Take a look at the condos at DeGrazia Development Co.’s Elsdon Village, which we posted on not long ago. The project comprises 280 units – condos, townhomes, single-families and two-flats – planned for a 10-acre site near Midway Airport.
The project’s 120 condos will be in two buildings on the northeast corner of Homan Avenue and 50th Street (a news release from the developer tells us these buildings are six stories, but we’re counting seven in these renderings). The 24 townhomes will occupy the northwest corner of St Louis Avenue and 50th Street. And 86 single-family homes and two-flats will fill a site bounded by St Louis Avenue, 50th Street, Homan Avenue and 51st Street.
There’s a range of price points and products here, including two-bedroom “bungalows” with 982 square feet (not including unfinished basements), starting at $299,000, according to the latest news release we’ve seen from the developer.
“We are selling Chevys – blue-collar houses,” DeGrazia says. “These are old-school Chicago bungalows and two-flats.”
Projects like this always mystify me.
A quick check on Zillow tells me I can buy single family homes with a finished basement and a full city lot all day long in the high $100s to low $200s in the immediate area.
That’s far below the price of the single-families and townhomes here, and below the price of most of the condos.
Help me out – does new construction merit that much of a price premium in this area?
Near Midway? It seems to be 1 1/2 miles east of Midway. By that criteria Lawrence and Broadway is near Wrigley Field.
As for how they command those prices? I dunno.
I wouldn’t think that being “near Midway” would be considered a good thing.