Eric Rojas, Chicago Real Estate Broker

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Tuesday, August 30, 2016

New construction condos at Oz Park tell story of East Lincoln Park prices

Looking west at the 2000 block of North Burling from Oz Park.
 The 2000 block of Burling is experiencing more new construction activity.  The unique cul-de-sac block faces the popular Oz Park and Lincoln Park High School. The park and school are centers of athletic activity for both kids and adults through the park district and social leagues.  The park affords the top floor units unobstructed east views. A couple of these past Burling sales offer insight to the massive demand for East Lincoln Park residential lots and new construction.  



Skyrocketing Prices
An original three-flat building on a standard lot of 25'x125' 2044 N Burling sold back in 2011 for $835,000.  Four years later in 2015 another multi-unit building on a standard 25'x125' lot next door at 2040 N Burling sold for almost double at $1,425,000.

2044 N Burling (sold for $835K) was developed into a three unit condo building in 2012 with the top floor unit selling at almost $950,000.  Unit 1, a duplex down, $851,000 and Unit 2 about $562,000.

2040 N Burling (sold for $1.4 million) was quickly developed into a three unit condo building with the top floor selling for a whopping $1,480,000.  Unit 1, a duplex-down, sold for over $1.3 million and Unit 2 selling for $785,000.
 
Oz park across the street.

In each case the top floor unit sold for more than the purchase price of the entire multi-unit building.  Typically one other unit will cover the cost of developer construction.  The last unit sold is typically profit.  In this case probably in the range of $1 million conservatively.
 

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