As we start 2018, I was doing some cleaning and organizing and found an old price list for condos at 2550 N Lakeview from 2011 when the building was being sold as new construction – link to original price sheet. Having represented clients who have purchased in the building and assisting a client with an investment property in the building, I thought it would be a good idea to take a look at how the building did in 2017, as well as over the years since the first units were delivered in 2012.
2550 N Lakeview often comes up for discussion when I am touring with clients in the neighborhood looking at properties – people are generally curious about the building given its prominent location on the park. Here is an infographic I put together to show how the building has done over the years and its strong performance in 2017.
Just as the broader Lincoln Park market had a strong 2017, 2550 N. Lakeview also saw increases in prices as average prices reached a record of $889 / SF. For Lincoln Park, these are some of the highest prices in the neighborhood – you can find a few buildings approaching and exceeding $1,000 / SF in the Gold Coast areas (11 East Walton, 4 East Elm, 9 West Walton, 30 West Oak, and a few others). Compared to 2012, prices have increased approximately 21% from $736 / SF in 2550 North Lakeview.
Overall volume in 2017 more than doubled to $30.8 million (16 transactions) compared to $14.5 million in 2016 (7 transactions). One of the reasons for this is likely the strong stock market performance over 2017 that increased the wealth and purchasing ability of many buyers in the building.
Market time in 2017 averaged just 38 days, a slight increase from 34 days from 2016, but still relatively short considering that many luxury buildings tend to have longer market times given the smaller number of buyers.
Overall, 2550 N Lakeview had a strong performance in 2017 and I expect that 2018 will also see a good amount of activity in the building as there is limited competition from other buildings given the location and amenities offered by 2550 N Lakeview.
View additional building information & available units here: 2550 N Lakeview