Saturday, February 04, 2017

Two beds, one bath Lincoln Park condo sales 2016 and more

Buying a two bedrooms, one bath condo (rather than a "two, two") can be a way to get more living space and better finish level while saving a few bucks.  With all the redevelopment to high-end houses and luxury rental units two bedrooms, one bath condo inventory is low. (All photos Eric Rojas, Broker, Kale Realty)
We have a client who is looking to sell her Lincoln Park two bedrooms, one bath condo later this year. It's a rare combination of a small four unit building, an (relatively) affordable unit at around $299K with great deck, in-unit washer and dryer AND garage parking near Diversey and Halsted. No it does not back up to the train! I often suggest clients get a really nice two beds, one bath unit than a smaller "two, two" with less features.

Let's take a look at two bedroom, one bath condo sales in Lincoln Park 2016
80 two beds, one baths condos sold over-all in 2016.  The median price of was $323,000. Wow, compare that with 362 two beds, two baths units with a median price of $436,000.  That extra bathroom will cost you!

The highest two bedrooms, one bath sale in 2016 was 2003 N Howe Street #3N for $526,000. The renovated vintage unit does have an outstanding kitchen but no designated parking included.  The lowest sale in 2016 was 619 W Drummond Place for $210,000. The garden unit had standard gut renovation finish level but no in-unit laundry, outdoor space nor parking.

53 of those sold units included some form of parking (designated or easily rented).  The median for these is still about the same at $327,000. 

Give up a 2nd bathroom and get a better location!
In 2015, 97 two beds, one bath units closed with a median price of $310,000.
2014, 102 units closed with a median price of $315,000.
2013, 78 units closed with a median price of $298,000.

Median price is up about $25,000 since 2013.

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