Lincoln Square condo unit sales down in first quarter 2014

The successful luxury new construction condo development at 4935-4945 N Damen rides the wave of positive Lincoln Square condo sales. The first two buildings are almost sold out and a third new construction building is under way. Photo Eric Rojas, Broker, Kale Realty

38 condo units have sold in Lincoln Square over the first quarter of 2014 (January 1st through March 31st).   The median price of a condo was just $195,000.  52 condos closed first quarter in 2013 with a median price at $195,000 as well.  The lower numbers from last year reflects we've worked through many of the foreclosed and short-sale cheap units at former busted condo developments.

The relatively low median price of condos in popular Lincoln Square is due to many former busted condo developments selling off.  The area just west of Western Avenue and North of Foster Avenue in Lincoln Square had many defunct conversion projects.  Condos east of Western Avenue and south of Foster Avenue sell at higher prices.

We listed and sold 1970 W Winnemac at the end of last year.  The 2 bedrooms, 2 baths home sold for $300K with rental garage parking available. Photo by www.Photolightchicago.com

The lower unit sales does not reflect a weaker market for condos this year.  Quality re-sale condos are hitting the market and selling at higher prices than in the mortgage crash years.  New construction condos are in demand and being built and sold. However, inventory in the more popular areas of Lincoln Square is simply low and there are less super cheap foreclosures and short-sales available for investors.


 Lincoln Square first quarter condo sales
2014:  38 condos sold with a median price of about $195,000
2013:  52 condos sold with a median price of about $195,000
2012:  39 condos sold with a median price of about $150,000
2011:  48 condos sold with a median price of about $109,000
2010:  48 condos sold with a median price of about $255,000
2009:  28 condos sold with a median price of about $269,000

 Call us to buy, sell and rent Lincoln Square condos

Sales statistics gathered and analyzed by Eric Rojas, Broker, Kale Realty from MREDLLC.com