Thursday, March 10, 2016

Ravenswood Gardens multi-unit sales spike 80%, new house development follows

Ravenswood Garden neighborhood in Lincoln Square (Western to the the North Branch, Montrose to Lawrence)
(27) multi-units (2-4 units) sold in 2015 in the Ravenswood Gardens neighborhood of Lincoln Square. That's up 80% year over year.  The median price of $600,000.  That's a big number of unit sales for a small area. It highlights the demand and desire to develop single family homes in the Lincoln Square area.  Only (6) single family homes sold in Ravenswood Gardens over 2015 (median price over $700K) mostly due to low inventory.  We wrote about several of the two to four flat buildings converted to single family homes to meet demand.

Three adjacent two-flats have been converted to single family homes. I've counted at least 10 single family home conversions in process. All photos Eric Rojas, Broker, Kale Realty.
(15) multi-unit buildings sold in 2014 with a median price of about $650,000.
(9) multi-units buildings sold in 2013 with a median price of $525,000.
(9) multi-unit buildings sold in 2012 with a median price of about $370,000

Median price for a multi-unit has gone up 62%  ($370,000 to $600,000 ) from 2012 to the beginning of 2016.  The Ravenswood Gardens neighborhood benefits from CTA Brown Line service at Rockwell and Western, Lincoln Square's booming retail and dining and Waters school district.  The densely populated area has many small multi-units and 6-18 unit condo and apartment buildings. There were relatively few single family homes in the dense area but that number is increasing with all the conversions.

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