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Old 03-19-2015, 06:49 AM
 
4,899 posts, read 6,185,913 times
Reputation: 7472

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Quote:
Originally Posted by NealIRC View Post
Let's take Al Capone's home, for example. Right now, it is in a Black neighborhood in the South side.
In 2008, the house went for sale at $450,000. It is a 2-flat. (Around 2452 square feet I think.).
It was recently at $300,000 and now down to $225,000.

The person who lives there is a 77 year-old woman who lived their for 51 years, since 1963. Al Capone lived there in 1923 till 1931, which was when he went to prison, but his mother continued to live in the house until her death in 1952.
Couldn't resist. .....and here it is.
7244 Prairie Avenue
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Old 03-19-2015, 05:19 PM
 
11,289 posts, read 26,069,949 times
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The economic mess that is the city and state finances are causing a weak and shaky economy. Shaky economy is causing uncertainty. Uncertainly is causing housing prices to stay suppressed. Suppressed housing prices are causing people not to build and not to put their houses on the market. No houses on the market is causing a low number of sales and uncertainty in how the market is really doing. Rinse and repeat. Once the state finances and city finances are more stable and those questions are answered, things should hopefully start opening up a bit more.
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Old 03-23-2015, 12:00 PM
 
143 posts, read 332,960 times
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Quote:
Originally Posted by Chicago60614 View Post
The economic mess that is the city and state finances are causing a weak and shaky economy. Shaky economy is causing uncertainty. Uncertainly is causing housing prices to stay suppressed. Suppressed housing prices are causing people not to build and not to put their houses on the market. No houses on the market is causing a low number of sales and uncertainty in how the market is really doing. Rinse and repeat. Once the state finances and city finances are more stable and those questions are answered, things should hopefully start opening up a bit more.
I agree with this Chicago.

I came to the city this past weekend to condo shop. Was a great experience. I COULD NOT BELIEVE THE PRICES! MY GOD! Just sooooooo cheap *In my asian dad voice, although Im not asian*. Rent prices are the same between Chicago and Seattle, except Chicago has more options for affordable housing. But the price in buying is substantially cheaper. Condos I know for sure (I only looked @ 1 bedrooms) for 400k in Seattle were going for 275 in Chicago (E.g. 1629 S Prairie - place is amazing). I'm likely going to make an offer for 1345 Wabash, the new development. That place would probably start at 289-305 for one bed rooms in Seattle based on the great location. But anyways, Yea I really hope Chicago and the state fixes their finances. They are the only ones holding themselves back. The rest of the country is getting more expensive and building wealth each day.
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Old 03-23-2015, 05:32 PM
 
1,188 posts, read 1,454,898 times
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City and state finances do not affect home prices or even the economy very much. California's state finances are messed up and SF and LA are both notoriously misgoverned, SF holding claim to the worst governed city in the country. That has not caused any downward trend in home prices or the general economy in those areas. The housing market in Chicago is pretty much supply and demand. Compared to other major markets in the USA here is a lot of supply, and not as much demand.
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Old 03-26-2015, 10:28 PM
 
143 posts, read 332,960 times
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Quote:
Originally Posted by tjasse View Post
City and state finances do not affect home prices or even the economy very much. California's state finances are messed up and SF and LA are both notoriously misgoverned, SF holding claim to the worst governed city in the country. That has not caused any downward trend in home prices or the general economy in those areas. The housing market in Chicago is pretty much supply and demand. Compared to other major markets in the USA here is a lot of supply, and not as much demand.
Strongly disagree. http://www.chicagobusiness.com/artic...nation-in-2015

Low taxes (which is one subunit government financials) correlate with stronger economies. Two consistently strong states (in terms of their economy) are Washington State (where I currently live) and Texas - both have no state income tax. People want to move there because of that, companies want to be there because of that. Chicago and Illinois finances are a mess last when I lived there taxes were almost 6%. Thats insane. Who would want to live their with crappy weather and high taxes which the government just keeps pushing higher?

For SF sure, the home prices are inflated, but they are artificially inflated almost like a stock bubble that won't bust, its clearly only for the rich.
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Old 03-26-2015, 10:58 PM
 
7,846 posts, read 6,370,872 times
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Quote:
Originally Posted by JL1585 View Post
Strongly disagree. http://www.chicagobusiness.com/artic...nation-in-2015

Low taxes (which is one subunit government financials) correlate with stronger economies. Two consistently strong states (in terms of their economy) are Washington State (where I currently live) and Texas - both have no state income tax. People want to move there because of that, companies want to be there because of that. Chicago and Illinois finances are a mess last when I lived there taxes were almost 6%. Thats insane. Who would want to live their with crappy weather and high taxes which the government just keeps pushing higher?

For SF sure, the home prices are inflated, but they are artificially inflated almost like a stock bubble that won't bust, its clearly only for the rich.
Nah, that's bull****.

Low taxes absolutely do not correlate with stronger economies. Name a city in Texas with a stronger economy than San Francisco, Chicago, or New York City.

SF and NYC do not have artificially inflated home prices. Their home prices are high because people want to live there for the jobs, yet zoning and geography limit the supply significantly more than a central city like Chicago or Texas cities. SF is basically locked in by the mountains and the ocean (as is Socal). NYC has a similar problem, along with extreme density issues. If anything, real estate prices indicate a healthy economy.

Texas will always have low real estate prices. It's big, flat, and ugly. You can build as much as you want out there.
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Old 04-19-2015, 01:02 PM
 
143 posts, read 332,960 times
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Quote:
Originally Posted by Opin_Yunated View Post
Nah, that's bull****.

Low taxes absolutely do not correlate with stronger economies. Name a city in Texas with a stronger economy than San Francisco, Chicago, or New York City.

SF and NYC do not have artificially inflated home prices. Their home prices are high because people want to live there for the jobs, yet zoning and geography limit the supply significantly more than a central city like Chicago or Texas cities. SF is basically locked in by the mountains and the ocean (as is Socal). NYC has a similar problem, along with extreme density issues. If anything, real estate prices indicate a healthy economy.

Texas will always have low real estate prices. It's big, flat, and ugly. You can build as much as you want out there.
A better economy? What's your definition of a better economy? Because in terms of affordability, an extremely low unemployment rate, and lower than average wage gap, Texas wins by a land slide sir or ma'am. Probably due to low taxes by the way.
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Old 04-19-2015, 02:24 PM
 
17,183 posts, read 22,770,514 times
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Quote:
Originally Posted by JL1585 View Post
A better economy? What's your definition of a better economy? Because in terms of affordability, an extremely low unemployment rate, and lower than average wage gap, Texas wins by a land slide sir or ma'am. Probably due to low taxes by the way.
Texas does not have LOW property taxes. Houston, in particular has very high property taxes. That balances out the fact that there is no state income tax.

Texas Has Second-Highest Property Taxes in Nation | Realty News Report

Quote:
AUSTIN – Texas has the second highest property taxes in the nation, according to a new study by RealtyTrac, a real estate data firm. New York has the highest.
Top 5 Houston ZIP Codes With Skyrocketing Property Taxes
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Old 05-22-2015, 01:10 PM
 
46 posts, read 65,070 times
Reputation: 25
bumping this.

What are people seeing?

Is Zillow's trend correct? Chicago Home Prices and Home Values | Zillow

Looking at Gold Coast / Old Town area specifically... I'm less familiar with other areas but my rentals have skyrocketed in what I can get for them in the past 3 years... correct me if I'm wrong, but it does not seem that home values have caught up yet... which means 1 of 2 things in my eyes:

1) Either prices have to go up (substantially)

2) Rental prices have to come down.

Thoughts? From what I'm seeing right now cash on cash return is around 8%, which seems decent to me, and with 80% LTV you're at an easy 500 a month profit with units only staying on market for rent less than 72 hours before they're picked up.
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Old 05-22-2015, 03:37 PM
 
28,455 posts, read 84,971,395 times
Reputation: 18725
The influx of people that have neither the desire nor likely overall finances to own can help keep the rental market significantly inflated for quite some time. Folks with a preference for more mobility understand and accept paying a hefty rental premium in markets where there is significant divergence from often hefty prices required for ownership. Further lenders are not eager to accept anything other than full 20% down payment for areas that could see some dramatic downward price pressure from nearly inevitable increased taxes...
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