Wednesday, April 15, 2015

North Center median price over $1,000,000, construction at breakneck speed

New construction on the 3600 block of North Hoyne in North Center

 I was in the North Center neighborhood yesterday prepping a new listing.  We've been monitoring the boom and representing clients in this hot, hot neighborhood for many years. The rate of new house construction this spring is really amazing. The activity is a combination of properties bought and held in 2009-2011 for bargain prices after the crash and now re-developed and more recent "flips" bought at higher current market rates, re-developed and sold quickly.

North Center Closed Single Family Homes January 1st to April 14th, 2015

43 single family homes are recorded as closed this year in our MLS with a median price of over $1.1 million. 24 of the 43 homes closed over $1,000,000.   34 single family homes were closed over the same period in 2014 with a median price of about $935,000. 16 out of the 34 homes sold for a price over $1,000,000. We see a significant jump in median price from the 2011-2012 years to the present.

2013   39 homes closed with a median price of about $995,000
2012   28 homes closed with a median price of about $550,000
2011   33 homes closed with a median price of  about $720,000
2010   26 homes closed with a median price of about $738,000
2009   27 homes closed with a median price of about $720,000

There are currently another 43 single family homes under contract in North Center. 27 of these houses have asking prices above $1,000,000.

Here's a handful of new construction and renovation shots around the West Addison and North Leavitt intersection in North Center. I barely drove a three block radius!

3657 N Leavitt, Chicago, IL 60618 is under contract with an asking price of $2,349,000. The new construction home is on a desirable 40 foot wide corner lot.

Tons of construction activity in the Addison and Leavitt area of North Center.
There are many draws to the area: Leafy tree lined streets, established new construction and renovations, proximity to Roscoe Village and Lincoln Avenue restaurants and shops and three well rated schools in Audubon, Coonley and Bell.

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