Say It Isn't So, Prices in Lincoln Park, Chicago Decline

Say it isn't so! Even in the desirable areas of Chicago, prices have declined.

2443 N Burling, Chicago declined from $455,000 to $405,000 in the matter of just a few years based on re-sale data of an existing unit. Granted, this is not a 30% decline from peak to trough that so many areas of Chicago have experienced, but nonetheless, that is a lot of cabbage the a condo owner is walking away from to sell the unit and move on to something else.

Needless to say, if this transaction in a desirable portion of a desirable area is any indication, then we are all in store for a rough 2012.

Michael Hobbs, PahRoo Appraisal & Consultancy