Thursday, October 30, 2008

"Green" Not Enough to Sell Single Family Homes in Ravenswood

These new construction sustainable design single family homes at 4610 and 4612 N Wolcott in Ravenswood have been marketed on our MLS since January. It's been a tough road... starting at over $1.5M each and now at $1,475,000. The home's are marketed with a tilt toward Green building and as energy efficient... and a glimpse of the solar panels is one hint they've taken that seriously.

However, this block of Wolcott has been a tough sell for high end homes this year. One million plus re-sale single family homes have not fared much better. One new construction luxury home that sold in 2006 for $1,287,500 is now offered for sale two years later as a short sale at $999,999. Nice even number....
The developer's custom pimped out home right next door (I've been in it) was also up for sale for $1,359,000 at one point... that's been taken off the market.

In 2006 and 2007, similar new construction homes (without the emphasis on green technology) on similar lots did sell handily from $1.1M to $1.5M. However, by the time 4610-4612N Wolcott were hitting the market, things, well, you know... slowed down.

Even so, luxury new construction homes in this Ravenswood area, and especially a little west of Damen, have been catching big numbers even this year. One masonry new construction home on the 2100 Block of West Giddings sold in about 30 days for over $1.4M.

But this block shown here has some disadvantages with multi-unit buildings on each side of the pictured homes and this across the street...

The speculation on the four new constructions homes for both the buyers of houses in 2006 and the developers of the new construction this year may not have taken into account the affect the train can have on home values.

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