Tuesday, November 25, 2014

Lakeview town house sales up, median price up over $50,000 since 2012

Town homes on the 3800 block of North Southport in Lakeview.  3842 N Southport, Unit L, Chicago IL 60613 located in Blaine School district (next door) is under contract asking $850,000.
I was in western Lakeview last week consulting clients on their town house sale planned for the New Year. Town homes can offer flexible space to more comfortably meet the needs of home owners.  The vertical layout can offer more privacy, versatile rooms (like lofts and family rooms), private rooftop decks, patios, small yards and attached garages that many single floor condos can not. Large town homes are often sold in multiple offers when priced reasonably among comparable homes.

Lakeview town house sales January 1st to November 22nd 2014 

114 town house units have closed in Lakeview from January 1st to November 22nd, this year. The median price is a healthy $509,000 up 6% over same period last year. 105 units changed hands over the same period in 2013 with a $480,000 median price.

The sales and median price increases account entirely for re-sale units.  To my knowledge, there have been no new construction Lakeview town house developments for years.

2014    114 town house units sold, median price $509,000
2013    105 town house units sold, median price $480,000
2012    96 town house units sold, median price $460,000
2011    77 town house units sold, median price $445,000
2010    95 town house units sold, median price $471,000
2009    82 town house units sold, median price $482,500

We listed and sold a unit in the popular Sweeterville development at 1251 W Fletcher, Unit I, Chicago IL 60657 this year. The asking price was $499,000 and sold at $526,000 in a multiple offer.  Our clients bought at $485,000 in 2010 and invested about $10,000 in renovations.

The Chicago housing market took a sharp turn UPWARD from 2011 to 2013. These prices remain very stable and sometimes up from 2013-2014.  Developers and home buyers rapidly purchased single family homes and small 2-4 unit multi-unit buildings at what now are considered huge bargains after the 2008 financial crash. People turned to large attached homes as an alternative to stay in their desired city neighborhoods.

Growing demand from confident consumers and investors, low inventory, improved schools in desirable core neighborhoods and available cash pushed up prices for "fee simple" homes and most property over the the past three years.  Attached town houses and large condos also followed this trajectory. 

Neighborhoods like North Center, Logan Square, Lincoln Square, Lakeview, venerable Lincoln Park and South Loop really have become very competitive to purchase in.

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