New Construction Continues To Spur Housing Demand In Chicago

New Construction Continues To Spur Housing Demand In Chicago

As bad as the Chicago housing market appears to be certain ultra modern, new construction homes continue to sell briskly - even at the slowest time of the year for real estate. I've seen this pattern play out for a while now and I've previously written about the spate of new home sales in West Town. However, it still continues to impress me how some builders are able to build the right product at the right price and make money at it (presumably).

Here are a couple more interesting examples that sold recently, both of which were marketed by Sergio & Banks. The first one is again in West Town - a single family home at 514 N Ada. With 4 bedrooms, 3 1/2 baths, and a 3 car garage it was built on an oversized 25 x 169 lot and is probably 4000+ square feet. It was listed at $949,900 for only 14 days before going under contract for $900,000. It closed on December 30, 2011. Here is the description from the MLS:

IMPRESSIVE MASTERPIECE NEW CONSTRUCTION W/ DESIGN FINISHES! EXCEPTIONAL CRAFTSMANSHIP! OPEN FLR PLAN, DRAMATIC STAIRCASE, SPECTACULAR KIT W/ BOSH APPLS, SUBZERO FRIG, B/I ESPRESSO MAKER, 2 WINE COOLERS,WET BAR, MEDIA RM, WIRED FOR SS, I-POD DOCK STATION- INTERCOM/SEC/CAMERA SYSTM, ZONED HVAC & CENT VAC,2 LDY RMS, MSTR BTH W DEEP SOAK TUB, STEAM SHWR, HTD FLRS, CLOSETS GALORE, DECK, 3 C GAR, ROOF ACCESS

According to Sergio & Banks the home was built by RD Precision but I can't find any information on this builder. According to the MLS they bought the lot for $250,000 in June 2011 - i.e. they didn't waste any time. Check out the photo gallery below to get an idea of how unbelievably cool this home looks.

The other new construction project that caught my eye was the 5 unit new construction condo development at 2521 N Ashland Ave in Lincoln Park built by Noah Properties. This is the builder that built the 3 single family homes in the 1800 west block of Erie that I wrote about behind the link above.

There are two duplex downs on the first floor with 3 bedrooms and 2 baths each listed at $499,900, two 4 bedroom/ 3 bath units on the second floor listed at $379,900, and a full floor penthouse unit on the third floor with 3 bedrooms and 2 baths listed at $599,900. Within 8 days of being on the market 3 of the units went under contract - the two duplex down units and the penthouse unit. The two second floor units remain on the market but it's only been 44 days as of this writing.

You can see a video tour below that YoChicago shot of one of the units in this development.

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    Gary Lucido

    After 20 years in the corporate world and running an Internet company, Gary started Lucid Realty with his partner, Sari. The company provides full service, while discounting commissions for sellers and giving buyers rebates.

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