Monday, June 5, 2023

Uptown Property Values Continue to Rise

4861 N. Hermitage (Google Street View)

From Uptown's Northwest corner comes news of a new development pending at 4861 N. Hermitage

Currently home to a lovely but relatively nondescript frame home, developer Longford Construction is planning to demolish the house on site and replace it with a 8 unit, 4 story building with parking. Longford, as readers may recall, has been very active in Uptown recently with new buildings at 4537 N. Clark and 4447 N. Hazel.

Most notable to us was the sales price, with this home selling for land value at $925,000. An empty lot at 4726 N. Hermitage previously sold for $1,050,000 in November 2022. Those of us who have been in the neighborhood for three decades can't believe the land value for lots in the area is at or close to seven figures

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