is this a good time to buy near Chinatown? (Bridgeport: real estate, condo)

[chickaboo]

I know there are couple other post has talked about Chinatown/bridgeport area. I was just wondering is it a good time to buy new Chinatown. I noticed that the condo price has went up signaficantly since about 5 years ago. and recently it soften a little because of the real estate market in chicago.

Anyone who's living in Chinatown or nearby area? how do you feel about the area in the future? and do you like it now?

Also I was told that Chinatown properties are mostly posted in Chinese newpaper and not in the common real estate websites. is that true?

Thanks a bunch!

[Frank the Tank]

I've lived in Chinatown before and I think it's a good area for the long term since it's so close to downtown with a limited supply of real estate. The neighborhood has certainly improved dramatically over the past decade. As you've noted, Chinatown properties are often listed in the local Chinese newspapers (if they are listed at all), so it's very hard to break into purchasing real estate there. The supply is tight and there isn't much (if any) new construction, so that's a factor regarding price levels long term. That being said, there's a huge amount of new construction just to the north in the South Loop.

[andrew61]

I've heard or read that Chinatown proper is so tight-knit that most properties that do change hands there do so by word of mouth, before they get a chance to be advertised, so it's pretty difficult to find a place to buy there unless you have connections in the area.

So IMHO buying in one of the adjoining neighborhoods (South Loop, Bridgeport) might be a better bet. I'd also guess that long-term prospects for those areas appreciating should be pretty good, even if the market is a little soft short-term.

[tr0uble]

I lived in a Chinatown condo 2000-2004. I'm half Chinese (this will help the following statement).

The future of the neighborhood is that it ain't ever going to turn into an ethnically diverse area, lol.

It is a very close-knit area, yes. Most real estate is not listed beyond the Chinese community. It is, very honestly, closed off to non-Chinese. What you need... is a Chinese real estate agent if you want to buy in Chinatown, proper.

Does the prospect of making a bunch of money off of real estate in the area exist like it was before? Not so much anymore. However, I don't think you'll see anything but continued growth in the area for the next few years. And, I mean FEW years.

The problem with the area is limited space. The new construction in the area is eating up the last remaining open land. Once the land is exhausted, you'll see the market stagnate.

[Lookout Kid]

Originally Posted by tr0uble

I lived in a Chinatown condo 2000-2004. I'm half Chinese (this will help the following statement).

The future of the neighborhood is that it ain't ever going to turn into an ethnically diverse area, lol.

It is a very close-knit area, yes. Most real estate is not listed beyond the Chinese community. It is, very honestly, closed off to non-Chinese. What you need... is a Chinese real estate agent if you want to buy in Chinatown, proper.

Does the prospect of making a bunch of money off of real estate in the area exist like it was before? Not so much anymore. However, I don't think you'll see anything but continued growth in the area for the next few years. And, I mean FEW years.

The problem with the area is limited space. The new construction in the area is eating up the last remaining open land. Once the land is exhausted, you'll see the market stagnate.

This can't go on forever. Sooner or later some smart property owners are going to realize that limiting the pool of potential buyers is creating serious downward pressure on their property value. Anyone selling property with half a brain would want full market value for their property, and that will only come when properties are fully exposed to the market. The tight-knit transactions of the past worked when property values and outside interest in the neighborhood was relatively low compared to the rest of the city, but this has changed in recent years. There are eyes on Chinatown now that weren't there ten years ago, and this will change things--for good or bad.

[chickaboo]

these are very good information thank you so much guys!

[kuvopolis]

I think the housing situation in Chinatowns (across the country) is discriminatory. Blocking out certain ethnic groups from obtaining property I believe is illegal in this country. But since white people are mostly the victim in this scenario, I guess it can be overlooked <sarcasm>.

[Mister Mappy]

I have a friend who recently bought a 3br/2ba condo on Wells & 29th for 279k. It's a nice place, and the neighborhood is nice. It's outside of the heart of Chinatown, but still about 70% Chinese, with some Italians and Croatians.

[hugoshi]

Originally Posted by kuvopolis

I think the housing situation in Chinatowns (across the country) is discriminatory. Blocking out certain ethnic groups from obtaining property I believe is illegal in this country. But since white people are mostly the victim in this scenario, I guess it can be overlooked <sarcasm>.

oh boo hoo. look, we need our ethnic enclaves. white people have their own, it's called the rest of the US.

anyways I'm sure you could buy in chinatown, no one is keeping you out like the housing discrimination in the past, you just have to go through different channels. If they operate by word of mouth, well then make some connections with them. Get a chinese real estate agent, whatever. Don't hate on asian people just because they don't do business the way YOU want them to. No chinese person is going to not sell to you because you're white, money is money.

Now if you're talking rental market..... it's a different story.

[Works Aero]

actually there is quite a bit of rental property in chinatown square area.
3 br 2 bath 2 car garages for 14- 1600 pr month is a steal really. just lock up your cars and get an alarm if your planning on leaving it outside. there is alot of petty theft in the area.