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

Keith Free Ellis
Home Buyer
60622

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

Answers (3)
Jeff Kropp
Agent
Chicago, IL

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!

Mon Aug 4 2008, 08:18
Lucy Perna
Agent
Illinois

Keith

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

Lucy

Sun Aug 3 2008, 18:06
Scott Epstein
Broker
Crystal Lake, IL
FIRST ANSWER

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.

Sun Aug 3 2008, 17:56

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