Some time since (Oh, heck was it in 2005, ten years ago? So it was.) I mused on the concept of public space, both in the general sense of a large city and the smaller sense, of a neighborhood … that is, the place that we live in, have our gardens and our households, where we have neighbors who know us, where we jog, walk our dogs, take an interest from the mild to the pain-in-the-neck over-interested and judgmental. If our homes are our castles, then the neighborhood is our demesne.
And unless we are complete hermits, home-owners will take an interest in the demesne. I state that without fear of contradiction, and it does not matter if that demesne is in a strictly-gated upper-middle or upper-class community with real-live 24-hour security, a private and luxurious clubhouse with attached pool and attractively-landscaped park or a simple ungated, strictly crisscrossed-streets and cul-de-sacs development of modestly-priced starter houses without any HOA-managed extras like golf courses, swimming pools, fitness centers, jogging paths indeed, anything beyond a little landscaping around the sign denoting the entrance to the development. This is where our homes are, and at the lower end of the economic scale of things, likely to have consumed a major portion of disposable income on the part of the householder. A good portion of our material treasure, in other words, is committed to those foundation, walls, roof and yard.
Real Estate
Renting Vs. Buying
In the 2007-9 real estate boom and debacle here in Chicago there was a wave of newly built condominiums that swamped the market in River North, River East, the South and West Loop, and even Downtown. For a while the new buildings could do no wrong and then that disappeared into a pool of foreclosures and difficult times for condominium associations as they had to deal with vacant units and those that refused or were unable to pay assessments.
In the 2012-5 period, that same area of Chicago has seen an enormous influx in new buildings, but this time it is different – they all seem to be rental units. Everyone seemed to learn the same lesson; condominiums can be hard to unload in a down market and the prices are highly variable (units sold for fire-sale prices during the nadir and condominium developers lost their shirts if they were holding inventory during that time), so let’s go with renters instead, who derive consistent returns for the building owner and lender.
For a bit I even thought I’d try to put my condo on the market since prices have gone up. I figured I’d just rent for a while and not be exposed to future downturns. But as I looked around for equivalent value to my current condo in terms of location, views, bedrooms and bathrooms, I noted that I’d be paying $4500+ / month for an equivalent space, if I could find it at all (inventory of larger condos in modern buildings in good walkable areas was in fact very low). That just seemed crazy.
High Rise Construction Views – And Taking Down A Crane
In River North, during the many years we’ve lived here, the skyline has been transformed with the addition of new high-rise buildings. Construction slowed after the 2008-9 crash, but is back now with a vengeance. A new apartment building is being built near my condominium. This is a view of the building while the construction workers were pouring concrete on the roof (you can see the concrete pouring arm) the same night of the “Derecho” storm which hit Chicago at the end of June.
I’ve always wondered how they take down the crane and we got a chance to see it up close and personal. The process took all weekend, and they closed down a nearby street on Saturday and Sunday while they dismantled the crane. They put the metal “box” (it is steel colored) with three sides around a vertical crane “segment” and then the crane pulls that segment out through the gap. You can see the crane holding the segment if you look closely – which it then lowers to the ground.
Harbingers
I’ve been surfing my usual internet hangouts over the last week or so in between working on various editing, formatting and sales projects for the Tiny Publishing Bidness so although I did surf, and read and observe reports on a number of different and rather disturbing events I didn’t have time to write anything about them until after I had finished the biggest of the current projects on my plate.
The biggest of them was the new-old range war of the Bundy ranch. I suppose that technically speaking, the Fed Gov had some small shreds of technical justification in demanding grazing fees … but the longer one looked at the whole of L’affaire Bundy, the worse it looked … which is doubtless why the Fed Gov backed down. A tactical retreat, of course; The optics of a shoot-out between the minions of the Fed Gov and the various Bundy supporters would not have been good, for Harry Reid and his clan and friends most of all, although they may eventually act seeing that they have a position which will be at risk by tolerating defiance.
New, New Urbanism
As a long time city of Chicago resident I have seen the immense growth of new buildings and new residents in areas near downtown which previously had been office buildings, warehouses, dilapidated structures, or simply abandoned. From time to time when I am in an architectural bookstore I glance at books about “new urbanism” or various similar concepts that authors and “urban planners” use to overlay atop the actual growth of a city (or decline, in the case of other parts of Chicago).
If you are from a smaller town or relatively slow moving US city and haven’t been overseas to see “real” growth somewhere like Hong Kong, China, or India, then Chicago’s growth over the last decade or so that I’ve lived near down is pretty astonishing. In River North, where I live, literally dozens of high rise buildings > 15+ stories have been built and are filled to the brim with owners and renters. The entire South Loop has been renovated not only with town homes and large buildings, but huge retail spaces like Target, Costco, and giant movie theaters. While there were many restaurants in River North when I first moved here, we had to walk far and wide to find even a place open for a decent breakfast; now we have a dozen to choose from within 6-8 blocks.
Since there are train tracks downtown for the Metra commuters which arrive from suburbs from all directions (except East, where the lake is) and many of these tracks are on ground level, the streets are cut up and there are sidewalks I used to take under viaducts with few people around. Now, however, immense apartment buildings have popped up (over 40+ stories) and in the morning there is a huge population of well dressed professionals walking along these routes and sidewalks, where previously there was just debris and parking lots. If I go to work late it is either single women walking dogs or nannies pushing single babies in strollers.
There must be 50,000+ well heeled urban residents packed into this place, all arriving from somewhere else whether it is a suburb, another state, or another country. None of them are poor – you can’t be – since rents are in the thousands and move up rapidly, and every new building coming up has more amenities than the competitors in order to attract residents. The demography is very fluid because many of the condominium owners rent out their units, and then the newer buildings have been built as apartments since the real estate crash of 2008.