Why bust the bank for a Chicago townhouse?
Posted 2/5/2007 by Kate Hawley
Townhouses are often thought of as the affordable alternative to detached single-families, but a number of new townhouse developents have units priced at $1 million or more. The three rowhouses at 2055 N Orleans in Lincoln Park, marketed by Coldwell Banker's Gold Coast office, start at $1.675 million. The Parkhomes, the townhouse component of Magellan Development Group's massive, 28-acre Lakeshore East development in the Loop, begin at $1.7 million. And attached units at Lincoln Park's Hartland Park project (pictured), developed by Belgravia Group and designed by Pappageorge/Haymes, begin in the $800s and go up to $2.5 million.
The paucity of options at this price point begs the question: if you're lucky enough to have $1 million or more at your disposal, why wouldn't you choose a single-family house? A quick survey of Yo's list of nearly a hundred new single-family home developments showed most to be in the $1 million to $2 million range. But prices are substantially higher in these hot neighborhoods, making townhouses comparative bargains - even at $1 million-plus - according to the people selling them (admittedly, these sources are less than objective, but they have done some homework on the market).
"You can't get a nice, detached, single-family house in this neighborhood [Lincoln Park] for under a million," says Laura Anderson, who has been a broker in Lincoln Park and Lake View for 17 years and is currently a sales representative for Hartland Park.
Arda Talu, also a sales rep for Hartland Park, argues that the difference between a city detached house wedged among other buildings and a townhouse with a shared wall is close to negligible, especially when the price per square foot is comparable. Hartland Park's walls are "very thick" he says. "We cannot make the noise disappear, but we offer very comfortable living conditions." As evidence, he points to the speed at which Hartland Park is selling - the first phase is sold out and the second phase is 70 percent sold, with first deliveries planned for August.
Comments
2/6/07
Calumetman said:
The Orleans. Clean and roomy and lights. Skylights that is. Two walk-in closets in the Master Suite is a wonderful bonus. I want a Viking, too. The open floor plan between living and dining (areas) seems abit unbecoming of the overall character. But they're very nice otherwise.
Hartland Park II is magnificent. Worth every penny. No shortage on luxury and charm. That Master Bath! The richness of the dark woodwork and cabinetry lends old world nostalgia, warmth and comfortability. The yards, both front and back are notable amenities. The large decks (they should have been porches) are extraordinary just calling for a large family gatherings.
Hope the neighbors aren't head banger enthusiasts. And you know how preteens can be. Mommy may need a maid.
Sane living. But then I expect nothing less of Lincoln Park. Joke aside they're truly impressive.
The Parkhomes of Lakeshore East are in my opinion the hallmark of that community. Grounded and repleat with character. Spacious living harkening to the Original, fading flavor that is Chicago. The grounds are striking. Rather over reaching artistry, but well planned no less. My only real criticism is that it's nestled among the monolith monstrosities. Families won't know whose living in those towers. Young children my not be able to range as freely as in the burbs. Diviate behavior knows no economic limits, you know. Don't you watch CSI?
Aqua is an out-of-style architecture waiting to happen. It clashes with…well, everything. Can you say, "River City?" It will certainly be the oppulent oddity tourists and Chicagoans alike will wonder about. Perhaps that's what the designer is after. The thing that rose from the lake, or it could be thought of as other worldly.
Soldier Field saucer's alien head quarters.
Jeffery said:
Agree on the Parkhomes;
As to Hartland Park II, I really do not get the price for the location…seems to me so far out of traditional Lincoln Park area, that I do not understand what is the location really getting you, other than close to 94?
Nina said:
For a "comp" you might try a $1-million-plus resale at 55 W. Goethe (Beekman Place townhomes). Absolutely gorgeous decor and fixtures, spacious rooms, tons of light since it's an end unit with windows facing Goethe, 2-car attached garage, and unique master-suite floor featuring sitting room, bedroom and his & her baths! Well worth the money even though I usually think that for that price I'd prefer a free-standing house with a lawn, or a penthouse condo.