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—2014 YEAR IN REVIEW—
And projections for the immediate future…………
WEST MARKET: Lincoln Park
Overall Market Review – The local real estate market may be undergoing a significant shift from recent years. The RayMaxTeam Year in Review reports for 2011, 2012, and 2013 all cited much stronger underlying fundamentals than was generally predicted at that time, citing many forces which would drive prices much higher than consensus forecasts. Naysayers called us polyannahs, but the RayMax forecasts proved more accurate. For the first time since 2009, this annual review is citing caution for those expecting big price appreciation for the market in the upcoming year, especially the first half of 2015. The yellow light is on, not red and not green: I welcome any discussion on this topic and feel free to contact me at any time.
A Review of West Market’s Lincoln Park and Projections For 2015 – For two years I wondered why people continued to list the homes in Lincoln Park at below market levels, sell them within a few days of listing, and the next sale comes out at the previous list price. Why there seemed to be a self-imposed ceiling for the Rosemont model at $500,000 and the Oakland at $400,000. Finally, a few sellers decided to “test the market” and sales prices surged in Lincoln Park. There were five sales reported on the MLS for Lincoln Park in 2014. They are listed below. It is often difficult to draw broad-based conclusions, given the difference in individual circumstances surrounding each sale. However, “on the ground” professionalism combined with actual raw data yields better awareness than either of the two in isolation. With interest rates remaining very low, and demand for West Market in general always strong when listed within reason, I expect the Rosemont model “upper” homes in Lincoln Park to settle in the $600,000 range, and the lower level Oakland model to bump up against a $500,000 mark. Beyond this, it would take a major market rise to create a continued surge in Lincoln Park prices.
2014 Lincoln Park sales:
Date Sold Address Sales Price Sq. Feet Price/ S.F. Model
May 1920 Crescent $531,000 1,876 $283 Rosemont
May 12079 Trumbull $582,500 1,876 $311 Rosemont
June 1873 Crescent $603,000 1,876 $321 Rosemont
July 1942 Crescent $440,000 1,076 $409 Oakland
Sept. 1869 Crescent $595,000 1,876 $317 Rosemont
• Seeking a more detailed discussion on this report?
• Looking for a true market analysis of your home?
• Thinking of listing in 2015, and seeking to have it promoted as a high- end home in a unique, high end neighborhood should be promoted?
Ray Wedell, Realtor
Chartered Financial Analyst, CFA