A Rogers Park condo bust

Winchester Park Condos, 7300 block N Winchester, Chicago

Edgewater condos took the biggest hit during the real estate crash of the early 80s. The average-priced unit sold in the mid-$70s in 1979, and in the mid-$50s in 1992.

Rogers Park saw average prices decline during that period by only 10% from their $52K average in 1979.The highest-priced Rogers Park condo sale in 1992 was $107,500.

The Rogers Park condo inventory grew explosively during the past decade. In May of 2008 a block-by-block survey of Rogers Park surfaced 48 active condo conversions and new construction projects. Most of those projects have since failed.

One of the most complete failures is at the Winchester Park Condominiums, pictured above, in the 7300 block of Winchester, across from Pottawattomie Park. The complex has no functioning homeowners association, and units currently offered for sale include a 3-bedroom, 2-bath duplexes priced at $13,900 and $18,900.

The Dream Town Realty site – which we recommend visiting only for head-shaking amusement – describes the complex as a “charming condo development” that “offers spacious units and quality construction in an ideal urban environment.” Dream on.

Fifteen years passed before Rogers Park began recovering from the bust of the early 80s. Is there any reason to believe it will recover more quickly from this one?

COMMENTS

WORDPRESS: 1
  • Mr. Zekas,

    Since 2006, Lakeside Community Development Corporation, a 501(c)3 nonprofit organization has worked closely with condominium associations across the city and specifically in Rogers Park, to improve their capacity for self-management and resolve problems they may have. We provide regular workshops and individual counseling and technical assistance tailored to meet the unique needs of each group with whom we work. Lakeside is the only HUD-approved agency in the Chicago region which provides condo association training services.

    I would more than happy to discuss your observations and some of the work we do around this issue. Feel free to contact me at julio@lakesidecdc.org to discuss a convenient time.