Chicago Home Appreciation (Oakland: for sale, real estate, renting)

[chichichi]

I am a real estate investor (wannabe. I am looking to purchase properties in Chicago and hoping to flip them for a good return within a few months. I want to know which Chicago neighborhoods have the best potential for a quick return.

I have been looking for an answer to this question for a while. Everyone seems to have a different opinion. Is there an experienced developer/investor or anyone that can give me an answer. Thank you... John.

[Drover]

The speculation boom days are over. There is a glut of new units on the market, and they're still coming. If you want a good return, you're not going to get it in "a few months" any more.

[cvatasoiu]

like drover said, the speculations days are kinda over, but from my experience as a realtor, the South Loop and the West Loop have the greatest appreciation right now. The prediction for a South loop condo is an increase of a 10% yearly, but if you're looking to flip it within months, then that would not be a good idea. If you can keep it for a year, or even better 2, then you have a good shot.
A client of mine from Toronto just bought an investment property in the South Loop, but he's planning on renting it for 2 yrs and then sell it. And the most important thing was that it's a new construction, so he had the option to choose all the finished and upgrades, just so the value can increase.

~Cristina

[BRU67]

Originally Posted by chichichi

I am a real estate investor (wannabe. I am looking to purchase properties in Chicago and hoping to flip them for a good return within a few months. I want to know which Chicago neighborhoods have the best potential for a quick return.

I have been looking for an answer to this question for a while. Everyone seems to have a different opinion. Is there an experienced developer/investor or anyone that can give me an answer. Thank you... John.

You'll need a flux capacitor and some plutonium to generate the 1.21 jiggawatts of electricity you'll need to go back to 2000.

You're not going to be able to buy, flip and pocket a ton of cash over the span of a few months, bottom line. I don't know if the market was ever that hot in Chicago to be honest. Maybe SF or Florida but not here.

If you're willing to go slightly longer term, see my comments on speculation in the Rogers Park thread. Everything is going to be the next big thing it seems, and logic dictates that this can't be true. Very risky business this is.

[mohammed wong]

Originally Posted by BRU67

You'll need a flux capacitor and some plutonium to generate the 1.21 jiggawatts of electricity you'll need to go back to 2000.

You're not going to be able to buy, flip and pocket a ton of cash over the span of a few months, bottom line. I don't know if the market was ever that hot in Chicago to be honest. Maybe SF or Florida but not here.

If you're willing to go slightly longer term, see my comments on speculation in the Rogers Park thread. Everything is going to be the next big thing it seems, and logic dictates that this can't be true. Very risky business this is.

Which of these up and coming neigborhoods have a beach?

That goes a long, long way.
Its cooler by the lake, btw.

[jessiegirl_98]

Rogers Park does, but it has been "up and coming" for about 20 years.....

[cvatasoiu]

Originally Posted by jessiegirl_98

Rogers Park does, but it has been "up and coming" for about 20 years.....

maybe this time

[BRU67]

Originally Posted by jessiegirl_98

Rogers Park does, but it has been "up and coming" for about 20 years.....

So do Oakland, Kenmore and the South Shore. For that matter, Calumet Heights and South Chicago are just a stone's throw from the beach, as is East Chicago, Indiana. Surf's up!

[j33]

In my neighborhood I've seen for sale signs on the condos that seem to sit there for months. I think that hopes of a quick flip are just pipe dreams.

[mohammed wong]

Originally Posted by jessiegirl_98

Rogers Park does, but it has been "up and coming" for about 20 years.....

I dont think that is true,
gentrification is a steady and unstoppable force so far,

I would hardly have called RP up and coming in the eighties
I think there has always been nicer parts too it,
and dicey parts as well,

The pessissim I sense about RP on this forum is bizarre however.
Like oh geez, yep cross that neigborhood out, it will never be great.

It depends on what you call up and coming,
i think RP is doing well as is,
the further back in time the more affordable it was,
how long do you want to wait to buy in?

Are you trying to buy a condo or a building?

The nicer an area gets the less affordable it gets,

So what criteria is used to meet,
oh that neigborhood has arrived?
its different for everyone,
Im just glad I bought it while I could afford it.