The last lot my builders purchased was 25x123 and upzoned to R3.5. We purchased it for $630k 2 years ago and built a home that sold earlier this year for more than $1.5MM. Other lots have since been made available in the $650-$700k range with some sellers overvaluing their land in the mid $700s. This is land between Ashland - Damen, from North - Armitage. You may find land for less north of Armitage but your cost reduction is gained at the expense of having the expressway in your backyard. You gain a bit of mitigation west of Damen but these tend to be short lots on streets like Cortland and Homer. And north of Armitage you dwell at a lesser price point as far as sale and resale goes. There are a number of additional costs such as plans and permits and the fact that construction loans clip you at a higher rate than standard purchase loans. The other factor to consider is that long before you arrived on the scene in Bucktown there have been builders and their representatives delving deep for fair value land purchases - while your objective of finding a lot upon which to build will not be impossible it will be difficult as these earlier arrivals are much more conversant with what's available and typically have the latitude to pull the trigger on a cash basis with quick close capabilities.
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