In response to my Ashland Manor post earlier this week, reader Stokes referenced the “speeding cars flying up Ashland right outside your bedroom window” as a strike against the development. Stokes isn’t the first Yo reader to rail on Ashland. One year ago today, reader Paulj offered a similar assessment: “There are so many better alternatives on quiet streets in real neighborhoods. Ashland is a traffic corridor.”
It may be a traffic corridor, but Ashland is also a condo corridor. Ashland Avenue has seen more new-construction condo development than probably any other street in Lake View over the past year or two. In our NewHomeNotebook.com database I find eight new developments with about 115 condos that are currently delivering on Ashland in Lake View, and if you look a bit further south in Lincoln Park, the number jumps to more than 150 units.
Developing condos on larger streets can also have its advantages. Last year, Baird & Warner agent Dana DiPasquale explained to Patrick that different zoning requirements along major commercial streets enable builders to design larger floor plans. “A lot of buyers like to be on neighborhood streets, but at the end of the day, if you can gain three or four feet in width, it definitely makes a huge difference,” DiPasquale said.
NewHomeNotebook:
• View our list of New condos on Ashland Ave in Lake View
Related posts:
• Quote of the day: Developments on main streets have their advantages (Feb. 29)
• Introducing Lake View’s Ashland Manor (Jan. 21)
Could we get a definition of hottest corridor?
Do we have statistics on unsold completed condo units? Or anything such as that?
By overbuilding a corridor, does that make it hot? Is the south loop still “hot”???
I’d say its “hot” if they all get bought up before they’re built. So… no, Ashland is not hot.
“Hot” is of course a relative term, and in the context of this market it carries less meaning than it might have, say, three years ago. It could be argued, as J does, that Ashland has been overbuilt, but it doesn’t look like developers are having too tough a time selling homes in that corridor.
Most of the larger developments on my list are very close to selling out. Last we checked, 20 of Vue’s 22 homes had sold, 13 of The Ashby’s 18 homes have been sold, and all but one of the 22 condos at 3823 North Ashland have been sold.
The LV Lofts is the only one that appears to be struggling. Just 11 of the 24 condos in LV Lofts had been sold when I last checked in December, and that development has been on the market for more than a year.
Ashland has a lot of units because of the zoning and lack of neighborhood concern (or NIMBY-ism). Ask yourself if you would like to live on Ashland. I know I wouldn’t.
We just moved into one of the pictured developments on Ashland. Although we were somewhat concerned about the busy street, we love it! The character of this part of Ashland is developing positively and there’s plenty of neighborhood feel.
These developments span a mile, Susan, and the streetscape differs from one to the next.
Was your move a permanent one, or just Sundays from 2 to 4?
Mark, you neglected to mention that LV Lofts is new construction and the first units only started closing in June of 2008. Of the 11 units you mentioned most of them were pre-sales. It’s now over 70% sold and there were 4 sales in the last month! Also it now has FHA financing which allows qualified buyers to put only 3.5% down!
I can’t believe those the lofts at that insane 6 way intersection at Belmont, Lincoln and Ashland are 70% sold… especially at the price points I’ve seen. That is one heck of a good sales job!
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