|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.|
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.