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).
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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