Wednesday, July 13, 2016

Land ho! A look at Lincoln Square residential lot prices

A "tear down" in Lincoln Square's Bowmanville neighborhood.  Many neighbors share with me they are still surprised by how many homes (including some decent properties) are torn down to build new.
I posted yesterday that a 40'x125' vacant lot in North Center's Bell School district sold for $900,000.  This prompted a friend on Facebook to ask "What's an average Lincoln Square lot go for?"  Let's take a look at some recent residential vacant lot and "tear down" sales to get a feel. 

A standard residential lot in Chicago is 25'x125'.  The average standard residential lot sold for development in Lincoln Square (all things being equal) goes for about $400,000.  Standard lot new construction homes in Lincoln Square sell for about $1,200,000 give or take . The most desirable areas in Lincoln Square will get a bit more than $400K while some areas further out of the center get less money.

30 foot plus wide lots in Lincoln Square receive considerably more money.
For example 4957 N Hoyne Ave, Chicago, Illinois 60625 sold for $419,000. It's a standard 25'x125' lot two doors down from Winnemac Park and fairly close to lots of local retail and transportation options. A frame two-flat was torn down to build a new single family home (now almost completed). 
A little north in the neighborhood 5149 N Oakley (a standard 25'x125' lot on an alley near West Foster Avenue) was sold for development at $396,875.

No actual residential vacant lots were sold (closed) on the MLS in the past 12 months. However I'm familiar with a few vacant side-lots that owners sold in the last 12 months "off MLS".  There are very few vacant residential lots in around Lincoln Square.

In the past 12 months only three residential lots were listed in the "land category" and all three listings had an existing structure on the property.  These properties were listed be bought for tear-down and new construction.
Probably the highest price tear-down sale in Lincoln Square in the last 12 months (and one of the more saddening) was 2136 W Agatite Ave, Chicago, Illinois 60625 for $742,500.  The attractive frame home on a 37'x122' lot had that quintessential neighborly appeal on a primo block steps from Welles Park.  It has since been torn down for a new build house.

Contact us to buy and sell properties in Lincoln Square, North Side and near Chicagoland suburbs both on and off the MLS.  Make it your next home, investment or development.

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