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No, I live in Uptown. And by Uptown, I mean Buena Park.
I think Logan Square has a lot of potential, and really like the housing stock, green space, and access to the blue line. It's still a little bit dicey in spots. I agree that it is safer than Humboldt Park, but it is also substantially more gentrified and expensive.
I'm not that big of a Logan Square proponent, however. I know the neighborhood can be dangerous and still has a way to go. If you remember the Congress Theater thread, I was warning the non-city mother to not just turn her non-city teenagers loose in Logan Square unsupervised. However, this poster is presumably an adult who has lived in the city for a few years, so I don't think he/she will walk around Logan Square saying, "Hey, those guys are speaking Spanish" while taking pictures of graffiti for his/her MySpace page...
[quote=Humboldt1;3600129] I always buy used luxury vehicles.
I only pay cash for vehicles and have better things to do with my money than buy a new, highly depreciable asset. I prefer to invest in equities and RE, though I am holding off until next year as prices continue to drop in areas such as Palmer Square and Logan as a whole.
<<< nice dig, I guess you were hoping I wouldn't come back and check replies on that. I buy new because I like to keep a car for years. Like 7 years. I enjoy breaking it in and keeping it in top shape and then also gaining the benefits of that. My warranty is all-inclusive for 7 years. In addition, this way I don't pay $4,000 plus in taxes once every few years. I also buy houses in neighborhoods like Logan because they never got the falsely-inflated appreciation from 5/1 ARMs and Flippers like downtown did. I will be the first to admit there is a year of depreciation left, but it's simply not as inflated out there. (look at value history) I hope you do buy in Logan Square next year and get a great price, and I don't want to sound like a jerk, just remember that people think differently about these things, you sound like a markets guy, so you should understand that.
Not meant to be a dig. You are right on different strokes for different folks. I don't have to have the newest car though a nice car is good. I had my last car for 7 years (95 intrepid) and have had my current car (01 Lincoln) for 6 years and would like to have it for another 2-3 years.
Logan did have a bit of appreciation, especially in certain areas. Look at 2713 W Medill for reference, selling for $390M a month ago and for $550M in 2005. I wish I would have bought that one instead of the one I bought, it is certainly in a nicer area. I would say being a pre-foreclosure with the water turned off it should appraise near $450M. I paid $360M 7/06 for a place near north and pulaski that appraised 3 months ago for $382M.
I am too conservative to own a car the first year and don't want the depreciation hit and am willing to buy used, some people are not and want to be the only one to have driven the vehicle. I like a nice vehicle but don't need to be the first one to drive it so long as it is in good shape. My current car has 146M miles and I would like to get it to 200M. I drive my vehicles into the ground.
The intrepid had 262M miles after 7 years, but that was a function of commuting to Indianapolis everyday 120 miles.
And yes I know an intrepid isn't a luxury vehicle but then again I was 19 years old and still in college when I got it.
So, I assume by your response you are a fellow investor and may live in some of your properties as I do. Where are you looking to buy next?
I only pay cash for vehicles and have better things to do with my money than buy a new, highly depreciable asset. I prefer to invest in equities and RE, though I am holding off until next year as prices continue to drop in areas such as Palmer Square and Logan as a whole.
<<< nice dig, I guess you were hoping I wouldn't come back and check replies on that. I buy new because I like to keep a car for years. Like 7 years. I enjoy breaking it in and keeping it in top shape and then also gaining the benefits of that. My warranty is all-inclusive for 7 years. In addition, this way I don't pay $4,000 plus in taxes once every few years. I also buy houses in neighborhoods like Logan because they never got the falsely-inflated appreciation from 5/1 ARMs and Flippers like downtown did. I will be the first to admit there is a year of depreciation left, but it's simply not as inflated out there. (look at value history) I hope you do buy in Logan Square next year and get a great price, and I don't want to sound like a jerk, just remember that people think differently about these things, you sound like a markets guy, so you should understand that.
I think Logan Square actually had some pretty sharp appreciation during the last five years, but most of it was near the Bucktown border.
You are correct. 2713 W Medill, near California and Fullerton, just a few blocks west of Bucktown certainly saw a lot of appreciation, maybe too much.
The areas west saw some appreciation. Areas such as Avondale also saw alot of appreciation in the past 5 years with some 2-4 flats selling for $500Mish in 2005 that are now listed for high 300s and low 400s. This is certainly true of the brick apartment buildings I have looked at over the past 12 months near belmont and central park (3200N & 3600W). I am not looking in that area so much anymore as I can get the same property near bucktown for essentially the same money with better tenants, less gangs, and more appreciation potential (IMO).
Hopefully, this downturn will allow me to buy a 2-4flat near armitage and western, though fullerton and california would be okay too, both with L access and good renter pools. As I stated earlier I am also looking at west town. This Saturday I am looking at brick 6-flat listed for $589M at 2609 W Superior (900N). I will have to see inside before I know more, however, though it does appear to be in good shape.
Multi Family 5+MLS #: 06877896Stat: NEW CTGF: LP: $589,000Address:2609WSuperior, Chicago, 60612SP: Subdivision: Area #:8024County: CookTownship: WEST CHICAGOYear Built: 1898PIN: 16122050210000Multiple PIN #: NNorth: 732East: 0West: 2609South: 0Directions:CHICAGO AVENUE TO WASHTENAW. SOUTH TO SUPERIOR, EAST TO 2609.Property Information and DescriptionZoning:Multi-Family / RS-3# Stories:3# Units:6Built Before 1978:YLot Dimensions:34 X 125Total Building Sq Ft:Owners Association:# Garages:# Of Parking Spaces:1 # Dishwashers:# Washers:# Dryers:Washer/Dryer Leased:# Window Air Conditioning Units:# Ranges:# Disposals:# Fireplaces:# Refrigerators:Approximate Age:OlderAir Conditioning:Amenities:Backup Information: Basement:Client Needs:Client Will:Construction:Current Use:Electrical Service:Building Exterior:Brick (BR)Foundation:Fire Protection:Frontage/Access:Heat/Ventilation:GasInformation:Show-Courtesy KeyKnown Encumbrances: Monthly Assesments Include: Misc. Inside:Misc. Outside:Type Ownership:Indoor Parking:1-5 SpacesOutdoor Parking:Potential Use:Possession:ClosingRoof Coverings:Roof Structure:Tenant Pays:Electric, HeatTerms:Type:FlatsUtilities to Site:
MLS #: 06877896Address: 2609WSuperior, Chicago, 60612Income DataNumber of Apartments# Rooms# Bdrms# BathsMonthlyAnnuallyType 1: 000 Type 2: 000 Type 3: 000 Type 4: 000 Type 5: 000 Type 6: 000 Type 7: 000 Gross Rental Income: Effective Gross Income: Total Montly Income: Parking Income: Laundry Income: Miscellaneous Income: Total Annual Income: Annual Operating ExpensesAmountSourceReal Estate Taxes: (Tax Year:2006)$9,112Janitor$0Management$0Fuel$0Electric$0Water$200Scavenger$0Insurance$3,100Repairs-Decorating$0Association Fee$0Elevator$0Supplies$0Advertising$0VacancyOther Expenses$0Expense Year:2008Expense Source:Less Total Annual Expenses:Net Operating Year:Net Operating Income:Cap Rate:Gross Rent Multiplier:0%Remarks: BEAUTIFUL BACK CENTER ENTRANCE SIX FLAT OWNED BY THE SAME FAMILY FOR OVER 90 YEARS. WONDERFUL SMITH PARK LOCATION. BRING YOUR CLIENT OFFERS FOR A TERRIFIC OPPORTUNITY IN A FABULOUS NEIGHBORHOOD. POTENTIAL FOR 3-4 CAR GARAGE. FIVE BLOCKS TO METRA. CLOSE TO RESTAURANTS. FIVE BLOCKS TO PARK, TRANSPORTATION & EZ ACCESS TO DOWNTOWN. MEASUREMENTS DEEMED RELIABLE BUT NOT GUARANTEED.
I live 2 blocks east of Kedzie on Palmer and it is very safe. I am sure that there have been cars broken into, but my nice car has been sitting in the same spot for practically three months and hasn't been touched.
Regarding the walk to the California Stop, its very fast and you have no need to feel unsafe. There is a police station between Palmer and California. I still would keep you eyes and ears peeled late night though.
You can always take a little longer stroll up the boulevard on Kedzie to the Logan Square stop.
Quote:
Originally Posted by bifevo
Hey gang:
Just signed the lease on a place that is directly on Palmer Blvd a block east of Kedzie. I know there's a few mentions of this neighborhood in a few Logan Square threads, but I was curious if anyone had any thoughts on Palmer Square in particular or on the journey from here to the California Blue Line stop?
How reasonable is it to expect my car to be okay on the street along Palmer? (2006 Pontiac Vibe)
I really enjoyed the area but then again I only visited it during the day. Walking to the California stop seemed hit and miss however, with both new condo construction as well as boarded up buildings.
Seems like I may be getting in over my head after reading up about it, especially since my previous experience has been a few months in west Lincoln Park around Armitage & Racine, which could not be more sanitized and suburban. (just moved to Chicago not long ago)
Oh well. The lease is already signed so I guess I'm in for at least a year regardless of what happens.
AH ok, no offense taken, just defending buying new. I am only in my mid-late twenties so I don't have the cashflow yet to use Chicago real estate as an investment vehicle . I bought just to live. I DID, however, undertake a long search and have lived in and around Chicago for four years. I am married and might have a kid someday, so we needed to go a little more for "SQ FT", and less for "walk to work" attributes. I already have been to Panchos Mexican restaurant and bar, Mikko's Italian ice, Streetside Cafe, and Atlas Cafe. Awesome. I am in love with short trains to Ohare minues construction, bike paths, buses, and Mexican food. Have not even come close to feeling in danger even in the middle of the night, when I bike frequently. Having a 60 cruiser police station right off Palmer Square (down the street) helps a lot with that.
I'm considering buying a place in Palmer Square that's very close to the California station. I understand that there's been a fair amount of appreciation in the area, and I wonder whether property values will continue to go up.
To me, this part of Logan Square seems to be a neighborhood on the move. For example, the owner of the Handlebar, Josh Deth, will be opening a new brewpub called Revolution Brewing at 2323 North Milwaukee. And the Logan Bar & Grill, owned by the Northside and Black Beetle folks, will soon open at 2230 North California. There has been a lot of condo development around Armitage and California and, despite the slow market, units seem to be moving.
Where do others see the neighborhood going over the next decade?
In addition to the Logan Bar and Grill (which was moving tables in chairs in earlier this week) and Revolution Brewing, there is a three story restaurant/bar/club opening on Milwaukee just south of the Congress theater.
If you are looking at holding onto a place for a decade I think it will appreciate very well. I bought in this area 4 years ago and it is a good area with good transportation options and close to a lot of restaurants in Wicker Park and Bucktown, so even without the new businesses there is plenty to do within walking distance.
The city has also hired a consulting firm to work with residents to look at changing the zoning along Milwaukee. The main push is to disallow large parking lots (i.e. ban things like the Chase Bank/Dunkin Donuts/KFC strip mall at Washtenaw). They will most likely be recommending a supermarket for the corner of Milwaukee and Talman. Even without any new development it is a good area, a little gritty with some homeless people around, but I feel very safe in the area and am happy to be living there.
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Different strokes for different folks
Property Information and Description
. I bought just to live. I DID, however, undertake a long search and have lived in and around Chicago for four years. I am married and might have a kid someday, so we needed to go a little more for "SQ FT", and less for "walk to work" attributes. I already have been to Panchos Mexican restaurant and bar, Mikko's Italian ice, Streetside Cafe, and Atlas Cafe. Awesome. I am in love with short trains to Ohare minues construction, bike paths, buses, and Mexican food. Have not even come close to feeling in danger even in the middle of the night, when I bike frequently. Having a 60 cruiser police station right off Palmer Square (down the street) helps a lot with that.
