There is a trend right now in Chicago luxury real estate - land width. In Amsterdam, the typical lot size is 12-15’ wide. Based on Amsterdam’s history, land was sold per linear foot, so it created pinched land values & the houses became very tall, narrow, vertical parcels. This happened largely because of the canals & the limited amount of land, thus land value went up.
Like most urban settings, Chicago has established a similar parcel identity for it’s own reasons. I think it was derived from sections that are 1 mile square. When you go with 16 blocks per mile, adding in a 16 foot alley and a 66 foot wide street it roughly equals a mile. With this equation in mind, the typical Chicago lot size became 25’ x 125’ and therefore the ultimate luxury niche - width - was born. In the current luxury home market, there is great demand for width in lot sizes and Chicago luxury buyers are willing to pay a premium for it. I know numerous buyers trying to assemble consecutive lots to achieve their desired luxury “frontage.” I brokered an assemblage of 4 consecutive lots in Bucktown, which virtually became a square 100’ x 125’ parcel - affording the buyer the ultimate luxury of width.
Nationally, brokers & Realtors sell waterfront property based on frontage. In Chicago this is lot frontage. Anything larger than 25’ feet wide is premium and automatically increases the property value. Part of this is the repetition of the Chicago box car property. Arguably, 9 out of 10 Chicago properties on a block are the standard 25’ x 125’ (depending on area/neighborhood, of course). The luxury of width is scarce yet once a buyer experiences its’ possibilities, it’s hard to go back. Greater width is felt in the floorplan mostly in the bedrooms, then the living spaces. In an indirect way it can allow for 3-4 bedrooms on one level, ideal for a family or multi-generation co-habitance. Greater width and a more flexible floorplan also opens the home up to a larger pool of buyers. At the same time, the experience of the home changes from vertical to horizontal and provides a much more expressive & open feel, greater light, flexibility, floorplan options & most of all space. Chicago is living this housing evolution, making for a more transverse & internationally competitive housing stock. And the demand is validated by the successful & heightened values of these wider homes.
By:
Robert John Anderson, a luxury real estate expert serving Chicago, IL




