There Goes the Neighborhood?

By Edward M. Bury, APR, MA (aka The PRDude)

Since last year, I watched the near demolition and complete renovation — and then some — of what was a modest frame home just down the block from where we have lived in the Avondale neighborhood of Chicago for, well, quite a long time. 

As noted in the images that follow, this two-flat home, which was owned by a happy, friendly man named Julio, was converted into a single-family home that assuredly will sell for a great deal more than it would had it not been renovated. 

Some would consider this progress, while others would call it gentrification. I can understand both perspectives.  Having worked for decades as a public relations practitioner representing various real estate interests — from developers and property managers to commercial real estate associations — it became quite clear to me that the real estate industry is unquestionably market-driven. And, all markets go up, and they go down. 

The home depicted here is in a part of Chicago that is undergoing a modest but clear upsurge in demand and popularity.  And, like Avondale, many other city neighborhoods this year may experience strong housing sales growth. As noted in this report from the Chicago Association of REALTORS, there is a “shifting market dynamic” back to urban living; and, following months of low inventory, the next few months may show an increase in homes for sale — in Avondale and some other of the 77 official Chicago neighborhoods. 

Over the years, I’ve observed greystone and brownstone two-flats in nearby Logan Square get converted to single family residences, offered in the neighborhood of $1.5 million.  Again, is this a normal, positive development — the state of the market — or a contrived, negative development — removing a multi-unit property with multiple bedrooms from the rental rolls?

Back to the gut-renovated home in question. I learned it was built in 1904, and as one would expect, now has tremendous interior features. What’s the asking price? Take a guess, then visit this link. 

Will keep an eye out for an open house. 

The modest home shortly after the roof was removed and serious redevelopment started.

At this stage of the project, it was clear that the modest frame home with a basement apartment would be dramatically transformed.

New roof. New windows. New awning. The home was taking shape.

Still lots of debris in the front yard, but the project is nearly complete, at least from the outside.

The finished product is now on the market. The general footprint of the home was expanded, and a new garage erected.