Lincoln Park, North Center Lead City in Million-Dollar Plus Home Sales

CHICAGO — Lincoln Park led the city in sales of single family homes priced at $1 million or more in 2016, followed by North Center, according to an analysis by Crain's Chicago Business.

Lincoln Park's 165 sales led North Center at 120 and Lakeview at 106, according to Crain's.

In luxury condo and townhouse sales of $1 million, Near North led with 274, followed by Lincoln Park at 73 and the Loop at 58.

It may not have the showy mansions of the Gold Coast but North Center has become a pocket of luxury on the North Side.

The rising cost of homes in North Center has alarmed some, including Ald. Ameya Pawar (47th), who last year expressed concern that young families are being driven away from the pricey area.

Millennials, saddled with college debt and/or still reeling from the recession, are already delaying major life decisions like buying homes or having children, Pawar said. When they're finally ready for a mortgage or kids, "We've made it impossible for them to move to neighborhoods like mine," he said.

The most expensive home sold in 2016 in Chicago was an $11.7 million full-floor condo at the Waldorf Astoria. The four-bedroom, 52nd-floor home at 11 E. Walton St. is custom-designed, has views in all directions, and includes an indoor pool and theater room, according to the listing.

It was sold by Igor Chernomzav, a Chicago-based trader, to Erie International LLC.

Source Dnainfo