A story in today’s Chicago Tribune highlights a condo building that will be changing from a prestigious Lake Shore Dr. address to a slightly-less-prestigious Oak St. address. Reason for the change are unclear, but it’s got residents upset, even if it may not mean much for re-sale values.
So the question is, how much does the cachet of an address mean to you? Does Lake Shore Dr. sound better than a neighboring side street? Does Oak Street mean more than Michigan Avenue? How about State Street?
For that matter, how much does the ZIP code or city name mean to you? We’re not talking about what those factors mean for property values–those are measurable factors. What we’re referring to is the emotional cachet. Does living in 60614 mean more to you, personally, than 60613 or 60657? If all other factors are roughly equal, will you forsake a perfectly good condo because it’s in the wrong ZIP code or in Evanston instead of across the street in Chicago?
Or do property value, purchase price, school system, and other concerns matter more than what address your friends will be addressing their holiday cards to?
Feel free to weigh in with your comments.
[Source: Chicago Tribune]