Monday, September 24, 2007

Making room for another condo at Hilldale

Joseph Freed and Associates have plans for your soul. They want to elevate your interior landscape, at the corner of Segoe Road and University Avenue. Live at Hilldale, they suggest, starting "from the low $200,000's." The website for Freed's newest condo project, The Heights at Hilldale, urges you to "cultivate a new perspective."
In the past, residents of urban areas have faced compromises at every turn. Including the very living spaces they inhabited. Often bleak, cramped, and lacking any sense of community with others, these monolithic structures epitomized the soul-crushing skyline of the city. By bringing a new perspective to urban living, by redefining the very look and feel of city life, Joseph Freed and Associates has elevated not only the physical surroundings of one’s life, but also the interior landscapes.
Sounds wonderful. Meanwhile, the units in neighboring Weston Place are far from sold out. Do we need another new condo in the same place? Is that really the sunset blazing in the windows of the ruins? Or is it actually the flames of greed?


Dr Diablo said...

Just as beavers build dams whenever they have wood, developers develop, builders build, and banks lend whenever there is available capital. An overheated market is a clear-cut warning sign, but instead everybody hurries to get in on it. The Heights is indeed a monument to greed.

We should note, though, that teh flames of greed burn just as bright on the consumer side. The houses across from me and behind me were purchased by relative yokels who tld me they planned to "flip" the properties for a quick profit, just like the Big Boys. They are now sitting on quick losses. Some friends of mine tapped the equity in their paid-up residence to finance a Florida condo during the boom; they are now packing their own lunches to save money, just like the real estate people who urged them to snap up the condo before prices rose further.

In some ways, villagers in he world's remote areas are happier than the materially flush American middle class. Village folk don't leverage to build outsize huts and then see the bottom fall out of the market. They don't buy bamboo or tapioca futures to profit from price increases only to be swept away in the bamboo and tapioca gluts.

We're about due for a precious metals mania now, since the plunge of silver from $40 to $2 is just a distant memory. Ingots anyone?

timroth1618 said...

Funny I stumbled upon this blog, I was grocery shopping at Sentry last night and I noticed how few lights were on at Weston Place.

That's too bad they aren't selling, because these condos are the best way of combating urban sprawl.

Madison Guy said...

Tim -- The theory of combating sprawl with high-rise condos is great. The execution has been horrible, over-priced for the most part, and ugly. Not too tempting to buyers, as you observed.

Anonymous said...

Take a close look at the Weston Place building. Anyone who says it's ugly, etc. is straining to find something to whine about or hasn't taken the time to actually look at it. The common interior aspects aren't going to wow any of you perfectionists. That hopefully will change if/when occupancy improves enough to budget it. Frautchsi may have been guilty of bad timing, poor marketing, continued poor marketing and so on but unless the entire real estate market collapses that building is going to represent a solid attractive housing option. It's expensive and I'm surprised he hasn't caved on pricing but that just may be proof he realized it was a long term investment. You defenders of Madison's integrity just need to take one look from 50% of the views from that place to realize it's one of the best advertisements for Madison's beauty. I've lived in the Madison area for 45 years and places like this give a different perspective on the landscape that you won't necessarily get from your mud hut in your commune. That's not arrogance that's just a fact. Enjoy it for what it is.