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Looking for a Lincoln Park townhome? Plenty of 3-bedroom condos for under $500,000

filed under: Buyers, Chicago home prices, Lincoln Park, Market conditions, Townhomes posted on November 12th, 2011

LINC

ON THE MARK IN LINCOLN PARK: Weak demand has pushed down prices in some of the hottest areas of Chicago. After almost six months on the market, this sleek 3-bedroom Lincoln Park condo has been marked down more than $100,000. Located at 2639 N Sheffield #2, it features a gourmet kitchen, luxury baths, a separate dining ro0m and garage parking -- now for $469,000. Oanh Vo-Liu of Keller Williams has the listing.

Lincoln Park is one of the most desirable neighborhoods in Chicago, with such prime real estate that many buyers assume they can’t afford it and begin their search in Lakeview or North Center instead. But recently, prices have fallen to the extent that there are now more than 60 Lincoln Park condos with at least 3 bedrooms available for less than $500,000. Most of them are townhomes or duplex units.

I was just searching for 3-bedroom condos in Lincoln Park, and came across several that have been on the market for more than a year — taking steep price cuts in the meantime. Like 2743 N Wolcott #43, a modern townhouse with a full finished basement and attached garage.  Listed for sale a year and a half ago, at $535,000, it is now priced at a much more reasonable $439,900.

Or 1956 N Burling St, Unit B, which has been on the market for 539 days. The price tag for this townhouse, which has a 28-foot private rooftop deck and two wo0d-burning fireplaces, went from $525,000 to $449,000. Many others have been sitting on the market for at least six months, enduring price drops of $75,000 to $100,000.

If you’re looking for a townhouse or condo in Lincoln Park, now is the time to strike. There are some great deals out there this fall, and not enough buyers to absorb them. The imbalance between supply and demand has pushed prices down, to the point where we’re now seeing fabulous, renovated units like 2639 N Sheffield #2, an extra-wide 3-bedroom, 2-bath with garage parking, for just $469,000. This simplex condo is packed with features that today’s buyers want, like a gourmet eat-in kitchen with cherry cabinets, a master suite with a marble bath, separate shower and double vanity, high ceilings, lots of windows,  a balcony and a back deck.

It’s been on the market since June, when it was priced at $574,900.

Written by Sue Fox //

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