Remodel & Renovate in 60613>Question Details

Christopher…, Home Owner in 60613

Determining post-construction home values in Southeast Ravenswood/60613

Asked by Christopher Burns, 60613 Mon Dec 10, 2012

Looking to get a good feel for what a post-construction (i.e. after an addition) market value would be in this zipcode. Should I use the avg per sqft value for homes in this zip and just do the math? I can find some good comps based on home size, lot size, etc. but most of those are new construction or full home gut rehabs.

Thoughts?

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I would do comps of the area for things that have been completed. Price per sq/ft doesnt work to well for Chicago since no one goes by that. It would make more sense though.
1 vote Thank Flag Link Mon Dec 10, 2012
That is good start, but those are going to be high side numbers. A little homework using re-sale numbers should give you enough info to make an educated guess. My question is, what do ou want/need this data for?
Depending on what your borders are in this area, you are going to see the influence of the local schools affecting price, and that is just one more variable to work with.
Like Jim, I am happy to give you comparable sales data.
1 vote Thank Flag Link Mon Dec 10, 2012
We love the home we are in but bought it knowing that we would want to put an addition on. Our kids are big enough now that we need to make the decision to add on or move and want to make sure the numbers make sense. I have what I think are pretty good comps but as you might imagine, none are really the same... same lot, same size home BUT new construction, same size home via an addition BUT renovation was done 5 years ago OR lot is smaller... I don't know how to offset some of those variables... as an example, is total new construction (teardown and rebuild) worth XX% more than an equivalent home that is the result of an addition. How much more is a home on a 25x165 lot worth vs. a 25 x 135, etc.

We are in southeast ravenswood approximately between 4100N - 4600N and 1600W - 1800W
Flag Mon Dec 10, 2012
I would go look at similar homes that are on the market at your probable landing point..
0 votes Thank Flag Link Tue Dec 11, 2012
Christopher,

60613 is a great zipcode for home values. But Chicago is a block by block market and the block you live on, effects the value of your home. A Realtor who knows the specific area can help you get the post-construction value of your home.

Good luck
0 votes Thank Flag Link Mon Dec 10, 2012
I can meet with you and my trusted appraiser to get the closest values. Please send me a private message and we can coordinate all our schedules with my assistant




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0 votes Thank Flag Link Mon Dec 10, 2012
Work with a Realtor who can provide you with a thorough CMA.
0 votes Thank Flag Link Mon Dec 10, 2012
Christopher,

We would need to know exactly where it is to do comps and know about the finishes.

Manuel Brown,Broker
iMove Chicago
manuelbrown@imovechicago.com
0 votes Thank Flag Link Mon Dec 10, 2012
email me at jmichaels@remax.net and I can send you some comps in the area
0 votes Thank Flag Link Mon Dec 10, 2012
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