We’ve all heard about Chicago’s robust new construction market and how insane projects like Wanda Vista and Riverline are currently in the works, which will undoubtedly change the city’s already unmistakable skyline. But up on Chicago’s north side, new development is also playing an active role in today’s real estate market, but more so in the form of luxury single-family homes.
According to a recent report, Lakeview is leading the way in teardowns in Chicago, which are essentially residential properties that are completely torn down to make way for a brand new homes. In most cases, the homes that are being torn down are usually fully functioning properties that of course could use some updating, but aren’t necessarily un-livable. But given developers are willing to pay a premium for these already existing homes plus the added cost of the teardown process and construction of a new home, it says a lot about the current state of the market.
Most luxury new construction single-family homes up in neighborhoods like Lincoln Park and Lakeview start at over $1 million, with many of course exceeding $2, $3, or even $4 million. But despite roughly 300 older residential buildings being ripped down over the last five years in Lakeview along, demand still seems as strong as ever, which can only mean good things heading into what should be another great year in the world of Chicago real estate.
For a closer look at some of the North Side’s most expensive new construction homes currently for sale, check out the listings below or give us a call today for more information about new homes anywhere in Chicago!
LUXURY NEW CONSTRUCTION HOMES IN LAKEVIEW AND LINCOLN PARK BUILT IN 2016 OR AFTER