Chicago Housing Market 2022 (Naperville, Elgin, Lincoln: days on market, rent, HOA fees)

[TBideon]

South Shore and Washington Park are blowing up?

[BRU67]

Originally Posted by TBideon

South Shore and Washington Park are blowing up?

I'm stunned at what people are paying down there considering the crime and low median income. But there's a lot of out of state/international investor and speculator money flying around, so property values are benefiting. I think it may make sense for a portfolio investor who's got professional management and can offset non-paying or vacant units. For an amateur, I think it is an extremely risky bet.

[TBideon]

I guess they're playing the very long game. Those places are third world s-hitholes with a few outliers in South Shore.

[BRU67]

Originally Posted by TBideon

I guess they're playing the very long game. Those places are third world s-hitholes with a few outliers in South Shore.

South Shore has been "about to pop" for a very long time. A friend of mine, a white guy, bought a condo there during the last housing boom, 2005-ish, and he was out of there like his hair was on fire in two years' time. Another friend of mine, who is black, stayed one lease term, and talked me out of buying there actually.

It looks pretty and it's right by the lake but it has got some serious underlying social issues. The prices are being driven up now by people who don't understand, or don't care because they're just looking for cogs to go into a big portfolio with a possible upside. But if enough of them do it, maybe they'll turn it around. Who knows. But if I was just a regular person without a lot of resources, I just don't think I would try that.

[Greencheese]

Originally Posted by BRU67

South Shore has been "about to pop" for a very long time. A friend of mine, a white guy, bought a condo there during the last housing boom, 2005-ish, and he was out of there like his hair was on fire in two years' time. Another friend of mine, who is black, stayed one lease term, and talked me out of buying there actually.

It looks pretty and it's right by the lake but it has got some serious underlying social issues. The prices are being driven up now by people who don't understand, or don't care because they're just looking for cogs to go into a big portfolio with a possible upside. But if enough of them do it, maybe they'll turn it around. Who knows. But if I was just a regular person without a lot of resources, I just don't think I would try that.

I think it’s eye opening when you see the efforts (to the point of literally begging) Chicago’s politicians go to to get development south of the south loop at times. At the end of the day nobody with options is going to live there until we basically tear it all down and start anew. I venture most people talking about the south side “about to pop” haven’t even done as much as a Google street view of the area. Housing 1 block from the lake is a rundown ****hole while on the north side gentrification goes from the lake to miles and miles west without a single empty lot.

[dtyfygiu]

Originally Posted by Greencheese

I think it’s eye opening when you see the efforts (to the point of literally begging) Chicago’s politicians go to to get development south of the south loop at times. At the end of the day nobody with options is going to live there until we basically tear it all down and start anew. I venture most people talking about the south side “about to pop” haven’t even done as much as a Google street view of the area. Housing 1 block from the lake is a rundown ****hole while on the north side gentrification goes from the lake to miles and miles west without a single empty lot.

What a joke. Literally one of the fastest growing neighborhoods in the city, Bronzeville, is below the south loop. Same with Woodlawn. Have you been to Bronzeville lately? Tons of new construction. Bridgeport is booming. Washington Park had a 8.45% growth rate this past decade. Same with Oakland and Kenwood. Chatham also had population growth.

[BRU67]

Originally Posted by Greencheese

I think it’s eye opening when you see the efforts (to the point of literally begging) Chicago’s politicians go to to get development south of the south loop at times. At the end of the day nobody with options is going to live there until we basically tear it all down and start anew. I venture most people talking about the south side “about to pop” haven’t even done as much as a Google street view of the area. Housing 1 block from the lake is a rundown ****hole while on the north side gentrification goes from the lake to miles and miles west without a single empty lot.

I don't know if I would quite go that far. I think Douglas and Grand Boulevard have potential because they're along the Green Line. And obviously Bridgeport is doing very well, so you might get a southern and eastward push into there, provided that the Loop gets back on its feet.

But I would invest cautiously on the South Side for sure and, as my grampy would say about race cars, don't buy it if you can't afford to set it on fire.

[Don Cuccino]

Originally Posted by BRU67

For the most part, Chicago's economic disparities have been growing for a very long time. Today, about the only places you'll find any semblance of a strong non-professional middle class will be neighborhoods dominated by city workers (who have to live here). If the data I cited doesn't convince you, I'm not sure what will.

Anyway, until that reverses, I'll definitely welcome more tech workers, and hopefully more neighborhoods gentrify and property values and rents continue to rise.

Tech workers aren't the first ones who gentrify neighborhoods, it's the much poorer artists, bohemians, recent college grads making $15 an hour, and struggling creative types. Once enough of them move to an area and make it safer or at least appear safer then that's why the professionals come in. In the early to mid 90s the only people moving to gang infested Wicker Park were the artists who didn't have a pot to **** in. Then the yuppies came and brought Starbucks and Banana Republic with them, jacked up the rents and made it unaffordable for the "hipsters" Then it happened in Logan Square and now Pilsen. Very few professionals will move to the ghetto but quite a few poor college grads or artists will out of basic necessity. They simply don't have a choice. I'm starting to see a lot of them on the western edge of Pilsen by Western. Northside is just too expensive. Likewise that's why a lof of Hispanics from Little Village are moving into the southern edge of North Lawndale and West Englewood. Money talks.

[BRU67]

Originally Posted by Don Cuccino

Tech workers aren't the first ones who gentrify neighborhoods, it's the much poorer artists, bohemians, recent college grads making $15 an hour, and struggling creative types. Once enough of them move to an area and make it safer or at least appear safer then that's why the professionals come in. In the early to mid 90s the only people moving to gang infested Wicker Park were the artists who didn't have a pot to **** in. Then the yuppies came and brought Starbucks and Banana Republic with them, jacked up the rents and made it unaffordable for the "hipsters" Then it happened in Logan Square and now Pilsen. Very few professionals will move to the ghetto but quite a few poor college grads or artists will out of basic necessity. They simply don't have a choice. I'm starting to see a lot of them on the western edge of Pilsen by Western. Northside is just too expensive. Likewise that's why a lof of Hispanics from Little Village are moving into the southern edge of North Lawndale and West Englewood. Money talks.

Exactly. The tech workers are just going to go into the blue areas because they are highly paid and can afford strong amenities. That will have the effect of raising rents there, which will then force the poorer artists, bohemians, recent college grads making $15 an hour, and struggling creative types (aka first wave gentrifiers) into areas like Little Village, North Lawndale, and East Garfield Park, and thereby pave the way for future techies and young professionals to go there. And so on. It's the circle of life.

[dtyfygiu]

Was just looking at the homes in NY, LA, Seattle, Austin, Miami, Tampa, and Atlanta. We got it good in Chicago. Anybody who calls Chicago "expensive" is crazy, mid sized cities that dont offer 1/24th the amenities Chicago has are now more expensive.



The average median home price in San Diego is gonna break 1 million soon. Atlanta has absolutely shot up in COL, so many people are getting displaced there. Even the more expensive parts of Chicago are dirt cheap compared to these cities.