ChitownLiving | Chicago Real Estate + Life

Despite all the bubble talk, it does not seem development ever slows down in Chicago.  Perfectly good frame homes are being torn down to make way for huge single family homes or multi-units (zoning permitting).  Located along my morning loop to Starbucks, I capture the progress of a Lincoln Park project at 2657 N. Racine, Chicago, IL 60614.  Will this end up as a multi-unit or a huge single family?  Check back to find out. 1.  Start with a frame 2 flat.  This one zoned R4 closed at $777,000 on 8/30/2006. LINCOLN PARK 2 FLAT WITH IN-LAW ARRANGEMENT IN BASEMENT. BOTH UNITS ARE THREE BEDROOM, IN-LAW UNIT IS 2 BEDROOM. NEWER SIDING. 2 CAR DETATCHED GARAGE. PLEASE EXCLUDE OVEN/RANGE, AND REFRIDGERATORS IN IN-LAW AND TOP FLOOR APARTMENT. BUILDING SOLD IN “AS-IS” CONDITION. 2. Demolish it to create vacant a lot. 3. Put the lot back on the market with plans and permit.  This one was listed on 9/6/2006 for $875,000. EXTRA LONG 24 X 131 R-4 LOT IN PRIME LINCOLN PARK , NEAR DE PAUL, WALK TO L-TRAIN. PLANS AND PERMITS FOR A THREE UNIT BUILDING ARE INCLUDED IN PRICE. DEMO-PERMIT ALREADY ISSUED. START BUILDING NOW!!! 4. Sit and wait for buyer. 5.  To be continued… This process will take 9 or more months to complete so check back in as we document progress or lack thereof.