Chicago is up for another boom ? (appointed, sale, condos)

[Vlajos]

Originally Posted by pvande55

It seems I'm seeing more help wanted signs and more building here than at any time since the economic collapse. Even a few companies moving here. So there may be a boom coming. You'll know for sure when residents complain about development.

Lincoln Parkers have been complaining about the redevopment of Children's Hospital. Luckily the City just approved the plan, dumbed down as it is.

[im_a_lawyer]

And all of them are "ultra-luxury" modernist garbage condominiums. Not sure who are those people who can pay $700,000 cash when the unemployment rate is 12%. A lot of those towers sit empty. How do you expect people move in here with housing situation like that?

[marothisu]

Originally Posted by mjtinmemphis

The only cities that are growing from what I can remember are suburban cities with a lot of open space Phoenix and Nashville type places.

Chicago at last estimate had grown about 20,000 people. It's not as much as other places in California, Texas, and Arizona, but the economy here is growing and the last estimate shows a small increase of population.

The thing I've noticed with the depopulation of the African American community in Chicago is the poverty rate is remaining the same. That let's us know there is some depopulation of professional class that tells a story that can be looked at in different ways. Many African Americans who grew up in the cities don't want any part of them. Then you have ones like me that require a different social situation that would choose a city based on size of the African American middle class and education of peers for social opportunities.

Yep, I've seen that as well, which is why I kind of worded my statement the way I did. I keep a VERY close eye on development and there is a sort of small boom going on downtown and in other areas too.

[marothisu]

Originally Posted by im_a_lawyer

And all of them are "ultra-luxury" modernist garbage condominiums. Not sure who are those people who can pay $700,000 cash when the unemployment rate is 12%. A lot of those towers sit empty. How do you expect people move in here with housing situation like that?

Really? What the hell does buying something that's $700K have ANYTHING to do with the unemployment rate (and it's not 12%)? If you have a job, you have a job plain and ****ing simple. Just because the unemployment rate is higher than it is doesn't mean you don't have job security. Give me a break.

[oakparkdude]

Originally Posted by im_a_lawyer

And all of them are "ultra-luxury" modernist garbage condominiums. Not sure who are those people who can pay $700,000 cash when the unemployment rate is 12%. A lot of those towers sit empty. How do you expect people move in here with housing situation like that?

Didn't you hear about how Chicago has one of the largest gaps between the rich and the poor? (Crain's Chicago Business : Subscription Center) Just because there's a lot of unemployment doesn't mean there's not a lot of wealthy people with money to burn. Also the latest Chicago metro unemployment rate is 8.3% not 12%.

[im_a_lawyer]

Originally Posted by marothisu

Really? What the hell does buying something that's $700K have ANYTHING to do with the unemployment rate (and it's not 12%)? If you have a job, you have a job plain and ****ing simple. Just because the unemployment rate is higher than it is doesn't mean you don't have job security. Give me a break.

Supply doesn't match demand. The kind of housing that costs $700,000 is for the people in the top percentile. This city doesn't have enough lawyers and financial types to justify those prices. You would expect developers and the city to build more 'plain' housing because this is what people nowadays can afford yet all we're getting is luxury housing for the super rich. If your argument is that someone is actually buying those luxury condos, then you should research into money laundering and how real estate relates to it.

[mjtinmemphis]

I used to think areas with low unemployment had poor quality jobs, liberal work-at-will laws and paid companies to relocate to certain areas. Not to mention low wages.

To me that is not a desirable place to live.

[mjtinmemphis]

Originally Posted by im_a_lawyer

Supply doesn't match demand. The kind of housing that costs $700,000 is for the people in the top percentile. This city doesn't have enough lawyers and financial types to justify those prices. You would expect developers and the city to build more 'plain' housing because this is what people nowadays can afford yet all we're getting is luxury housing for the super rich. If your argument is that someone is actually buying those luxury condos, then you should research into money laundering and how real estate relates to it.

I've wondered how many more areas can gentrify before the high end of the real estate market peaks and the demand for quality affordable housing in quality affordable neighborhoods has to be fulfilled.

[Vlajos]

I believe the Children's Hospital redevelopment is mostly rental. And what oakparkdude and maro said.

[marothisu]

Originally Posted by im_a_lawyer

Supply doesn't match demand. The kind of housing that costs $700,000 is for the people in the top percentile. This city doesn't have enough lawyers and financial types to justify those prices. You would expect developers and the city to build more 'plain' housing because this is what people nowadays can afford yet all we're getting is luxury housing for the super rich. If your argument is that someone is actually buying those luxury condos, then you should research into money laundering and how real estate relates to it.

Most of the stuff being built in Chicago is single family homes, and most of it's not by developers. Much of it is tear downs too meaning the price is even more than the building permit says (because of the purchase price of the prior home). I used to be like you - when I first moved here I thought "how the hell can this many people afford this stuff?" After meeting many people and doing some logical thinking, I realized the answer is "many." In a city of 2.7 million people, not to count people who own things here and don't even live here, it's quite simple. Most people do not pay cash for their homes, either. There are a lot of families or couples who makes at least $200K/year in this city who can easily afford a $500,000+ place.

And even so, the high rise stuff is mainly rentals. There's a lot of people making a lot of money in this town - trust me.