Chicago Real Estate Daily is reporting that Noah Properties has filed an application to rezone a parcel at 2437 – 53 W Irving Park Rd in the North Center neighborhood. Current plans apparently call for 30 condo units on the site in five 6-flat buildings.
Crain’s quotes a source as describing the site as “a little challenging” despite being within the sought-after Bell School attendance boundaries.
Crain’s doesn’t note that the site is adjacent to Revere Park, which has playing fields, an auditorium and a variety of programs for pre-school and after-school kids. It also has a new playground, pictured above. I shot the playground a month ago in connection with the above video of 2433 W Byron, a single-family that went under contract in a multiple-offer scenario shortly after being listed for sale at $949,000.
Crain’s does mention Noah’s recent successful sellout of 15 units at 4036 – 46 N Western Ave. At the time of the above video 11 of the 15 units were under contract well before construction was complete.
North Branch condos almost across the street from the Irving Park Rd site have resold fairly rapidly this year. They’re in the also-popular Coonley School district, which reportedly isn’t as attractive to most parents as Bell.
Yesterday we posted a video from 3816 – 20 N Ashland Ave, where 14 Noah Properties condos sold prior to completion at prices from the mid-$400s to the high $700s on a site some might also describe as challenging. The property’s location in the Blaine School attendance area was reported to be a major draw.
Within the past several years I’ve visited dozens of Noah Properties’ developments and watched them all sell quickly. Most of the locations haven’t been first-tier, but buyers have quickly snapped them up, reacting to the price points, the stylish finishes, good-enough locations and the developer’s track record.
Sergio & Banks, one of our advertising sponsors, has represented many of Noah Properties’ developments and notifies potential buyers by email of upcoming projects. If the past is any guide – and it isn’t always – anyone interested in the Irving Park site shouldn’t wait until it’s completed. I’m guessing that buyers will find the development’s value proposition to be compelling.
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