Friday, November 16, 2012

Eating hip, buying house in Logan Square no problem

Township at 2202 N California in hip, hip, hip Logan Square (photo Eric Rojas, Broker)

One of my main man contractors Jon Hill owner of Artistic Construction and I ducked into the newish Township restaurant, bar and music venue for lunch the other day after looking at houses for our client.  The food was good (Cod sandwich) and the people great...very art/ music oriented scene of course.  The nightlife is teeming at this California and Milwaukee intersection located close to the California Blue Line.

Home sales are very active within a couple blocks of our lunch spot.

There have been 25 sold (closed) single family homes in the last 12 months within a couple blocks radius of the California Blue Line stop bounded by North Western to North Kedzie and West Fullerton to West Armitage.  11 more homes are under contract.

The median price for a single family house sold or under contract in the last 12 months is $450,000.  The home sales are led by a half dozen or so modern new builds by the same developer. There are also sales of complete gut rehabs of traditional homes in the median price range $450,000 and under and a handful of houses sold under $250,000 that need substantial work.  There are move-in quality, smaller homes available in the $300s.

The potential of the this area went through the roof this year.  Homes bought from $100,000 to $175,000 have been rehabbed and re-sold for the mid $400s.  A well finished new construction house on a 33 wide lot at 2429 W Belden sold for $916,000.

Currently, there are 7 homes for sale in this area ranging from $240,000 to $950,000.