Friday, April 17, 2015

Clients buying in Old Town Triangle: Property sales this year

The quintessential Old Town Triangle property! All photos Eric Rojas, Broker, Kale Realty
Old Town Triangle in Lincoln Park is one of the most desirable neighborhoods in the city.  For one it's located close to the lakefront and easy to downtown.  But the overwhelming allure is in the historic district properties and remaining brick paved streets. It's a neighborhood where you may sacrifice luxury, space and suffer some quirks just to "be there".

A detached two-flat property at 304 W Concord, Chicago IL 60614 is for sale at $475,000 offered by the lovely and professional Amy Arnold, Kamberos Associates... a bargain for the neighborhood.  The traditional cottage style home is currently has (2) one bedroom apartments rented out.  The catch? It's adjacent to a larger multi-unit building and the short lot does not have alley access and backs up to another property's backyard. You have an unofficial easement to reach the back alley.
My long time clients and native Chicagoans viewed 304 W Concord in Old Town Triangle last week.  The Lincoln Elementary school district is a top priority along with a highly walkable location.  They would live in the property themselves and convert the small two unit building back to a single family home. Like anyone, they have to weigh the construction costs and quirky lot vs living in their most desirable dream location.

Find yourself in ye Olde New England village!

Old Town Triangle Residential Property Sales (non high-rise) January 1st - April 15th, 2015

Extended Old Town Triangle area: Clark to Mohawk and Armitage to North Ave.

13 residential properties have sold thus far in 2015 in Old Town Triangle area above. The median price for a property is about $525,000.   In 2014, 11 residential properties sold during the same period for a median price of about $450,000.

Square footage is at a premium so you have to adjust your expectations at $500,000.  All the properties sold this year were either attached homes (condos/town house) or multi-units.  We have not had a single family home change hands this year (recorded on the MLS). 

Two 3 flat multi-unit buildings sold.  A brick three-flat at 1922 N Sedgwick closed for $1,175,000 and another brick three flat at 1839 N Orleans sold for $1,610,000 in a multiple offer.  Bother were attractive vintage buildings.

Under Contract
There are currently 20 properties under contract.  They are all attached units or multi-unit buildings and prices range from $290,000 to $3.5 million.  The $3,500,000 property is a new construction penthouse condo listed at over 4,300 square feet. 

Take a video walk-through of our past Old Town Triangle row house sale at 1826 N Lincoln.  One of our all-time favorite homes!

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