Monday, September 30, 2013

Single family homes a rare find, sell in multiple offers in Ravenswood School District

We recently represented buyer clients on a purchase offer for 4543 N Hermitage in the Ravenswood neighborhood.  The house was listed for sale at $799,000 in the Ravenswood School boundaries and we knew it would sell quickly over the list price.  Our clients that live nearby immediately made a great offer but another offer was accepted in the first couple days.  Bob and I have represented several listings and buyers in this immediate area we are big fans of the location.

4543 N Hermitage pictured here is a nice late 1980s built home on a gorgeous block. It's located in the Ravenswood Elementary School attendance boundaries.  Many homes in the Ravenswood School district have over-sized lots.

The Ravenswood School boundaries are roughly between West Irving Park Road and West Leland Ave and North Damen Avenue and North Clark Street.  This desirable location is near great CTA transit options (Damen, Montrose and Irving Brown Lines), very walkable and full of new and old restaurants, businesses and retail developments.  Yet, most streets have a mostly quiet residential feel.  The neighborhood has charm, old architecture, colossal new houses and modern conveniences.

A large home is being built on a more than triple lot at Hermitage and Montrose near Ravenswood School.
Single family home sales in Ravenswood School District past 24 months

Only about 16 home sales (some include homes needing gut rehab) have been recorded in the MLS over past 24 months in Ravenswood School district boundaries.  The median price of a house is about $700,000 and market times are very short in most cases.  The most expensive home sold during this time was 4431 N Hermitage for $2,850,000.

New construction on North Hermitage (Photo Eric Rojas, Real Estate Broker)

There have also been at least 4 or 5 private new builds completed in these boundaries.  I've been able to photograph most of these new builds over the past couple years for the blog.  The majority of these homes have been on double lots (50' wide) and the average retail value would be well over $2,500,000 if the houses were sold on the market.

You can view some of the new construction houses we pointed out on our blog at this link

All sales statistics pulled from our local MLS and analyzed by Eric Rojas, Real Estate Broker with Kale Realty.  The numbers are fairly accurate given the recorded sales and coordinates referenced but should be used only as a guide.


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