Saturday, September 14, 2013

A Random Walk Down Clark Street, Pt. 2

[This article was originally posted in 2009, during the middle of the Great Recession.]

Continuing my survey of vacant properties on a stretch of Clark Street, Chicago...

Over the last couple of years only a couple of condo units went up on this stretch of road. With all the foot traffic and activity, it's not the ideal place for a residence. A few blocks further south (in Uptown) a couple of major projects started and then ground to a halt when the housing bubble burst.

Chicago was just like any other city in its housing boom, which as we all now know was financed using bad mortgages. Up here on the north side, where land is relatively cheaper, EVERY vacant lot was being rehabbed or built on. About six months ago I took a walk and counted the construction projects near me. At that point, within a five block radius of my apartment, I counted over thirty of them.

Now, the ones that have been completed sit empty or have been foreclosed on, the ones that aren't finished are on hold. On the plus side, if you have income and great credit, this is a fantastic time to buy something.

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