About Chicago's Lincoln Park

Say it isn't so! Even in the desirable areas of Chicago, prices have declined.

2443 N Burling, Chicago declined from $455,000 to $405,000 in the matter of just a few years based on re-sale data of an existing unit. Granted, this is not a 30% decline from peak to trough that so many areas of Chicago have experienced, but nonetheless, that is a lot of cabbage the a condo owner is walking away from to sell the unit and move on to something else.

Needless to say, if this transaction in a desirable portion of a desirable area is any indication, then we are all in store for a rough 2012.

Michael Hobbs, PahRoo Appraisal & Consultancy

One of the benefits of longevity (yes, I said longevity and not decades) of being in a market is you have the opportunity (call it privilege call it burden) to see things come around again that you thought you might never see. For instance, bell bottoms, long since a past time of the 1970s made a resurgence in the prior decade as wide-legged pants/jeans, etc. Of course, the new (which was once old) trend is for skinny jeans...so you get my point.

Most recently, we were completing an appraisal of a 2 bedroom 2 bathroom condominium in the Lincoln Park neighborhood of Chicago (northside for all you Cubs fans out there) and the condominium was a previous conversion of an existing 6 unit apartment building. Needless to say, the 2400 block of Burling is quite an expensive location (not as expensive as the 1900 block of Burling, but still quite pricey).

Nonetheless, it was quite eye-opening to see that even on a highly-desirable block like 2400 Burling Street, that current purchase prices are in the realm of almost-affordable (emphasis on almost) due to the price declines over the past 1/2 decade. Indeed, it is true, even those most desirable streets are not immune from economic malaise. In this case, the condominium had fallen in excess of $50,000 to nearly less than $400,000. Impressive possibility from a buyer's standpoint.

So, what was old is indeed new again (sometimes)

Michael Hobbs, PahRoo Appraisal & Consultancy

I just posted an in depth analysis of the Lincoln Park Condo/Townhome Market to my blog. The big take away for me was that the market looks like the trend could swing positive in 2012 should inventory and absorption rates continue to improve.

For those that are aware of or intimately familiar with the Lincoln Avenue and Webster Avenue intersection, the ongoing battle for redevelopment of this corner has taken a turn akin to soap opera drama.

Most recently, the former hospital was slated for a new Fresh Market grocery chain to serve the local community. Given the limited penetration of grocers in the higher density neighborhood, this wasn't necessarily a bad thing. Nonetheless, achieving approval for such a retail business to go into the existing facility required compromises with local residents and neighborhood groups. Obviously, one of their concerns are deliveries made by tractor-trailers and larger trucks in an otherwise residential area.

Well, it seems that possibly fate in shining on the residents as the proposed grocer pulled out of the project citing restrictions for the loading-dock and unloading / loading of trucks. Nonetheless, the location is in the middle of a very strong per capita income neighborhood and it will likely not be too long before another tenant is identified. Yet for the time being, the groceries are lost and there is a hole in that Webster Square project.

Michael Hobbs, PahRoo Appraisal & Consultancy

If you're fortunate enough to live in (or near) the wonderful city of Chicago, you have heard of, or visited the Lincoln Park Zoo.

Every year, around this time, they offer the public the opportunity to visit the zoo at night, when it's lit for the holiday season.

The animals demand (and deserve) a little holiday festivity, just like the rest of us, and they seem to enjoy the colours and the crowds who come to ooh and ahh over them (and the lights).

So we took that opportunity last night to walk the zoo and freeze our gonads off enjoy the lights.  I apologize for the crappy quality of the photos, but those damn point-and-shoot digital cameras have a tough time with night lights.

Hey, whatcha gonna do?

After we'd walked about 43 miles through the frozen tundra.... (allright, allright, it wasn't that far, and it wasn't really that cold)... only to find most of the animals either invisible, sleeping or disinterested, we decided to warm up by walking practically across the street to one of Chicago's more famous restaurants (R.J. Grunts), where the salad bar was first introduced to the public in 1971. 

That's right, the salad bar was invented right here in Chicago, according to "Mr. Grunt", due to his laziness, and getting tired of people complaining about his salad-making skills, so he said "Hey, let's put the refrigerator in the middle of the restaurant and let people make their own salads!"  And the rest, as they say, is history.

It was warming, and good, and there wasn't a "healthy" thing on my plate!  And that's just the way I like it!

Happy Holidays, y'all!