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Old 05-22-2014, 08:45 PM
 
409 posts, read 437,394 times
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Quote:
Originally Posted by midwest1 View Post
Why is it bogus? Downtown is set to add almost 5000 apartment units this year alone yet vacancies remain low. And roughly the same numbers are in the pipeline for the coming years.
Not true. Chicago actually has relatively little new housing being built. If there are 3,000 units permitted in the whole city this year, I would be surprised. Currently there are only a few hundred units permitted, and we're 1/3 through the year (for Census building permits, through April).
Quote:
Originally Posted by midwest1 View Post
No city in the country offers the combination of urban/cost-of/living as does Chicago. The previous decades loss was almost entirely blacks moving to the suburbs. The core of the city is surging and I don't see that stopping any time soon.
None of this is really accurate. Plenty of cities are cheaper than Chicago, and it isn't something to brag about, as relative cost is just relative demand (in other words, the cheaper the less desirable).

And the population loss in Chicago is whites too. If you just look at the non-black population, Chicago's population shows decline too.

The core is doing fine though, same as all major U.S. cities.
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Old 05-22-2014, 08:48 PM
 
Location: Upper West Side, Manhattan, NYC
14,304 posts, read 17,924,050 times
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Population is not the most important thing to a city. It's funny how many people think that the larger something is, the better it is automatically and that all population loss is bad. Population loss can be bad, but not necessarily. There's many factors in it.
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Old 05-22-2014, 08:50 PM
 
409 posts, read 437,394 times
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Quote:
Originally Posted by marothisu View Post
Population is not the most important thing to a city. It's funny how many people think that the larger something is, the better it is automatically and that all population loss is bad. Population loss can be bad, but not necessarily. There's many factors in it.
This is true. It's just one factor of many. A growing city isn't necessarily healthier than another, but it is worth examining, as it shows where people want to live.
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Old 05-22-2014, 09:00 PM
 
574 posts, read 843,330 times
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Los Angeles wasn't always dense and now it's denser than Chicago. There are areas of LA that are uninhabitable so the density of LA is higher than the statistics suggest. Chicago's population At 227 square miles is less than la's urban core at 227 square miles. Houston can get much denser and shows no signs of slowing. Eventually Houston's metro will pass Chicagoland in population and sooner than people think. If a small metro like Minneapolis is gaining more people than Chicago than good luck competing with Houston
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Old 05-22-2014, 09:02 PM
 
1,899 posts, read 2,168,221 times
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Quote:
Originally Posted by Standard111 View Post
Not true. Chicago actually has relatively little new housing being built. If there are 3,000 units permitted in the whole city this year, I would be surprised. Currently there are only a few hundred units permitted, and we're 1/3 through the year (for Census building permits, through April).


None of this is really accurate. Plenty of cities are cheaper than Chicago, and it isn't something to brag about, as relative cost is just relative demand (in other words, the cheaper the less desirable).

And the population loss in Chicago is whites too. If you just look at the non-black population, Chicago's population shows decline too.

The core is doing fine though, same as all major U.S. cities.
Maybe apartments aren't permitted the same way as condos/SFH?

"As for inventory, nearly 5,000 new apartments will reach the Chicago market within the next 12-18 months, so we’ll be very curious to see how the abundance of new housing product affects occupancy rates, which continue to run at record levels."

High-Rise Apartment Construction Report (2nd Quarter 2013)

And the first quarter of this year, the market was "on fire" Net absorption of units topped 1000 in the first quarter, well-above average.

http://www.luxurychicagoapartments.c...-quarter-2014/

Last edited by midwest1; 05-22-2014 at 09:16 PM..
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Old 05-22-2014, 09:07 PM
 
409 posts, read 437,394 times
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Quote:
Originally Posted by midwest1 View Post
Maybe apartments aren't permitted the same way as condos/SFH?

"As for inventory, nearly 5,000 new apartments will reach the Chicago market within the next 12-18 months, so we’ll be very curious to see how the abundance of new housing product affects occupancy rates, which continue to run at record levels."

High-Rise Apartment Construction Report (2nd Quarter 2013)
The Census has the official stats, and there aren't that many units being built in Chicago overall.

You can see the Census numbers at Building Permits Survey

In fact, the entire Chicago metro area has only 1,262 multifamily units permitted this year (for 5+ unit buildings).
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Old 05-22-2014, 09:11 PM
 
Location: Maryland
3,919 posts, read 5,040,632 times
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Quote:
Originally Posted by MPLS_TC View Post
Los Angeles wasn't always dense and now it's denser than Chicago. There are areas of LA that are uninhabitable so the density of LA is higher than the statistics suggest. Chicago's population At 227 square miles is less than la's urban core at 227 square miles. Houston can get much denser and shows no signs of slowing. Eventually Houston's metro will pass Chicagoland in population and sooner than people think. If a small metro like Minneapolis is gaining more people than Chicago than good luck competing with Houston
So if Tulsa or Arlington surpass Minneapolis, will that automatically make them the more important cities?!

Last edited by Maintainschaos; 05-22-2014 at 09:20 PM..
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Old 05-22-2014, 09:14 PM
 
Location: Upper West Side, Manhattan, NYC
14,304 posts, read 17,924,050 times
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Quote:
Originally Posted by Standard111 View Post
Not true. Chicago actually has relatively little new housing being built. If there are 3,000 units permitted in the whole city this year, I would be surprised. Currently there are only a few hundred units permitted, and we're 1/3 through the year (for Census building permits, through April).
Not sure about delivered this year, but the next few years should see over 5000 new units delivered, and the last few years saw a few thousand themselves. I follow this stuff very closely and there is a decent amount going on. If you followed development news, you'd realize this has been written about numerous times over the last year.

Chicago luxury apartments battle for renters - Chicago Tribune

Here's a current list of housing currently under construction downtown (Gold Coast, River North, Loop, Streeterville, West Loop, and South Loop) and the number of units:

* Wolf Point West Tower - 507 units
* 111 W Wacker - 504 units
* Clark & Polk (AMLI) - 398 units
* State & Chestnut - 367 units
* Arkadia Tower - 350 units
* Summit on Lake - 332 units
* Chicago & La Salle - 295 units
* Catalyst - 221 units
* Madison & Racine - 216 units
* 601 W Jackson - 198 units
* 212 W Illinois - 188 units
* 20 E Jackson - 160 units (conversion)
* 1345 S Wabash - 144 units
* 922 W Washington - 104 units
* 211 W Scott - 71 units
* 727 W Lake - 61 units (affordable housing)
* TOTAL = 4116 units

Here's a list of recently completed projects:
* Coast at Lakeshore East - 515 units
* 500 N Lake Shore Drive - 500 units
* K2 - 496 units
* Hubbard Place - 450 units
* AMLI River North - 409 units
* Optima Center = 325 Units
* TOTAL = 2695 units

A good amount more on board too. A few community meetings recently put some things in motion for a few 40+ story residential towers in River North that should start construction Q1 of 2015.
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Old 05-22-2014, 09:17 PM
 
Location: Houston
6,846 posts, read 12,394,479 times
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Quote:
Originally Posted by marothisu View Post
Population is not the most important thing to a city. It's funny how many people think that the larger something is, the better it is automatically and that all population loss is bad. Population loss can be bad, but not necessarily. There's many factors in it.
I agree. I was looking for Atlanta on that list and was shocked to see it's not in the top 25. Then went on Wikipedia and saw that it was ranked 40. That surprised me. Based on reputation I would have expected it to be top 10. But in many ways it is a top 10 city in several categories and I'd say it's one of our top 10 best cities in the U.S.
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Old 05-22-2014, 09:23 PM
 
574 posts, read 843,330 times
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Quote:
Originally Posted by Maintainschaos View Post
So when Tulsa surpasses Minneapolis, will that make Tulsa the more important city?
I didn't know that Minneapolis was important. It's just a small Midwestern metro. It's not considered to be a major player in the united state when it comes to importance. Minneapolis doesn't crack the top 50. Houston eventually will take over Chicago in terms of population and importance.
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