Tuesday, April 28, 2015

Popular Lincoln Square/ Andersonville spurs sales and new construction on West Foster Avenue

A new construction three unit condo building goes up on the 2300 Block of West Foster in the Lincoln Square community area.The last few vacant lots from North Ashland to North Western Ave are being developed.
We wrote last year that busy Foster Avenue was in play as buyers and developers looked for homes and land in popular Lincoln Square/ Andersonville. Residents living on the 1600 to 2400 blocks of West Foster benefit from the many restaurants, services and amenities of the Andersonville and Lincoln Square commercial districts.  They also have huge Winnemac Park for outdoor activities. Busy West Foster offers relatively cheaper real estate in this popular area.

12 properties have closed along the 1600 to 2400 blocks of West Foster in the last six months. It's a mixed bag of condos, single family homes, commercial buildings and multi-units.  Most interesting are the properties prime for new development.  Developers are answering the the demand for new properties.

The vacant lot at 2253 W Foster Chicago IL 60625 in the Lincoln Square/ Ravenswood neighborhood closed this year for $240,000 with attached plans to build a two unit luxury condo building.  The same vacant land sold just two years ago for $125,000.  Not a bad flip.  According to public data culled by Chicago Cityscapes web site and service, the property has an updated construction permit for $567,000. All photos Eric Rojas, Broker, Kale Realty

The mixed use building at 2254 W Foster Chicago IL 60625 (right of photo) was purchased by an LLC late last year by a local Broker/ developer for $270,000.  The property is on a standard Chicago lot 25'x125'.  I don't see any construction permits yet but I guarantee either a condo building or single family home in the near future!  The building at 2256 W Foster just to the left is another interesting situation.

2256 W Foster, Chicago IL 60625 is a large corner two flat in the Bowmanville sub-neighborhood of Lincoln Square.  The building has been in foreclosure proceedings since 2012 and has recently been vacated.  I can't tell if a judicial sale has transacted just yet.  It's possible the developer buyer next door has bought the building through bank connections. If not, the bank will have to list for sale like any property with a brokerage. It would be an awesome buy for the owner next door!
Foster, Western and Ashland Avenues are realistic alternatives to stay in these hot neighborhoods.  The median price of a single family house in the interior residential streets of the neighborhood on either side of Foster is about $700,000.  New construction and complete gut rehabs can top $1 million dollars.  Investment in properties along West Foster and other busy arteries enhances affordable options and improves quality of life for local residents.

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