Tuesday, October 22, 2013

Hot or not? Logan Square two- four flat sales UP 18% in 2013

We've had a few clients in Logan Square this year.  Earlier this week I looked at a potential seller's two-flat near the fantastic Logan Boulevard.
Gray stone two and three flats line West Fullerton Avenue near North Sacramento in Logan Square (Photo Eric Rojas, Real Estate Broker).  The Boulevards are always desirable but the real construction action has been near the Milwaukee Blue Line CTA station

The Logan Square Community Area has been hot for renovations and new construction hitting the market over the past couple years.  Developers got back in heavy starting in 2010 buying up many neglected and financially distressed single family homes and small multi-units (two flats, three flats especially). The competition now is crazy for homes with development potential.

When houses are being built in Chicago we often see a bump in small multi-unit building sales.  Let's see how Logan Square two-flats, three flats, and four-flats have done in 2013.

Logan Square Multi-Unit Sales (2-4 flats) Jan 1st-October 18th, 2013

163 multi-unit building sales have been recorded in our MLS (MREDLLC.COM) for 2013 thus far.  That's up 18% from the 138 multi-units sold over the same period in 2012.

The median price for a multi-unit over all this year is about $315,000 - way up from $230,000 last year.

Two-flats in 2013
101 two-flat buildings were sold this year in Logan Square thus far with a median price of $250,000.

Three-flats in 2013
44 three-flat buildings sold this year for a median price of about $350,000

Four-flats in 2013
16 four-flat buildings sold with a median price of $475,000

Logan Square Multi-units For Sale, Under Contract
There are 41 two-four flats for sale in Logan Square right now with a median asking price of $385,000.  39 multi-unit buildings are currently under contract with a median asking price of about $265,000.  There is over $100,000 difference between median asking prices of buildings for sale and median asking prices of those under contract.

The Dill Pickle co-op grocery store in Logan Square

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