Residential real estate developers in Chicago are busy building new construction houses and condos throughout the city. The market for tear-down houses and vacant land in Chicago is very competitive in some areas. Hot neighborhoods for new construction single family homes and condos include the usual suspects like Lakeview, Lincoln Park, North Center, Bucktown and Wicker Park. Newer areas to the list include Logan Square, a resurging West Town, Irving Park and Albany Park.
Some factors that can influence the teardown and land value in Chicago include:
Lot Size - The standard residential lot size in Chicago is generally accepted as 25' X 125'. Narrower and shorter lots can be less desirable for obvious reasons. Wider lots and deeper lots command a premium sale price.
Zoning - Determines the size of the structure that can be built, the total number of units and the unit mix (# of residential vs. commercial units).
School Districts - This can be very influential as better schools tend to draw in higher income families who will pay more to live in a good school district in Chicago (especially grades K-8).
Proximity to Transportation - Walking distance to public transportation and easy access to highways, influence where people choose to live and how much they will pay to live there.
Adjacent Infrastructure and Buildings - Land that is too close to trains, busy intersections, highways, larger apartment buildings and dense commercial or industrial areas, tend to have lower values.
