Wednesday, August 29, 2012

$640K is big sale on Foster Avenue in Bowmanville

We had predicted increased demand and sales volume for new and rehabbed single family homes on Chicago's North Side over the last couple years.  Many specific "sub" neighborhoods in and around Lincoln Square have seen higher-end new construction houses pop up this year, unit sales up and median prices increase.
1912 W Foster sold for $640,000 this summer (photo Eric Rojas)
Although Bowmanville has not particularly seen an uptick in sales volume year to year, there have been some significant new construction and renovations.  1912 W Foster was a home purchased as a foreclosure for $142,000 in September of 2011.  It was renovated and sold within about 8 months time for $640,000. The actual listing market-time was short. This is a pretty significant sale price for a busy West Foster Avenue location across from strip mall retail.

Two other re-sale single family homes that had also sold on Foster earlier this year at 1625 W Foster for $464,900 and 1647 W Foster for $447,500.  They are nice three bedroom homes at the doorstep of Andersonville - but not complete new gut rehabs. 1912 Foster achieved $200,000 above these sales prices.

Rehabbers and builders have been back in force in many North Side neighborhoods bringing newly finished homes to the market in neighborhoods such as Irving Park, Ravenswood, Lincoln Square, Bowmanville and Peterson Park. 

The selection this year in the median price ranges has been much better and more affordable for home buyers in my opinion than in any time I can remember in the last 6 to 8 years.  That said, inventory is now getting tighter again as we speak.

More Bowmanville here