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.