Tag Archives: housing bubble

Chicago to Redevelop Former Steel Site

The former US Steel South Works in South Chicago will be redeveloped, The New York Times reports.

The “ambitious” $4 billion plan will remake the 470-acre site with homes, a marina, commercial space and a school, the paper reports. It is the largest undeveloped parcel in the city.

You can learn more about the history of the site here; take a look at the before and after photos from the mill’s heyday (below).

This history site notes that 20,000 people once worked at the mill, which closed in 1992 after operating 110 years. It also notes that plans to redevelop the site have come and gone.

There is reason to be skeptical this plan will come to fruition. The Times notes, “the city is overwhelmed with unsold condos and housing units left over from the housing bubble. ‘We currently have years and years of oversupply,’ said James Kinney, the vice president for luxury sales at Baird & Warner real estate.”

Read more history about the site here and see some Flickr shots here.

-KG

1 Comment

Filed under Economic Development, Featured, Real Estate, The Housing Crisis, Urban Planning

Las Vegas Keeps Building

16builder_ca0-articlelarge

Above: The party’s not over in Vegas.

Some urban thinkers thought one silver lining of the economic crisis could be a slowdown in unsustainable sprawl, particularly in overbuilt areas of the southwest, like Las Vegas.

But that appears not to be the case at all, according to this New York Times story.

Despite home prices having declined 60 percent in four years, and despite the fact that there are nearly 10,000 empty homes with 5,600 more expected on the market soon, the Times reports, “builders here are putting up 1,100 homes, and they are frantically buying lots for even more.”

The story goes on say, “Some of the boom-era homes, meanwhile, are in developments that feel like ghost towns. And many Americans will always believe the latest model of something is their only option, an attitude builders are doing their utmost to reinforce…’We’re building them because we’re selling them,” a marketing executive with one builder told the paper. ‘Our customers wouldn’t care if there were 50 homes in an established neighborhood of 1980 or 1990 vintage, all foreclosed, empty and for sale at $10,000 less. They want new. And what are we going to do, let someone else build it?’ ”

How much longer can this go on?

Meanwhile, from last week’s Wall Street Journal, Detroit is preparing to tear down 10,000 homes, including Mitt Romney’s childhood home.

-KG

1 Comment

Filed under Economic Development, Featured, regionalism, sprawl, The Housing Crisis, The Media, Urban Farming