Roscoe Village New Development:  Two years ago in the height of the recession people were looking to many real estate developers in the Roscoe Village area to buy their old single family homes and multi units. The only problem was finding a builder who actually would take a chance in a nonexistent market. LOT prices at that time ranged from $350,000 to $390,000 for a property that was not distressed. In Roscoe Village, 2010 began the year of actual movement. As soon as one house sold, the developers began picking up land or started constructing new single family homes with land they were holding on to.

By April, one our developers was able to secure land for under $400,000 in a prime Roscoe Village location. Soon afterwards we obtained another property for slightly over $400,000. This became the pattern for the next year.  Slowly in 2012 more new homes began appearing and selling quickly. The new homes had listing prices of $1,299,000 and sold for average of approximately $1,250,000. The average buyer wants to be under $1,300,000 and this is usually a James Hardie Board exterior (a cement board material rather than Brick and block which would a significant dollar amount increase).

Now it's 2013 and a standard LOT in the Roscoe Village area is tipping up around $480,000-$500,000 for the land only. Another warm start to winter has kept the housing market steady. Construction prices have gone up and the city has now added new requirements which add to the price tag. Some builders are beginning to add brick veneer to the exteriors, which costs more than stone and Cement Board.

With the added amount of money in LOTs, Construction and city codes the price points will be driven up and there will not as much room for
negotiation on the developers end. Be prepared to pay close to $1,300,000 for a quality new construction.

But, buyer beware- know the product and the quality of workmanship. Too many homes are not quality driven. Make certain when shopping for a home to get educated on what products are quality driven.

Contact Us:

Menard Johnson & Associates 2200 W. Roscoe Chicago, IL 60618 Phone: 773-472-6016 Email: Send Email