In a major national hub like Chicago, finding a place to live that allows the dweller a great deal of space can be tough, let alone a place with a little greenery outside, to give one a little relief from the concrete jungle. Take that concept to Lincoln Park, and any Chicago local knows that a gorgeous home complete with a sprawling backyard is a pipe dream.
But maybe not. Before you hang your head and go off searching for a home with a yard for fido to run around in farther from the city, (read: longer commute), you should be clued in to Lincoln Park’s newest trend- although, buyer beware, it won’t be cheap. Buyers less concerned with budget, (we’re talking in the 2M-5M range), have recently been taking to purchasing not one, but two homes in the coveted Lincoln Park area, and then knocking one down in order to achieve that envious and rare Chicago backyard.
Realtors in the area have picked up on the trend and have even begun to bundle neighboring homes to appeal to the hype. Having recently closed two deals that involved tear-downs and new construction, local realtor Jennifer Ames is jumping on this reverse BOGO-style movement, selling two side-by-side homes together for a total of $5.1 million. This particular lot features one home with 6 bedrooms, 5 full baths, a home gym, and a game room, for starters. The second home is a worker’s cottage with 3 bedrooms and 2.5 baths. It’s easy to see why someone would scoop up both of those lovely lots, knock down the smaller home and construct a stunning outdoor yard/patio area. It’s only right to have a gorgeous exterior alongside such a stately, expansive interior.
Those interested should also be aware that the prices are only going up. Just last year, the average Lincoln Park home for a single family went for just under a million. The aforementioned 6-bedroom alone is currently on the market for just under $3.5 Million.
Beyond Lincoln Park, Lincoln Square is also experiencing this lavish trend. Seeing as it’s spring/summer, one can only imagine this trend will continue to explode, as buyers will want to capitalize on these warm months for speedy teardown & renovation, giving them just enough time to sit back and relax on their sparking new patio as summer slides into fall.
For more on these Lincoln Park renovations, check out this article with chicagomag.com, and stay tuned for more from this blog on Chicago Real Estate trends!