Summer sales activity has been slow in Lincoln Park, one of Chicago’s most affluent neighborhoods.
June condo closings were the lowest in years and we recommend buyers to keep alert and monitor listings for sellers who can afford and have to sell. We think there will be some “deals” soon…...
According to MRED records (Midwest Real Estate Data- The definitive source for real estate data in Chicagoland), there was a 33% drop in two bedroom Lincoln Park condo sales and a 23% decrease in three bedroom condo sales the first six months of 2011 as compared to the same period last year. The number of short sales and foreclosures also increased, with 21% of all first quarter 2011 sales being distressed properties and 13% of all two bedroom condos sold during the first half of 2011 being either short sales or REOs.
But even with the decrease in sales and the increase in distressed properties, Lincoln Park condo prices have only dropped about 3.4% on average as compared to last year (2010). Right now in mid 2011 a typical two bedroom Lincoln Park condo runs around $360,000 while a three bedroom is averaging $500,000.
Probably the most well known Lincoln Park condo development currently under construction is Lincoln Park 2520. Over the past couple of years this project has been scaled down in height and then brought back up to close to it's original size. The number of condos has also fluctuated due to scaling down and also buyers purchasing two units and combining them into one large suite.
Developer Ricker-Murphy and equity partner GE Pension Trust have stated that there are between 175 to 190 units and those are about 50% sold. The condos vary in size from around 1,238 to 5,190 square feet and are priced from the upper $800,000s to $14 million.
Another new Lincoln Park development is Row 2750. LG Development has had so much success in selling phase one of the project that they are already breaking ground on phase two. Only a single unit is left for sale in phase one, which consists of 9 townhomes and two duplex condos. Those units on North Lakewood Avenue have 1,890 to 4,100 square feet and are priced from $699,000 to $1,399,000.
SoNo is another well-known Lincoln Park development from Smithfield Properties. This 200 unit, 28 story tower sits on 860 West Blackhawk and at last count only has about 11 condos left for sale. Prices on the remaining one and two bedroom units run anywhere from about $250,900 to $404,900 and have 756 to 1,416 square feet. Indoor parking space run between $9,000 to $21,000.
SoNo was originally planned as a two-tower development but the second residential tower didn't go up due to the sagging condo market. But Smithfield Properties announced early in 2011 that they were moving ahead with the second tower after all, only as a rental building. The 22 story tower will have 324 apartments and should be ready for renters in early 2012.
Hartland Park II
Hartland Park II is a group of 45 brick townhomes on 1730 West Wrightwood Avenue. The Belgravia Group is the developer. These four story, three to five bedroom, 3.5 to 4.5 bath homes size up between 3,074 and 3,362 square feet. Prices have been running from the high $800,000s to $900,000s.
The domed top of The Rotunda is the most distinctive feature of the development, which is located on 2741 North Sheffield. There are eight units that are priced from the mid $500,000s to $1.25 million.
If you like privacy, then Deming on the Park may be a good fit for you. There are only six units per floor. Those are two to three bedroom condos that start at about $1 million.
At 1610 West Fullerton you'll find lofts with one to two bedrooms, a balcony or terrace and an indoor parking space included in the prices that start from the $370,000s.
There are renovated two bedroom condos at 1927 West Diversey. The units in this traditional brick building are priced from the $400,000s. Pets are welcome.
There are eight new construction condos on 2663 North Ashland. These condos have three to four bedrooms with luxury finishes and parking included. Prices on the units in this brick building start in the low $600,000s.
Another smaller building is the two story Filmstrip Lofts on 2750 North Wayne. There are 14 condos that have plenty of room with 1,400 to 2,800 square feet. Prices range from the $350,000s to $900,000s.
With a wide range of condo prices starting the $250,000s plus attractions like the Lincoln Park Zoo, Chicago History Museum and 1,200 acre Lincoln Park, this neighborhood has a lot to offer. Retailers from Ralph Lauren to the Pottery Barn and entertainment venues like the Theater on the Lake and dozens of nightclubs and coffee shops can be found within walking distance of nearly any residence. Buyers will have to weigh the obvious long-term selling points of Lincoln Park against the recent drop in sales to decide if purchasing there is right for them.