Friday, October 31, 2014

NEW construction houses coming to North Wolcott in Ravenswood, Lincoln Square

Candea Development will be building two new single family homes with huge yards at 5123 North Wolcott, Ravenswood, Lincoln Square (All photos Eric Rojas, Broker, Kale Realty)

We hit the streets daily to keep an eye on interesting real estate projects. The development and renovation parade continues around Ravenswood in greater Lincoln Square with a pair of cool properties on the 5100 block of North Wolcott.

5123 N Wolcott on the left will house two new construction homes. A charming original home sits adjacent on the right.

The 5123 North Wolcott property is approximately 50x154.  According to MLS records the property was purchased in August of this year in a court ordered sale for $550,000 cashThat's a steal at $225,000 per divided lot. Normally a single lot of 25x154 would be at least $350,000 depending on the location in the area.  I like the developer's work and expect they will be quality new homes.

5120 N Wolcott.  The two-flat sold in April for $625,000 in a bidding war is getting the gut renovation treatment.

Case in point: A two flat at 5120 N Wolcott directly across the street sold in April this year for a hefty $625,000 (listed at $549,900).  The coveted extra wide and deep lot at 30'x154' sold at a much higher premium than the 5123 N Wolcott double lot.  5120 N Wolcott is in the process of gut renovation by the current owner (listed as an LLC).

5120 N Wolcott sits adjacent to a unique and attractive set back property.  The 5100 block of North Wolcott delivers the charm with a mix of vintage, renovated and new properties along a mature tree-lined street.

If you are looking to buy a house in the Lincoln Square area prior to its listing on the market or prior to development please contact us.  We help clients contact and negotiate with developers and locate homes on and off the MLS market for purchase.

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