Former Chicagoan (Lincoln, Bridgeport: sales, real estate, 2014)

[msmanak]

Hi,
Thought I could get the ball rolling by asking simple questions to get feedback from everyone. I am a former Chicagoan who now lives in Charlotte nc. While we love the weather here we noticed that there a missing feeling that we can't seem to get rid of. By we meaning husband and I. Dont get me wrong, Charlotte is a great city but not the city that we want to continue living in. We are looking to come back December 2012-January 2013, after I finish grad school. We firmly believe living minimal and being an urbanist.

So the question is, we want to buy a building and live in one of the units while renting th other units. I have my eye on the south side near south loop or the gap, or bronzeville. In those areas, do you think that I am
Crazy to look there. I know of crime but did live in the south loop and west loop by united center. I am actually dealing with more crime here in Charlotte with break ins and car larcencys compared
To only one issues that I ever dealt with in Chicago.

If anyone has a better suggestions I'd like to hear them.

Also while I love the cubs, Id rather not be anywhere near wrigleyville unless I'm working as a planner or going to the games

[jsk1983]

What about Bridgeport?

[msmanak]

I was looking into it, noticed how it has become the new art district, however haven't been there in few years since we moved 2009. Heard of gang issues, Maybe it has gotten better but can you further elaborate on the neighborhood conditions?

[jsk1983]

I was under the impression it was pretty safe. Very mixed demographically speaking. Seems like lots of Asians, Hispanics, working class whites, white hipsters and students.

[msmanak]

Ok off to a great start, now was I right about it taking the title of art district?

[MannheimMadman]

Originally Posted by msmanak

Ok off to a great start, now was I right about it taking the title of art district?

I haven't been back to Bridgeport since the summer, but as I recall, just that small slice west of Halsted from 31st to 35th is really an 'arts district'.

The rest of the neighborhood is pretty low-key and 'bedroom community'. The upside is cheap rent. I recall looking at a huge two bedroom on Emerald for like, $750. That's pretty good.

EDIT: Also, is there a reason why you're only considering this particular cluster of neighborhoods? Do you or husband need to be in the loop quickly? Do you need cheap housing? If cheap housing is your need and you're feeling pretty brave, you could definitely find some two and three flats. Though, be warned - the clientele to whom you rent may not be as savory as you'd like.

[chet everett]

I would not really be thinking about buying any property until I had a handle on where I might get a job and what sorts of demands on my time that job would create. If you have a nice pile of cash to support your lifestyle then you can afford to play whatever role you dream up, but if you had to take out loans to pay for school and will need to borrow money to finance the purchase of a home you will need a history of employment to qualify for a mortgage. By the time you have sufficient credit history (around 2014...) both your life goals and the climate for purchasing real estate may shift quite a bit from where both currently are...

The stalled out gentrification in parts of Chicago like Bronzeville could very well become full-blown blight in two years.

[Vlajos]

Originally Posted by chet everett

The stalled out gentrification in parts of Chicago like Bronzeville could very well become full-blown blight in two years.

Dear God, more of this?

[emathias]

Originally Posted by chet everett

...
The stalled out gentrification in parts of Chicago like Bronzeville could very well become full-blown blight in two years.

I never met anyone who wasn't just an all-out Bronzeville booster who thought Bronzeville ever got past the very first stages of beginner gentrification. It was blighted before gentrification began, and in my opinion it has remained blighted during gentrification and never really turned a corner despite some city and private investment. Yes, MLK Blvd looks better, and a few commercial buildings got renovated, but past that it was still very, very rough. If you spent time there, you would still see guns and hear gunshots. In places that have turned the corner on gentrification you may still *hear* occasional gunshots, but you rarely, if ever, *see* guns.

Bronzeville will hopefully eventually become full-blown gentrified, but it has a long way to go and suffers not just from depopulation, but from destruction of building stock. Places like Lincoln Park and Wicker Park never really lost massive amounts of buildings to empty lots like Bronzeville has. It's a lot easier to gentrify when it's based on renovation than when it has to be based on new construction because gentrification is generally led by young people buying cheap old houses and restoring them. When there's nothing to restore, that can't happen.

That said, Bronzeville is nowhere near the worst place to live. I do consider it still blighted, but not nearly to the same level as Englewood or West Garfield Park or South Lawndale are. What housing is still standing has some great bones, and now between the recession and the end of the outright mortgage fraud that was driving up prices (look at the sales history of a lot of the buildings and there are definite "inconsistencies" going on), there are now some good values on buildings that have been partially renovated to the point someone else can finish the process with less risk and more potential reward.

[msmanak]

Where to start? I don't have any loans since we have paid for school out of pocket and my desired career is actually very flexible on where I live, with eventual plans of having my own business.

Now not that I want a cheap place but places that are accessible to the loop, I do like the north side but I always loved living near Roosevelt, for it had everything I needed. We did live in river city and I was able to walk to target, grocery store etc. and was an easy bike ride to my old job at apple.

We have a significant amount of money for down payment and can easily get loans for places.

Btw I have absolutely no desire to be a yuppie who lives on Lincoln park, I am white but I want my children to love all kinds of people regardless of Their race. I am hoping to live near the train, the sounds doesn't bother me and I actually feel safer living next to tracks. Blame that on growing up in downers grove by the tracks.

I also considered hyde park, west loop, noble sq (but it's not accessible to train) ill make a snap shot of a map soon circling of areas. We have started researching areas and will be coming back for advices

Again thank you y'all for the ideas and concerns so far