Saturday, January 30, 2010

Here is another example of a single family home flanked by apartments and located on an arterial street.

This prairie style home is located in Chicago's Austin neighborhood and was designed by architect Frank Lloyd Wright. One can only imagine the difference in value between this house in its bad location and a nice quiet residential location.

One thing that is sure about real estate is change. Another thing to keep in mind is that property on arterial streets will change faster than residential property back in the neighborhood.

107 years ago when Wright designed this property Central Avenue was still an arterial street. In 1903 the level of traffic & noise was nothing like it is today. This home may have been flanked by similar residences that were torn down and now the land is used for apartments. The level of external obsolescence has changed over time.

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