Chicago is up for another boom ? (Media: lease, condo, mortgage)

[JoninATX]

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".

Dallas, and Houston are good examples of 2 booming major cities, might as well add the whole state of Texas. But to answer the OP question, Chicago could have a good size boom in the near future. If the economy holds up I can see it happening.

[marothisu]

Here's a map I've been keeping for awhile. There's over 900 points on here so it may be slower, but these are building permits, mainly housing permits, issued from November 1, 2012 until February 21, 2014. I update it every week. Blue is single family residences, and red is multi family buidlings. You can clearly see how much stuff is going on in some areas.

https://mapsengine.google.com/map/ed...k.kCX4hpTehFsM

[edsg25]

i hate to think about the consequences if I hold my breathe, waiting for "boom times" to return in any US city.

[prelude91]

Originally Posted by im_a_lawyer

Supply doesn't match demand. The kind of housing that costs $700,000 is for the people in the top percentile. This city doesn't have enough lawyers and financial types to justify those prices. You would expect developers and the city to build more 'plain' housing because this is what people nowadays can afford yet all we're getting is luxury housing for the super rich. If your argument is that someone is actually buying those luxury condos, then you should research into money laundering and how real estate relates to it.

What is your source that supply doesn't match demand? $700k isn't all that much for many duel income couples.

[Vlajos]

Originally Posted by prelude91

What is your source that supply doesn't match demand? $700k isn't all that much for many duel income couples.

There is no source, just anger and jealousy. The lawyer is implying that many people I know are money launderers.

[williepotatoes]

I think that the lawyer is probably underestimating the magnitude of wealth that really exists in Chicago.

[Attrill]

Originally Posted by prelude91

What is your source that supply doesn't match demand? $700k isn't all that much for many duel income couples.

Most people also finance a house with the sale of a previous house. I know quite a few people who bought cheap in Bucktown/Ukrainian Village in the 90's and then sold for well over $700,000. I'd guess they have incomes between $100-150,000.

[im_a_lawyer]

Originally Posted by prelude91

What is your source that supply doesn't match demand?

Check the income stats for the past decade - incomes are staying flat at best. Meanwhile, housing prices are going up 20% a year.

Originally Posted by prelude91

$700k isn't all that much for many duel income couples.

... by that logic, $1,000,000 isn't that much money for a place either if you lived with your parents, your uncles and your brother's spouse and splitting $8,000/month mortgage bill into 6 parts? Millions of Chinese immigrant families do this in high cost of living areas, so why not?

Originally Posted by Vlajos

There is no source, just anger and jealousy. The lawyer is implying that many people I know are money launderers.

Affordable housing is not just for the poor you know? I'm neither angry nor poor. I'm simply disappointed in the direction this city is going.

Some banker buying a million dollar condo is doing nothing illegal except buying a place built and financed with dirty money. Since the real estate industry is exempt from money laundering rules, this is now a common practice for criminals to "legitimize" their money. The entire southern Florida was built with illegal drug money, so what's a dozen skyscrapers in major US cities for the global rich?

[Vlajos]

Originally Posted by im_a_lawyer

Check the income stats for the past decade - incomes are staying flat at best. Meanwhile, housing prices are going up 20% a year.



... by that logic, $1,000,000 isn't that much money for a place either if you lived with your parents, your uncles and your brother's spouse and splitting $8,000/month mortgage bill into 6 parts? Millions of Chinese immigrant families do this in high cost of living areas, so why not?



Affordable housing is not just for the poor you know? I'm neither angry nor poor. I'm simply disappointed in the direction this city is going.

Some banker buying a million dollar condo is doing nothing illegal except buying a place built and financed with dirty money. Since the real estate industry is exempt from money laundering rules, this is now a common practice for criminals to "legitimize" their money. The entire southern Florida was built with illegal drug money, so what's a dozen skyscrapers in major US cities for the global rich?

Lol, you may not be poor, but you certainly don't understand economics or real estate. I hope you're a better lawyer.

[oakparkdude]

Originally Posted by im_a_lawyer

Check the income stats for the past decade - incomes are staying flat at best. Meanwhile, housing prices are going up 20% a year.

Like it or not, the past decade has been very good for the upper end of the income scale while overall incomes have stagnated as you noted. Obviously, the families buying 700k properties aren't from the 50th percentile of income.