Land that has long stood vacant in South Shore will soon offer two new single family homes in the quiet Chicago enclave.
Urban Equities will build the homes at 7630 and 7632 South Chappel Avenue, after buying the land from the heirs of the former landowner.
The developer has been active in many areas around the South Side of Chicago. The company built several single-family homes at Bernard Place in Englewood and two condominium developments.
Construction has already begun on the first home, a 2,100 square-foot unit that will offer a total of four bedrooms. According to the developer, the home will be priced at $415,000.
However, Urban Equities could be facing a difficult market for the New Chicago Homes. Sales of single-family homes were down 50 percent from last year during the third quarter, according to the Chicago Association of Realtors.
The asking price for the home is also well above the average for South Shore, which saw the average sales price climb to $258,226 during the third quarter, an 8 percent increase from the same period last year. However, the developer sees a continuing market for luxury homes around Chicago.
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