As a follow up to yesterday’s post on the comeback in spec homes in Chicago I wanted to highlight the success that one builder in particular has had in the West Town (East Village) neighborhood. Noah Properties (the builder formerly known as Ultimate Homes) built 3 new single family homes almost right next to each other in the 1800 block of W. Erie and marketed them through Sergio & Banks. All 3 went under contract within 30 days of going on the market and sold pretty close to the asking price.
In this market that is somewhat surprising because we are led to believe that the buyers just aren’t out there. But, clearly, if you have the right product at the right price it flies off the shelf and Noah Properties knowahs what they are doing.
- 1848 W Erie was listed at $850K and closed at $790K
- 1842 W Erie was listed at $870K and closed at $865K
- 1838 W Erie was listed at $870K and closed at $839K
Let’s face it, there just isn’t much out there in the way of new construction in this price range but land in the West Town neighborhood is a lot cheaper (the 1838 W Erie lot was bought for $185K) so Noah Properties was able to deliver a quality product at a really attractive price. You wouldn’t think you could find 3 similar buyers in one block in this market but Noah Properties apparently had no problem. When you compare what these homes offered to other recent closings in West Town these homes offered a compelling value.
Each home was around 4,000 square feet with 5 bedrooms and 3 1/2 baths in a very open floor plan (it’s still all the rage). All had very high end, ultra modern finishes.
We actually would have considered these homes for ourselves – loved them – but they were more than we really wanted to spend. Also, while I like most of their design choices, I think their exteriors are bit out there – not a big fan of that brick color or that unfinished look of 1838 on the front. But that didn’t seem to be an issue for the buyers. I guess they took a chance that paid off.
Noah Properties is not just building in West Town and at these price points. For example, they also built a 5,000 square foot home at 1529 W Wolfram in Lake View that was listed for just under $1.6 MM. That one took just a tad longer to sell because it looks like they had a couple of deals that fell through. As you can see in the YoChicago video below it really is a unique and well thought out home.