Builders / Investors - Your Ontpinion: How-2 Sell WHP Chicago Lot

[Joanne Basecki]

Hello, I am back to the BB forum after a few years. Also back to the RE market in general, hoping for a solid advise ref Chicago market and WHP in particular. Thanks in advance!

I own a vacant lot there, free and clear, no debt. However I have never been to Chicago and more I read about it less I know (:

There is a brand new construction across the street from my lot. I thought this might be a sign of the neighborhood "turning around". Also, the location is close to a major intersection, touching some gov owned land as well, a land which I could have but did NOT purchase during the $1 program. 

I decided to sell the lot. Noticed other lots nearby for sale, just like mine or similar and priced mine accordingly. I wonder if a builder could take advantage of gov programs in the area to end up with a nice size land and ROI via building and selling condos. However I am trying to sell throughout the entire summer without any real offers. Any advise? Is there a strategy I should be aware of? Any specific website with ads selling land rather than buildings? Does anyone buy land before winter? Does price in this case even matter much?

[Brian Ploszay]

Joanne,

I know land quite well in Chicago.  I can value it fairly quickly or tell you if it is a tough sell.   Here are a few things to know.  

1.  Location.   Lower income areas in Chicago have little new construction, so land is not worth much.   Most of the northside is good.  

2.  Size of the Lot.   A standard lot is 3,125 square feet or 25x125.  30x125 is also common.  If your lot is shorter, it will be less desirable.  

3.  Zoning.  There is an online zoning map which will tell you what you can build.  For example, R3 means you can only build single family homes.  Higher density zonings mean it will be worth more.

4.  I can comment on how you sell land effectively in this market.  Winter plays a minor effect in land sales.

Land in the best areas goes for over 1 million.  On the other hand, there are thousands of abandoned land parcels in the City of Chicago.

Care to send me a private message with the address?