Quote of the day: Fewer redevelopment opportunities in North Side neighborhoods
Posted 3/2/2008 by Patrick Rollens"These are not neighborhoods where they’re knocking down warehouses and building 50 new units. We don’t have a lot of additional inventory."
- Jeff Lowe, of Century 21 Sussex & Reilly, describing the relative lack of inventory in Lincoln Park and Lake View.
According to data from MLSNI, total sales last year in those two neighborhoods totaled more than $2 billion, representing 4,106 condos, townhomes and single-family homes. The average sale price for 2007 was $494,952, and homes priced between $200,000 and $249,999 represented the single largest sales bracket with 472 closings reported.
Comments
3/2/08
Alan said:
Funny that Mr. Lowe says that. As of today, he is the agent for three $2.5m+ SF homes and two condos on my [Lincoln Park] block.
Dmac said:
There are entire blocks in LP that have been transformed by teardowns and new construction - what is he referring to here, specifically?
irishpirate said:
He said "additional inventory". Which I think means conversions or new construction. If you accept that definition, then he is correct for Lincoln Park and Lakeview.
There is some new construction, but most of the locations amendable for that were developed way back in the 90's or beyond. In terms of condos what is being newly built is largely, but not exclusively, being built on main streets.
3/3/08
Eric Rojas said:
Alan,
What he means is… there are few conversion and redevelopment opportunities and fewer that make financial sense. And the single family home owners left standing ain't selling.
Land is exspensive and that game in Lakeview and Lincoln Park is tough.
As for the homes sitting on your block, they don't seem to worried about listing at top of the market. That market takes awhile.