I am currently collecting and analyzing my research of a two flat for sale off of Logan Boulevard.  The asking price is $304,000 and electronically via the MLS the pictures look good.  I estimate the building is about 1,100 square feet per floor with a normal Chicago lot size of 3,125 square feet.  Plus the listing claims it has a finished basement but this probably won’t be worth a whole lot. 

The significance is that this is the most significant price drop that I have seen in this premier section of Logan Square.  The listing originally started out at $650,000 a while back and then the seller lost the property to foreclosure.  The lender in this case is Fannie Mae and is also the current owner, ie this is a REO or bank owned property.

I am showing my buyer the property this afternoon and plan on creating a follow up post  on the true  condition of the building and more.

Real estate investors will tell you that commercial development often follows residential development by five years.  It is interesting to me that I have been a resident of Logan Square for almost five years and we are now beginning to see a ton of retail development in the form of restaurants and bars.  And make no mistake this has been the missing key neighborhood ingredient.  Over the next two years Logan Square residents will see a number of new attractions. 

One of these new attractions will be Revolution Brewing at 2323 N. Milwaukee.  Check out this new bar and brewery by going to website at http://revbrew.com/.  After reviewing the site the Belgian White looks like it will be my favorite. 

Stay tuned for more posts telling of other great new things happening in Chicago’s Logan Square neighborhood.