These two properties are being marketed as a possible redevelopment opportunity
With the Logan Square seller’s market as hot as it is, many property owners are looking to cash out on their investments. And when you combine the high demand for housing in the area with its tight inventory, buyers are paying big prices for properties in the trendy neighborhood. But in addition to residential buyers, property owners sitting on big plots of land or large buildings have seeking the attention of developers and investors.
With some rehabbed greystones fetching prices just below the $1 million price mark and condos typically selling in the $300K to $400K range, what kind of asking price should we expect to see on a listing that combines two houses into one package? A listing on Medill Avenue which features two adjacent buildings covering over 6,100 square feet of land offers us a clue. Listed last week, the property owner is seeking $1.5 million for the pair of buildings and the land they stand on.
But like similar listings in other neighborhoods, this one is being marketed as a possible redevelopment opportunity. The package includes three total residences in the form of a two-flat and a small single family home next to it. The listing agent notes that the property is currently zoned RS-3.
While this one is being marketed as a “rare opportunity,” those looking for a large yard in neighborhood have options. Just a few blocks over, a single family home on a double lot listed this week seeking $599,900. And if you don’t want to spring for the full package with both properties on Medill, the single family home with large side yard is listed for sale by itself for $750,000.