $209,000 median price.

The month of August was scorching with 47 condo unit closings.  25 units closed in August of 2012.  That means a lot of condos actually went under contract in May and June and closed in August.
Our clients viewed a top floor two bedrooms condo with garage parking in this building on the 2100 block of West Giddings.  The asking price was $309,000 (photo Eric Rojas, Real Estate Broker)

The lowest sale this year is at 2401 W Balmoral #2D for $27,000.  Yes, $27,000. The studio unit in a former busted condo conversion development has original finishes and is located in the far northwest corner of Lincoln Square. 

The highest sale is at 2002 Sunnyside for $612,000.  This four bedroom home with a family room is a newer built attached town house and similar also to a single family row home.
The highest priced unit sold in a more traditional condo building is 4844 N Damen #3 for $598,000.  The penthouse duplex home in a small three unit condo building has a large rooftop terrace.

Under Contract, Active
57 condos are currently under contract with a median asking price of only $195,000. 61 condos (attached homes) are currently listed for sale with prices ranging from $72,000 to $624,900 and a median of asking price of $249,000. The $50K median price difference between units under contract and units for sale could indicate sellers are listing their comparable homes for higher prices and/or larger, better finished units are coming on the market.

Condo sales are up around the Winnemac Park area of Lincoln Square
Sales statistics gathered from (our member MLS) and analyzed/ presented by Eric Rojas, Real Estate Broker. 

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