Monday, January 13, 2020

Old Town Triangle home sales, renovations not for the weak stomach

I stopped by a friend and business associate's single family home renovation in Old Town Triangle last week. We had a good talk about some ins-and-outs of the project and available options. The facade must be maintained and alterations made to Landmark Commission standards. All photos Eric Rojas, Broker, Kale Realty.
Old Town Triangle is a desirable and landmark district neighborhood in Lincoln Park's southeast edge. It's also a relatively expensive place to buy property in Chicago. Further, any renovations and alterations to the exterior of properties face intense scrutiny of the neighborhood association Historic District Planning and Zoning Committee and the Commission on Chicago Landmarks. Check out the guidelines for renovating historic properties HERE

Last week I visited a friend and business associate who has embarked on a renovation in Old Town Triangle. He's a former resident of the neighborhood and professional in real estate brokerage and development. A great working knowledge of the landmark renovation process for this particular historic district and good standing relationships is key to success! The gut renovation and expansion pictured above may justifiably look overwhelming!

While some renovations work through the Landmark Commission process with little fanfare other projects in this tiny burg can bring out the worst in people.  Here's a story from Block Club and a filed Fair Housing discrimination lawsuit associated with another Old Town Triangle alteration.

Earth is dug out to extend the size of an Old Town Triangle home. It's no small task to dig out basements and pour new foundations!

"Extended" Old Town Triangle sales area.
Sixteen detached properties (single family homes) sold over 2019 in Old Town Triangle.  The median price of a sold detached property was about $1.6 million. 

The highest price sold house was 1824 North Cleveland, Chicago IL 60614 for $3,860,000

The lowest priced detached property sold at 1639 North North Park, Chicago IL 60614 for $662,500. That's about $200.00 per square foot for the opportunity to gut rehab an historic home 😃

Currently there are sixteen homes for sale in Old Town Triangle with a median asking price of $1.8 million. As always... contact us if you are buying or selling in Chicago and would like our resources on your side.

Blast from the past!

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