clock menu more-arrow no yes

Filed under:

Vacant Lincoln Park lot hits the market asking $1.2M

New, 1 comment

It will take take one heck of mansion to justify the empty parcel’s steep price

While spending in excess of a million bucks for residential property in Chicago’s Lincoln Park neighborhood has virtually become the norm these days, this particular $1,200,000 listing located at 2147 N. Magnolia comes with one notable omission — a house. Currently serving as a "sports court" for its neighbor at 2149 N. Magnolia, the lot’s 25’ by 125’ size means the seller is essentially peddling dirt for roughly $384 per square. It’s dirt in one of the Windy City’s most desirable areas and located in a great school district, but dirt nonetheless.

Considering home prices in the north side neighborhood can easily exceed eight figures, such a steep initial land acquisition cost doesn’t seem completely unreasonable — especially when the site provides a luxury buyer an opportunity to build a dream mansion from scratch.