Thursday, October 27, 2016

Possible record price for Lincoln Square tear down

The wide lot at 2236 West Ainslie, Chicago IL 60625 is cleared for a new construction house.
Just over a year ago the frame three-flat building at 2236 West Ainslie in Lincoln Square on a 37.5' wide lot was sold for $587,500. It has recently been torn down to build a new construction house. It may be a record price for a comparable sized "tear down" lot north of Lawrence Avenue in Lincoln Square. I reviewed sales over the last couple years and do not see a comparable price.

37ft wide lots (122ft deep) south of Lawrence have gone as high as $742,000 to tear down and build new. 2137 West Agatite near Welles Park was sold last summer for $742,000 and  was torn down. The newly built luxury house on that lot sold this year for $2,150,000.

2224 West Ainslie a couple doors down to the east sold last year for $1,420,000.  The 32ft wide lot sold for $450,000 (that property was torn down).
The sale of a $587,500 lot to build a new house will mean an asking price of around $1.8 million or so for a developer finished product.  The median price of all single family home sales north of West Lawrence Avenue in Lincoln Square in 2016 is about $750,000.

Contact me to buy or sell homes in and around Lincoln Square.

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