Would you buy in "western" West Town? (Chicago: condos, loans)

[sunsurfwave]

Would you buy in the area bounded by Kedzie, Chicago, North, and Western? What neighborhood is this?

I know there are new construction units there that are affordable, and its close to the Loop. Anyone live in this area or know anyone that does?

I've been looking for a neighborhood close to the Loop, new, affordable, and non-high rise. I think I've found it with this.

[sunsurfwave]

Are prices really falling much in the north side and northwest side neighbhorhoods? I thought the massive price drops (more than 3-5%) were the fast growing areas of South Loop and West Loop.

Also, do you think the area west of Western will gentrify (more) in the next 2-4 years?

[Lookout Kid]

No one puts down $60K on a $300,000 home in Chicago. The banks have supposedly tightened lending restrictions, but 20% down payments are still rare for first-time buyers, and $300K is considered a "starter home" in Chicago.

Also, paying $300K+ for a property west of Western isn't necessarily foolish. There are some very nice condos west of Western in Logan Square (near the border with Bucktown) that are likely to stay in that price range because gentrification has really transformed this particular area (near the Western blue line stop). And if you buy a house or building, $300,000 can be a steal west of Western.

[Los Guys]

There are plenty of $400k+ condos west of Western all the way from Armitage to Belmont. As Lookout Kid mentions, there are plenty of SFH's that are a steal as well. Purchase prices are more competitive for larger spaces and higher end finishes, but more importantly, taxes can be half of what you would pay for similar properties east of Western. Since the public schools are mostly equally sucky on either side of the tracks, it's not a bad choice.

[Avengerfire]

Originally Posted by sunsurfwave

Would you buy in the area bounded by Kedzie, Chicago, North, and Western? What neighborhood is this?...

It is part of Humboldt Park.

[Lookout Kid]

FYI: If I were going to buy/live west of Western, I'd certainly choose Logan Square over Humboldt Park at this point in time. Particularly the area immediately adjacent to Bucktown. Logan Square is by no means completely gentrified, but parts of its eastern edge are.

[Lookout Kid]

Financing is still easy to get, in spite of what you may have heard. First-time buyers still aren't putting down 20%. The zero-down and interest-only loans have gone the way of the dinosaurs, though (thank God).

[Hambo]

I've lived "West" of western for 3 years between Division and Chicago and have had no issues. It's an easy commute downtown-- Western bus to El and I'm downtown in 25 minutes. Additionally you can get allot more for your money! Yes its still block by block, but if you do your research I think it makes allot of finacial sense, particularly if you're willing to hold on to it for 4 or 5 years. Example: you can get a top level condo with rooftop deck and city views for the same price as a middle unit a couple blocks East -- to me it was a no brainer.

[sunsurfwave]

so why did you move? did the neighborhood change at all in the three years that you lived there?

[Avengerfire]

Personally I do not think that portion of Humboldt Park has changed much in the last three years. (Of course over the last 5-10 years it has changed a bit however) If anything it has stagnated and perhaps has started a slight downward trend towards the (east portion of) Humboldt Park of old.

At this point it is kind of a risky investment if this economy does not get going again in the next couple of years. If it does you should be fine if you plan on staying there 5 years or more-if it does not you could be in for a bit of trouble in the next decade.