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Buying A Home in Lincoln Park

Buying a Home in Lincoln Park-60614!

Market activity in Lincoln Park has dramatically increased from 2012 to 2013. Prices in Lincoln Park increased approximately 15% year over year. Lincoln Park continues to be one of the most desirable locations to live in Chicago.

Average single family homes are north of $1,000,000. Typically, The closer to the Lake you live, the higher the pricepoint.

Lincoln Park has some of the best neighborhood elementary public schools that include Abraham Lincoln, and Oscar Mayer. Additionally, Francis Parker private school is located in the heart of Lincoln Park. Lincoln Park hosts several great attractions including: Lincoln Park Zoo, Peggy Notebart Museum,  and the Chicago Conservatory.

 

 

Below blog was written in 2010

HOW’S THE MARKET?As a realtor, we hear this question all of the time and perhaps more than any other year in recent memory buyers and sellers welcomed in 2011. The National Association of REALTORS® forecasts a gradual improvement in the housing market into 2011. And since real estate is location specific, Lincoln Park has again proven to be among one of the most stable neighborhoods in Chicago. Lincoln Park has every housing type available to a buyer; condo hi-rise buildings, 100+ year old historic brick row homes, multi-unit buildings, townhomes, lofts and more. And now it’s the perfect time to buy a home in Lincoln Park since interest rates are low, there is an abundant supply of housing stock and prices are where they were five to seven years ago.

STATS: Lincoln Park comes out ahead in just about every category when comparing the average price of sold condos and single family homes to other neighborhoods. In 2010, the average closed sale of a four bedroom single family home was approximately $1,242,000 and the average sales price was 89% of its original listing price. The average sales price of a two bedroom condo was $336,000 and the average sales price was 92% of its original listing price.

2011 sales have been robust in Lincoln Park so far with 14 single families already closed and 34 pending through the 1st quarter. One of the factors contributing to the increased activity is more realistic pricing on the part of sellers. We expect modest price declines during 2011, likely to be in the range of 3-5%.

Existing and pending home sales are in a growth pattern as a result of steady improvements in the economy. We anticipate the upper-end luxury properties to continue the gains in activity seen in 2011.

INTEREST RATES continue to remain extremely favorable.

Though it’s impossible to predict with any certainty, interest rates are expected to rise slightly in 2011. Qualification standards continue to be high, but are still extremely favorable for buyers who can obtain credit. The combination of low prices and low interest rates makes it a great time for qualified buyers.

THE DRAW OF LINCOLN PARK: Location is king, and for years Lincoln Park has provided residents with an amazing proximity to the lake front, The Lincoln Park Zoo, Oz Park (the Wizard of Oz-inspired park), the Peggy Notebaert Nature Museum (also known as the butterfly museum to locals), Diversey Harbor, world class live theaters, critically acclaimed restaurants, boutique retail stores, dozens of great parks, Children’s Memorial Hospital, Chicago History Museum, multiple summer festivals and farmers markets, movie theaters, top-notch public and private schools and easy access to transportation.

YOUR LINCOLN PARK HOME SEARCH

There are many key considerations when purchasing a home in the Lincoln Park neighborhood. Here are five tips you should think about utilizing in your home search:

Pick a real estate professional who knows everything about Lincoln Park. This will assist you in making your purchase seamless by matching your specific real estate needs to the right property. Experienced Lincoln Park real estate agents have invaluable micro-market knowledge.

Become pre-approved before you begin your home search. By determining what you can or cannot afford, you will weed out properties that don’t fit in your real estate parameters. Your pre-approval will speed up the purchasing process and it will ultimately save you time.

Make a priority needs list. List the things in a home that you must-have. Prioritize the items of importance to you. No home is perfect, so figuring out what you must-have vs. what you want will assist you in making good decisions.

Don’t Forget Other Costs. As a buyer in the city of Chicago, expect to pay $7.50 per one thousand dollars in transfer tax stamps. For example, a $300,000 home would amount to $2,250 in buyer’s closing costs. Other closing costs will typically include attorney’s fees of approximately $400-$800, property home inspections of $275-$500, along with miscellaneous loan charges. Also, real estate taxes in the Lincoln Park area tend to be higher than in other neighborhoods because of the higher assessed property values.

Re-sale ability. Today many homebuyers live in their homes an average of five to seven years and then move on to the next home. It’s extremely important to look at the surrounding area and of other homes nearby. Look for elements in a home that are consistent to the area. If most homes in the area have an attached two-car garage and you are looking at a home with only a one car garage, you may want to think twice about your decision or be willing to add a bigger garage down the road. Your real estate agent should be able to assist you in looking at those items during your search.

Lincoln Park continues to be thriving and a perfectly situated neighborhood in Chicago. If you are considering a move to the Lincoln Park area, don’t delay! Don’t miss out on a window of opportunity to buy a well-priced fantastic home in Lincoln Park. Call a real estate professional today!

Source includes: Multiple Listing Service of Northern Illinois (MRED)

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