*In Lincoln Park 2010 thus far, 14 "land" deals closed or are under contract. In 2009 10 total land deals closed for the year.
*In Lake View 2010 thus far, 9 land deals closed. In 2009, only 5 land deals closed.
We've been writing all year about the increased amount of land and rehab properties selling this year in many of our core neighborhoods. People are taking advantage of the market conditions to build custom homes. We are also seeing speculation single family homes hitting the market again within a year from the land, tear down or rehab purchase closing.
The numbers above reflect real estate marketed as land in our local MLS. This does not include the many homes marketed as single family home "tear downs" as best use but were not listed in the land category.
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Can you really argue "40%" with a sample size that small? I'm not implying that the bump is not important, but if there were 1 sale last year and 2 this year, that is a 100% increase...which most people would argue is meaningless. 2 is not far from 9. Just saying.
Thanks for the comment. We're not arguing anything and have the actual numbers stated clearly stated. Nothing sensational here.
However, it is part of a trend we've seen all year in many of our core neighborhoods. There have been some interesting land purchases and many folks rehabbing or building luxury custom homes for themselves or for market. It loosened up. For example, we've pointed out some interesting residential land deals this year in Lincoln Square/Ravenswood.
2 is far from 9 when it illustrates new construction homes that may be available in a rather desirable neighborhoods... and with luxury price tags.
The 2009 numbers could actually be listed as less... we counted 3 sales in Lake View that were actually three adjacent lots. That was really one deal.
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