Tuesday, December 07, 2010

New construction alert! Northcenter single family home statistics

I spotted the Tyvek wrap a block away on the 1900 block of West Belle Plaine this weekend. The large frame new construction is absent the "green" marketing we have seen on many north side single family home developments. It looks like they'll have some nice exposure on the west side of the lot.

The median price of a closed Northcenter single family home in the last 12 months is $750,000. This will certainly be at the very high pricing for the area between the CTA Irving Brown Line stop and Montrose stop and between Damen and Ashland. In the past year these boundaries have had only two closed homes. 4357 N Wolcott, and three beds, one and one half baths home on a great 30x157 lot for $537,500 and a tear down at 1828 W Cuyler for $276,500 (which was tore down and new house is going up now).

However, the year prior (2009) had much more action with a beautiful home I viewed at 4247 N Winchester for closing for $1,497,000. My guess is the new construction home above (if being sold at retail and not a custom home for an owner) will need to be offered no more than $1,200,000. The permits for home call for a three car garage... that would be great. An impressive masonry home a few doors down at 1912 W Belle Plaine closed at $1,350,000 as a short sale in June 2009.

Read about other new construction in the area here!

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