Mario Greco in Crain’s Chicago Business

Chicago Real Estate Daily

Lakeview leads city in teardowns by Dennis Rodkin

On the 3700 block of North Greenview Avenue, construction is under way on a house with five bedrooms, five baths and a rooftop deck. It will replace a humble two-bedroom, one-bath cottage that was there for 125 years before it was demolished last fall.

It’s a familiar transition in Lakeview. In the past five years, nearly 300 older residential buildings in the neighborhood have been torn down and replaced with new homes, according to data compiled by Chicago Cityscape, which tracks building-industry permits in the city.

Lakeview is the epicenter of teardowns in the city, with more than twice the number in the second-ranked neighborhood, North Center. There, 124 residential buildings were torn down to make way for new homes from 2011 through 2015.

Bucktown and West Town are tied for third, each with 101 teardowns during those years. Roscoe Village is fifth, with 98.

In all five of those neighborhoods, “the demand for new-construction homes is high enough that it makes financial sense to tear down what is a perfectly functioning building and put up a brand-new replacement,” said Mario Greco, a Berkshire Hathaway HomeServices KoenigRubloff Realty Group with several North Side teardowns among his listings. “The buyers get the all-new house they want in the neighborhood they want most.”

MAINLY NORTH SIDE

Chicago Cityscape finds teardowns by pairing demolition and new-construction permits the city issues for a single address within 180 days of one another. That happens primarily in North Side neighborhoods, said Cityscape CEO Steven Vance. In South Side and West Side neighborhoods, a demolition permit is seldom followed by an application to build new on the site, he said.

In 2015, all of the…continue to full article on Crain’s