Is it a bad time to buy in Lakeview/Lincoln Park area? Are the prices inflated and are there too many?

Asked by Laura, Chicago, IL Sun Mar 23, 2008

rentals in the area?

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11
Kale Realty, Agent, Chicago, IL
Sun Mar 23, 2008
Its never a bad time to buy in Lincoln Park and Lakeview- 1 out of 3 homeowners in this area move every year. Lots of turnover and prices are remaining stable and always will. Its a popular area and small-Think supply and demand National housing does not affect the best parts of chicago.
Web Reference:  http://www.KaleRealty.com
2 votes
Jennifer Ames, Agent, Chicago, IL
Sun Aug 16, 2009
Hi Laura,

JC mentioned the Forbes Magazine story entitled “America’s Most Troubled Luxury Neighborhoods” that was published last month which suggested that Lincoln Park is on the verge of collapse. I was quoted in that article however my comments were twisted to support a theory that is 180 degrees from my experience. I wrote a response to the Forbes article in my blog presenting some current market stats, and explaining that if you were going to buy, Lincoln Park is a better investment than most other areas.

Hopefully by now you are already settled in your next home, but in case you are still on the fence, I encourage you to check out my response to Forbes (see the link below). JC (if you are reading this) take a look and let me know if you have any questions as well. By the way, my response to Forbes does not mention Lakeview, but I am bullish on that community as well.

Best of luck,

Jenny
1 vote
Jeffrey Kropp, Agent, Chicago, IL
Tue Mar 25, 2008
I agree with the others, but also would try to stay close the el train (parts of Lakeview and Lincoln Park are not walkable).
1 vote
Hi, , Virginia
Mon Mar 24, 2008
first see how much to rent
then see how much to buy
then compare
they shouldn't be that much different
if there is a large difference, its still bubble price

by the way, imho this area way over rated

anyways

good luck
1 vote
Ken Dooley, Agent, Chicago, IL
Mon Mar 24, 2008
Laura,

It's a great time to buy. Some locations are seeing some price reductions but overal both of these locations are sought after by buyers. You may see some price softening but you'll see a sale for a home that's priced right when buyers are around. Other areas are having a more difficult time attracting buyers as their location are not sought after as much. Buy sensibly and you'll always find a buyer in Lakeview and Lincoln Park when it's time to sell. Also, there's plenty of rentals because there's plenty of renters wanting the location. There's landlords that don't want to sell for this very reason and make a good living. A stable mix exists.

Best of luck, Ken.
Web Reference:  http://www.KDRchicago.com
1 vote
Jcstephens, , Chicago, IL
Mon Jul 6, 2009
I'm no expert, actually in the same boat as you, looking for a reasonable deal in a well established area. Forbes has an article about real estate prices in higher end neighborhoods. The article's premise was higher end neighboorhoods typically hold their value in the first year of sliding housing prices. In the second year, higher end houses typically follow the same declines as the average housing market. Lincoln park was specifically mentioned as an area where housing prices could decline up to 15% (this year). This may or may not answer your question, just wanted to pass this info along. Best of luck.
0 votes
Tom McCarey, Agent, Chicago, IL
Mon Jun 16, 2008
Laura,

Several of the previous respondents have hit the mark. I don't think the question is whether Lincoln Park or Lakeview prices are inflated, it is what degree of appreciation you will encounter with any purchase in these very desired areas. And, in part, the degree of appreciation you encounter will be based on your timeline. How long will you be present in this purchase. A two to three year timeframe will be something of a bust whereas a longer length will bode well for your exit strategy.

Best of luck with your search,

Tom McCarey
The Real Estate Lounge Chicago with @properties chicago
0 votes
Eric Marcus, Agent, Chicago, IL
Tue Jun 10, 2008
Back in 1992, when I was still new to Lincoln Park, the market was going through a correction. The 3 bedroom townhome that I lived in dropped in price from $215,000 to $199,000 and then sold somewhere in the $190s. Everyone thought that was an outrageously high price to pay for the townhome especially for a place on Halsted!

A couple of years ago that very same unit sold for $460,000.

If your timeframe is greater than 5 years and you make a smart investment now, you are most likely going to end up very happy in the long term. Its always better to buying when everyone else is selling - ask Sam Zell, Warren Buffett, Donald Trump...they made the most money buying when things looked the worst.

Lincoln Park and Lakeview will always be popular areas because of their convenience to public transportation (probably more important than ever!), proximity to downtown and the lakefront.
Web Reference:  http://www.esmrealty.com
0 votes
Sierra Bloom, , Chicago, IL
Tue May 27, 2008
Hi Laura,
As a Realtor, I definitely think it's a great time to buy. As a home owner and "regular person" just like you, I think it's a fantastic time to buy, and a not so great time to sell! Seller's have started to figure out that if they want to keep their asking prices at levels of 2-4 years ago, they can continue to sit and sit and sit on their house. It's just not going to sell at those prices. So, this is great for you because FINALLY they are starting to "Get real" with pricing.
It really shouldn't matter to you if there are too many properties for sale because unless you are buying in a brand new building and plan on flipping it (bad idea), then you don't have to worry about competition in selling your home right now.
Lakeview and Lincoln Park are the most established, well known, desired areas of Chicago to live in. It's never a bad idea to buy in these neighborhoods.
Having lived in Lakeview for 7 years and sold a number of properties in the area, I suggest you shoot me an email so I can help you find a home.
Sierra Bloom - 773-520-2615 - sbloom@prupref.com
0 votes
Paul Blackbu…, Agent, Chicago, IL
Mon Mar 24, 2008
Laura,

I completely agree with the other agents on here. It is a great time to buy. Basically get a great agent that can make sure you don't overpay. You shouldn't have to worry about inflated prices, that should be your agents job! Just make sure you find one that actually cares about you. I have some clients right now in Lincoln Park and and Lake View and we've been looking at many great condos...there a great amount of inventory available right now. Good Luck and let me know if I can help!
0 votes
Jim Roth, , Chicago, IL
Sun Mar 23, 2008
Laura, it depends on what your needs are with respect to housing. There are certain segments of the housing market in both those neighborhoods with overpriced inventory. You just need to do you homework and be prepared to act when you find the right place. Let me know if I can help.
0 votes
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