Sue Fox, @Properties. Direct 773.816.1788

Subscribe to Site

Categories

ARCHIVES

Real Estate radio

Lincoln Park house prices fall, but condos hold their value

filed under: Buyers, Chicago home prices, Lincoln Park, Market conditions posted on February 10th, 2012

$400K OFF:

$460K OFF SALE: This 4-bedroom "majestic greystone" in Lincoln Park was priced at $1,550,000 when it hit the market last spring. Six price cuts later, it was being offered at $1,090,000 when it went under contract a month ago. Such steep discounting is no longer rare in Lincoln Park, where single-family house prices have dropped precipitously.

In many Chicago neighborhoods we’ve been seeing condo prices falling steadily, while the price of single-family houses has tended to hold up a little better. This is the case in places like Lincoln Square, Uptown, Edgewater, Rogers Park, West Ridge and Logan Square.

In Lakeview and North Center, which are two of the most popular North side neighborhoods, both condos and houses have held their value and prices have even slightly increased over the past two years.

But in Lincoln Park — another popular neighborhood, and one of Chicago’s most expensive — I’m seeing condo prices hold steady (with just a small 3.3% decline over two years) while single-family house prices have fallen steeply. The median single-family house price is now $1,280,000 in Lincoln Park, a 22.4% drop over two years earlier, when the median was $1,650,000.

This plunge suggests the difficulty of selling high-end houses in a time of uncertainly and austerity. In Chicago, only the Near North Side (home to Old Town, the Gold Coast, Streeterville and River North) now boasts higher single-family home prices than Lincoln Park, with a median price of $1.6 million. But that figure also reflects a major drop, down 25.6% in the last two years.

I think there could be something more at work, though. Maybe some luxury buyers are choosing the suburbs over the city? Over the past two years, single-family home prices have held relatively steady across much of the North Shore, including Wilmette, Winnetka and Glencoe.

Written by Sue Fox //

Leave a Reply