Is the real estate market still hot?

BY PAULA ARNETT

According to the accompanying chart of closed transactions in the Sheffield neighborhood*, prices have increased while the number of transactions remained fairly consistent when comparing the same period this year to last year.

Since May 2002, Eric Carpenter, a Sheffield multi-unit property owner, has conducted an informal survey of “For Rent” signs on display. After the April 30 rental season, on May 2, 3, or 4 of each year, he has driven the neighborhood from Armitage to Fullerton and Halsted to Southport and counted the remaining For Rent signs that he could easily see. The results are:

2002	90 For Rent Signs
2003	88 For Rent Signs
2004	45 For Rent Signs
2005	20 For Rent Signs

Has the rental market improved? Have property owners reduced the rents? Or have many of the multi-units been torn down or converted to single-family homes? Yes, to all three questions.

Latest FYI’s

A property in the 2000 block of Dayton that sold for $890,000 in November 2001 and again in October 2004 for $1,200,000 has been torn down. A property in the 2000 block of Magnolia that sold for $1,015,000 in January 2005 has been torn down. A property in the 2000 block of Racine that sold in October 2003 for $730,000 and again in January 2004 for $730,000 is now three condominiums with Unit #1 selling for $741,777 in May 2005, Unit #2 selling for $520,350 in June 2005 and Unit #3 on the market for $624,900.

*Neighborhood boundaries are Armitage on the south, Fullerton on the North, Halsted on the east and the Chicago River on the west.

	1-1-05 thru 6-9-05	1-1-04 thru 6-9-04	% Increase
Single Family
Lowest Sale Price	$815,000	$730,000	11%
Highest Sale Price	$2,725,000	$2,625,000	4%
Average Sale Price	$1,430,642	$1,397,253	2%
Average Market Time	173 Days	154 Days
Total	21	21
Condominium
Lowest Sale Price	$245,000	$190,500	28%
Highest Sale Price	$945,000	$942,500	0%
Average Sale Price	$473,703	$438,747	7%
Average Market Time	84 Days	87 Days
Total	79	76
Multi unit
Lowest Sale Price	$765,000	$640,000	19%
Highest Sale Price	$1,200,000	$1,150,000	4%
Average Sale Price	$1,055,000	$878,857	20%
Average Market Time	198 Days	52 Days
Total	6	7
Grand Total	106	104

Data compiled from the Multiple Listing Service of Northern Illinois.

SNN - May/Jun 2005

Sheffield Neighborhood News

May/June 2005

Your real estate questions may be answered

BY PAULA ARNETT

In the Sheffield neighborhood*, do you know how many real estate transactions take place each year? Do you know which streets have the most transactions? Do you know which property has the highest selling price? Do you know which property has the lowest selling price? Do you know which properties sold more than once in the past several years? The answers are in my Sixth Annual 2003-2004 Sheffield Neighborhood Real Estate Market Report.

The report contains charts, dollar volumes, and statistics of real estate sales in the neighborhood, as well as the Street-by-Street analysis so you can see what sold on your block, when and at what price. Many more details, including past and present, are included

Latest FYI’s

A property that sold for $940,000 in June 2004 in the 1100 block of Webster has been torn down and will be rebuilt as three condos; a property that sold for $1,500,000 in July 2004 in the 2000 block of Clifton has been torn down; a property that sold for $1,015,000 in January 2005 in the 2000 block of Magnolia has been torn down; a property that sold for $1,035,000 in May 2004 in the 2100 block of Fremont has new construction; a property that sold for $1,050,000 in September 2004 in the 2100 block of Magnolia has new construction; a property that sold in August 2004 for an undetermined amount in the 2100 block of Racine has new construction of three condos; a property that sold for $900,000 in September 2004 in the 2200 block of Fremont has been torn down; a property in the 2200 block of Janssen that sold for $765,000 in November 2004 has new construction; and a property that sold for $900,000 in August 2004 in the 2200 block of Lakewood has new construction with a list price of $2,490,000.

*Neighborhood boundaries are Armitage on the south, Fullerton on the North, Halsted on the east and the Chicago River on the west.

Sheffield Neighborhood Real Estate Transactions*
	Single Family Homes		Condominiums(Includes Townhomes)		Multi-Units (2-4 Flats)
	2000	1999	2000	1999	2000	1999
January through March
Sales Volume	$4,340,496	$3,748,000	$14,799,100	$9,140,009	$700,000	$1,219,999
% Change 99 to 00	15.8%		61.9%		-42.6%
Transactions	6	5	49	30	1	2
% Change 99 to 00	20.0%		63.3%		-50.0%
Average Market Time	70	106	37	41	85	30
% Change 99 to 00	-34.0%		-9.8%		283.3%
Average Selling Price	$723,416	$749,600	$302,022	$304,667	$700,000	$610,000
% Change 99 to 00	-3.5%		-0.9%		14.8%
Highest Selling Price	$925,000	$880,000	$577,250	$782,500	$700,000	$620,000
% Change 99 to 00	5.1%		-26.2%		12.9%
Lowest Selling Price	$485,000	$514,000	$71,000	$110,000	$700,000	$599,999
% Change 99 to 00	-5.6%		-35.5%		16.7%

* compiled from the Multiple Listing Service of Northern Illinois

SNN - Mar/Apr 2005

Sheffield Neighborhood News

March/April 2005

Sheffield—a section of Lincoln Park

BY PAULA ARNETT

The Sheffield neighborhood* is one of seven that comprises Lincoln Park. The others are Lincoln Central, Mid-north, Old Town, Park West, RANCH, and Wrightwood Neighbors. The accompanying chart shows average sales prices for single-family homes and condominiums in the entire Lincoln Park area as well as the Sheffield section. In both cases, in 2004, Sheffield’s average selling price surpassed Lincoln Park’s average selling price.

My new 2003-2004 Sheffield Neighborhood Real Estate Market Report is about to be published. It contains charts, dollar volumes, and statistics of real estate sales in the neighborhood, as well as the Street-by-Street analysis so you can see what sold on your block, when and at what price. Many more details are contained in my new report.

*Neighborhood boundaries are Armitage on the south, Fullerton on the North, Halsted on the east and the Chicago River on the west.

	Average Selling Price		Number Sold
	2004	2003	2004	2003
Sheffield
Single Family	$1,571,531	$1,086,146	47	36
Condominium	$445,993	$415,708	184	197
Lincoln Park
Single Family	$1,420,449	$1,187,025	212	187
Condominium	$413,557	$385,664	1522	1480

Data compiled from the Multiple Listing Service of Northern Illinois.

SNN - Jan/Feb 2005

SNN Jan-Feb 2005

2004 a Record Year for Real Estate Transactions

BY PAULA ARNETT

2004 was a record year for the total number of real estate transactions in the Sheffield* Neighborhood. The 255 transactions** during 2004 surpassed 2003’s number of 243 by 4%. The largest difference was the number of multi-unit transactions of 25 in 2004 vs 12 in 2003, or more than doubled. Condominium transactions decreased by 6% with 184 occurring in 2004 and 195 occurring in 2003. Single-family transactions increased by 27% with 46 occurring in 2004 and 36 in 2003. The accompanying chart shows the breakdown for the last seven years. As you can see, 2004 had the most transactions in the last seven years.

My new 2003-2004 Sheffield Neighborhood Real Estate Market Report is about to be published. It contains charts, dollar volumes, and statistics of real estate sales in the neighborhood*, as well as the Street-by-Street analysis so you can see what sold on your block, when, and at what price. Many more details are contained in my new report. If you have not received last year’s report and would like a copy, please contact me at 312.255.3316 or This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

Paula Arnett, GRI, CRS, ABR, is a Broker Associate with Sudler, 1650 N Wells, and a member of the SNA Board of Directors.

*Sheffield’s boundaries are Armitage on the South, Fullerton on the North, Halsted on the East and the Chicago River on the West. **Transaction compilations from MLSNI (Multiple Listing Service of Northern Illinois) do not include direct sales from a seller to a buyer where the property was not listed with a member of MLSNI.