Chicago is up for another boom ? (Irving: apartments, city hall, rent)

[FAReastcoast]

Not really directed at any one individual, but having just recently moved to Chicago, here is my take on car ownership...

Those with money (a relative term, but for my argument, anyone making $500K/yr), will almost always choose to drive. The City is significantly altering its landscape/architecture to accommodate automobiles. Virtually every new highrise going up downtown has a god awful parking podium, there are several hollowed out art deco buildings in the loop, that have been turned into parking garages. Transit ridership should continue to increase (mainly due to 20 somethings), but the car is king in Chicago, at least that has been my perception. Anecdotally, I have never owned a car in my life, but in Chicago I now own 3 (mine, wife’s, weekend car). Life is just easier for the most part in Chicago with access to a car. I find that to be a positive in a lot of ways.

[Bluefox]

Originally Posted by long101

I have a friend that moved to Chicago from St louis. His income rose a bit, but nothing crazy. He is currently looking at places to buy in the 3-350k range. He was thinking to himself about how the heck he can afford a condo so much more expensive then SL. Then he remembered he doesnt have a car and all the costs assocatied with it. People are able to save 1,000s each year by using public transit (I'm not one of them). With gas at $4 a gallon I think you will continue to see people moving to larger metros, or at least being near public transit.

Agreed. When you take out the car payment, insurance, gas, and maintenance, that does free up a considerable amount of $$. But to your other topic, does he think that a less than $300-350k condo is not doable in Chicago? Or does he have more stringent standards?

[Dream Chaser]

Having a car in Chicago isn't as stressful as say NYC. Even in New York, I know people that drive. There's no city where everybody uses public transit. That being said, Chicago is easily livable with out a car. Chicago is doing good when it comes to the use of transit. CTA ridership is the highest in 20 years.

Chicago, NYC,and DC are the few cities where the use of transit does not cause speculation of being lower income bracket.

[Aleking]

the you don't need a car in chicago meme is greatly overstated

you need a car

[Aleking]

Originally Posted by Larry Siegel

The other 88%?

Seriously, while not everybody can pay $700,000 for a condo, many people can, and nobody pays cash. With $140,000 down, the P&I on a $700,000 condo is $2,837. Not too bad…

Agreed, they should work a little harder on the design. It kind of looks like Sandburg Village.

The Chicago economy is pretty good to very good. I wouldn't call it a full-out boom, but who needs that.

I'm not sure how anyone could look at the unemployment rate in Chicago and describe the economy as anything but struggling. The middle class continues to flee for the suburbs/sun-belt and much of the growth is a speculative (luxury rental towers) and driven only by growth at the top end of the market.

[emathias]

Originally Posted by Aleking

the you don't need a car in chicago meme is greatly overstated

you need a car

A car is a convenience, and I haven't owned or leased a car since 1999 and I've averaged a six figure income since 2003.

[prelude91]

Originally Posted by emathias

A car is a convenience, and I haven't owned or leased a car since 1999 and I've averaged a six figure income since 2003.

I would bet you are in the minority in town (6 figs/no car), point being the city is catering to cars way too much in my opinion, and it shows in our architecture.

[BleedCubbieBlue]

Is a car NEEDED in the city? No not necessarily. You can take public transportation to all points of the city. But a car is indeed convenient. I live in EHP and have family on the south west side of the city. I visit my parents at least once a week and having a car makes it a lot more convenient for me. I also cannot imagine going to costco/target/home depot without a car. Sure i can change my buying habits and only buy what i can carry home on the bus/train, but then again thats not convenient. So for convenience sake, a car is a must for me. I guess if i had a limited friend/family base in the city and i lived alone i could definitely stick to only my neighborhood. But thats not at all what i want living in this huge city. I made sure my condo had a garage when i was looking to buy and i'm happy.

[ChiTownWonder]

Downtown chicago is growing rapidly, it is a huge downtown for the size of the city even though there is alot of people. Downtown chicago was always a place in commmercial and residental popularity, and is now growing even more. A little while ago the focous was in the subarbs, and if you made it good in life you would live there, but now the downtown is a place for popular dream luxury living, and high class hotels, restraunts and shopping. Although it seems like new york is the only place buisnesses want to settle down in, chicagos downtown is getting alot of development and a big increase in population. In the past 10 years, chicagos downtown population grew about 36% or 48,000 people! While downtown new york only gained 9.3% or 37,444

[prelude91]

Originally Posted by ChiTownWonder

Downtown chicago is growing rapidly, it is a huge downtown for the size of the city even though there is alot of people. Downtown chicago was always a place in commmercial and residental popularity, and is now growing even more. A little while ago the focous was in the subarbs, and if you made it good in life you would live there, but now the downtown is a place for popular dream luxury living, and high class hotels, restraunts and shopping. Although it seems like new york is the only place buisnesses want to settle down in, chicagos downtown is getting alot of development and a big increase in population. In the past 10 years, chicagos downtown population grew about 36% or 48,000 people! While downtown new york only gained 9.3% or 37,444

What is "downtown New York"?