Tuesday, January 21, 2014

Developer renovation begins on Lincoln Square foreclosure house

5011 N Oakley in Ravenswood, Lincoln Square (All photos Eric Rojas, Real Estate Broker Kale Realty)
5011 N Oakley was listed as a foreclosure and closed in October of last year for $360,150 cash.  The listing price was $294,900 for the small original property on a narrow 20' wide by 128' long lot. 
The owner is listed as
Jjb Real Est Investments LLC, 626 W Randolph, Chicago


The building permit for the property calls for a new second story, a two-story addition off the back, new decks and new masonry garage.  The estimated cost on the permit is $130,000.  It does not appear any variances were requested.  Hopefully this developer will be a good neighbor.  The bungalow at 2236 W Carmen had an interior renovation permit estimated at $80,000 and then the house was torn down (and construction halted by neighbor complaints).

There were five single family home sales between the 4800 and 5200 blocks of North Oakley in the past 12 months.  Two houses closed for over $800,000, one closed for $945,000 and one for $1,010,000. 

I think 5011 N Oakley was a good deal.

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