U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Illinois > Chicago
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
Old 07-19-2009, 09:27 PM
 
5 posts, read 7,684 times
Reputation: 10
Default Which is the best/safe area to invest Bank owned property in the city of Chicago?

Hello everyone,
I was some bank owned properties are well priced in the city of Chicago. Could someone tell me where is the best area to invest and which areas should be avoided?

Thanks!

Tina
Reply With Quote Quick reply to this message

 
Old 07-20-2009, 08:47 AM
 
Location: Paleotine, IL
211 posts, read 326,117 times
Reputation: 88
That's a handy website, dude.
Reply With Quote Quick reply to this message
 
Old 07-20-2009, 01:03 PM
 
Location: Humboldt Park, Chicago
2,338 posts, read 4,702,929 times
Reputation: 770
Default Bank-owned properties in Chicago

Bank-owned properties are all over Chicago. I am currently looking at condo foreclosures in the Loop and West Loop and Gold Coast. These are units that went for $500K 2-3 years ago and are now on the market for $250-300K.

It depends what you are looking for. I would steer clear of areas that have been devastated by foreclosures. Essentially, any area that was adversely affected by the 1968 race riots following the assasination of MLK, Jr is to be avoided. This rules out much of the west side, including Garfield Park, Austin, and North Lawndale.

Stick to more gentrified areas. If you must be an urban pioneer, stick to more established areas like Logan Square as opposed to say Humboldt Park, which is really bad as you approach Garfield Park.

There may be less upside with some more gentrified areas such as Lakeview, Lincoln Park, etc, but there is also less risk to the downside.

Also, be sure you get a good inspector before buying, especially older properties. The last thing you want is the city on your back. Good luck in your search.
Reply With Quote Quick reply to this message
 
Old 07-20-2009, 03:42 PM
 
Location: Oak Park, IL
5,098 posts, read 7,646,838 times
Reputation: 3073
If you're making buying decisions based on advice from anonymous city-data forums, my advice is don't.
Reply With Quote Quick reply to this message
 
Old 07-20-2009, 03:46 PM
 
121 posts, read 207,060 times
Reputation: 51
Quote:
Originally Posted by Humboldt1 View Post
Bank-owned properties are all over Chicago. I am currently looking at condo foreclosures in the Loop and West Loop and Gold Coast. These are units that went for $500K 2-3 years ago and are now on the market for $250-300K.
There are no units in the Gold Coast that used to go for $500k and will now sell for $250k-$300k. There hasn't even been close to a 40-50% drop in prices. I should know, I've been running the buy vs. rent math on new properties every month to see if it even remotely makes sense (it doesn't). If you see a short sale proclaiming such, the bid will never be accepted by the bank.

I don't know the other areas, but I would doubt that kind of depreciation anywhere in Chicago. In looking at the Case-Shiller data, the run-up and now fall in prices hasn't been nearly as extreme as the coasts.
Reply With Quote Quick reply to this message
 
Old 07-20-2009, 05:53 PM
 
454 posts, read 823,486 times
Reputation: 418
Quote:
Originally Posted by Gioobag View Post

I'm a big fan of www.cribchatter.com, you might start learning things about the market there.
That site FTW!

Thanks.
Reply With Quote Quick reply to this message
 
Old 07-20-2009, 09:18 PM
 
5 posts, read 7,684 times
Reputation: 10
Thank! I will take a look.
Tina
Reply With Quote Quick reply to this message
 
Old 07-20-2009, 09:20 PM
 
5 posts, read 7,684 times
Reputation: 10
I just start to look at listing. No guys for auction yet. Tina
Reply With Quote Quick reply to this message
 
Old 07-20-2009, 09:22 PM
 
5 posts, read 7,684 times
Reputation: 10
I know short sale has long waiting period. Most banks don't care.
Reply With Quote Quick reply to this message
 
Old 07-20-2009, 09:26 PM
 
760 posts, read 711,880 times
Reputation: 332
Quote:
Originally Posted by sukwoo View Post
If you're making buying decisions based on advice from anonymous city-data forums, my advice is don't.
If you are going to take advice from someone on the internet as to how to invest 300K, well I know of a Nigerian Prince who needs to stash 3 million dollars, are you interested?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2011 data
Loading data...

123
Hide US histogram

Over $79,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Illinois > Chicago

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top