Friday, December 21, 2018

Two small Lincoln Square vintage homes sold side by side (will they be demolished?)

4951 N Claremont on the right and 4955 N Claremont, side by side houses in Lincoln Square, both were for sale simultaneously and closed within two weeks of each other.
Two recent Lincoln Square home sales caught my eye (I live a couple blocks away and walk by all the time). Both houses were for sale at the same time.  I was certain the two relatively inexpensive adjacent single-family properties would be bought by a developer to build larger homes.

4951 N Claremont (to the right) sold for $460,000 and sits on a 33' wide and 125' long lot.  A small house sold in the $400s on such a wide lot in Lincoln Square is almost certain to be redeveloped! However, the new owners moved in after modest renovations.
4951 North Claremont sold for $460,000.  The wide lot home seemed ripe to build a larger single family home on the 33' wide lot.  The only caveat is the property is adjacent to a church parking lot.  However at the sale price and size of the lot a large single family redevelopment seemed inevitable.  No major permits were pulled and the new owner moved in with minor interior renovations.

4955 North Claremont sold for a bargain $410,000.  The small house sits on a desirable 33' wide by 125' long lot. The house is yet to be occupied and there are no demolition or construction permits pulled. If I were a betting man I'd put money on this being redeveloped into a larger home.  This was a great deal. This would also be a great spot for a three-flat considering many multi-units on this mixed use block. However, current zoning in this neighborhood does not allow new multi-unit construction on the residential blocks.

The single family home market in the immediate Lincoln Square area around Winnemac Park has pushed into the high-end territory. The median price of a sold home around Winnemac Park in 2018 is about $850,000.

No comments: