Wednesday, July 30, 2008
Common Elements Raise Property Values in Andersonville, Ravenswood
I'm a true believer that the common elements of your condo building will help raise property values, or, at least give our home the edge over others when selling. It's an obvious statement. However, building condo associations that go beyond the regular maintenance to beautify their common elements will see better showing traffic and returns.
This last weekend I attended a party in the courtyard at Winnemac Terrace on the border of the Ravenswood and Andersonville neighborhoods. They have one of the nicest courtyard patio areas I have seen in the neighborhood. One of the owners in this 18 unit condo building works in the landscaping field and has shared his expertise. However, the condo board has made a commitment to providing funds for the plants, planters and waterfalls.
This should not be done in lieu of regular maintenance, but rather above and beyond. Each condo association should exploit it's best resources-the owners' combined expertise- to bring out the best in their building.
One bedroom condos in the building pictured above start around $230,000 generally. Re-sale units have sold well in the building.