Chicago is up for another boom ? (Lincoln, Roscoe: sales, real estate, 2013)

[Dream Chaser]

Chicago has been having allot construction activity going on for the past two years. Last year things start to pick up even more. With the real estate doing better, sales activity citywide did well. Downtown has like 14 buildings under construction or is in preparation for it. Condo inventory has slowly but surely declining. How does it look for Chicago in the near future ?

[mjtinmemphis]

I'm not sure. Isn't the economy picking up everywhere?

How is the unemployment rate compared to peer cities and other cities in the midwest?

Booming is a strong term. I don't know if any major city outside of DC is "booming".

[Vlajos]

Originally Posted by mjtinmemphis

I'm not sure. Isn't the economy picking up everywhere?

How is the unemployment rate compared to peer cities and other cities in the midwest?

Booming is a strong term. I don't know if any major city outside of DC is "booming".

Actually DC is has job loss yoy.

[marothisu]

There's actually around 19 high rises in town under construction or site prep. A few more in areas like Hyde Park in site prep and more planned. There's a actually lot of small residential stuff going on, or has gone on, in areas like Lakeview, Lincoln Park, Roscoe Village, Ukrainian Village area, Bridgeport, etc. I wouldn't call it a full on boom, but maybe a mini one. Nothing like the earlier 2000s.

There are a lot of units being added downtown though, for sure, and many hotels under construction right now (mainly big conversions of old office buildings) or ones that will start soon. I think between 2012 and 2016, something like 8000-10,000 new residential units will have been added (forecasted - a few thousand already have been built between 2012 and 2013) and a few thousand new hotel rooms as well. There's proposals coming out all the time now, so that number could grow.

[Chicago76]

Originally Posted by mjtinmemphis

I'm not sure. Isn't the economy picking up everywhere?

How is the unemployment rate compared to peer cities and other cities in the midwest?

Booming is a strong term. I don't know if any major city outside of DC is "booming".

Real estate "booms" in urban areas are more localized though. The city, county, or metro might not necessarily boom, but certain neighborhood could very well do so.

[marothisu]

Originally Posted by Chicago76

Real estate "booms" in urban areas are more localized though. The city, county, or metro might not necessarily boom, but certain neighborhood could very well do so.

They are - look at new construction building permit data in town. There's a lot of work that's gone on or has gone on in numerous areas since 2012.

[mjtinmemphis]

Originally Posted by Chicago76

Real estate "booms" in urban areas are more localized though. The city, county, or metro might not necessarily boom, but certain neighborhood could very well do so.

City living is becoming more popular with DINK's, Gay's, Hipsters and Yuppies. It will be interesting to see how long the trend will continue and how that will change cities. I wonder where would Chicago be in 2020 with population.

[marothisu]

Originally Posted by mjtinmemphis

I wonder where would Chicago be in 2020 with population.

It will be interesting because there's a lot of African Americans as well as lower class which seems to be moving out of the city (either to the burbs or to other parts of the country). However, there's still a steady stream of people moving in - and I think is a lot of middle and upper class.

If I had to guess, the population either won't be that much different - an increase or decrease won't surprise me, but I think the median income will increase because of the seemingly exodus of some of the lower class being replaced by people who are in the middle and upper classes.

[mjtinmemphis]

Originally Posted by marothisu

It will be interesting because there's a lot of African Americans as well as lower class which seems to be moving out of the city (either to the burbs or to other parts of the country). However, there's still a steady stream of people moving in - and I think is a lot of middle and upper class.

If I had to guess, the population either won't be that much different - an increase or decrease won't surprise me, but I think the median income will increase because of the seemingly exodus of some of the lower class being replaced by people who are in the middle and upper classes.

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.

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.

Once again, Chicago is what it is and doesn't have to change to be relevant. I don't see it as a boom town because of that. Otoh, it will never drop population like St Louis or Detroit either.

[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.