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Saturday, July 21, 2007

The Resurgence of Quality


I guess it had to happen at last, even though I wondered just how many hack rehabs and cookie-cutter six-flat condos and dreary , institutional, machine-for-living high rises it would take to produce just one quality building. However, it looks as though the housing feeding frenzy that has just passed has left us with a few buildings of gemlike quality, even though it is hard to spot them in the coast-to-coast sea of stapled-together garbage spewn out in the stampede of greed of the past few years.

"It" is 1223 W. Farwell in Rogers Park, a new three-unit condominium in Rogers Park, currently under construction. I'm ashamed to admit I don't remember who is building this great place, even though I ought to, for this property was the center of controversy as the developer originally proposed to demolish the lovely old greystone on the adjacent lot in order to build a six-unit building. While I'm glad that building was saved, I'm glad that this new building was allowed to go up.

The sheer quality of the place is almost shocking, and I felt like I was transported back to another era when I saw the place- it was as if it was 1925 again. I kid you not, I was getting a serious case of house envy, which I almost never experience when viewing the latest cookie-cutter 6-flat condo or MidCentury Mod Revival highrise.

The brick and concrete work are impeccable, and the back and flanks are brick. Most of all, the windows are wood and have real mullions, in contrast to the majority of overpriced new condo buildings whose windows have "pasties" or snap-in plastic muntins that are obvious when viewed from the street.

At this point, there is no sign in front of the property, and I don't know how much the units will cost, though I have heard they will be priced in the neighborhood of $600,000. I sense the units are worth that, even though this is not an auspicious time to try to market pricey new construction.

This is the type of construction the area needs more of, even though it is not "affordable". High-quality new construction is almost never inexpensive, or within reach of people with average incomes, which is no reason not to build it. This is the type of building that will outlast "trendier" buildings, or buildings of "cutting edge" architecture, and while I have not heard of the place having any "green" features, this is the type of building that will serve well for many generations in a fuel-short future.

5 comments:

Natas said...

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Chicago Bubble Blog said...

Thanks for the link to my site. I added you as well. Like your blog.

Ken

The North Coast said...

Thanks very much for putting my link on your great site.

Your blog is one of the most well-written of all the real estate blogs and it is densely packed with timely info. It has become the first thing I read in the morning.

Thanks for commenting here,

Laura

will said...

600k for a condo in Rogers Park = CRAZY. Not just a little crazy, loon dog foaming at the mouth howling at the moon crazy.

I am all for quality but no Condo will hold a price over 300k in RoPo and that will be on the water.

Lee Street rents a three bedroom with parking and private lake front and fire place including heat in a vintage three flat for 2100.

Come on 600000k should be for the entire building and the one next door given the insane supply in rogers park and the wide variety of available cheap rentals.

The North Coast said...

I have a feeling the units WILL sell a little lower than $600K, which is a "bubble" price.

This really is a beautiful new building of high quality, though.

But I agree with you that $300K is pretty much the top end around here. $400K was it at the top of the bubble, for places that you could have bought in much-better Ravenswood for $350K or less. The buyers of overpriced condos here in RP must feel so had.