If you work in the real estate business in Chicago, you will often hear about ultra luxury homes being listed or sold in various news publications. One such Lincoln Park luxury home has been in the news for the last couple of years. The home at 1932 North Burling Street in Lincoln Park was first listed for sale in December 2016 for a whopping $50 million! The home generated many news headlines then. Just the other day (a little over 2 years later), some of the local publications noted that the home had been reduced by $5 million to $45 million. Given the home is back in the news, I thought it would be an interesting idea to come up with what the Lincoln Park luxury home could potentially sell for using various data points, resources and valuation methods we often utilize in the the real estate business.
Lincoln Park real estate in Chicago has seen steadily rising home prices and demand since recovering from the Great Recession over the last 10 years. As prices have increased in the neighborhood, developers have become more ambitious in investing and developing additional real estate that buyers can purchase in the neighborhood – even more so than many other neighborhoods throughout Chicago that have generally seen new housing stock consisting of mostly luxury rental buildings. While smaller buildings with 3-4 condos or luxury single family homes have typically been the norm when it comes to new construction real estate in Lincoln Park, increases in housing prices over the last several years have allowed some developers to acquire larger parcels of land to build projects that feature additional options for buyers to consider than the typical walkup condo buildings found in the neighborhood. Let’s take a look at some interesting new construction projects in Lincoln Park that our buyer clients have been looking at when considering new construction homes to purchase in Lincoln Park in 2019. Continue reading “New Construction Condos Delivering In 2019 – Lincoln Park & Old Town Chicago”
Having lived in Lincoln Park for over 10+ years, I get to view all different types of properties throughout the neighborhood when working with buyers, sellers and renters. Each month, I like to feature some of the more unique homes that sell in the neighborhood. Here’s my list of unique home sales in Lincoln Park for February 2018. Continue reading “Lincoln Park Unique Home Sales In February 2018”
While there are many townhome communities in Lincoln Park, if you want a large townhome, there are not too many options. That is what makes the Hartland Park enclave and our new listing there even more special. We just listed this unit for sale at 2633 N Hartland Ct. This large townhome features 3362 sq ft of living space with 4 bedrooms (including 3 ensuite) & 4.5 baths, and gets great light from its Southern exposure.
While touring with some clients today in the Hartland Park townhome community, I was able to get a visual update on the progress of the Norweta Row new construction condominium and apartment development in west Lincoln Park.
Of the 3 buildings in the condo / apartment project, the first looks to have completed most of its masonry (although I did not see any interior finishes from the limited view I had of the construction, so Im not sure how far along they are with those) and the framing for the 2nd building looks to be almost completed. The marketing materials we have received before have said that deliveries will begin Spring 2018. Continue reading “Norweta Row Construction Update”
While its still winter in Chicago, I start receiving inquiries for clients looking to move to Lincoln Park this upcoming spring and summer after the New Year. Over the last few years, there has been a substantial apartment building boom throughout Chicago (although less so in Lincoln Park). I also constantly read stories and hear from our associates in the real estate business that clients are saying the following catch phrase a lot – “the rent is too damn high.”
So, I decided to take a look at just what apartment rents have looked like over time in the Lincoln Park neighborhood of Chicago. I looked at over 10,000+ rental transactions in the neighborhood via our MLS historical data records since 2008. Most of the data in the MLS is for individually owned condominiums in Lincoln Park, but given the large data set, it should be correlated with larger apartments buildings in the area as well. Continue reading “Have Lincoln Park Rental Prices Peaked?”
Jeff is a licensed Realtor with extensive experience in the Lincoln Park neighborhood of Chicago. Having lived in the area for over 10 years, Jeff can assist buyers, sellers & renters with all of their real estate needs in Lincoln Park and the surrounding neighborhoods.