CRER is proud to announce a swift and strategic sale facilitated by CRER Director Ian Luscombe, who represented both buyer and seller.
The property, a multi-unit building located at 1860 N. Hoyne Ave, Chicago, IL 60647, sold for $1,550,000 and was on the market for less than 20 days. This sale underscores the desirability of the Bucktown area, which is near but not within the newly expanded Northwest Side Preservation Ordinance area.
The Northwest Side Preservation Ordinance, approved by the City Council in September 2024, has significant implications for properties in the vicinity. It increases surcharges for demolitions and extends regulations affecting the housing market in parts of Avondale, Hermosa, Humboldt Park, Logan Square, and West Town. This ordinance is crucial for sellers and buyers to consider as they plan property transactions in these areas.
Ian’s expertise is especially valuable in navigating these new regulations. His understanding of both the market dynamics and the local regulatory environment ensures that sellers in the affected areas can effectively manage their real estate assets. This recent transaction highlights Ian’s ability to handle complex sales in a shifting regulatory landscape, proving that strategic guidance is key to success in Chicago’s active real estate market.
This successful deal not only reflects Ian’s skill and dedication but also CRER’s commitment to supporting clients through complex real estate transactions in Chicago’s most sought-after neighborhoods.
