Sunday, February 24, 2013

Shadow Inventory




               















                 The effect of the real estate craze in the mid to late aughts is still being felt today in Rogers Park. Yo Chicago revisits a courtyard building which was condo converted back in 2008 when the bubble popped. This building at  7401-7411 N Hoyne. (Hoyne Manor now known as Golden Court Condos) is one example of the shadow inventory in Rogers Park.

                Most of these buildings will probably revert to rental after being bought at bulk cut rate prices, rehabbed if needed and the money made back on renting the improved rental property. Some of these condo conversions were hack jobs, but this courtyard building appears from the outside to be well done. However there may be hidden corners that were cut, neglect due to the banks being the landlords and possible squatters living in buildings causing further damage.

Continue reading for more pictures and story






               

              Four combination lock boxes on either side of the main entrance on Hoyne. So that represents eight units at least which are vacant. The building appears to be more than half empty walking the perimeter and looking at balconies and windows. The alley wall was parged instead of tuckpointed but looks like a top notch job. The electrical hookup, windows, fences, gates and exterior doors are either new or in good shape. The recently added balconies, porches, stairs at the back of the property and in the posterior courtyard are in good shape. The silver lining about the real estate bubble is that some buildings were really improved. This appears to be one of those.



             The housing stock in Rogers Park is one of its greatest assets and the northwestern part is above average in that category. Many of the buildings in this sector have been studied by Ultra Local Geography, including many built just before the depression. Interesting to see the effect of boom and bust cycles on real estate and Rogers Park. This neighborhood is bouncing back faster than many would have expected, in part because of people with deep pockets like James Pritzker and outfits like Flats Chicago. Pritzker recently bought up two failed condo conversions on Fargo just east of Paulina and finished them off. The condo movement will likely continue very slowly in Rogers Park. It just couldn't have happened as fast as it was during the housing boom.

Little tag @ bottom right on fence


            Fargo's street sign is bent at the Fargo and Hoyne intersection, evidence of vandalism and gangs. More obvious is the Latin King tagging at the corner of the building at that same intersection. There is a smaller tag noted at the west end of the property by the gangway on the fence. It may be seen as nit picky to even mention it, but any kind of tag large or small brings down an area. The gangs love to mark their turf, but if neighbors keep getting rid of it, then its not turf. There is a flashing blue police camera just to the north at Hoyne and Birchwood. Not a perfect area, but it continues to improve because of its proximity to the lake, public transport, Evanston and Howard street.










4 comments:

CharlieZaharoff said...

Chevanston facilitator: I'm a student journalist reporting in RP, would you be willing to do a short interview to hear your thoughts on housing trends in RP? Let me know, email is cnzaharoff@gmail.com

Thanks-

Helen said...

The student "journalists" have lost EveryBlock, and they're getting desperate. Are you an expert on housing trends in Rogers Park, Jeff?

BRW, I like your photos. Nice looking building. One of these days I have to get over there and take a walk down Hoyne.

Philip McGregor Rogers said...

Thanks Helen, its fun taking photos. Well probably not an expert, but opinionated for sure. And yes this is a very nice looking building.

Charlie I will drop you a note soon when time allows.

CharlieZaharoff said...

Great, thanks.