Hi I'm looking to invest in a property in south Chicago possibly a plot to new build,can you advise what regs. or restrictions apply etc.

Asked by john pass, Chicago, IL Sun Jul 28, 2013

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Cindy Wilson, Agent, Chicago, IL
Sun Jul 28, 2013
BEST ANSWER
I just listed a great investment property in Bronzeville. Please let me know if you'd like more information. Not a short sale or foreclosure, great for owner occupancy.

Cindy Wilson
Koenig & Strey
cwilson@koenigstrey.com
0 votes
Manuel Brown, Agent, Chicago, IL
Mon Jul 29, 2013
Jacqueline gave you sound advise. Let me add work with a broker who knows the area. If you are looking for an investment property where you are going to rent as well make sure you use a broker who is also versed in leasing.
1 vote
Jacqueline S…, Agent, Chicago, IL
Sun Jul 28, 2013
Get the property building permit with architectural plans built per the zoning of the land, and use a contractor with a valid Chicago General Contractor license.
1 vote
Bill J Delig…, Agent, Naperville, IL
Mon Jul 29, 2013
Plenty of Restrictions apply depending on what the planned usage for your building will be. The City of Chicago Building and Zoning Department can provide some guidance.

As mentioned previously, you may want to consider purchasing a pre existing building and rehabbing it.
0 votes
Evelyn S. Fr…, Agent, Chicago, IL
Mon Jul 29, 2013
Hi John,

You may want to consider purchasing a building that a) needs rehabbing (low investment), and b) has a vacant lot adjacent. The reason is that you can potentially buy the vacant lot for as little as $1000 then knock down the building and build all new.

There are rules/regs that apply, i.e., owner/occupancy, but it's an option. Check it out:

http://www.cityofchicago.org/city/en/depts/dcd/supp_info/adj…

Hope that helps and good luck!

P.S. If you're interested I have a few buildings with such lots. Call me.
0 votes
Nicholas Rad…, Agent, Chicago, IL
Sun Jul 28, 2013
Any new construction is subject to the current zoning of the property. You need to work with a realtor who can help you clarify your objectives.
Nick Radakovich Home Sales Realty
0 votes
Matt Laricy, Agent, Chicago, IL
Sun Jul 28, 2013
This can vary by area. You should check with the building department.
Web Reference:  http://Americorpre.com
0 votes
Michelle Kat…, , Naperville, IL
Sun Jul 28, 2013
Zoning can vary, so ii is best to check the zoning for any and each parcel you are interested in prior to making an offer.
0 votes
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