Eric Rojas, Chicago Real Estate Broker

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Wednesday, January 13, 2016

Newest tear down today in Bowmanville... plus house sales

(All photos taken today by Eric Rojas, Broker, Kale Realty)  2155 W Farragut changed hands in December "off-market" for $350,000 according to public records. 
A new construction permit has been issued for 2155 W Farragut, Chicago IL 60625 signaling the end for this early 1900s frame home in Bowmanville.  The property was recently acquired "off market" for $350,000 and a mortgage of over $800,000 was taken out for the construction. Bowmanville is a well established community that has seen accelerated new construction house demand due to popular Andersonville and Lincoln Square businesses and parks nearby.

2155 W Farragut on the left will soon look like it's new neighbor on the right.
A similar frame house next door at 2159 W Farragut was recently bought in 2014 foreclosure sale for $290,000 and developed for a personal home (rather than speculation sale).  The same owner/ builder will complete the 2155 W Farragut house construction.  My spin around the neighborhood this morning revealed several new construction and major rehab projects already in progress.
2141 W Berwyn was acquired for $340,000 late last year according to public records and issued a new construction permit in December.

2148 W Berwyn was bought in 2014 for $351,000. Work on the gut renovation and expansion continues while a for sale sign adorns the lawn. There is no public or MLS listing I can find as of yet.

Bowmanville neighborhood single family home sales 2015

24 single family homes sold in 2015 with a median price of about $715,000. Five of those homes sold for over one million.  Three Bowmanville re-sale single family homes are currently under contract. As of today, nine homes are offered for sale.  Of those nine, three are new gut renovations up to $850,000 and one is new construction for $1,200,000.

Another rehab in the works on Farragut
Several other projects are ongoing and one can expect similar new construction and re-sale activity to ramp up in 2016.  Check out Bowmanville sales stats we wrote about earlier last year.

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