Wednesday, June 01, 2016

Lincoln Square two-flat unit sales up 110% in 2016

We're working with a client who will be listing a Lincoln Square two-flat for sale in June. The neighborhood is well known for it's large stock of residential two-and three-flats.  However, more and more multi-unit buildings over the past 15 years have been converted or torn down to make way for single family homes. Let's take a look at this year's Lincoln Square two-flat sales numbers.

Photo of Lincoln Square "greystone" two-flats (and converted two-flats to single family homes). Photo Eric Rojas, Broker, Kale Realty

  • 21 Lincoln Square two-flat buildings have sold thus far in the first five months of 2016 (January 1st through May 31st).  The median sales price of a two-flat building is about $555,000.  Only 10 two-flat buildings sold over the same period last year with a median price of about $500,000.
  • The highest priced two-flat closed for $865,000 at 4532 N Damen Ave , Chicago, Illinois 60625. The gorgeous renovated "redstone" on a 178' long lot features a total of seven bedrooms and five bathrooms for the two units combined.  This would most likely remain a two unit but these days you never know!  It's possible to convert to single family even on the most expensive sales for the right location and building.
  • The lowest priced two-flat sale this year is $399,000 for 2458 W Winona St. Chicago, Illinois 60625. The frame two-flat was a Fannie Mae HomePath bank owned (REO) property.  It looks like from passing by the two-flat property is being converted to single family home.
All sales data gathered from and interpreted by Eric Rojas, Broker, Kale Realty

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