|738 W Schubert will be one of the latest new construction houses in Lincoln Park (photo Eric Rojas and Bob DePalma, Brokers, Kale Realty)
|This Google Maps image shows the original (and quite charming) brick two-flat at 738 West Schubert in the center. There are many properties I don't mind seeing "go" but this one hurts a little. Maybe it's my bias towards homes with vines growing on them.
$1,090,000 for the "land" is reasonable. The lot is much deeper than an average lot (about 161 feet deep). The average cost of the units would work out to about $363,000 a unit. That may be a little high depending on condition of units if they were condos sold separately but land is at premium in this location.
The construction permit has the project estimate at about $656,000. With the median sold price of homes at $1.5 million this year for all of Lincoln Park and the median price of homes under contract at $2.5 million... a roughly $1.8 million investment to build on speculation is what it takes.
712 W Schubert Ave, Chicago, 60614 on the block just sold in August of this year for $2,875,000. The 2009 ornate brick and stone home is on a 25'x161 lot about 5 homes down on the same side of the street. Basically, if the total investment on the new construction home is $2,000,000 to $2,250,000 (land, construction, taxes etc) the developer stands to make a great return.