Monday, February 21, 2011

Luxury home sales in Lakeview's Southport Corridor area

This luxury new construction home on North Lakewood has a "sold" sign on it (it's not yet listed or entered into our local MLS). It should achieve over $2,000,000.

I was showing homes in Lakeview's Southport Corridor this past weekend and noticed a good number of sold homes over $1,000,000. We also saw several homes under construction and two flat conversion projects (gut renovation of a two flat to a single family home) as we made our way around the neighborhood.

Within the boundaries of West Belmont to West Irving Park Road going north and between North Racine to North Ashland going west, ten single family homes have sold over $1,000,000 over the last six months. Four of the homes had sold for over $2,000,000. The highest sale in this area was $2,700,000. We are now just entering the traditional single family home buying season.

In our expert observation, we are seeing many more new gut rehabs and new construction homes entering the market on the North Side as we predicted last year. This is especially true for neighborhoods north of West Diversey Avenue where many folks have been able to buy land and run down homes in order to bring new products to the market.

Here's a total gut conversion of a two flat in action in the heart of the Southport Corridor district.

I think the newly built and "green" Jewel Food Store is bringing in the big shooters again!

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