|2109 W Belle Plaine in Coonley School district asking $1.279 million sold quickly (photo Eric Rojas)|
This has been an eye opener to our $1M plus buyers that are looking to take advantage of low interest rates and buy a new or newer construction four bedrooms or more house. They have found that the market for new construction houses, "like new" re-sale homes (recent new construction) and gut renovation homes is very competitive and fast. They are also finding new construction and new gut renovations on desirable blocks and in well ranked school districts are now selling at over $1.2 million with few exceptions.
|We recently noted the cleared out lot at 2108 W Leland in Lincoln Square... the 40 wide lot will afford a future market price of $1.6 million or more for a new house build.|
When an existing property is torn down it is likely the new home built will retail for over $1.1 million just about anywhere in the neighborhoods of Lincoln Park, Lakeview, North Center, Uptown and Lincoln Square. This is a phenomenon surprising and even shocking to many long time Chicagoans I speak with (regardless if they are in the market or not.)