ChitownLiving | Chicago Real Estate + Life

Continuing my coverage of the creation of a new Chicago home, the condos at 2657 N. Racine are on the market, the “Hey I was driving down Racine and happened to see your sign” market.  Pricing and additional details seem to be a secret.  I guess $500K and up.  What’s your guess?  I will update the post as soon as I have the details. Interesting to note that the lot just to the south has just started to go through the same transformation. Post Update:

• First floor 3 bed 2.5 bath priced at $829K.
• Second floor 2 bed 2 bath priced at $539K.
• Top floor 2 bed 2 bath priced at $599K.

Final Post Update: Spoke to my general contractor buddy today to get an estimate on construction costs for a project like this.  This is far from complete but back of the napkin calculations appear below.

• Lot Purchase Price:  $777,000
• Estimated Construction Costs:  $700,000
• Annual Carrying Costs:  $103,500
• Gross Proceeds (based on sales prices):  $1,967,000
• Profit:  $386,500

Seems like a lot but not really when you consider the risk involved, carrying costs, and the fact that the profit is based on getting list price for each unit.  Not likely in this market. Prior Entries Part 1 Part 2 Part 3