Monday, October 10, 2016

Lincoln Square multi-unit (two-four units) sales in 2016: Median price up $150,000 since 2012

We spent some of the weekend showing Lincoln Square two-flats to a great client of ours.  They want to stay in the neighborhood and a two-flat will make the most financial sense for them. The Lincoln Square two-flat market has been very active this year.  Many two-flats are still bought and converted to single family homes. I suspect the trend has shifted back slightly to "owner operators" as the prices in the area have gone up for the past 5 years.

Lincoln Square Two-Flat to Four-Flat Sales Jan 1st to Oct 7th, 2016
  • 63 multi-unit buildings (two-four units) sold thus far in 2016.  The median price is about $550,000.  41 of those sales were two-flat buildings with a $530,000 median price (highest price sale is $865,000). 19 buildings were three-flats with a median price just over $550,000 (highest sale was $719,000). Only three buildings were four-flats for a $550,000 median price (highest sale for four unit was $635,000).
  • In 2015, an almost identical 65 units sold with a median price around $550,000 as well. 
  • In 2014, 56 multi-units sold with a median price of $525,000.  
  • In 2012, when things started to trend upward, 42 units sold with a median price of only $379,000!

No comments: