About Chicago's Lake Front

Once again the opportunity to see things that are not privy to every passerby makes appraising interesting and educational. To the unsuspecting individual, it would not seem to be a big deal to buy a condo on a high floor along / near Lake Michigan with beautiful lakefront views. But what if you overlooked the possibility that someone else closer to Lake Michigan could build? And what if that 'building' could rise up as high or higher than your unit and then possibly obscure or even block your view?

Recently, while standing out on the balcony during an assignment, peering out of Lake Michigan on a sunny day with miles and miles of blue lake, I looked down and saw a large (for Chicago standards) tract of land which was undeveloped. The dirt below is the site of a future single family home. The top left is recently rehabbed property and the two properties to the right are recently constructed single family homes as well. Yet that parcel in the middle of the photo is more than large enough for another high-rise to join the Chicago / Lake Michigan skyline.

I asked my client what was going on 'down there'. Mind you, we were in a high-rise some 20 stories in the air. He mentioned that the prior building was demolished and new construction was planned on that site.

Given the view of Lake Michigan from this unit, obviously the prospect of 'new construction' could substantially affect the value of the client's unit (NEGATIVELY). Additionally, if the 'new construction' was to be a high-rise tower of similar or greater height than the client's condo building, it would stand directly between this client's unit's view and the Lake...effectively eliminating the view and devastating this client's karma (they love the serene view each morning out onto Lake Michigan) and pocketbook (huge loss in value).

In contrast, what if this is the new building on that site looked like this view? Well, fortunately, it isn't, but the photo above is the building directly to the south which obstructs a view to the Chicago Skyline from another one of the rooms of the condo.

Fortunately, the zoning for the parcel shown in the first photo is only providing for single family development with a maximum of 4 stories. Therefore, our client is not at risk of having their beautiful Lake Michigan view obstructed, but his neighbors on the lower floors are not so fortunate.

In summary, when you buy a condo and it comes with 'views' make sure that the views are going to be around for a while...because there are no guarantees (unless you get it in writing) and that view is a positive factor that you will dearly pay for when you buy the place and then dearly regret if your view gets 'blocked'.

Michael Hobbs, PahRoo Appraisal & Consultancy

Special Second Ward Days At The Shedd Aquarium

Chicago is divided into 50 legislative districts, referred to as Wards.  Most residents of The South Loop, The West Loop and Near West Side and the Near South Side reside in the 2nd Ward. 

The Shedd Aquarium is offering Special 2nd Ward Days on Sunday, December 12th and on Sunday, January 2, 2011.  On these 2 Sundays, residents of the 2nd Ward will receive:

• Special Admission pricing:
  

Buy One, Get One Free All-Access Pass** 
                         -or-
50% off a Single All-Access Pass**

• A 10% discount on all food at Shedd restaurants
• A 10% discount on gift shop purchases

** Full Price Admission: Adults $26.95, Children $19.95
** Second Ward Days Pricing - Adults $13.50, Children $10

Visitors will need to provide identification showing that they reside in the 2nd Ward.  For more information, contact the 2nd Ward Offices at 312-263-9273. 

One of the perks of living in downtown Chicago is easy access, in many cases on foot or by bike, to the city's lakefront and attractions.  If you would like more information about Chicago's downtown and lakefront neighborhoods, please call me at 312-725-4498.  I look forward to helping you with your real estate needs.

The Shedd Aquarium
On The Museum Campus
Roosevelt Road at Lake Shore Drive

Ten Things To Do Before Summer Ends...

Stay ahead of the real estate curve… Enroll today for your free neighborhood market report Sign-up Here and to find more information about Chicago Real Estate Straub Group at Jameson Real Estate, view the links here:

Yes, I was on a busman's holiday last week to my home town of Chicago, and Millenium Park was a must-see place. The last time I was down by the Art Institute, there were RR tracks to cross in order to get to the lakefront. Now, there is glorious Millenium Park.

The Pritzkur Pavillion, designed by Frank Gehry, is a star, and I am sorry I did not get to see a performance there. The Crown Fountain is another highlight, with faces appearing on the glass blocks, and water occasionally spouting from the mouths of the faces.

Another thing that fascinated me was the Cloud Gate Sculpture. Cloud Gate is British artist Anish Kapoor's first public outdoor work installed in the United States. The 110-ton elliptical sculpture is forged of a seamless series of highly polished stainless steel plates, which reflect the city's famous skyline and the clouds above. A 12-foot-high arch provides a "gate" to the concave chamber beneath the sculpture, inviting visitors to touch its mirror-like surface (my shot is from inside) and see their image reflected back from a variety of perspectives