Our obsession with the Lincoln Park real estate market continues. Fewer two- to four-flats are being sold in Lincoln Park, according to Multiple Listing Service of Northern Illinois figures compiled by Coldwell Banker agent Karen Stierwalt.
According to the statistics, 31 two- to four- flats were sold in the first half of ’06 compared to 21 so far in ’07. Also, the market time for two- to four-flats has increased by 77 percent – from 82 days in the first half of ’06 to 188 days so far in ’07.
“Before, people bought a lot of two- to four-flats, and oftentimes new owners weren’t keeping them as apartments. They were turning them into condos or single-family homes,” Stierwalt says. Now she predicts that as the for-sale market cools, more owners of two- to four-flats will choose to rent them out instead of converting and selling them.