Best neighborhoods in Chicago to buy property? (Lincoln, Roscoe: price, basements)

[pureistheword]

agreed about Edgewater. I do not live in Chicago yet, finally making the move this year (I think) but have been many times and been looking at real estate actively for 3 years. Similar areas and budget (200ish). My wife loves Andersonvile but I think budget is pushing it but you should be able to find something within Edgewater limits in a older building. Some of Lincoln Square would do, I like that area too.

[deg23]

I would look into Hyde Park. Besides the luxury units, most 2-bedrooms are under 200,000 and it's really a buyer's market. Rent prices are significantly higher than what would be expected for condo prices. Recently bought a very sizable two bedroom in a very well-maintained building in what I think is the best (eastern) part of the neighborhood for 150,000 with under 300 hoa fees. A lot of development in the neighborhood the last couple years and more on the way; great growth potential. It's a little difficult to get to the farther N and W sides but you can get downtown in 10 minutes by metra and 25 minutes by bus if you leave on the east side of the neighborhood.

[beaniemac]

Originally Posted by deg23

I would look into Hyde Park. Besides the luxury units, most 2-bedrooms are under 200,000 and it's really a buyer's market. Rent prices are significantly higher than what would be expected for condo prices. Recently bought a very sizable two bedroom in a very well-maintained building in what I think is the best (eastern) part of the neighborhood for 150,000 with under 300 hoa fees. A lot of development in the neighborhood the last couple years and more on the way; great growth potential. It's a little difficult to get to the farther N and W sides but you can get downtown in 10 minutes by metra and 25 minutes by bus if you leave on the east side of the neighborhood.

I love hyde park even though it doesn't have L service. that being said, it was too expensive for me since my family wanted a SFH with a 2 car garage. and for that, then you're looking at over 500K for the most part.

[glass_of_merlot]

Originally Posted by IrishIllini

Trendy neighborhoods change. It seems like, while still popular, Lakeview is less "hot" than it was even five years ago. Now all you hear about is Ukrainian Village, Logan Sq., Bucktown, and Wicker Park.

With your budget I'd look into Andersonville, Buena Park, or Uptown. People's perceptions of Uptown vary wildly, but it's not a bad spot.

You could also find something in Lakeview in your price range, but just watch the HOA fees.

Andersonville? The condos around here at that size starts around 300k. But again, that's Andersonville.

[urbanchillage]

Forget the Northside its all way overpriced. You should look into the near Southside and further NW/Westside for good deals in developing/gentrifying neighborhoods. Bridgeport, McKinley Park, Canaryville, Douglas/Bronzeville, Pilsen, Humboldt Park, Hermosa, Jefferson Park, Albany Park

[Vlajos]

Originally Posted by Brandon010181

Forget the Northside its all way overpriced. You should look into the near Southside and further NW/Westside for good deals in developing/gentrifying neighborhoods. Bridgeport, McKinley Park, Canaryville, Douglas/Bronzeville, Pilsen, Humboldt Park, Hermosa, Jefferson Park, Albany Park

Is it overpriced or just expensive?

[urbanchillage]

Originally Posted by Vlajos

Is it overpriced or just expensive?

Both. If you're looking for a property that will appreciate I think growth is slower in these neighborhoods because they are already so developed.

[Clark&Addison]

Originally Posted by Brandon010181

Forget the Northside its all way overpriced. You should look into the near Southside and further NW/Westside for good deals in developing/gentrifying neighborhoods. Bridgeport, McKinley Park, Canaryville, Douglas/Bronzeville, Pilsen, Humboldt Park, Hermosa, Jefferson Park, Albany Park

Definitely second McKinley Park/Bridgeport. I think there is still some value to be had there but putting your money there is much less speculative than say Hermosa or Humboldt Park.

[beaniemac]

Originally Posted by Clark&Addison

Definitely second McKinley Park/Bridgeport. I think there is still some value to be had there but putting your money there is much less speculative than say Hermosa or Humboldt Park.

I've seen a number of recent rehabbed homes in mckinley park near the orange line for 300K and under.

[JL1585]

Originally Posted by Aydmen

Hi everyone,

This is my first time posting, so I hope not to mess things up. I have been living in Chicago for about four years, and am starting to consider getting a 2BR instead of throwing money on rent. I know that Andersonville is a pretty good neighborhood, as well as all along the Red Line, but my budget is approx 185/200k, and I don't know if I'll find anything for that amount.

I was looking at places on the south side as well - 43rd Street, but I'm not really convinced that the area is too good - I worked in a school on 55th Street and Ashland and we would have shootings in front of it once in a while, so meh...
Any advice on good areas that offer CTA and reasonable social life (a market/supermarket, a couple of restaurants and cafes)?

Thanks!

Hey Aydmen,

I actually just bought on 42nd & King. I was skeptical at first, but I bought a 2/2 for 150k that was turnkey about a month ago. The only work I prefer to do is change the flooring to hardwood/laminate (personal preference), and its nice enough I can rent out the 2nd br for 700-800 and my mortgage is 1050... so do the math. But, I think the risk vs reward has been great so far. In my building I think theres 16 units, in the last 6 months 7 new owners have come in, and are all professionals. If that goes to show you anything about the rapid change. And we just got huge news in the Bronzeville area this week too... here. That certainly was a major milestone, and goes to show that the city recognizes how great the location of 43rd and the rest of Bronzeville is, and they’re starting to develop it. Safety, I think is fair, I looked at the crime maps, and was happy being north of 43rd from what I saw. I just got into UChicago, and work in East Chicago Indiana, so for me, location has been good, but I also take a 4 minute walk to Green line on 43rd, and it takes me about 8 minutes to get to Roosvelet, and 12 minutes to get to Adams/Wabash if I want to go to downtown. My point is, the risk has been worth it for me, thus far. I’d second Edgewater like the rest of the folks!