Thursday, March 12, 2015

Rare Lincoln Park "boutique" one bedroom condo sales

The boutique 48 unit mid-rise at 2700 N Halsted, Chicago IL 60614 this morning. The last couple one bedrooms with garage parking to hit the market have sold quickly. The building is known for great location, elevators, nice common roof-deck and heated garage. Photo Eric Rojas, Broker, Kale Realty

I met a long time associate and client this morning in Lincoln Park to evaluate a condo sale.  It's time to part with a one bedroom unit with garage parking on Halsted Street now that she's a single family home owner.  Let's take a look at Lincoln Park one bedroom condo sales in smaller buildings.

One bedroom, one bath, garage parking in buildings under 60 units.
No one bedroom condo units (including garage parking) in buildings less than 60 units have closed thus far in 2015.  This backs us into the fact that there are relatively few of these units available.  Most one bedroom units with garage parking are typically in large high-rise buildings near the lake.  The true "high-rise" lifestyle (with valet parking and big assessments) is not for everyone.

One unit (one bedroom, one bath, garage parking, under 60 units) is under contract with an asking price of $299,000. Five more units are actively for sale with a median asking price of $280,000.

The North Halsted street scape along several blocks of northern Lincoln Park has really filled in.  There are few small frame or original brick buildings remaining.
In 2014, only 11 units closed with the criteria of one bedroom, one bathroom, garage parking and under 60 units.  The median price was a very reasonable $250,000. These buildings are desirable as they tend to be embedded "in the neighborhoods" and carry a lower assessment per unit (about $250.00/ month on average).

Remove the 60 unit restriction and 110 units are recorded as closed for 2014.  Of course many of these high-rise units have rental parking "included" at an extra fee.

Keep a watchful eye on the Lincoln Park market if you'd like a nice, low assessment one bedroom unit with garage parking truly included.  Not many will be available in 2015.

No comments: