Lincoln Park Home Sales
Have Proven to be a Fantastic Investment since 1993!
Today, the average home is listed at $ 2,490,000. Granted, this is not the average SALES price — homes in 2013 sold, on average, for $ 1,573,344.
Homes haven’t always sold at this price level!
I did some research to find out exactly how homes have sold over the last 20 years.
Below is a chart showing the number of homes that closed in Lincoln Park for 1993, 2003, and 2013 for various price levels. The number of homes in total didn’t vary by much – in fact, exactly 216 sold in 1993 AND 2013.
The interesting part, though, is how the prices were distributed.
In 1993, only one home sold for over $2 MM – in fact, it sold for $ 2,700. By 2003, the highest priced home closed at $3,925,000. Last year, one home sold for $ 9,035,000.
Home Price Appreciation
How did the average priced home do over these 20 years?
Average Price for Single Family Homes Sold
1993: $ 434,741
I’m not a math whiz, so I can’t dazzle you with return on investment numbers,
nor can I calculate the gain if you leveraged your investment with a 20% down payment.
How, though, did real estate sales compare to the S&P 500?
We are all thrilled with how high the stock market has grown, aren’t we?
The S&P closed at 1756.65 on 12/31/2013, according to my source.
That’s 3.765 times the closing value (466.45) on 12/31/1993.
During the same time period,
Lincoln Park homes sold for 3.619 times the 1993 average price.
We think of the market as being so strong, but are we giving the real estate market the same love?!
Congratulations to those of you who bought real estate before 1993!
If you were late to the party, perhaps due to your birth year, or another circumstance,
Real Estate continues to be a fantastic investment opportunity!
Rates are still low!
Now is the time to find your next (or first) real estate purchase!
Contact Anne Rossley today!
As a StreetAdvisor contributor, I have been considering how to answer the question,
This is a loaded question, indeed!
Here are the reasons I CANNOT answer the question:
- What’s “upper middle class”? Certainly, the cost of living in Chicago is higher than the cost of living where I grew up — in Bloomington, Illinois. We’re not Manhattan, however. Chicago has 77 neighborhoods, or communities, all with their own charms.
- What’s “best” ? Best in terms of location? Amenities? Value? What’s best for the young professional right out of college may not be best for a family of 5 with 3 kids in elementary school, nor the same for empty nesters in their mid 60’s.
Here’s what I CAN answer:
- Average (mean) cost of single family homes by neighborhood,
- Published demographic information by neighborhood
- Amenities for each neighborhood
Relative Prices of Some Chicago North Side Neighborhoods
For purposes of this post, I’m including a few examples of neighborhoods in which I’m most familiar. This is NOT an all-inclusive list of neighborhoods in Chicago. The chart below shows average (mean) prices for single family homes – resale only (not new construction) for
As of today’s writing, the average prices are:
Lincoln Park $1,350,000
North Center $875,000
The prices aren’t surprising – essentially, the closer the neighborhood lies in relation to the loop, the more expensive the homes.
Micro-Neighborhoods in Chicago
These neighborhoods include many sub- or micro-neighborhoods. Sales prices within each neighborhood can vary greatly, depending on many factors (proximity to public transportation, conformity, school district…)
For example, Edgewater has multiple micro-neighborhoods, delineated by block clubs, as seen in this map:
There are so many neighborhoods, micro-neighborhoods, and even preferred areas within the micro-neighborhoods that giving an average price for Edgewater is somewhat misleading. I live, for example, in Lakewood Balmoral (# 16 above). This block group, the Lakewood Balmoral Historic District, is part of Andersonville, which is part of the Edgewater Community. To give an average resale price for all areas above is not at all indicative of the values within LBRC (or #16).
Here are the differences:
| ||# Properties Closed||# Days on Market||Median Sales Price
|Lakewood Balmoral Historic District||11||67||$940,000
Beyond Home Prices – Other Criteria for Choosing a Neighborhood
So far, we’ve just talked about average prices.
Other things to consider when choosing a “best” neighborhood:
- Crime by block, neighborhood, police beat, community – See Clear Map – Select this link
- Elementary Schools – See my website to learn more about Chicago Elementary Schools and specifically, CPS Elementary School Districts on the city’s north side.
- Proximity to Public Transportation/Highways – See Map Below and click on photo to pull up website.
Having said all this, I find there’s no way to easily answer the question, “What is the best upper middle class neighborhood in Chicago”.
This post is just a long-winded way of saying that it’s critical that buyers work with an experienced Realtor who’s familiar with the neighborhoods AND MICRO-NEIGHBORHOODS in Chicago, who can help clients best understand their priorities, and who can then provide all options that meet those needs.
Looking for Lincoln Park Homes for sale? Love vintage houses? Curious about historic districts? Read on to see great Chicago real estate- homes for sale under $ 1.5 MM.
Lincoln Park is still the “go-to” neighborhood for many single family home buyers in Chicago. From new construction to Victorian, rowhouses to McMansions, the eclectic properties stand side by side, creating a vibrant architectural quilt.
My favorites are the vintage homes – brownstones, graystones, quaint clapboard cottages and historic row houses, all in various states of rehab. The stories those walls could tell!
Historic Lincoln Park Homes for Sale
I’m writing this post in honor of them. In doing the research, I found a row house that I sold years ago (see below), an historic home in the Bissell District, a gorgeous home in the McCormick District, and other lovely DePaul, Old Town, and Lincoln Park historic homes.
474 W Deming
Tour Vintage Lincoln Park, DePaul, Old Town Homes
If you wish to take a virtual tour of vintage homes for sale and have sold (Under $ 1.5MM) in the last 3 months, select the link below:
Vintage Lincoln Park Homes for Sale and Sold – Virtual Tour Link
Search for vintage Lincoln Park Single Family Homes by selecting this link:
Lincoln Park Vintage Single Family Homes for Sale Under $ 1.5MM
To get more information about homes for sale on Chicago’s north side (Lincoln Park, Lakeview, Uptown, Edgewater, North Center, Lincoln Square…) please contact me by phone or email!
Select the addresses in the chart below to get information on homes currently for sale.
|ST||HSN||STR||Closed Date||List Price||Sold Pr||MT||RMS||BR||BA||TAX
|A/I||1919||Linc Pk Wst||$999,000||128||8||4||3.1||13,773.93
Anne Rossley, CRB, CRS, SRES, RSPS
Baird & Warner
This McCormick Rowhouse at 836 W Chalmers in DePaul is now under contract.
Purchased in 2007 for $1,400,000, it was originally listed in 2010 for $ 1,295,000. It was reduced in February to $ 979,000, and then finally sold. When it closes, we will learn at what low price it finally sold.
The historic 1885 home is 20 x 114′, and includes 2 outside parking spaces. The soapstone fireplace mantles are still intact, and the woodwork on the staircase and mouldings is fantastic.
The McCormick Row house District was built to supply rental housing for the McCormick Theological Seminary, which operated in Lincoln Park from 1863 – 1975. This was named a Chicago Landmark Historic District in 1977.
For more historic homes in Chicago, contact Anne Rossley at Prudential Rubloff.
This month, $4 Million is the price for 2248 N Orchard, a new 8,550 square foot 6 bedroom home on a 31 foot wide lot. Located near Oz Park in Chicago’s Lincoln Park neighborhood, the home includes a mahogany paneled library, 2 tiered terrace with fireplace, and an elevator to all levels, including the penthouse roof deck. There’s room to park 4 cars in the attached garage.
Built by GVP Development, the home won this year’s Good Neighbor Award from the Chicago Association of Realtors and the Chicago Home Builders ‘ Gold Key Award.
The property closed 5/28/2010, and the buyer was represented by Prudential Rubloff.
There are currently 125 luxury single family homes for sale in the near north neighborhoods listed over $ 2,000,000. Eighteen (18) have closed in the last 3 months, and 12 are currently under contract. The luxury real estate market is soft — based on 6/month closed, there is currently a 20 month supply of homes for sale. Of the homes that closed, the average market time is 191 days.
As a comparison, there are currently 554 homes for sale in all price ranges. The 49.3/month sales average means there’s currently 11 months of inventory. Currently, 130 homes are under contract with a median price of $ 912,000. The average time to sell a house is 165 days.
Please contact Anne Rossley at Prudential Rubloff to get information on homes for sale or to learn about your individual neighborhood’s market activity.
Other luxury homes for sale…
1930 N Howe $ 6,350,000
2043 N Clifton $ 4,699,000
2461 Geneva Terrace $ 4,650,000
This lovely 1888 vintage home in the heart of Lincoln Park is now reduced to $ 935,000. It’s a tremendous opportunity for someone and surely won’t be for sale much longer.
It’s between Clark and Halsted on charming Burling, in the celebrated Alcott School District. The lower level boasts media and game rooms, and the 2003-renovated custom kitchen will delight you.
To see this lovely home, or for more information on homes for sale in Lincoln Park, contact Anne Rossley at Rubloff.
This week in Chicago real estate, 3 historic properties went under contract:
1723 W Winona
This Andersonville home was built in 1896 – a 3 bedroom home on a standard Chicago lot, it was renovated in 2003 and is close to the Clark Street commercial district, red line, and Metra.
2100 N Fremont
One of the historic Italianate Fremont rowhouses, this 1875 home with coach house was lovingly restored. It’s one of a landmark group of homes – some of the earliest surviving properties built with the newly required “fireproof” masonry” post-Chicago fire.
225 W Eugenie
This 1874 Old Town treasure is a modern gem hidden behind the facades of 2 Victorian houses. A large private garden, lofted studio building, and 2 car garage are included, and “no expense was spared in the design, materials, or details of this private and sophisticated compound.”
For information on these or other real estate in Chicago, please contact Anne Rossley.
427 W Roslyn closed this week for $ 1,300,000. Built in 1894, this will be the fifth owner to enjoy this fantastic Chicago historic landmark property. Originally listed for $ 1,695,000, the home was on the market for 115 days.
This Queen Anne home is in the Chicago landmark district called Arlington and Roslyn Place district which includes homes on the 400 block of these streets between Clark and Lakeview. These homes were built between 1894 and 1910 and the area was named an historic district in 1989.
For more information on this or other Chicago Historic Property, contact Anne Rossley.
In my Rubloff Luxury Blog post of Feb 24, I reported on the Alcott High School for the Humanities, opening this fall. An information meeting was held that week at the Elementary School, and I was quite impressed by the plan put together by Alcott’s LSC, including principal David Domovic.
At that time, there was no building set aside for the new high school. Since that time, I have learned that the school will be sharing space this fall with Schneider at 2957 N. Hoyne. These transitions can be difficult to navigate, however based on the CPS staff, Alcott LSC and parental support, and the great need for new quality Chicago high schools, I have every reason to believe this school will be a tremendous addition and asset to the Chicago Public School program and the Renaissance 2010 initiative.
Site Location for Alcott High School
Chi-Town Daily News Article
My Healthy School
With all the bad real estate news being generated, it’s important to understand the local Chicago real estate market, putting the numbers into a meaningful perspective.
At first blush, one sees that Jan/Feb median sales prices were off 30.3% vs the first two months of ’08. However, if you compare the 2 month average to the entire year, smoothing out the high of last January and February, prices are down 12.1 %. Similarly, JF ’09 single family homes sold on the north side (44) are off 29% vs the same 2 months of ’08, but compared to the ’08 monthly average of 49, the two month total is down 10.2%.
In the past month, 60 homes have gone under contract, with a median sales price of $ 925,000.
Currently, there are 610 single family homes on the market whose median price is $ 1,295,000. That represents over a 12 month supply of inventory — high, but not disastrous. (Lenders like less than 6 months inventory to describe a market as “healthy.”)
In evaluating market times and sales to list price, it gets a little dicey. Market times in the MRED include new construction homes which might be listed from the time the developer decided to break ground. Of the closed homes, there are market times of 2, 7,12…97…185…899 days… i.e. an average would be meaningless.
Sales prices traditionally have been 95% in the Chicago market. One would think that sales prices would be way off that mark.
Once the list price comes down to a level which generates an offer (final list price), however, the average sales to list price was 92%. For these same homes in JF ’09 , the final sales price was 88.3% of the ORIGINAL list price.
Of the 44 homes closed, 15 were listed over $ 1,500,000. Of these, 7 were new construction. Only 2 of the 29 under $ 1.5MM were new.
See the “Sales and Trends” page for graphs for the past 4 years.
For other sales data, or for information on specific properties that have closed, please contact me today!
This data, taken from MRED, includes single family home sales for the following neighborhoods:
Gold Coast (Near North)