Home Buying in Logan Square>Question Details

Keith Free E…, Home Buyer in 60622

How does one approximate the value of an oversized 25x200ft lot in the Logan Square neighborhood of Chicago?

Asked by Keith Free Ellis, 60622 Sun Aug 3, 2008

I think the standard lot size is 25x125 so an extra 75' of land should be worth a lot! How do I quantify this?

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Answers

3
Assuming location and zoning are standard (e.g., on residential block), you need to determine the price per square foot then also find some recent sales on larger lots to see if any adjustments to price per square foot are needed. At the same time, supply and demand are often more important than sales nowadays.
Talk to a pro to be safe!
Good luck!
Web Reference: http://www.1sthomegroup.com
1 vote Thank Flag Link Mon Aug 4, 2008
Keith

The location and zoning would determine the final price. Based on recent sales.

Lucy
0 votes Thank Flag Link Sun Aug 3, 2008
Keith,

You could either pay for an appraisal from a licensed appraiser or contact 3 agents in your area and have them provide you with a CMA (comparative market analysis). The price will also depend on the type of zoning the property is.
0 votes Thank Flag Link Sun Aug 3, 2008
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