Totally right Ken. You should be able to get a nice townhome for that price.

Annette,

Yes, the strength holds true for townhomes also. A good single family home vacant lot is hard to find under $1m and the vast majority sell for more. Many 2/3 flats are torn down to make way for single family homes. Buyers who need the space of a SFH but don't want to mortgage their life away look to the next best alternative which is a townhouse. The schools play an important role along with the layout (3Br's on one level) but those that work don't remain on the market for long.

Best of luck, Ken.

While I am a broker, I am not trying to sell you my services. I have been looking for over a year in the LP/Lakeview area for myself and the one take away I have for you is that people who bought in these neighborhoods (most particularly LP) are not being squeezed by banks through foreclosure or by interest rates through ARMs. The stability and appreciation in these neighborhoods depend foremost on the economy of Chicago.

I was considering townhouses in the $1mm range. Does the strength of the market hold true for that kind of inventory as well?

Annette,

Lincoln Park continues to be in demand for a number of reasons and as a result is performing well. The market is made up of a number of different elements such as new construction, resale, investment, condo or single family home. If you have a specific need, let us know and we can update you on how that segment of the market is doing in Lincoln Park.

Thanks, Ken.

My buyers making offers in LP often come across other bids even in this market. Very solid.

Lincoln Park has been pretty stable for the last 15 years and will continue to be. There are a number of foreclosures but they really aren't steals. Just did a bank sale that sold in 2005 for $344,000 my client bought the property for $355,000. Lincoln Park can survive an earthquake and still come out on top. Its the best neighborhood in the city!