Mid October Market Update
Lincoln Square
Single Family Homes
Chicago’s Lincoln Square only saw one closed sale in the Month of September but that is totally unusual for the area. Let’s look at the activity for the first half of October and see what is going on in the Lincoln Square Neighborhood this month, so far:
We have some new listings. Again, Patrick Landrush has two more that he just put on the market.
Traditional Sales
Two Bedroom Lincoln Square Homes:
We are seeing a downward adjustment at $243,400 right now in mid-month October and this has nothing to do with seasonal folks, because the market has shifted and what would be a big selling season in April and May this year, just didn’t ring true as it normally does. Homes in this price range are homes that (a) either require serious rehab work or, (b) would be a good candidate for tear down and building.
Three Bedroom Lincoln Square Homes:
We are seeing a general $410,000 right now compared to what it was in 2009 and thus, Lincoln Square, in it’s won true to form way, is seeing a come back like I discussed last month. A $410,000 median in traditional sales equates out to square footage, condition of the home. This is where you need to compare apples to apples when one is thinking about selling or even refinancing.
Four Bedroom Lincoln Square Homes:
We are seeing $627,000 median values but again, this is based upon the square footage of the home and the size of the bedrooms and the lot. A lot of “ifs” when factoring in value. Bottom is, like the three bedroom homes in Lincoln Square, the same is holding true for the four bedroom homes and we see even at mid-month a nice appreciation for these homes.
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