|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.|
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.|
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.
- 2533 West Winona St, Chicago, Illinois 60625 sold on a short 25'x125' lot sold for $260,000. This western Lincoln Square location is a bargain compared to getting just east of Western Avenue.
- 2117 West Eastwood Ave, Chicago, Illinois 60625 on a coveted 37'x 122' lot sold for $675,000. The property bought for development is in the most desirable area of Lincoln Square near The Lycee Francais de Chicago and steps from the retail center. A luxury new build on the lot may catch up to $2.1 million depending on finish level.
- 2027 West Giddings St, Chicago, Illinois 60625 also a 37'x122' lot on a top block near the heart of Lincoln Square retail sold for $680,000. This was also purchased by a developer to build a new 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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