Market for luxury homes and condos robust in posh neighborhoods
Loop North News

The Home Front

(Above) Upscale row houses in Chicago’s Gold Coast neighborhood. (Click on images to view larger versions.)

13-Apr-19 – With a strong economy and mortgage interest rates trending downward, sales of luxury home and condominiums in Chicago’s posh lakefront neighborhoods should be robust in 2019.

That’s the outlook from veteran Realtor Louise Study, of Baird & Warner’s Gold Coast office, who conducts the annual Study Study of Residential Real Estate.

Louise Study

“The 2019 economy is off to a great start with renewed optimism for the housing market,” said Study (left). “As Chicago’s economy remains robust, there is a corresponding need for housing for the next generation of professionals.”

The Multiple Listing Service sales analysis surveys the market for upscale single-family homes and condos that sold for more than $500,000 in Chicago’s most ritzy neighborhoods – Gold Coast, Lakeview, Lincoln Park, River North, and Streeterville, along with expensive properties in 14 other neighborhoods.

Twenty-four luxury single-family homes were sold in Gold Coast, River North, and Streeterville in 2018, Study reported. The median luxury-home price in 2018 was $1,889,875. Home prices in 2018 ranged from $861,997 to $4,625,000. Last year, 991 upscale condos, co-operative apartments, and townhomes in those neighborhoods were sold for a median price of $800,000, Study said. Condo prices ranged from $500,000 to $12.1 million in 2018.

With the stock market on an up-trend in early 2019 and mortgage rates easing, more wealthy home and condo buyers likely will be in the market this year, analysts say.

Published annually since 1984, the Study Study is compiled from Multiple Listing Service statistics on sales of $500,000-plus residential units in 19 target neighborhoods.

Photo by Mark Baldwin

In mid-April, benchmark 30-year fixed mortgage rates averaged 4.12 percent nationwide. A year ago, the 30-year loan rates averaged 4.42 percent. Chicago-area lenders were charging a range of 4.099 to 4.318 percent on 30-year fixed-rate mortgages on April 12, reported RateSeeker.

“Mortgage rates rose in late 2018, but now they are trending downward,” noted Study. “Rents are rising. Luxury home and condo inventory has steadily fallen. The booming economy and low unemployment have benefited most Americans.”

In her 2018 market outlook, Study pointed to a recent Wall Street Journal article that says Chicago “has proved itself different from other post-industrial American cities. It has a strong economic base and continues to draw talent and investment. The Windy City’s potential is unlimited if it gets its act together.”

Chicago’s other top upscale neighborhoods generally posted strong price appreciation and stable transaction results in 2018 in most housing sectors. Here are more results of the 34th annual Study Study...

Photo by Steven Dahlman

Lincoln Park & Old Town. A total of 173 luxury single-family homes were sold in 2018 at a median price of $1.6 million. Home prices ranged from $555,000 to $11.9 million last year.

Some 598 upscale condo, co-op, or townhome sales changed hands in 2018 at a median price of $725,000. Prices of condos surveyed ranged from $500,000 to $4.3 million.

Lakeview. A total of 161 luxury single-family homes were sold in 2018 at a median price of $1.4 million. Home prices surveyed ranged from $500,000 to $3,537,500 in 2018. Some 540 upscale condos, co-ops, or townhomes sold in Lakeview in 2018 at a median price of $625,000. Prices of condos surveyed ranged from $500,000 to $3.2 million.

South Loop. Eleven luxury homes were sold in 2018 with a median price of $1.125 million. Home prices ranged from $750,000 to $1,479,215 last year. Some 397 upscale condo, co-op, and townhome units changed hands in 2018 with a median price of $725,000. Prices of surveyed units ranged from $500,000 to $4.2 million last year.

West Loop. Eleven luxury homes were sold in 2018 with a median price of $550,000. Home prices ranged from $509,000 to $1.7 million. The median sale price was $791,900 on 412 upscale condo, co-op, or townhome transactions in 2018. Prices ranged from $500,000 to $2.35 million.

Bucktown & Wicker Park. The median luxury home price was $960,000 on 381 transactions in 2018. Home prices ranged from $500,000 to $3.325 million.

James/Adobe

Some 766 upscale condos, co-ops, and townhomes changed hands in 2018 with a median price of $615,000. Prices ranged from $500,000 to $2.31 million.

Roscoe Village & North Center. Luxury home sales hit 217 units in 2018 with a median sale price of $1,065,000. Home prices ranged from $507,000 to $2.65 million. A total of 116 upscale condo, co-op, and townhome sales were recorded in 2018 with a median price of $593,975. Prices on surveyed units ranged from $500,000 to $960,000.

Andersonville & Lakewood Balmoral. Sixty-eight luxury home transactions were recorded in 2018 with a median price of $786,250 in these neighborhoods. Prices of surveyed homes ranged from $500,000 to $1.687 million. Fifteen upscale condo, co-op, or townhome sales were recorded at a median price of $563,500 in 2018. Prices ranged from $500,000 to $635,000.

Logan Square & Ravenswood. There were 74 luxury home transactions posted in 2018 with a median price of $657,500 in Logan Square, Ravenswood, Ravenswood Gardens, and Ravenswood Manor. Prices of surveyed homes ranged from $500,000 to $949,000. Eighteen upscale condo, co-op, and townhomes were sold for a median price of $552,500. Prices of units surveyed ranged from $500,000 to $606,000.

Photo by Jannis Werner

Kenwood & Hyde Park. Fifty-five luxury home transactions were posted in 2018 with a median price of $875,000. Home prices ranged from $505,000 to $2.775 million.

Twenty-three upscale condo, co-op, and townhomes were sold in 2018 for a median price of $605,000. Prices of surveyed units ranged from $500,000 to $950,000.

Photos: Mark Baldwin, Steven Dahlman, Don DeBat, Jannis Werner.

By Don DeBat | Loop North News | debatnet@aol.com

Published 13-Apr-19 11:47 PM

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