Fourteen land deals closed or went under contract in Lincoln Park this year, and another nine went down in Lake View, compared to a combined 15 in 2009, says Eric Rojas. “People are taking advantage of the market conditions to build custom homes. We are also seeing speculation single family homes hitting the market again within a year from the land, tear down or rehab purchase closing,” he writes.
The number doesn’t include tear-down sales in either neighborhood.
Read more of Eric’s home profiles and neighborhood-specific market reports at Chicago Real Estate Local.
To clarify, these numbers reflect the property listings that were entered in as “land” specifically in our local MLS. Some of these land sales did have an existing house or building still on them, but were specifically marketed as land when searching the MLS.
We know there are several more sales of “tear down” properties (as best use of the land) that were sold…. but not entered specifically as “land” in the MLS.
Most experienced agents will enter a tear down candidate in the MLS as both a property with an existing building AND as land so it will come up in both searches.