Tuesday, March 12, 2013

North Lakewood in Southport Corridor gets new construction "boom"

The 3600 to 4000 block of North Lakewood Avenue is popular stretch in Lakeview's Southport Corridor enclave.  Even some Cub's players and celebrities have bought homes on - and adjacent to - these blocks.  The blocks reside in the highly ranked and highly desirable Blaine Elementary School attendance boundaries.  The 3600 block is especially active right now with at least three "LLCs" buying lots at the end of last year.

3615 N Lakewood is on a 30' wide lot...wider than standard 25' city lots demand a premium for new construction (Photo Eric Rojas, Broker).

The original property at 3615 N Lakewood shown above sold last summer for $700,000 cash (land value).  There is no listing on the MLS for the contemporary style new construction house yet.  However, it looks like a "speculation house" built by a very active developer for retail sale.  

UPDATE:  Here's a little video from www.YoChicago.com on the 3615 N Lakewood construction.

3627 N Lakewood Ave in Lakeview's Southport Corridor also on a 30' lot (Photo Eric Rojas, Broker).
The more traditional style new construction shown above is a few houses down the block at 3627 N Lakewood.  The original property sold at the end of last year for $770,000 cash.  This home was also bought by an LLC but it's unclear if it will come to market, has been sold already or is a private custom build for the purchaser.
The 3600 block of Lakewood will get several new construction neighbors (image created from MREDLLC.com, Eric Rojas).

The last 3 re-sale (and fully rehabbed or recent new construction) single family homes to sell on these 4 blocks of North Lakewood respectively have been 3830 N Lakewood for $1,130,000, 3838 N Lakewood for $1,465,000, and 3714 N Lakewood for $1,475,000.  3627 N Lakewood shown above was also a re-sale singe family home and in older but attractive living condition selling at $770,000  Unfortunately to some it was no match for the market demand for new construction houses.

A multi-unit  (two-flat) at 3646 N Lakewood on the opposite side of the block was also purchased late last year for $665,000 by Bloomfield Development LLC  and will surely be re-developed.  I did not see notice construction on that lot...but it was freezing the day I took these photos and hurried off the block!