Choose an edition: Wash DC | Chicago

Resale Values Rising in Lincoln Park Despite the Great Recession

  • September 1, 2011

by Don DeBat

image
Lincoln Park roof deck with views of downtown

Chicago is a city of neighborhoods, and real estate values in Lincoln Park often are cited as the high-water mark in boom years.

Now, experts say Lincoln Park may be Chicago’s top neighborhood for real estate values as the city inches its way out of the Great Recession.

“It’s all about the tried and true maxim of location, location, location, and in a few pocket neighborhoods like Lincoln Park price erosion has been minimal,” noted Realtor Sara Benson of Benson Stanley Realty based in Chicago.

While some city neighborhoods are battered by foreclosures and falling prices, Lincoln Park resale values actually are on the upswing, according to Midwest Real Estate Data, LLC.

Twenty-two single-family home sales and 87 townhome and condo transactions closed in July of 2011 in Lincoln Park, compared with 12 home sales and 76 attached-home transactions in July of 2010.

In July of 2011, Lincoln Park single-family homes sold for an average price of $1,570,717, or 92 percent of the listing price. Townhomes and condos sold for an average price of $432,451, or 95 percent of the listing price.

In contrast, in July of 2010, Lincoln Park homes sold for an average price of $1,506,896, or 90 percent of the listing price. Townhomes and condos sold for an average price of $424,191, or 95 percent of the listing price.

Overall, home prices in Lincoln Park rose an average of 4.5 percent from July of 2010 to July of 2011. Townhome and condo prices inched up slightly more than 2 percent in the same period, according to Midwest Real Estate Data statistics.

image
Lincoln Park’s most expensive sale in July

Fourteen of the 22 single-family home sales in July in Lincoln Park sold for more than $1 million. The most expensive home sale was $3.965 million for mansion in the 1800 block of North Orchard. The 6-bedroom home with 4 baths and 2 powder rooms sold in only 37 days. The most affordable sale was a 3-bedroom, 2-bath row home that went for $595,000.

“One of the most encouraging trends in Lincoln Park is the decline in market time for single-family homes,” said Benson. In 2011, homes sold in an average of 141 days, down a hefty 45 percent from 256 days in 2010.

“A key reason for the stability of values in Lincoln Park is the balanced housing inventory — a nice mix of single-family homes, townhomes and condominiums,” Benson observed. “In contrast, the Loop is a speculative residential market that is saturated with condos.”

Median condo resale values in the Loop slipped a whopping 32.5 percent to $303,850 in July, from $450,000 in the same month a year ago.

Another positive attraction of the Lincoln Park neighborhood is there are fewer distressed properties listed for sale. “Wealthy owners in Lincoln Park are more capable of holding on in a recession,” Benson noted.

The Midwest Real Estate Data survey also revealed some positive numbers for the Lakeview neighborhood.

Twelve single-family homes were sold in July for an average price of $1,402,115, or 91 percent of the listing price. Meanwhile, 112 townhomes and condos were sold for an average price of $349,400, or 95 percent of the listing price.

The survey covering Lincoln Park, Lakeview, the Near North Side and the Loop, reported that a total of 456 units sold in July, compared with 487 in the same month a year ago. The vast majority — some 320 units — were priced under $500,000.

Another encouraging sign is the total for sale housing inventory in these four neighborhoods declined 26.7 percent to 5,377 units from 7,331 units, indicating that sales are starting to move and the recession is finally coming to an end.


image

Don DeBat’s weekly real estate column is syndicated by DeBat Media Services. For more home-buying information visit his website at: www.dondebat.net.

See other articles related to: lincoln park real estate, lincoln park homes for sale

This article originally published at http://chicago.urbanturf.com/articles/article/resale_values_rising_in_lincoln_park_despite_the_great_recession/4083

1 Comment

  1. Eric Rojas said at 10:17 pm on Thursday September 1, 2011:

    Values are rising?  One month of seasonal year to year comparison of data?  Ha.  I’m a huge fan of Lincoln Park, sell, list and and report on property data regularly here, but to headline values are rising based on one month data is not cool.

Tracy Dillard

Koenig & Strey

312-893-3557

Serving:

Bucktown

Lakeview

Lincoln Park

Choose an edition: Wash DC | Chicago