Wednesday, January 20, 2016

Northeast Avondale offers affordable re-sale homes and "gritty" opportunity close to Roscoe Village

A block of West Barry in the Avondale of Chicago has a large cleared out lot on the south side, industrial buildings on the north, a few single family homes and an old loft building at the end of the street.  The area has it's share of newer construction condos, rehabbed houses and some larger new development underway.
While many home buyers are getting priced out of tony Roscoe Village in North Center some are turning to the northeast pocket of the Avondale Community Area for condos or redevelopment opportunities. I've been watching the area for several years but 2015 has revealed some greater development potential.  My son attends baseball coaching at the Bash facility at 2617 West Fletcher among existing commercial buildings... so I snoop around the area during his sessions.

This pocket of the Avondale neighborhood west of the river has had some a good number of residential units added to the major streets and looks poised for more new development and changes on the interior residential streets.

The pocket west of the river and between Belmont to the north and West Wellington to the south has a mix of newer condo unit, vacant land, commercial building and multi-unit sales.  An industrial pocket in the neighborhood has a large development site along West Barry. Mixed about are several vacant and double lots are for sale, a burned out building sits at Barry and North Rockwell and a vintage mixed use loft building that looks like a survivor of the surrounding apocalypse.

 Sales recorded in MLS for 2015
17 condo (attached units) sold in the Avondale sales area outlined the above map over 2015.  The median price of a condo sale is about $260,000.  The highest attached unit sale in the area over 2015 is $385,000 at 3140 N Richmond St Unit 1, Chicago, Illinois 60618. The renovated 3 level town house featured garage parking. the 2600 block of West Belmont Avenue consisted of 10 of the 17 sales from $231,000 for a two bedrooms  foreclosure unit built in 2003 to a newly renovated  3 bedrooms duplex for $372,000 (also built in 2003).

7 multi-unit building have been recorded as sold in the sales area above. The highest sale is a three flat at 2948 W Nelson St , Chicago, Illinois 60618 for 548,500.  A frame two-flat at 2723 West Barry (west of Elston) sold for as a short sale for $190,000 cash.

12 single family homes were sold in the sales area of Avondale shown above in 2015.  The median price is about $490,000.  The highest sale is $775,000 for a 2005 built house at 2843 W Nelson St , Chicago, Illinois 60618. The well appointmed frame home sits on a wide 37' lot.  

One large land deal was completed at 2701 W Belmont Ave , Chicago, Illinois 60618 for $1,315,000. The property has 107' frontage on Belmont and extends 125' deep for approximately four city lots. A four story, eight unit building is in development on the property with an estimated project cost of $1.2M.
A "foodie complex" is in development along the river with Metropolis Coffee as one of the tenants.  A fire at 3057 N Rockwell just before Christmas damaged one of the complex buildings.

The 2600 block of West Belmont is lined with three unit condo buildings just west of the river on the south side of the street.  Town homes and duplex units line the north side of Belmont with access to a riverfront path and green space.

The gritty industrial look remains and will probably exist even after some more development.  However there are some cool lots and old properties for sale on the interior among the commercial strips. These would make a great spots for custom, modern house builds for the urbanophile.     

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