Lincoln Square two-flat sales up 58%, three-flat sales tumble 2012

They all can't be as pretty as this corner multi-unit at West Wilson and West Hamilton in Lincoln Square.  Photo Eric Rojas, Broker

New construction and muti-unit (2-3 flat buildings) conversions to single family homes were back in vogue over the very active real estate market of 2012.  Increased multi-unit sales are often the sign of future new single family homes and investment.  Few multi-unit purchasers in this market buy the properties to be owner operators (live in one unit, rent out the others).  It's a sign of the times.  Sooner or later were going to run out of these buildings!

Two-flat Sales 2012

46 properties listed as two-flats in the MLS sold (closed) in 2012.  The median price was about $385,000. Unit sales were up 58% over the 29 properties sold in 2011 and median price was up a little over last year. 

The highest priced sale was 4827 N Claremont at $578,000, a fully renovated two-flat with duplex-up and duplex-down units.  The location is very close to the Western Brown Line stop and the best of Lincoln Square retail.  The lowest sale was 5151 N Western Ave for $160,000.  The frame two flat sits on the busy four lane stretch and needed a lot of work.  Mot residential street two-flats sold in the $300,000 to $450,000 range.

Three-flat Sales 2012

Only 7 buildings listed as three-flats in the MLS sold in 2012.  The median was a solid $375,000 so there were some bargains out there.  Three-flat sales were down 41% in this segment.  12 three-flat properties sold in 2011 with a much higher median price about $472,500. 

The highest sale in 2012 was 4855 N Rockwell for $560,000.  The brick property is located a couple blocks from the popular Rockwell Crossing district and Brown Line.  The sellers bought in 1997 for $150,000 when things were a little bit rougher in the location.  Raised rents all those years and sold for almost 4 times...well done!  The lowest sale was a foreclosure closed for $285,000 at 4829 N Hoyne.   The building is already fully renovated and converted to a single family home... and is now under contract with an asking price of $949,000.  Wow!

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