Chicago Native Thinking About Moving Back....Should I? (Jacksonville, Lincoln: real estate market, 2015)

[lodge90]

I am a native Chicagoan. Born and raised in Lincoln Square, lived in the city, in various neighborhoods, for nearly 30 years. Have been on the East Coast since 2010. I am thinking about moving back. However, all my good friends and former work colleagues have not only left the city, but many have moved out of state as well. The only reason I would want to move back is to be nearer family and the memory of what I love about Chicago. Having said that, nearly to a person, people are telling me not to move back, that the city is in BIG trouble, and from everything I can read about the city, it seems to be a fairly accurate statement. I left just as the last Daley fiasco, selling the parking meter rights, was kicking in full force. My questions is this. Is there anything out there showing Chicago has a bright future and is not going to be the next Cleveland or Detroit? Is the city doing anything to attract tech business into the city? Can the real estate market sustain itself? Just a quick glance and it looks like a lot of neighborhoods are heading into another bubble. I would love to come back, but not if it is financially stupid to do so. Any thoughts?

[chicagobear]

I've lived here for over 25 years and I think Chicago is doing fine. Many neighborhoods have gentrified and there is demand to live in the city from young people moving from other parts of the Midwest and the suburbs. There are only a couple of places that are dense enough to support a truly urban, car free existence and Chicago is one of them. Many businesses are relocating into the city to attract tech talent. Moderate sized houses in Lincoln Park go for over a million dollars and that shows you how much healthier Chicago is than a lot of other cities.

[marothisu]

It's hard to tell what would happen - the economy is growing and there's a bunch of new residential high rises going up right now and more about to start. Bunch of new hotels going on too as well as a bunch of public park type of stuff (riverwalk extension, 606, etc). Then there's some weird economic stuff going on. The city is in the middle of a big shift and there are things growing even with news about the economic stuff you've heard.

I think it'll be fine, but you never know what'll happen. In the meantime right now it's doing fine.

[marothisu]

Originally Posted by lodge90

My questions is this. Is there anything out there showing Chicago has a bright future and is not going to be the next Cleveland or Detroit? Is the city doing anything to attract tech business into the city?

It's been happening for the last 5-7 years. Chicago is currently the 3rd fastest tech market of any MSA in the country after Seattle and Houston. No, it's not like Silicon Valley but it's growing pretty fast.

http://www.chicagobusiness.com/artic...ech-job-growth

J.B. Pritzker on the State of Chicago Tech, Tech Bubbles and Silicon Valley | Chicago Inno

Can the real estate market sustain itself? Just a quick glance and it looks like a lot of neighborhoods are heading into another bubble. I would love to come back, but not if it is financially stupid to do so. Any thoughts?

Yes there's a decent amount of construction going on now. The housing market is crazy - I have a friend who owns in Lakeview - bought something a few years ago for pretty cheap. The value of his condo has gone up 50% in 2 years.

[jonnynonos]

I'm from Detroit. If you think Chicago has anything in common with Detroit you must have not ever been to one of them.

As far as municipal finances, Chicago is likely a ways off from a collapse. When it does happen, it probably won't Directly affect anyone but city employee pension holders and institutional bond holders.

Ha...I read recently that Detroits new bonds will likely be rated AAA if you can believe that.

It's not quite as terrible an issue as people think. The debt is likely held by hundreds of institutions and they will get something back on the dollar anyway and move on.

If you mean the demographics of the city, some neighborhoods are likely better and some worse than when you left.

[chet everett]

I mean this in the nicest possible way, but JB Pritzker is about as useless as poopy flavored lollipop.

If he knows so much about tech start ups why does GrubHub not have him on the Board -- GrubHub, Inc. - Investors - Governance - Board of Directors

Or Groupon --
https://www.groupon.com/press/our-le...utm_campaign=0

He is big fat old entitled political insider with the ability to live with subpar returns because his grandfather started a company worth billions -- J.B. Pritzker - Wikipedia, the free encyclopedia


There is a HUGE reason most of the real tech leaders tend to have strongly little l libertarian leanings, they know first hand that spending time at "gala fundraisers" is a pathetically inefficient way to actual accomplish anything of value. The insiders that use the real estate deals to artificially pump up the desirability of Chicago could learn a whole lot from how towns in Silicon Valley could not give two you-know-whats about some ridiculous office site... Google, LinkedIn and other companies propose 6 million square feet of offices for north Mountain View - San Jose Mercury News

[steeps]

Originally Posted by chet everett

I mean this in the nicest possible way, but JB Pritzker is about as useless as poopy flavored lollipop.

If he knows so much about tech start ups why does GrubHub not have him on the Board -- GrubHub, Inc. - Investors - Governance - Board of Directors

Or Groupon --
https://www.groupon.com/press/our-le...utm_campaign=0

He is big fat old entitled political insider with the ability to live with subpar returns because his grandfather started a company worth billions -- J.B. Pritzker - Wikipedia, the free encyclopedia


There is a HUGE reason most of the real tech leaders tend to have strongly little l libertarian leanings, they know first hand that spending time at "gala fundraisers" is a pathetically inefficient way to actual accomplish anything of value. The insiders that use the real estate deals to artificially pump up the desirability of Chicago could learn a whole lot from how towns in Silicon Valley could not give two you-know-whats about some ridiculous office site... Google, LinkedIn and other companies propose 6 million square feet of offices for north Mountain View - San Jose Mercury News

OMG you need to leave Chicago and get a bunker from a aging hippy in Idaho, and prepare for a national collapse? You are always pessimistic.... yet remain in Chicago? Are you too poor to GET OUT? And should we take a donation for you?

I don't know what political leanings you have? But why stay in the city if you abhor all about it????

[ToriaT]

Sometimes people let their political leanings color everything. With regard to the posters questions, he does not say where exactly he lives now or what his prospects are there compared to here. So its hard to give him advice. Chicago is not going to collapse, its not going to go away but there are tough times ahead for the city and state. The question is separating the news you see on TV and assessing how it affects you. It does not really affect me that much...yes I pay high taxes but I believe that is a given regardless of political party. I look at some of my family members who have moved away...did they really go to a better place than the Chicago area? Oklahoma....Jacksonville, FL, Atlanta, Philadelphia....really? I'd druther be here.

[edsg25]

Originally Posted by ToriaT

Chicago is not going to collapse, its not going to go away but there are tough times ahead for the city and state.

we're talking about a major, major global city, an absolute essential to the United States in the role it plays. one would have to be an idiot to think (1) that Chicago could "collapse" and (2) if it were to do so, that it wouldn't be totally devastating to the US and everyone of its major cities if it were to happen. I would hate to think of what would become of New York or Los Angeles if Chicago collapses.

so, ToriaT, I say "spot on"…..you've hit this one on the nail.

[cfbs2691]

Originally Posted by lodge90

the memory of what I love about Chicago.

Best of luck.. but make sure you think long and hard about how this is impossible to move back to.