Monday, February 24, 2014

Lincoln Square brick two-flat sells for $350,000, single family home conversion in the works

2428 W Winnemac in the process of gut renovation.  The winter has been hard on developers and homes owners building and/ or renovating.  Time lines have been stretched out! (Photos Eric Rojas, Real Estate Broker, Kale Realty)
There are many renovation projects in and around Lincoln Square.  Two-flat conversions to single family homes remain popular and are interesting to me.  This property at 2428 W Winnemac  was sold in June of 2013 for $350,000.  I thought that was a good deal at the time.  The lot is over-sized at 25' x 157' allows for expansion off the back (if desired) while maintaining a good sized yard.

A tarp wraps the wood for the new front porch construction
Land prices have shot up east of Western Avenue in Lincoln Square.  I expect these couple blocks just west of Western Avenue to be more active this year as the demand for area homes spills over even more.  After all, they are very close to the Brown Line at Western and all the Lincoln Square retail we enjoy.

I don't have knowledge if this home will be renovated for the current property owners to move-in or if it will be a speculative home sale. Either way, the $350,000 purchase price would allow for a for-profit development.  Anyone know what's up with this house?

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