Market Conditions in Uptown>Question Details

BMB, Home Buyer in Lincoln Park, Chicago,...

What do you think of Uptown? Will we see huge appreciation there in the next 3-5 years? Have owners seen

Asked by BMB, Lincoln Park, Chicago, IL Sat Mar 8, 2008

good appreciation in the last few years?
Thanks

Help the community by answering this question:

Answers

5
Pete Fugiel’s answer
The realtor stastistics from yearend 2007 for Uptown show that condo sales were off 30% from 2006, prices went form $211M to $216 year to year, but the market time had gone from 107 days to 146 days.
As with other north side markets, prices are holding their own, but there is usually more than a year supply, market times are very long, sales are way off, and the sales are mabye at 2003 levels.

This is not to say that parts of Uptown won't appreciate this year. But overall, that market is going sideways at best.

My data source is FAST STATS put out as a proprietary data base by the Chicago Association of Realtors.
1 vote Thank Flag Link Tue Mar 25, 2008
Uptown has probably had most of its big appreciation, except close to Andersonville. Like most north side areas, Uptown prices probably doubled in the last ten years, but topped in 2005. Market times are very long, and buyers are in the driver's seat. Lincoln Square is picking up a lot of demand, as are parts of Edgewater. Neighbhorhood amenities like shopping, walking venue, transit, decent parking, are all more important than lakefront location. New construction units make selling existing units in any area more difficult. Homes usually appreciate better than condo units.
1 vote Thank Flag Link Mon Mar 24, 2008
Brian,

Uptown has seen a lot of development over the past 10 years and continues to see new construction and condo conversions on a regular basis today. It provides good value for money especially in the Sheridan Park area and a mix of housing options as you get closer to the lake. A concerted effort is being made to regenerate the entertainment district at the intersection of Broadway and Lawrence and bring the Uptown Theater back to its former glory.
Nobody has a crystal ball but I see the Uptown market performing in-line with the general market for the area as demand for housing increases through normal population growth and pent-up demand.
Owners in Uptown have enjoyed above average appreciation over the past 10 years but that is likely to change as prices for resales and new construction adapt to the current market.
Uptown has a lot to offer:
The El
Proximity to Lake Shore Drive
Close to Andersonville/Lakeview/Lincoln Square
Beaches along the lake

Best of Luck, Ken.
Web Reference: http://www.KDRchicago.com
1 vote Thank Flag Link Sun Mar 9, 2008
There are dozens and dozens of distinct community areas within the City of Chicago. Uptown is just one of them. Recent industry stats for Chicago communties show many local shifts in home prices, condo sale activity, and overall market activity. Listing times are huge; expired/cancelled listings are at high levels. It seems like between 1995 and 2003, all ships rose with this new century's first demographic tide (the Baby Boom.) In the past two years, Uptown, like a lot of other 'hot' localities, have had to adjust. Prices are off, market activity is way down, and everyone has to wait until the traditional seven year sales cycle kicks back in. But the demand numbers are very good, (Echo boom generation/immigration,) the metro area is still growing, and future economic prospects look above-average. Lakefront location still matters in Chicago. But even in one City neighborhood, there can be several demographic trends going on at the same time. Spillover from Andersonville helps Uptown, High densities in some locales can be a negative. Single family homes in good neighborhoods are prize possessions. Condo units in good buildings, where there is actually a functioning condo association, likely will hold their value. The real estate sales cycle traditionally has been seven years. That is SEVEN years, not two or three. Watch your local numbers, they tell the story.
0 votes Thank Flag Link Fri Jul 24, 2009
I used to live in chicago
Its going to be HUGE appreciation
hurry, buy now, before its too late


anyways

good luck
0 votes Thank Flag Link Mon Mar 24, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer