Tuesday, February 04, 2014

Hot Andersonville and Lincoln Square spur busy Foster Avenue sales

1615 W Foster is a foreclosed two-flat now under contract asking $207,000.  The property located very close to the Andersonville dining scene.  The property went under contract quickly and will make a great development or rehab if bought anywhere under $300,000. All photos Eric Rojas Real Estate Broker, Kale Realty

Real estate activity on West Foster Avenue from North Broadway Avenue to North Lincoln Avenue near the Lincoln Square and Andersonville neighborhoods exploded in 2013.  West Foster is busy street.  There are sections that have a lot of condo development and some sections where the residential properties need a lot of help.  The stretch is mixed with single family houses, condos, two-flats, park land, schools and some strip retail.

Buyers have turned to West Foster Avenue to purchase near Andersonville and Lincoln Square city centers for a discount.  Prices and sales spiked in 2013 between North Lincoln Avenue on the west and North Broadway on the east near the lake.(Image created from MREDLLC.com)

53 properties have sold and closed in the last 12 months on Foster Avenue from North Broadway (1200 West) to North Lincoln Avenue (2500 West).   That's a stretch of 13 blocks or about 1.75 miles.  The previous 12 month period saw only 24 property sales on the same stretch.

Single family houses
Three single family homes sold along this stretch in the last 12 months.  The lowest sale was 2234 W Foster for $190,000 cash in multiple offers.  The house was a foreclosure sale needing complete renovation or tear down.  The highest sale in the last 12 months was 1643 W Foster for $539,000.  The three bedrooms, two full and one-half baths home was nicely renovated and sold quickly. A gut renovated house sold for $640,000 at 1912 W Foster in 2012.

The recently closed Trumbull Elementary sits on the corner of Foster and Ashland.  It is a highly desirable property for redevelopment. Photo Eric Rojas, Real Estate Broker with Kale Realty.

Two- four flat multi-unit buildings
6 two or three flat  properties sold over the last 12 months (no four unit buildings sold). There are many two-four flats that line West Foster from North Clark Street to North Broadway.  The highest sale was a remodeled grey stone three flat at 1315 West Foster closed for $740,000.  The lowest multi-unit sale was 1627 West Foster for $313,000.  The frame two-flat was in okay shape and the units rented for about $1,250 each.  It was bought at a good price to renovate and make a nice home.

Condo sales
Condo sales took off on this stretch.  Prices bounced back allowing many condo owners looking to move up or move out to sell their homes.  One seller I knew received a great price and moved to Florida before this winter!

43 condos sold and closed along this stretch over the last 12 months with a median price of about $275,000.  The highest priced condo sold was 1709 W Foster for $539,000.  The luxury duplex-down with garage parking was originally listed at $579,000.

The lowest condo sale was a garden condo at 1732 West Foster for $127,500.  That was a pretty high sales price for a short-sale two bedrooms, one bath with parking space included.


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