The burgeoning Lincoln Park neighborhood is becoming a magnet for a variety of developments—from new-construction lofts and rehabbed condominiums to single-family homes, real estate experts say.
According to the Chicago Association of Realtors (CAR), a total of 53 single-family homes and 377 condominiums were sold in Lincoln Park in the first half of 2005. The average time on the market was 222 days for single-family homes and 79 days for condominiums.
Three-bedroom and 4-bedroom single-family homes in Lincoln Park sold for an average price of $1,098,961 in the first half of 2005, up 14 percent over prices a year ago. Two-bedroom condominiums sold for an average price of $405,165, a 3.2 percent gain over the first half of 2004.
"Lincoln Park is now gaining a reputation as the ideal Chicago neighborhood to raise a family," said developer Harold Lichterman of Kenard Corp. and a neighborhood resident. "The neighborhood also is a magnet for young professionals, students and those that adore Chicago's greatest asset: location and proximity to the lakefront."
The Lincoln Park neighborhood is bordered by the Chicago River on the west, North Ave. on the south, Lake Michigan on the east and Diversey Pkwy. on the north.
"Lincoln Park is one of the Windy City's most-sought after addresses," said James Kinney, president of Rubloff Residential Properties. "Demand for homes is very strong in Lincoln Park. Multiple offers to buy are commonplace, and many properties sell at higher than asking price."
"For more than three decades, Lincoln Park has flourished as residents eagerly renovated architecturally-significant vintage housing while builders compete for the remaining vacant lots to build $1-million-plus single-family homes and upscale townhomes and condominiums," said Charles Huzenis, president of Jameson Realty Group.
Realtors say the Lincoln Park neighborhood continues to be a magnet for home buyers because it offers residents a variety of recreational, dining and entertainment amenities. Several new housing developments are attracting condominium, townhome and single-family home buyers to the Lincoln Park neighborhood. Among them are Deming Row Condos, Geneva Terrace Estates, and Ashton Lofts.
Deming Row Condos: Sales are now underway at Phase II of Deming Row Condominiums, a $43-million conversion of 98 apartments in a series of six vintage buildings on N. Hampden Ct., W. Deming Pl. and N. Clark St. Duplexes are $1.1 million. The other units are 3-bedroom, 2-1/2 bath simplex "flats" for $925,000 to $985,000. Parking is available for $34,000 at the rear of all five vintage buildings. The three terrace residences range in price from $245,000 to $329,000. Assessments are under $175 per month.
Deming Row represents one of the largest assemblages of buildings in the Lincoln Park area not being purchased for a tear-down. The buildings date from the turn of the century to the 1920s.
"While dotted with vintage buildings, some featuring stained-glass windows, turrets and bays, the block is not a landmark district," said co-developer Richard Wexner of Wexner/Greenberg Associates, Inc. "We decided to save the handsome brick and stone buildings, although we could have razed them and developed a much larger residential project on what potentially would have been a half-block of vacant land."
The Kenard and Wexner/Greenberg development team specializes in renovation and restoration.
Geneva Terrace Estates: Luxury home buyers seeking an elegant one-of-a-kind single-family home can tour Geneva Terrace Estates in the heart of the Lincoln Park neighborhood. This upscale 22-home enclave is located just east of Orchard St. and is bound by Schubert Ave. on the north and Drummond Pl. on the south. The site plan allows for nearly half of the homes to sit facing a lavishly landscaped private plaza—rather than a city street. This plaza, nearly 300 feet long and 60 feet wide, includes a winding, brick-paved sidewalk lined with mature trees.
These new single-family homes, with four levels of living space, cost $2.3 million to about $3.5 million.
"Sales activity at Geneva Terrace Estates has been unbelievable," said Danny Glick, Rubloff's exclusive listing agent for Stuart Rose. "We've sold five of the six homes that are built and another three homes were sold directly from blueprints," Glick added. Still available for immediate occupancy is the 7,800-square-foot home located at 2664 N. Geneva Terr. This house sits on a 38-foot-wide lot and has seven bedrooms, 5-1/2 baths, a three-car garage, close to 1,000 square feet of outdoor private deck space, a movie theatre, a cedar closet, and a wine cellar, and is wired for Smarthouse technology. It is currently for sale for $3.5 million.
Ashton Lofts: Ashton Lofts is a 39-unit luxury condominium development at 1610 W. Fullerton Ave. Featuring floor-to-ceiling glass window walls, it is being developed on the 18,750-square-foot former site of Krivo Industrial Supply Co. Prices start under $300,000, according to New West Realty. There will be 4,000-square-feet of ground floor commercial space. |
