Has anyone else noticed that it’s hard to find good townhouse developments in Chicago these days? Up until about 2002, developers were churning out about six or seven major projects a year in the downtown area (North Avenue to Cermak Road, Lake Shore Drive to Damen Avenue), containing about 250 townhomes. But by 2005, the city only saw about three or four developments containing 80 units in that area, according to Appraisal Research Counselors. In 2006? So far no new major projects have been announced.
Many developers don’t bother with townhouses because rising land prices make them no longer viable and it’s easier to churn out condos instead. That’s bad news for families who need a bit more space than the average condo provides, but can’t afford to buy a single-family home.