We've seen a lot of custom single family home construction and gut rehabs around the Ravenswood neighborhood of Lincoln Square lately. It appears existing property owners and luxury buyers are looking to take advantage of the low interest rates on loans and the current market conditions for land. We are seeing less developer driven speculation and more custom builds which has made for interesting results.
However, it remains to be seen if this gut renovation at 4706 N Damen will be a speculation house or will be a private residence. The bank owned property on a 34 x 124 closed in May of this year for $250,000. With a median price for single family homes around $700K in the immediate area, there is room for a professional to turn a profit.
It's a nice location just a block from the CTA Brown Line, a few blocks from the heart of Lincoln Square retail, and plenty of hyper local coffee shops (The Perfect Cup next door) and restaurants to walk to. The location does deal with some Damen traffic during the rush hours and there is a popular bar across the street amongst the mixed retail.