Eric Rojas, Chicago Real Estate Broker

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Thursday, February 06, 2014

Lincoln Park condo sales January 2014, median price up 30%

1122 W Fullerton in Lincoln Park (Photo, Rober DePalma)
This vacant lot at 1112 W Fullerton in Lincoln Park housed a sunflower garden for years before being sold this past August 8, 2013 for $652,500.  Now the site of a 3 unit building. Top floor three bedrooms, two baths unit is PENDING (under contract) with a list price of $749,900.

New construction was the story of 2012 and 2013. In my experience, new construction units had little problem selling at a premium over re-sale comparable units that were maybe 5-10 years older.

Walk out your door on Fullerton get into costume and grab a beef at Branko's!

Lincoln Park Condo Sales January 2014

2013 was a big year for condo sales in most North Side neighborhoods. January this year is on par with unit closings keeping the busy trend going into 2014.  Lincoln Park median price is up over $100,000 over January 2012.

53 condos closed last month in Lincoln Park with a median closing price of about $495,000.  52 condos closed in January 2012 with a median price of about $379,000.

The higher median price is a product of higher-end new construction units closing (like Lincoln Park 2550 and Row 2750) and higher-end existing condo owners getting into the very active housing market later in 2013.   Only twelve units closed under $300,000 in January.  Of those twelve units under $300,000, seven were in high-rise buildings with high-rise assessments.

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