I visited a property yesterday on the 2000 block of North Dayton in Lincoln Park (60614 zip code). The condo is located in a fantastic spot near the tony Halsted and Armitage shopping and dining district and resides in well rated Mayer School district boundaries. We research, show and sell many Lincoln Park properties and have a good feel for market prices.
One of my main contractors Jon Hill of Artistic Construction and I were asked to evaluate if certain renovations would provide a better net return on a three bedroom, two baths condo sale. In this case, less was more. We did not feel the proposed renovations the owner had in mind would net them much more on the sale after the initial investment. It would be a close call if they'd make more back than they would spend. This takes into consideration the carrying cost of a vacant unit while the work is done.
I felt other features of the condo (or lack thereof) that could not be changed would limit the top price the owner was hoping for. We suggested a different route for preparing the home and presented reasonable expectations should the owner list the property for sale.
Three bedroom, two baths condo sales in Lincoln Park (60614) January 1st to November 7th
Sales for popular three bedroom, two baths condo homes have trended way up over the last few years. 55 of this type of unit sold in 2011 while 117 of these units sold same period 2014
117 three bedroom, two baths attached condos sold so far this year in Lincoln Park. Unit sales of this type of condo are up 39% (84 units sold same period last year in 2013). The median price is up as well at about $550,000. The median price same period 2013 was about $502,000.
In 2012, 70 units sold from January 1st to November 7th with a median price of only $455,000.
2011 saw 55 three bedrooms, two baths condo units sell over the same period with a median price of about $495,000
Homes in the $550,000 price range this year are usually newer
construction builds or recent gut rehabs, have a private outdoor space
and a parking spot is included.
68 of the condos sold this year in the "West" Lincoln Park area (west of North Halsted Street) with a median price of $565,000. Approximately 39 attached three bedroom, two baths condos sold in the "East" Lincoln Park area (east of North Halsted Street) with a median price of about $550,000.
Typically East Lincoln Park units will cost more per/square foot or have a lesser finish level at the same price compared to West Lincoln Park. Contact us to evaluate, buy, sell or rent properties in Lincoln Park.
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| The 2000 block of North Dayton in Lincoln Park (Photos Eric Rojas, Broker, Kale Realty) |
I felt other features of the condo (or lack thereof) that could not be changed would limit the top price the owner was hoping for. We suggested a different route for preparing the home and presented reasonable expectations should the owner list the property for sale.
Three bedroom, two baths condo sales in Lincoln Park (60614) January 1st to November 7th
Sales for popular three bedroom, two baths condo homes have trended way up over the last few years. 55 of this type of unit sold in 2011 while 117 of these units sold same period 2014
117 three bedroom, two baths attached condos sold so far this year in Lincoln Park. Unit sales of this type of condo are up 39% (84 units sold same period last year in 2013). The median price is up as well at about $550,000. The median price same period 2013 was about $502,000.
In 2012, 70 units sold from January 1st to November 7th with a median price of only $455,000.
2011 saw 55 three bedrooms, two baths condo units sell over the same period with a median price of about $495,000
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| We listed and sold 1307 W Wrightwood #106 this year for $575,000 The newer construction West Lincoln Park three bedrooms, two baths unit sold for over the median price (photo Eric Rojas and photolightchicago.com) |
68 of the condos sold this year in the "West" Lincoln Park area (west of North Halsted Street) with a median price of $565,000. Approximately 39 attached three bedroom, two baths condos sold in the "East" Lincoln Park area (east of North Halsted Street) with a median price of about $550,000.
Typically East Lincoln Park units will cost more per/square foot or have a lesser finish level at the same price compared to West Lincoln Park. Contact us to evaluate, buy, sell or rent properties in Lincoln Park.
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