September/October 2003

Sheffield neighborhood real estate activity

BY PAULA ARNETT

The accompanying chart indicates that the real activity in the Sheffield neighborhood* has changed significantly for sold properties when comparing this year to last. The number of closed single-family homes declined by 54% with 31 sales in 2002 and only 17 in 2003 for the same time period. This is most striking because there are currently 37 single-family homes on the market with 12 being under $1 million, 8 priced between $1 million and $2 million, and 17 priced over $2 million.

The number of condominium sales declined by 15% with 137 closed in 2002 and 117 closed in 2003. The highest price for a condominium sale in 2003 of $1,139,000 is actually an attached townhouse and the next highest price sales for a condominium to date is $665,000. The number of multi-unit sales declined by 60%, with 10 closed in 2002 and 6 closed in 2030, but this is not of extreme significance because there are fewer sales of this type of property.

Latest FYI’s

A property in the 2200 block of Lakewood was purchased in June 2002 for $2,700,000 and is currently being renovated. A property in the 1000 block of Webster with no current transaction record is now a side yard. A property in the 2100 block of Magnolia with no current transaction record has been town down and, on the same block, a property was purchased in December 2002 for $800,000 and is being renovated. A property in the 2100 block of Kenmore with no current transaction record has been torn down. Two properties in the 2000 block of Dayton are said to be town down.

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

Data compiled from the Multiple Listing Service of Northern Illinois as of August 18, 2003.