Tuesday, December 06, 2011

Unique Ravenswood "double lot" for sale along Metra tracks $325,000

A double lot is being sold for land value at 5062 N Ravenswood.  Photo Eric Rojas.
A 50' x 125' lot with an existing structure is being offered at $325,000 according to the MLS listing for 5062 N Ravenswood (not my listing).  One could build a gorgeous custom home with a unique courtyard, large lawn...or, just a big house.  I prefer the former.  The price is pretty good in comparison to recent sales this year on smaller 30' x 125' lots.  However, the lot location facing the Metra tracks and near commercial buildings may exhibit objections for some.

The North Ravenswood Avenue corridor along the Metra tracks has some cool properties and interesting opportunities.  We've written about the the stretch from approximately West Addison to West Peterson for years.  The stretch goes south of Addison, but I think it's been most interesting as you go north of the 3600 block.

Luxury homes were built
The Metra tracks across the street from the lot for sale

This house is located on the stretch of North Ravenswood Avenue just north of Winnemac Avenue (shown above).  About 25% of  the block was re-developed into 5 luxury single family homes that sold rather quickly in 2007-2008 just to the south of this lot.  The deep set backs and east facing exposure looking at the Metra embankment make this stretch of homes unique to other residential streets.  A commercial-industrial building sits north of Winona Street adjacent to Foster Avenue on the far north of the block. Just to the south of the lot is the popular "Ravenswood Gardens" townhouse development along Winnemac.  A new house on this lot would not be out of place here.

Click the links for more Ravenswood and Lincoln Square market statistics, original home tours, videos and more.

It's been our observation of the increasing trend since 2009 in the Lincoln Square Community Area and Ravenswood neighborhood of higher-end new construction and complete gut rehab properties. With many poor conditioned homes purchased this year on the lower end of pricing, we'll see the neighborhood add more new homes offered for retail sale (or simply rehabbed/built for their owners)  in 2012.

All photos Eric Rojas and Bob DePalma, Real Estate Brokers unless otherwise noted.

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