Saturday, August 11, 2007
Volo Lakes Crossing
Last week driving down 12, they put the sign up for the new Volo Lakes Crossing shopping center on the SE side of 12 and 120. Unfortunately the sign is very small and since traffic has actually been moving well on 12 these days, I haven't been able to get a real good look at it other than the fact that it's supposed to open in the summer of 2009. Hopefully I'll be able to get a better look at it soon and try to find out more information. I think it's about time we get started on these projects as people are starting to bail out of this town after only a few years. There's over 30 properties for sale in my subdivision alone and that's not a good sign.
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This reply is a follow up to the comment that says the following:
"I think it's about time we get started on these projects as people are starting to bail out of this town after only a few years. There's over 30 properties for sale in my subdivision alone and that's not a good sign."
Before jumping to conclusions, please be sure to keep in mind the following:
1) Major retail/commercial developers typically don't move forward with $100+ million dollar projects until there's a guarantee of new residents. Now, considering just over 2 years ago Volo had less than 500 residents, why would you proceed with such an investment until you've at a minimum reached Volo's current population level? Not to mention, projects like this don't just get approved and begin in 1 week. It takes several months (sometimes years) to even ground break.
2) The U.S. is in a major housing slump. Median home prices, new housing starts, and sales of existing homes are down significantly nationwide(Chicagoland as well) over the past 1-2 years. However, Volo has continued to grow at a steady pace during this market decline.
3) Further, mortgage defaults and foreclosures are at record levels nationwide. This has either already happened or is on its way to happening for a significant number of residents both locally and nationwide.
4) Many real estate investors who purchased homes in Volo (and other communities nationwide) 2-3 years ago just before the housing bubble burst, are now selling the properties they thought would result in short term/high yield investments that would occur during the overall housing market peak that took place 2-6 years ago.
In summary, it's more likely affordability, commute time, job changes, etc. are the primary reasons for the residents who are selling homes in Volo and all other communities in Chicagoland and nationwide.
Volo is a community well positioned to become one of the most explosive retail/commercial corridors in the Chicago suburbs over the next few years to compliment the residential explosion already in progress.
Locally, based on recent meetings and newspapers, we have the following retail/commercial developments likely to begin/groundbreak this coming spring 2008:
-Volo Village Marketplace (SE corner Rt 12/120, Large Scale Project)
-Volo Village Corner Market (NE corner Rt 12/Volo Village Rd, Small Scale Project)
-Starbucks/3 other small stores (next to Auto Zone, Small Scale Project)
-The Shops at Lakemoor (SW corner Rt 12/Rt 120, Large Scale Project)
-Significant additional open land to develop beyond this timeframe
Hang in there!
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