Everywhere we look there are different messages about housing prices in Lincoln Park and the Chicago market. And of course my sellers are confused. One day they read that the market is recovering, in fact up by 11% over last year. In another article, it says the market is declining, in that we have fewer properties going under contract than last year at this time.
So let’s focus on specifics. Specifically two bedroom, two bathroom condos in Central Lincoln Park, with garage parking space and deck or patio. Central Lincoln Park is from Armitage to Fullerton and from Clark to Sheffield. In that market, I see seven condos for sale. Twelve have gone under contract or closed in the last 6 months, and with 2 real buyers per month, and only 5 condos for sale, it points to a strong sellers market.
So why isn’t the garden unit selling, with 2 good sized bedrooms, a master suite, an open plan combo kitchen, dining and living room with fireplace. And the unit has a garage. It’s been on the market for 56 days and I am thinking. . . .
My gut tells me that it’s most likely because it is a garden unit. Garden means below grade. With all of our weather changes and flooding in some areas, we are starting to see that buyers are shying away from such units. They purchase garden units when they are a super deal, a great value. The reason is fear that they will be taking greater risk of flooding or break- ins. We lowered our price twice so now, it’s just about getting the right person in. The perfect buyer would be a dog owner who wants to take the dog out easily . Do you know of a dog owner in Chicago that is looking for a new home? That’s what dogs have to do with it!