Real estate market glance

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The real estate market across Chicago continues its advance with indicators pointing to a healthy fall selling season.   There was some tepidity over the past couple of months, particularly in the luxury sector, likely due to a number of factors from seasonal slowdown during peak summer [vacation] time to uncertainty over stock market volatility and the extent of property tax increases.

While Wall Street shakiness and China woes may continue to have some effect on purchase behavior, the city has weighed in on the tax matter, providing more clarity over these anticipated increases. (Recent reports reveal likely increases of a few hundred dollars per year for average households; more in pricier Lincoln Park).*   Moreover, local job gains reflect a national trend toward five years of steady job creation and U.S. consumer confidence at its highest since January.*

Lincoln Park Market Highlights**

  • Closed sales of Single Family Homes (SFH) are up 13% and the median sales price of $1,665,000 is up nearly 6% during the first six months of 2015 over same period year prior.
  •  Closed condo sales are tracking at a 9% increase, with the median sales price of $450,000 edging up about 3%.
  • Market times have increased by 13% for SFH and 9% for condos, and there’s been a slight increase in inventory across both property types.

While a drive or stroll through our Sheffield and DePaul neighborhoods may at times appear like a new construction zone, the actual pace of new development hasn’t returned to pre-recession levels.  Still, there is a growing clip of new construction projects, which we on the SNA Planning Committee closely monitor along with nearby proposed developments that have a direct impact on our neighborhood and neighbors.

Top of mind is the former Finkl & Sons steel mill site.  This 28-acre stretch of real estate along the Chicago River is coveted for its size and proximity to Lincoln Park, Bucktown and Logan Square.  Recent reports assert that developer Sterling Bay is in advanced talks with a group of former Finkl executives about a sale.  No price has been disclosed.  Ted Wrobleski, who chairs the SNA Planning Committee, addresses this matter in greater length in this issue.

This is a central issue among many of the neighborhood groups, aldermanic offices and city departments; we are actively participating in discussions and will continue to share relevant information as it becomes available.  Please make sure to watch for SNA emails for updates and events relating to this site among other developments in our neighborhood.

Cadey O’Leary is a broker associate with Jameson Sotheby’s International Realty in Lincoln Park.  She is a Board member of the SNA and serves on the Planning and Communications Committees.  She specializes in luxury sales and new development and works with buyers and sellers across the city’s north side.  Cadey can be reached at coleary@jamesonsir.com, 773-710-4202 or CadeyOlearyCollection.com.

*Data from recent news coverage in Crain’s Chicago Business and The Wall Street Journal.

**Courtesy of Midwest Real Estate Data.