Friday, November 25, 2011

Two "luxury" foreclosures on Burling in Lincoln Park could come to market soon

Foreclosures on 2600 block of North Burling, Lincoln Park. Photo Eric Rojas, Real Estate Broker
 Two adjacent lots on desirable North Burling Street in Lincoln Park have seen better days. They are both now stalled new construction single family homes in foreclosure.  2653 N Burling on the left of the photo was last bought for $802,500 in 2004 and now shows a Lis Pendens Foreclosure recorded in June 2010.  2651 N Burling on the right sold for $895,000 in June of 2006 and shows a foreclosure recorded in December 2010.  Both property records are on the Cook County Recorder of Deeds web site. A similar new construction home on the block is for sale at $2.5 million.

With the bank foreclosures filed over a year ago, these unfinished single families homes could be coming to market in the spring 2012 or sooner. We have seen most Lincoln Park foreclosures of this nature come back on the market quickly once the bank has taken possession. With top local developers in hot competition for great locations theses should not be difficult for the banks to sell.  The single family homes are located in popular Alcott School boundaries as well.

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