Thursday, July 17, 2014

Residents of the Roseland neighborhood of Chicago worry about future external obsolescence

The Chicago Transit Authority plans to extend the Red Line from 95th Street to 130th Street. To do so 259 parcels of real estate will need to be taken according to the Chicago Sun-Times.

Out of the 259 parcels there will be 95 residential properties that would be displaced for the right of way. A group of homeowners met with the CTA yesterday for more information.

Those that have their property taken by eminent domain will be paid fair market value under federal guidelines reported CTA President Forest Claypool.  "To establish the fair market value of a condemned home, CTA spoksmen said, the property owner would arrange one appraisal and the DTA and federal government would arrange a second.

Other residents worried about what it would be like to live next to an elevated line. Property that is in a quiet residential neighborhood today will suffer from external obsolescence in the future. 

Citywide Services real estate appraisers performs residential appraisals in Chicago and suburbs 312-479-5344

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