Friday, November 29, 2013

910 W Fullerton Ave house in Lincoln Park sells $925,000 cash, quickly torn down

910 W Fullerton in Lincoln Park has been torn down to make way for (likely) new construction condos (photos Bob DePalma, Kale Realty)
910 W Fullerton in the DePaul area of Lincoln Park was sold and closed on October 22nd of this year.  The "before print" deal was recorded on as closed $925,000 cash by a single broker associated with new construction development.  The listing states the property is zoned RM-5 and the lot size is 25x150.  The zoning and sale price suggest this will most likely be developed as a new four unit condo building.
This Google map image shows the original property in the middle.  There is a 4 unit condo building directly to the west.
The new construction market has been very strong this year.  Over the past two years we've seen the return of smaller "infill" new construction multi-unit condo buildings by force in Lakeview and Lincoln Park (and even several projects in Lincoln Square and Andersonville further north).
The new construction will be adjacent to a classic at 908 W Fullerton and across the street from the Landmark McCormick Row Houses we just mentioned in another post

A three bedrooms, two and one-half baths condo next door at 912 W Fullerton #3 closed in June for $495,000.  That is a 1997 build.  New construction typically gets a huge premium over older re-sales due to tripped out finishes. A new construction duplex down here on a 150 lot like this could conceivably ask $1 million (Fullerton Ave being a bit of an X factor).

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