Lincoln Park – Pre-Crash Prices?

Many people are now speaking of Lincoln Park selling above pre-crash prices. Is this true? Certainly the inventory is very low, especially for those seeking vintage properties, but pre-crash prices? I am not sure, so lets find out.

2550 N. LakeviewI would like to start with 2550 N. Lakeview, Lincoln Park’s new luxury condo building. This project came online right smack in the middle of the worst real estate period and the closings started in 2012.

In December of 2012 a – 1561 sq. ft. home sold for $685 sq. ft.

Another closed in December – 2813 sq. ft. sold for $808 sq. ft.

Another closed in December  – 2654 sq. ft. sold for $868 sq. ft.

Now lets look at similar sized units closing in 2014 at 2550 N. Lakeview:

In May of 2014 a 1561 sq. ft. home sold for $896 sq. ft.

In May of 2014 a 2655 sq. ft. home sold for $1001 sq. ft.

In June of 2014 a 3965 sq. ft. home sold for $1008 sq. ft.

It looks like it is true at 2550 N. Lakeview, although they were not selling pre-crash, their 1st closing were homes that were put under contract during the “crash” period.

 

Let’s take a look at a few others:

Townhouses on Sedgwick-

2010 N. Sedgwick closed on 6/9/2009 for $1,037,500 – 2830 sq. ft. or $366 sq. ft.

Closed in 2014

1904 N. Sedgwick closed on 6/13/2014 for $1,251,000 – 2833 sq. ft. or $441 sq. ft.

 

McCormick Rowhouses on Fullerton

925 W.  Fullerton closed on 6/2011 for $893,000 – 5000 sq. ft. or $179 sq. ft.

Closed in 2014

919 W.  Fullerton closed on 3/2014 for $1,055,000 – 5000 sq. ft. or $211 sq. ft.

The interesting issue with the McCormick RowHomes is the 2 that are currently active, they are asking $1.925,000 ($356 sq. ft) and $1,840,000 ($325 sq. ft). These will be interesting to watch. I have not been in them but they are all 5 beds/4.1 baths, except one which is 6 bedrooms, 3.2 baths. I will be watching these closely.

 

2 Vintage homes on Deming

468 W. Deming#1W closed on 2/24/2009 for $845,00 – 2500 sq. ft. or $338 sq. ft.

456 W. Deming#3W closed on 10/20/2009 for $959,00 – 2300 sq. ft. or $416 sq. ft.

Closed in 2014

454 W. Deming#2E closed on 4/7/2014 for $920,00 – 2300 sq. ft. or $400 sq. ft.

 

I think it is clear that Lincoln Park is at least AT “pre-crash” pricing, in some cases may even be above. So the message to take from this is that prices are going up. So if you are still sitting on the fence about buying, all indications are that you will ride the market up. The longer you wait the more you will pay.

The Hancock Group with @properties specializing in downtown Chicago Real Estate including The Gold Coast, South Loop, West Loop, Streeterville & Lincoln Park for over 10 years. Call/Text/Email Us today at 312-296-9300, or Find us on Google+