Thursday, August 10, 2006

So Did I Mention...

Ladies and Gentlemen did I mention that my developer is converting a building into condominiums that is literally so close to my back door, I can see it out of my kitchen window?

Perhaps it's time to explain why you haven't been hearing alot lately about my developer's latest construction hijinx. Just because I haven't been posting doesn't meaning I and my neighbors haven't been working---and watching.


Paradise said...

So your developer is adding to the glut down at your end of town, eh?

I can't believe the number of condos about to come on the market up here in RP and Edgewater, just as the selling season draws to a close and lending standards tighten, along with interest rates rising. They must have all been in the permit pipeline for the past couple of years.

I count 85 on one block of N. Winthrop, plus about 200 in the 4700-4800 block N. Sheridan, plus at least a couple hundred more on N. Greenleaf. Somebody else counted 135 units about to come on the market on Lunt.

What's really interesting is how many developments are there, for sale with big signs out front, but don't appear on the multilist sites, online. Why do they not want to list them there?

The Woodlawn Wonder said...

Well P. there's a great deal of abandoned buildings, fixer uppers and vacant land around these parts. I received yet another developer's letter on his (or her)intent to develop a large parcel of land behind me. Frankly people can come down here and buy brand new housing stock for significantly less than you can north of Madison Street. I don't care what anyone says, the south side is a gold mine.

Paradise said...

Hey, WW, I think the entire lakefront, north to south, is the nabe of the future, and that the rest of the city will experience a stunning revival. The 'small town' type inner suburbs will benefit, as well, because they are walkable and have good transit and amenity-loaded town centers.

And the Woodlawn-Hyde Park area is loaded with beauty and charm, and architectural quirks to be found nowhere else in the city.

All these lakefront nabes have abundant beauty and character, plus great cultural amenities, like U of Chicago, and the museums, and other universities, and one of the greatest public libraries in the country, plus great Jazz and the CSO and an incredible art and theatre scene.

Who will be the losers? The outer suburbs, that's who.

You can hold me to this prediction:

In ten years, or even less, you will see rapid and drastic disinvestment in the outer suburbs, such as Schaumburg, Elmurst, Willowbrook, Arlington Heights,et al, similar to what you saw in the city 50 years ago, with just this difference- the suburbs will never come back.

There will be no chance they will ever come back, because their housing stock in garbage that cannot be recycled and they are 40 miles from nowhere and 100 miles from anywhere, and you have to drive three miles for a gallon of milk.

And what did those places ever have going for them to begin with, beyond cheap acreage on which to park more cars than any family ever ought to own. A megamall is not a satisfactory substitute for the culture and life of the city.

The city dwellers could at least get a bus or a train. They could get downtown, they could get to the schools and libraries and museums.

The suburbanites, on the other hand, will be up a cul-de-sac in a debt-incumbered Humvee in need of a fillup, which will not be available- in an oversized, cheaply built junk McMansion they can't unload.