Monday, November 29, 2010

Construction alert! Greystone gut rehab in Lincoln Square

We spotted this Lincoln Square two-flat greystone building being converted to a single family home at 2242 W Leland. We've been writing about current owners and cash flush buyers that are in the market creating their dream homes on the North Side. Many owners are borrowing equity on their long time family held properties to gut renovate for themselves or just simply improving their homes again.

Some owners may try their hand at selling their renovations in the retail market due to low carrying costs (i.e. no or low mortgage). The upper bracket buyers are custom gut rehabbing existing buildings or building luxury new construction "in-fill" single family homes.

The existing two flat building at 2242 W Leland shown here was in great shape and sold for $580,000 in October of 2009. It looks like the current owners are "gut rehabbing" the building, although I could not tell from my quick look from the sidewalk if they are maintaining any wood trim etc... In any event, this is another example we are seeing in Lincoln Square of taking advantage of low mortgage interest rates and favorable loan terms to create a custom home in a wonderful location.

Read more of our posts on new construction around the area here!

No comments: