Contract entered into last August, new construction on Lake Avenue has been completed and sold

802 Lake Avenue, $5.7 million. There have been comparable sales on this stretch of Lake, so no surprise.

The builder must have done well here because he paid just $1.2 million for the lot in August ‘18 — it had started the year before at $1.675. Now that free money has disappeared, this kind of 4 1/2-year wait time between buying land, developing it, and cashing in probably won’t be as lucrative.