Real estate developers and builders in Chicago are busy putting up new construction homes throughout city. The market for tear-downs and land in Chicago that can be redeveloped, is very competitive in some areas. Hot neighborhoods for new construction single family homes and condos include the usual suspects like Lakeview, Lincoln Park, North Center, Bucktown and Wicker Park. Newer areas to the list include Logan Square, a resurging Humbolt Park, Irving Park and Albany Park.
Some factors that can influence the land value include:
Lot Size - The standard lot size in Chicago is generally accepted as 25' X 125'. Narrower and shorter lots can be less desirable for obvious reasons. Bigger lots command a premium.
Zoning - Determines the size of the structure that can be built, the total number of units and the unit mix (# of residential vs. commercial units).
School Districts - This can be very influential as better schools tend to draw in higher income families who will pay more to live in a good school district (especially grades K-8).
Proximity to Transportation - Walking distance to public transportation and/or easy access to highways, influence where people choose to live and how much they will pay to live there.
Adjacent Infrastructure and Buildings - Land that is too close to trains, busy intersections, highways, larger apartment buildings and dense commercial/industrial areas tend to have lower values.
Do you own a property in Chicago that you think a builder or investor would be interested in buying, either as land value or a rehab project? Contact Brent Hall to request an offer today or choose to list your property for sale on the open market.
Brent Hall: 312-725-6171
Photo credit: IMove Chicago