Thursday, August 27, 2015

Another Lincoln Square two-flat "tear down" makes way for million dollar home

The construction site at 5149 N Oakley (all photos Eric Rojas, Broker, Kale Realty)
A small, weathered two-flat property is the latest tear down in Lincoln Square.  5149 North Oakley, Chicago IL 60625 near Winnemac Park was sold "before print" or off-MLS for $396,875.  A development LLC is the purchaser and work had begun immediately after closing.  The home pictured to the right was a gut renovation sold for $825,000 a couple years ago.

Lincoln Square multi-units sold Jan 1st to Aug 26th, 2015
53 multi-unit properties (two flats-four flats) have sold this year (January 1st to August 26th) in Lincoln Square.  That's a pretty active for multi-units at these heated prices.  The median price for a two to four unit sale is $568,000. 31 of the property sales were two-flat properties with a median sales price of $560,000.

In 2014,  47 multi-units sold over the same period with a median price of about $535,000.

5149 North Oakley had been a frame building that had seen better days.  Not particularly attractive or architecturally signifigant in any respect. But it was home to three units (two legal) and their families.  It speaks to the demographic change of the neighborhood as more mult-units with relatively low rents are replaced by single family dwellings with a higher than average price tag. 

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