Oak Forest New Construction is Booming.
There are two recent developments in Oak Forest new construction. When I last wrote about Oak Forest new homes (Oak Forest Post of 05/11/11) there were 15 new homes for sale, and they were mostly in Sec 1 of Oak Forest (the SE corner of Oak Forest, below W 43rd St).
Oak Forest Home-New 1 Story Home on Chamboard
New Oak Forest Home on Chamboard
The market today has much expanded. There are 29 “active” homes, plus another 18 in various “pending” stages. These are no longer contained to a particular part of Oak Forest, but all over. See MLS Search of New Oak Forest Homes.
A trend that I welcome is that in addition to remodels of existing single story ranch homes, there are single-story new construction homes. There are 7 new single story Oak Forest homes active on the market or pending. These range from $399.9K to $532K. These average ~2392 SF in size and $465.4K in price. The higher price per SF is expected for smaller, single story homes.The one pictured here is 1306 Chamboard. It is a 2202 SF 4/2.5/2, priced at $399.9K. See
The 25 active 2-story new homes in Oak Forest range from $500K to $849.7K. Who would have ever believed there would be $800K homes in little Oak Forest? The average price is $686K for a 3860 SF house on an 8200 SF lot, or about $178/SF. Only a couple of these are complete; most are under construction.
The increase in costs year over year is, as always, from rising land costs. An Oak Forest tear-down now sells for $170,000-$200,000. Before the new construction started 7-8 years ago these were $80,000. But, $20/SF is still cheap compared to Heights lots starting at $30/SF.
| Avg Price | Avg SF | Avg Lot Size | Avg $/SF | |
| 2-Story New Homes | $686,000 | 3863 | 8230 | $177.60 |
| 1-Story New Homes | $465,400 | 2392 | 7400 | $194.50 |
There are another 6-8 recent (4-5 years old) construction homes on the market. These are often the perfect house to buy because the landscaping has matured; window treatments are in place (a big expense on a new home); and all the repairs/bugs taken care of under the builder’s warranty.
Let me know if I can answer questions about Oak Forest and other close-in neighborhoods.
See my Neighborhood Page on Oak Forest Homes for more info on this subdivision. It also has an MLS search for Oak Forest resale homes.
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