Hyde Park

[hotpot]

First time buyer, young couple with no children. Husband works in U of C and plans to stay there for at least three more years. Currently rent in chinatown but hate our place, which is immediately sandwiched between highway and train track.

Since he works in U of C, a convenient location will be hyde park. But rents in hyde park are relatively high: a nice 1 bed is over 1000, and 2 bed can cost as much as 2000. It seems that buying actually costs less than renting for the same kind of property. Right now there are a lot of rehabbed units with nice amenties on the market. Is now a good or bad time to buy a condo in hyde park? We are looking at places close to 53th metro, at either side of the metra track. Does anyone know the safety around that immediate area? Compared to the U of C proper?

I've noticed that east side of hype park is more expensive than the west side that borders washington park. Does that have anything to do with safety?

South loop is more expensive but safer and closer to shopping. But we can barely afford it until 3 years from now.

Please advise!

[hotpot]

Can someone help with the question? Thanks in advance.

[oakparkdude]

I lived in Hyde Park from 1992-2000. I've visited a few times since then. The neighborhood has definitely improved since I lived there, and prices have skyrocketed as you've noticed. Having the university is a strong stabilizing force and is the only reason the neighborhood didn't go into total decline like the surrounding neighborhoods did in the 50s and 60s. The past 30 years have been a story of slow and steady revitalization of HP and, starting recently, the surrounding neighborhoods. In terms of an investment, I don't think its a bad bet, and if the Olympics come, you'll be sitting on a gold mine.

In terms of safety, crime has decreased since I've lived there and there is a huge U of C police presence which helps. Generally, the closer to campus you live the safer it is. I wouldn't consider the area around 53rd and the Metra to be high risk, if anything with all the foot traffic around 53rd st, you'd probably be safer than in a more isolated area.

[Manigault]

First of all, there really isn't a UC campus -- its kind of imbedded between 55th and 60th streets. There are at least five areas of Hyde Park: The Golden Rectangle from 60th to 55th street; West Hyde Park, ie west of Woodlawn from 55th to 51st St; East Hyde Park, east of the IC tracks (that is not the Metro in Hyde Park); Kenwood between 47th and 51st street and central Hyde Park (all that's left in the middle). Most students, young singles and UC workers buy or rent apartments in east Hyde Park which is close to the lake but still in biking and walking distance to the campus. Parking is a little dicey there, at least by southside standards. You may have to walk a block or two to park, particularly if you live on Everett and get home after 7 pm. Condos and rentals in central Hyde Park are more affordable.

Folks with kids try to get apartments or homes in the Ray School district so their kids can attend the really great magnet school. That district is generally in the Golden Rectangle but extends through central HP. Homes in that school district area are much easier to resell. That sometimes creates the differential in home prices -- not crime. The former senator had her purse taken in 'the rectangle' near her home.

Safety is pretty much the same everywhere in Hyde Park, especially with the local campus police force. There are reasonable townhomes in West Hyde Park and the cheapest place to live closest to UC would be in Woodlawn, ie south of 60th street which has some new construction and new conversions. Some of the newer UC workers are purchasing homes there. It also is in walking distance to the campus and to the IC train. However, it is less diverse than other areas of Hyde Park. You may want to check out your eligibility for housing assistance with the UC housing office. It sometimes hoards the best housing options.

Do not rent or buy west of Ellis between 56th and 58th street in Hyde Park because sooner or later the hospital will take over the property and knock it down for more space. Since Hyde Park is such a transient community there is not a real downside to buying an attractive condo, even now. Most likely you will be able to unload it when you want to move.

[hotpot]

Thanks sukwoo and Manigault! We decided to narrow our choices down to the east hyde park area close to the metra. Also I have found that UChicago will provide 7,500 interest-free loan to us based on our household income. We are now really excited about moving to the hyde park area!

[brandon22N]

Reason it's cheaper towards Washington Park is because Washington Park is shady. Don't go near there.

[MkeOrd]

Might as well add that East HP is full of co-ops and these often come with assessments that can be $800-and up so beware of those selling prices that are very low. This said, if you have equity to transfer and can afford to put down more than the 25% down payments some places require I bet you can just refinance every few years, pay the assessments with these funds, and everything works out fine. There are 2-3 buildings on South Shore that have been redone and I think the express bus runs from there, but other than a Chinese restaurant and the South Shore Community Center (with a culinary school restaurant in it and Chicago police as security) there is not much to do and the walk to the Metra Electric stop at 71st might be problematic at night. 71st street was once one of the "Grand" shopping streets of Chicago.

You can see the SSCC and some of the gated town homes in this area at:


YouTube - Metra Electric 316, 315 at 71st & South Shore Dr.

For the history of South Shore and Chicago see:

South Shore