Eric Rojas, Chicago Real Estate Broker

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Wednesday, October 09, 2013

Lincoln Square single family home sales UNDER $500,000 in 2013

The under $500,000 house is hard to find in Lincoln Square (unless you are going to knock it down).  The move-in condition variety is usually located in the further northwestern stretches of the Lincoln Square Community Area (west of Western and north of Foster Ave).  Some quality homes needing little work were found in the Bowmanville sub-neighborhood of Lincoln Square over the past 12 months for under $500,000 but those deals are disappearing.

We recently sold 2236 W Carmen Avenue.  The sellers opted for a low risk, cash offer of $369,000.  The property is in planning for redevelopment.
Under $500,000 closed single family home sales for Lincoln Square Jan 1st-Oct 4th, 2013

96 total homes have closed in the Lincoln Square Community Area from January 1st through October 4th of this year. 37 of those homes (about 39%) closed for under $500,000.  Only 13 of those 37 homes were located west of North Western Avenue.  Of those thirteen homes, at least 10 were tear-downs or complete gut rehabs (many of those projects have been completed already).
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How do I get one of these houses?
One strategy buyers must take today is to "over-pay" what local developers are willing to spend on a property for development.  Because the average buyer is going to live in the house, they can "afford" to pay a little more and renovate on their time-line (my strategy a few years ago and paid off big).  They are not as worried about a profit margin.

If a house is truly livable and in a good location home buyers must step-up and be as competitive as possible to secure a house in their desired location. The extra $20K or so (or much more so) will be well worth staying in the city if your commute and quality of life is better than moving outside of it.  Obviously, everyone must weigh the costs but the point here you must be seriously aggressive in this current market and structure the best offer possible.
 

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