Tuesday, September 23, 2014

Construction check-in: Projects, sales continue around Winnemac Park in Lincoln Square

Two brand new luxury homes rise on the 4900 block of North Claremont (just north of Lawrence Avenue).

The large homes (and eventually garages) take up most of the lot.
There are a handful of new construction and major rehab projects ongoing in the area around Winnemac Park as we head into fall.  The immediate area between North Damen and North Western, West Lawrence and West Foster has been a popular location for big investment in single family homes over the last two years. New built homes are selling well over one million dollars on standard or 30' wide city lots.

This total gut renovation and expansion of a brick cottage (see original common brick on the side) at 4950 N Leavitt just off the park is almost complete.  The property sold for $403,000 as a short sale prior to the renovation. 
This modest frame and siding home on a short lot (106') at 2339 W Winnemac sold this year for $360,000.  The basement has been gutted and major work is underway.
5011 N Oakley was bought for cash as a foreclosure for $360,000 cash.  A brick facade and second story were built onto the original structure.  This is the third version of this house built in the immediate area by the same developer (the signature parapet wall extends up past the frame arched roof line).  I believe another one was built just north in Bowmanville.
The renovation of 5011 N Oakley Street was probably tripled the living space of the house.

Probably the most dramatic project is 2224 W Carmen sold for $410,000.  This is the second bungalow sold and torn down on the block to make way for virtually new construction in a year's time. 
Up until last year, only one original brick bungalow on the 2200 blocks of West Winnemac, West Carmen and West Winona had been torn down for a new build. Two more have been torn down in the past year.
The old face brick has been taken off the front of this two-flat at 2215 W Winona.  The foreclosure was purchased for $390,000 in the summer of 2013. 
The building has been totally gutted and the the lot made ready for an addition.
The highest-end new construction home near completion is at 2224 W Ainslie.  The original frame home on a 32 1/2' x 125' lot sold for $450,000 this year.  The new build is not yet listed on the MLS but priced at $1,599,000 according to the broker.  I really like the design of this house.

In the immediate 4 square block neighborhood (Damen to Western, Lawrence to Foster) 20 single family homes were sold in the last 12 months.  The Median price for a sold house is $709,000.  That included the houses sold for tear down and development.  This will go up after the newest round of completed houses sell. 

1 comment:

Anonymous said...

Not in the area your post is about but there is a major tear down at 2448 W Ainslie St on what looks like a very oversized lot.