Luxury single-family homes and condominiums were in high demand and sold for top dollar in 2014 in Chicago’s most upscale neighborhoods—the Gold Coast/Near North Side, Lincoln Park and Lakeview, reports a new analysis.
“Chicago saw rising prices, the rebirth of new construction and a shortage of housing inventory in key North Side neighborhoods,” noted veteran broker Louise Study of Baird & Warner. “With home prices on the rise, now may be the time to sell and move upward or onward, to ride the rising tide to greater equity.”
Since 1984, Study has published the annual Study Study of Residential Real Estate compiled from Multiple Listing Service statistics on sales of $500,000-plus residential units in 10 target neighborhoods.
Chicago’s three top upscale neighborhoods all posted price gains in 2014, said Study, noting that her 30th annual survey reported the following prices and transaction numbers:
• Gold Coast/Near North. Thirty luxury single-family homes and 400 upscale condominiums, co-operative apartments and townhomes were sold in the Gold Coast/Near North area in 2014.
The median luxury home price last year was $3.07 million on the Gold Coast/Near North, compared with $1.62 million in 2013. The median price for upscale condos, co-ops and townhomes rose to $899,000, compared with $600,000 in 2013.
• Lincoln Park. Seventy-seven luxury single-family homes were sold at a median price of $2,532,500 in 2014. Some 134 upscale condo sales were posted at a median price of $725,000.
A year earlier, the median luxury home price in Lincoln Park was $1.35 million, while median upscale condo prices were $635,000.
• Lakeview. Forty-seven luxury single-family homes were sold in Lakeview at a median price of $1.85 million in 2014. The median home price was $1,124,500 in Lakeview in 2013.
Some 104 upscale condos, co-ops or townhomes sold in Lakeview at a median price of $649,250. The median luxury condo price was $596,000 a year earlier.
The Study Study reported the following 2014 prices and transactions in luxury single-family home and upscale condo, co-op and townhome sales in other North Side city neighborhoods:
• South Loop. Nine luxury homes were sold in 2014 with a median price of $980,000. Some 197 upscale condo, co-op and townhome sales were posted in 2014 with a median price of $812,500.
• West Loop. Seven luxury homes were sold in 2014 with a median price of $1.2 million. The median sale price was $658,569 on 174 upscale condo, co-op or townhome transactions in 2014.
• Bucktown-Wicker Park. The median luxury home price was $806,250 on 320 transactions in 2014. Some 349 upscale condo, co-op and townhome sales were recorded in 2014 with a median price of $567,500.
• Roscoe Village. The median luxury home sale price was $960,000 on 180 sales transactions in 2014. Fifty-two upscale condo, co-op and townhome sales were recorded in 2014 with a median price of $560,000.
• Andersonville. Forty-eight luxury home transactions were recorded in 2014 with a median price of $662,500 in the Andersonville and Lakewood Balmoral neighborhoods. Thirteen upscale condo, co-op or townhome sales were recorded at a median price of $550,000.
• Ravenswood-Logan Square. Some 113 luxury home transactions were posted in 2014 with a median price of $727,500 in Ravenswood, Ravenswood Manor, Ravenswood Gardens and Logan Square. A total of 33 upscale condo, co-op and townhomes in these hot areas sold for a median price of $534,000.
Don DeBat is co-author of “Escaping Condo Jail,” the ultimate survival guide for condominium living. For more information, visit www.escapingcondojail.com.