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11-01-2009, 06:55 PM
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Senior Member
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Join Date: Sep 2008
Location: Wicker Park, Chicago
1,697 posts, read 982,077 times
Reputation: 354
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Chicago Real Estate is still TOO Expensive!
Chicago Real Estate is still TOO Expensive! I looked at Chicago House Listings in the Tribune, and a Bungalow at 4519 N Lowel Ave was $345,000 ! That just too expensive! In my neighborhood, a 3 bdr townhome at 1419 N. Leavit was $850,000! Where's the Housing Bust? I've worked at companies where employees just couldn't afford a Chicago House!
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11-01-2009, 07:02 PM
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Senior Member
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Join Date: Nov 2006
908 posts, read 854,054 times
Reputation: 276
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Look in the southwest suburbs. You can get a nice 3 bedroom in move in condition in Burbank, Oak Lawn, etc. in the $200,000 range. You're not in the city, but you're next to it, including the Orange Line at Midway.
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11-01-2009, 07:39 PM
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asdf jkl;
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Join Date: Oct 2007
Location: Uptown, Chicago
7,071 posts, read 4,652,462 times
Reputation: 1054
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I have to laugh at everyone who thinks the housing bust means they should be able to afford a house anywhere they want to in the city. A $1.5 million house selling for 20-30% less is still not affordable to most people, and it probably never will be. Wicker Park is now a premium neighborhood with a lot of frou frou ammenities, and that's not changing any time soon.
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11-01-2009, 08:17 PM
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Senior Member
Status:
"Alive"
(set 4 days ago)
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Join Date: Jul 2009
Location: Chicago - Ukrainian Village
157 posts, read 44,741 times
Reputation: 20
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Mr. Supply meet Mr. Demand.
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11-01-2009, 09:31 PM
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The Piper at the Gates of Dawn
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Join Date: Aug 2007
Location: Chicago
10,367 posts, read 6,401,392 times
Reputation: 1002
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So says the guy that does not work and supposedly is set to inherit a house in Wicker Park.   |
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11-01-2009, 09:44 PM
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Senior Member
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Join Date: Apr 2008
5,824 posts, read 3,352,368 times
Reputation: 1599
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Exactly!!!
Quote:
Originally Posted by Lookout Kid
I have to laugh at everyone who thinks the housing bust means they should be able to afford a house anywhere they want to in the city. A $1.5 million house selling for 20-30% less is still not affordable to most people, and it probably never will be. Wicker Park is now a premium neighborhood with a lot of frou frou ammenities, and that's not changing any time soon.
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It is as if someone says "I REALLY NEED a car." Being a helpful sort of a person you show 'em a nice Corolla and the person comes back with "but it does not a doeskin interior and a 1100 watt stereo like this Maybach..."
The desirable areas of Chicago or any other place will always have "limited affordability". If there is widespread mismatch between the money that buyers need and the price that seller demand this leads to price re-adjustment. There is some evidence that most of this readjustment process has had only a limited positive effect, I believe that is due to the 'number' that the brain trust did on public confidence in selling the "stimulus package" too hard. There were NUMEROUS threads here (and thousands of other forum / blog sites) with people actually believing they needed to stock up on freeze dried food and ammo. Nice going geniuses ... Way too many people that probably can afford to borrow a reasonable amount of money to buy a home that meets their needs are sitting on their hands. The Federal Reserve Board and the US Treasury Secretary are acutely aware of this and continue to make efforts to boost spending. Remains to be see how effective this can be...
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11-01-2009, 09:50 PM
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We who are about to snark, salute you!
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Join Date: Dec 2006
Location: Oak Park, IL
2,847 posts, read 1,932,498 times
Reputation: 902
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I'm still waiting for penthouse condos in the Trump to drop under 50k.
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11-01-2009, 10:36 PM
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asdf jkl;
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Join Date: Oct 2007
Location: Uptown, Chicago
7,071 posts, read 4,652,462 times
Reputation: 1054
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Quote:
Originally Posted by oakparkdude
I'm still waiting for penthouse condos in the Trump to drop under 50k.
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Maybe when the Chicago River is red with the blood of genocide and there are guerilla snipers perched in every downtown high-rise... |
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11-01-2009, 10:42 PM
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We who are about to snark, salute you!
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Join Date: Dec 2006
Location: Oak Park, IL
2,847 posts, read 1,932,498 times
Reputation: 902
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Quote:
Originally Posted by Lookout Kid
Maybe when the Chicago River is red with the blood of genocide and there are guerilla snipers perched in every downtown high-rise...
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Well, you know, once Comrade Obama completes the Muslim/atheist/homosexual/Black Nationalist/Communist/ACORN takeover of our country, who knows how far prices will drop. |
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11-01-2009, 10:44 PM
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Junior Member
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Join Date: Nov 2009
Reputation: 11
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It's still better to rent than buy, the rent-to-buy parity level still has not been reached.
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