http://www.chicagobusiness.com/realestate/20160119/CRED0701/160119854/lakeview-leads-city-in-teardowns Lakeview leads city in teardowns Photo by Cook County Assessor (left); AK Custom Homes (right) Th…
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Teardown’s were strong in Lakeview and Roscoe Village since that is primarily where the old stock inventory exists. Builders are having a much more difficult time in areas like Lincoln Park to find those gems. They are going to property owners of larger lot sized properties and overpaying for them because their numbers work on their proformas although some I’ve seen lately are questionable.
As we head into a shaky 2016 how many of these builders will learn from the past and over extend? Tread cautiously. The waters are stirring up and the boats could capsize pretty quickly once again depending on which direction we head.