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.

Oct. 5: Another Good Week in Bucktown Closings by Marna Spizz

News Just In...Another good week in "Bucktown" residential real estate. "Bucktown" defined as between North Ave and the 90/94 Expwy and Ashland and Western. 7 properties found new owners. 5 "attached", 1 "multi-unit", and 1 "detached" single family. 1 of the 7 was sold SHORT.

The lowest closing was a 3 unit frame building at 1657 North Paulina. Purchased in 2003 for $440,000 it closed with a 206 day market time for $415,000, 66% of its original list price of $629,000 and 94% of its 2003 price.

The highest closing was a 3 bedroom/3.1 bath single family at 1922 North Oakley. This quintessentially Bucktown "cottage" which was originally a candy store was purchased in Feb 2002 for $275,000, completely gut rehabbed and dormered up and just sold in 149 days for $737,500 or 89% of its original list price of $825,000.

This weeks short sale was a 3 bed/2.1 bath duplex up condo at 1915 North Damen Unit E. Purchased in April 2007 for $1,124,900, it sold very short for $672,500 or 59% of its 2007 price in 253 days. Ouch!

If you have any questions about this weeks real estate activity or are thinking about buying, selling or would just like to talk about the real estate 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 'RealSpace'!

*** Information sourced from MRED; closed properties from 9/27/2010 - 10/3/2010 as of 10/4/2010. Cross property residential Bucktown as defined above.

By Marna Spizz