An assistant village manager, cites the ... subdivision ... as an example of the effect the redevelopment has had on property values.
“It’s an older development built after World War II,” he said. “Instead of moving, property owners are deciding to put additions on their properties.”
The story continues:
... While it hasn’t happened in great numbers yet, village officials are bracing for an increase in teardowns once the real estate market improves and the redevelopment is complete.
“You see it right now in [Neighborhood A] with the two- and three-bedroom ranches coming down and $800,000 homes going up,” ... said. “ [Neighborhood B] is a much more modest community.”
While teardowns have been adamantly opposed by many residents of [Neighborhood A], [Neighborhood B] officials are working on the issue before it becomes a problem.
“As far as teardowns we’re trying to get ahead of the code. We’re going to be looking at our ordinances over the next six months. It would not be a teardown ordinance but a redevelopment ordinance.
“We want to encourage people to improve their property but still have some control so we don’t get McMansions on a (small) lot." “It’s a delicate balance between property rights and zoning.”