Friday, August 10, 2007

Temperature Gauge

Much is happening in the hoody hoo right now.

It’s real estate-o-rama Woodlawn style.

A unit below me is getting ready to close next week. I can only imagine the (low) price that it’s selling for.

That sound you hear is my property value dropping.

And while I’m on that topic, a building on my block that I thought was a six flat is on the market as well.

Some dumb ass thought it was a good idea to take that beautiful building---which I suspect was built to house people for the Columbia Exposition---and put a bootleg wall up in the middle of the marble foyer and make it into two three flats.

Philistines. Why do these people even exist?

So the western three flat is on the market for $375K.

Note that it’s right next to the a condo “association” that my developer did, but four or five of the units went into foreclosure and have been on the market for almost two years.

Candidly speaking, if I had the money I’d buy a few units myself.

That all being said, there are signs of life that Woodlawn hasn’t given up the ghost real estate wise.

While the Living Green Lofts have yet to break ground, foundations have been poured for what appears to be two new condo developments on the southwest corner of Blackstone and 65th place.

And yes, that head you see peeking from the third floor of the back porches across the street is mine.

65th place and Dorchester seem to be the new building hot spots in my neck of the woods.

Now you can say if you build it they will come, but philosophy and reality are two different things.

I’m interested to see how quickly units will sell.

Moreover, I’ll click my heels if the units sell anywhere near the listing prices.

One word: Equity.

Four more words: I told you so.

I’ve chronicled the ups and downs of my humble existence for almost two years. Despite the drama my neighbors and I have gone through, you’ve never heard me say that Woodlawn wasn’t worth the struggle.

I love where I live. I love my pile of bricks. I love my view and I love the south side.

But don’t confuse my south side love with being a Sox fan.

I have no doubt that all of us will come out on top.

And when we do, whether it takes five years or fifty years, I’ll look like a genius.

In the interim it would be nice if a local dry cleaner would open up to clean a sister’s cashmere sweaters.

So it with some dread and renewed interest that I’m watching the ‘hood around me right now.

While the values may be depressed right now, I honestly believe that they’ll go from zero to sixty and it will take everyone by surprise.

Except for me.


The North Coast said...

Hope someone decides to open up a CD Discount Cleaners franchise in your neighborhood. They clean everything for $1.95 a piece.

I believe your neighborhood will increase in value relative to the area as a whole,because it is beautiful and unique, but I also believe that real estate values across the U.S. as a whole will stagnate for another 10 years.

The last 5 years were anamolous, created by special conditions we can hope are never duplicated again, and the recovery period will last a while.

Omo said...

As a recent believer in the woodlawn area, “I love my pile of bricks” too. I am of the firm belief that things will change in the area too. I just found out that the Columbia Pointe projects are now underway; they just finally called me back after the email I sent in March asking when construction would start again; Slated to begin Spring ’08….I still marvel at how blind people could be with the same alderman for 14 years. I don’t know whats changed of recent..all I know is that I called the city for to fix a pothole in the alley on Monday and it was repaired on Wednesday; I called to a broken streetlight in the Alley on Thursday and a city truck was blocking my garage this morning to replace the bulb…O my!...whoever said the “squeaky wheel gets the oil” wasn’t kidding…my only question is….why wait for the wheels to squeak?