Eric Rojas, Chicago Real Estate Broker

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Monday, October 31, 2011

Luxury construction boom in Southport Corridor

A new construction home at 3740 N Wayne
 Southport Corridor's most desirable blocks are seeing a bit of a construction boom. Last week we wrote about new homes on North Lakewood. W also see new and future projects on North Wayne. The original two-flat building at 3740 N Wayne on a standard lot (25'x125') above was sold last year for $550,000. It was torn down to make way for this new construction luxury home in progress (shown above).


New construction single family homes, in our observation, have been on an upswing in 2011. The priciest North Side neighborhoods with the highest ranked schools like Blaine Elementary continue to build new and gut renovate.


The 25'x125 vacant lot at 3651 N Wayne was also sold last year for $525,000.  A new construction house is underway (shown below).


New construction single family home at 3651 N Wayne
 There are several more lots and recently purchased two-flats prime for new construction or gut renovation in Southport Corridor. For example, 3644 N Wayne is a vacant 25'x125' lot now under contract with an asking price of $524,900 and pending closing. 

All sales statistics gathered and analyzed by Eric Rojas, Real Estate Broker from MREDLLC.com. All photos Eric Rojas, Real Estate Broker.

More Southport Corridor posts HERE

5 comments:

Ed Deline said...

There's also a new home to be built at 3539 N. Bosworth...it was sold by owner for 650k to barrett homes and they're building a luxury SFH on the site.

Eric Rojas said...

Ed...and still a LOT of homes in bad shape that will someday be NEW high-end construction. It seems things have ramped up again in that direction from Lincoln Square to Lincoln Park. A lot of new homes being built.

While re-sale homes have somewhat come back to earth (although, home priced in Southport Corridor are still on the moon for most) new construction is entirely reserved for well over $1-2 million buyers.

One good thing about the higher-end construction that prevails is many of these homes have replaced old frames and are really built well.

They are built by professionals rather than novice or quick hit developers and they should have a positive long lasting affect.

Barry Aldridge said...

Yet, at the same time, there are 3 McMansions on the same block on N. Lakewood south of Roscoe that are for sale, and have been for some time. The developers building these new white elephants, and the people buying them, don't seem to be any smarter than those operating before the crash.

Barry Aldridge said...

And yet, there are 3 McMansions for sale in the 3300 block of N. Lakewood, and they've been on and off the market for a long time. It seems like the developers, brokers and buyers now aren't any smarter than they were before the crash when it comes to these white elephants.

Lincoln Park was initially built out as upscale single family housing around 1900 and by the 60's all of the big homes and apartments had been cut up into rooming houses. Don't think the same can't happen to the 5,000 sf behemoths going up today in Lakeview.

Eric Rojas said...

Barry, you may be correct in some cases today and more justified about the past.

However, there is no doubting that many of these new higher end homes are built well and sold easily to high net-worth buyers in this market, who, quite frankly can take the "hit" on the re-sale down the road. Many of lots bought and homes torn-down are for custom builds by the owners, and not for sale.

Your comments are too general and biased. I think there is also a healthy high-end market and the houses are better construction now.

The homes you reference are re-sales. There are actually 5 "luxury" houses for sale on the 3200-3300 block of North Lakewood for over $1 million; One built in 2009,one in 2007, one in 2004, and one built in 1999 and a gut renovation of a 1901 house.

They are nice houses and I'm sure the owners are in various positions on them. The 2009 home is the highest-end and was the only one bought after 2008. The owner relocated.

My post was mostly about recent new construction and gut renovtions in Southport Corridor and the the staple North Side neighborhoods in general.

These homes in this post are in Blaine School and the neighborhood within the school boundaries has it's own distinct market.

As for "chopping up' the houses into multi-units in 60 years...let's just hope I'm still around and on a beach somewhere.