Upcoming neighborhoods

[eevee]

Originally Posted by Humboldt1

People like me

Though I maybe a little more aggressive than most as I am looking to buy up a lot of buildings, not just a few and will most likely not sell but add as I go along.

how DARE you, as a white male, move into an ethnic neighborhood and renovate those buildings! you are KILLING the culture there! you are RUINING Chicago!!

[Humboldt1]

I will send you a DM. For now, it is from salary, in the future from other sources. I will explain in my message to you. Thanks.

[Banx]

Originally Posted by supernerdgirl

are you just TRYING to make every thread into a yuppie/hipster v. the rest of the city argument?

Actually no, not in this thread, I was just telling him that people are moving into ethnic neighborhoods and rennovating them, despite the fact that he thinks these neighborhoods are moving backwards instead of forawrds. But if u wanna have that arguement here, I'll be more than happy to.

[Lookout Kid]

While I don't often agree with Banx, I do agree that there is little evidence of any gentrification retreat in the current economy. The phenomenon has slowed a bit, but has not retreated... yet.

[Willmcw]

Originally Posted by Lookout Kid

While I don't often agree with Banx, I do agree that there is little evidence of any gentrification retreat in the current economy. The phenomenon has slowed a bit, but has not retreated... yet.

Why is McKinley Park Lofts having a "developer clearance" to move something like 34 lofts at once? (This gentrification project is located at 2323 W. Pershing at McKinley Park at Western Ave.)

This is the end of that. That project has taken over 6 years from start to finish, and it's still not totally sold. It's the end of it, for a long while, because NO MORE lending is available for these types of projects, it didn't produce a good return anyway, and there aren't enough buyers.

McKinley Park is now in retreat. Fully so. Values are falling, nobody is showing up to buy there. This is happening in many of the neighborhoods Banx called majority minority.

http://yochicago.com/today/lofts/rem...xt-month_7972/

[Lookout Kid]

Originally Posted by Willmcw

Why is McKinley Park Lofts having a "developer clearance" to move something like 34 lofts at once? (This gentrification project is located at 2323 W. Pershing at McKinley Park at Western Ave.)

This is the end of that. That project has taken over 6 years from start to finish, and it's still not totally sold. It's the end of it, for a long while, because NO MORE lending is available for these types of projects, it didn't produce a good return anyway, and there aren't enough buyers.

McKinley Park is now in retreat. Fully so. Values are falling, nobody is showing up to buy there. This is happening in many of the neighborhoods Banx called majority minority.

Remaining 34 units in McKinley Park Lofts up for auction next month » Blog Archive » YoChicago

McKinley Park never GOT STARTED in the gentrification process, so it's hard to argue it's in retreat. It was stupid for a developer to build there in the first place, and now they are getting burned. I would call that a gentrification remote outpost or beach head that never really took. I think most of these "wishful thinking" investments will go bust.

Also, unsold condo units are going to be everywhere that condos were overbuilt, but this doesn't really turn into a net loss of gentrification since many were never full in the first place. And how many conversions are going back to low-income housing? The net effect in Rogers Park, which had far too many conversions, is still a positive into the gentrification side of things. Even if some of the condo conversions end up converting back to rentals, many of them have higher-income renters than lived there before and the gentrification process is still way ahead of where it was five years ago. Don't forget that higher-income renters cause gentrification just as quickly as condo buyers.

[tragicandfancytoo]

I once heard that Lincoln Park might be the next big thing? Eh? In a post-post- It-neighborhood, ironic appreciation of sanitized urbanity/ rejection of anything that Jane Jacobs ever wrote kind of way, of course.

Personally, I'm not into blockbustin' but if you want to get that dollah, gurl...