A Slow Yet Interesting Week in Bucktown Residential Real Estate

(All Content, below, by Marna Spizz)

It was a relatively slow yet interesting week in Bucktown residential real estate. Three properties changed hands. Two were development opportunities and one was a detached single family.

The lowest closing was a corner lot zoned R-3 at 1711 N. Wolcott. It sold as a foreclosure after 311 days on market for $325,000. It previously sold in May 2005 as a 2 flat tear down or rehab for $560,000. The downturn in the market with the drastic retraction in single family prices in Bucktown really took its toll on this property.

The middle closing this week was a cute quintessentially Bucktown 4 bed/2.1 bath single family at 2224 W. Belden. Through a series of aggressive price reductions it sold in 115 days for $555,000 or 82% of its original list price of $674,900. In May 2005 it sold for $540,000.

And last but not least a double lot at 1943-1945 W. Cortland (1 lot was vacant land, the other was a vacant 2 flat) sold for $640,000 in 183 days for 67% of its current list price of $960,000. This seller previously attempted to sell this parcel in 2007 for $1,275,000.

It appears like we will see two new single family homes - one at 1711 Wolcott and one on Cortland in the not too distant future. Stay tuned.

If you have any questions about this weeks residential activity or would like to just chat about what is going on in the market please contact Marna Spizz, our residential closings columnist, local market resident and expert at mspizz@sbcglobal.net or 312-543-2259. She'd be happy to meet with you in Real Space! Mention the Pipeline if you are selling for a special commission reduction. If you are buying, mention the Pipeline for a special closing gift.

*** Information sourced from MRED; closed properties from 10/11/2010 - 10/17/2010 as of 10/18/2010. Cross property residential Bucktown.