Local Realtor, Eric Rojas, pointed out this foreclosure sale on his blog, last week. The extra-wide lot property at 2109 W. Giddings St., sold for a mere $449,000. According to Eric, a similar property, which was torn down and rebuilt into a luxury home, recently sold for $1.67 million.
Rojas thinks it’s turning into a trend.
“There are few foreclosure ‘opportunities’ in the area and this one will most likely be a tear down, but maybe gut renovation for another new house,” says Rojas. “It’s fairly obvious developers and well-positioned buyers are building new construction and gut rehabbing in Lincoln Square and Ravenswood at a good pace in this market. There is a lot of money coming in.”
Have you seen similar projects on your block, recently?