What’s a Lot Worth in North Center? 63 Days on the Market at 3536 N. Damen
This 2-bedroom house at 3536 N. Damen in the Roscoe Village neighborhood of North Center came on the market in June 2016.
The house is being marketed as a teardown so it’s being sold “as-is.”
It’s on a standard Chicago lot measuring 25×125.
There are other teardowns with new construction single family homes on this block of Damen.
The listing says this is zoned RS-3.
It’s in the Audubon school district.
Originally listed in June for $625,000 it has been reduced $30,000 to $595,000 but it still isn’t selling.
Are the sellers hitting a cap on land prices for this neighborhood?
Jayne Alofs at Berkshire Hathaway KoenigRubloff has the listing. See the listing here.
3536 N. Damen: 2 bedrooms, 1 bath
- Sold in December 1992 for $115,000
- Originally listed in June 2016 for $625,000
- Reduced
- Currently listed at $595,000
- Taxes of $9517
- Standard Chicago lot of 25×125
Looks like the new construction next door paid 1M for both lots. The north lot was previously vacant. So I’m betting they they’ll have to get closer to 500K for someone to bite considering the teardown costs on top of the costs.
I used to live very close to this building on Damen. The SFH on either side of me were torn down during the ‘boom days and was replaced with a three-flat. IIRC they sold between $400k and $500k and this was about 10 years ago. So price a 50% increase in the asking price at least in years is some nice price appreciation. The more telling figure is the 1992 price – it just goes to show how much the neighborhood has changed.
“Are the sellers hitting a cap on land prices for this neighborhood?”
need to look at a good SFH lot to judge. Damen’s not a good SFH street, notwithstanding that new construction on the former vacant lot.
TEAR DOWN THAT WALL!!! AND PLAY SOME LOUD ROCK MUSIC LOLZ!!!
500-550. 600-650 is a PRIME roscoe village street, and Damen does not count as prime.
So, this place sold for $415 in Jun-17. Teardown, seemingly off-market sale of new home for $1.31m in Dec-19.
Was looking for a jumping off post for this place:
https://www.redfin.com/IL/Chicago/3623-N-Leavitt-St-60618/home/13390645
Which just sold for $1.325m after almost 18 months on the market.
Initial list = $1.7m.
Teardown price = $590k, Aug-18.
Sizzzzzzzzzzzllllle!!!!
“Initial list = $1.7m.”
seems high but I don’t follow the neighborhood too close. was this a realistic number at the time or a far reach? also, any idea during the sales cycle when the house was actually completed. did they listed it pre/during construction?
“was this a realistic number at the time or a far reach?”
Was consistent with other new builds asks. Maybe a little aggressive for standard lot, as most in immediate area are on 30′, but many of those have started at ~$2m (and then sold for ~$1.6m).
Listed during construction. Substantially complete (didn’t walk thru to see if all finishes completed) ~june last year.
Very comparable place half a block south started lower, sold higher and faster (note, not actual pix):
https://www.redfin.com/IL/Chicago/3533-N-Leavitt-St-60618/home/13387911
I like it better, but not $250k better.