Monday, November 21, 2011

Urban "infill" new construction is top dollar in Lincoln Park

We've noticed quite a few "urban infill" new construction multi-units being built around Lincoln Park and Lakeview.  With land prices less expensive these once ubiquitous new condo buildings are once again profitable, not to mention, popular with buyers.  We snapped a photo of 823 W Wrightwood Friday, a new construction three-flat condo building marketed by another broker.  According to the first floor three bedroom duplex-down unit is under contract with an asking price of $819,000.

The new construction duplex down at 823 W Wrightwood is under contract
A similar duplex down re-sale unit in this location built even three years ago would probably fetch 10% or more less than a new construction unit.

Location! We love West Wrightwood Avenue in Lincoln Park.  It's central to so many things to do, close to transportation and parks and full of newer construction single family homes and condo buildings that work well together aesthetically. 

Wrightwood Neighbors Association is an excellent group that features events and information for neighbors west of Halsted Street. It's also home to our favorite Starbucks at Wrightwood and Racine near our office!

New construction three-flat buildings like 823 Wrightwood or 6 to 12 unit new construction elevator buildings continue to get a premium over very similar re-sale condo units in the same type of buildings. It's our observation that you may have more new construction condo options in prime locations since the beginning of 2008.

No comments: