Monday, October 21, 2013

NEW 5 unit condo building comes to residential North Wolcott in Ravenswood

The former frame house at 4545 N Wolcott has been torn down and a condo building is going up in this desirable Ravenswood location. (Photos Eric Rojas, Real Estate Broker)
The foundation has been poured for a new 5 unit condo building at 4545 North Wolcott in Ravenswood. It's rare around Ravenswood and Lincoln Square to see new construction condos being built on interior residential streets.  Most new condo developments are on busier retail and commercial streets like North Damen Ave, West Lawrence Ave and North Lincoln.

The original frame house was torn down by the property's owner.  It was not sold for development rather the home owner is making best use of his property.  The old house was similar to the single family home that sits directly to the north shown above.

The lot backs up to the elevated Brown Line tracks and sits adjacent to a small town house development to the south.  I think a condo building is a good choice for the property given it's proximity to transit, local retail and demand for affordable units (more affordable than single family houses) in this location. 

These couple blocks of North Wolcott between West Wilson and West Montrose have many multi-unit buildings so it will fit in rather nicely.

A new single family house was built and sold on the block this year at 4511 N Wolcott for $720,000 (the train tracks running behind the house kept the price lower than comparable new construction single family homes in the area).  Several smaller 1- 2 bedroom resale condos were sold on the 4400 North block for $200-$265 range this year.

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