It's my impression, without benefit of hard numbers to back it up, that there's been an increase recently in speculative teardown and new construction activity in Wilmette. As I travel around the Village, I seem to encounter construction sites more frequently than in recent years.
Lynch Partners, a veteran of the Wilmette market, is building a 13-room, 6-bedroom, 5 ½ bath home with a 3-car garage at 1323 Central Ave, just a half block from McKenzie School. The home is on an unusually deep 50 x 300 foot lot. The offering price is $1,595,000. The home is not yet listed in the MLS.
The home is two blocks from downtown Wilmette's Metra stop, and around the corner from the public library.
The property was sold as a teardown for $441,000 two months ago, substantially below its 2006 purchase price of $715,000.