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Old 07-30-2017, 05:02 PM
 
7,178 posts, read 3,878,487 times
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Quote:
Originally Posted by DistrictSonic View Post
Per capita DC and Seattle are the highest. But Boston and SF are not far off.
Chicago has the most diverse economy in the country. No industry makes up more than 14% of the workforce. More than twice as many people work in business and professional services as manufacturing.

https://www.bls.gov/regions/midwest/...ry_chicago.pdf
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Old 07-30-2017, 05:17 PM
 
211 posts, read 316,013 times
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Chicago is of global importance in the financial field, much more than any city outside of New York City. It is No. 2 in the U.S.

Anyone who knows the markets, know this. London and NYC are your top dogs. I work in this field.

Singapore, Zurich, Hong Kong, Shanghai are also extremely important.

These threads tend to go off topic, but here you go. Right now in 2017 NYC is the most powerful city in the world in the most powerful country. Things can change and U.S. dominance is not a given, but superpowers do not just crumble overnight, it takes a while.
Chicago and its suburbs has a lot of wealthy people from the finance sector. Extremely wealthy.

I travel a lot and have been all over. To me Chicago is the 3-4th "best" city in the U.S. when looking at it objectively. In regards to over inflated real estate values of some places, the village of Glencoe isa tiny suburb, but holds more worth than dense south side neighborhoods.

The negative's chicago has right now are the following
-Climate in winter months
-south and west sides of its city limits that are vacant, mass exodus
-State and city in financial turmoil


That all being said, those who visit or live(which I assume is 99% on this forum) who come to Chicago will realize it is a bargain for those who do not mind 4 months of grey skies and snow. That said, this past winter was as mild as they come.

I know many on here are "urbanist" who care about density numbers, rowhomes, etc. That said, the "cleaner NYC comparison" is most out there in real life. Everyone knows NYC is the largest city, but no other city has more similarities from architecture, finance, museums, sports fans, restaurants, theater district , public transportation, etc.
It is literally No. 2 in almost every category so that is why so many comparisons in real life.

Why not more expensive than LA, San Fran? Because more people would rather than in SOCAL do to weather and beach life that Chicago cannot offer. In San Fran, it is the tech giant of the world right now and small.

Sorry for the ramblings, just my thoughts
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Old 07-30-2017, 06:37 PM
 
Location: Villanova Pa.
4,887 posts, read 12,196,588 times
Reputation: 2574
Quote:
Originally Posted by NOLA101 View Post
But there is no place anywhere east of Chicago to sprawl, so why isn't Chicago more expensive?
1 more try.

Because its in the Midwest.

Lake Michigan is a godsend for Chicago and impacts its real estate values very positively. Chicagos home values are 2x-3x as high as its midwest neighbors.

Chicago $300 K median home price
Springfield $100 K " "
Champaign $140 K " "
St Louis $150 K " "




Quote:
Originally Posted by NONOLA101
Manhattan and Staten Island aren't sprawl. Like 95% of the sprawl in the NYC area is nowhere near Manhattan or SI.


Manhattans pop density is like 70,000 ppsqmi. where is it going to sprawl to? The Moon?

You have the upper bay then the Atlantic Ocean at its front door. THat is the whole point Roughly 1/2 of NYC's real estate market is under the Atlantic Ocean.




Quote:
Originally Posted by NOLA101
Why do you have to have flat farmland and no water in every single direction? The only major U.S. metro with such a geography is Dallas
And Philadelphia,Houston,Atlanta,San Antonio,St Louis, and a plethora of mid sized metroes.




Quote:
Originally Posted by NOLA101
Why? This makes zero sense. Philly is already very near the Atlantic, not much different than NYC. Why is DC much more expensive than Philly despite being more of an inland city?
Philly is 60 miles from the Atlantic. NYC is on the Atlantic. Washington is home to the Fed Govt and its printing presses of money and Billion dollar local contracts.




Quote:
Originally Posted by NOLA101
And South Jersey real estate is cheaper than that of Philly, despite being closer to the ocean. In fact the most expensive parts of Jersey are furthest from the ocean.
Completely False.

The Beach Towns of South Jersey are some of the highest valued real estate in the USA. A couple years ago I believe Stone Harbor NJ was the most expensive real estate market in the USA.


Median Home Prices 2017- South Jersey Beach Towns

Stone Harbor- $1.5 M
Avalon- $1.25 M
Longport- $900 K
Sea Isle City $750 K
Cape May $650 K
Ocean City $500 K

Inland South Jersey from the beaches to Philly E to W

Dennisville - $120 K
Bridgeton - $130 K
Vineland- $150 K
Glassboro- $200 K
Haddonfield- $500 K ( close in Philly suburb)

Western Suburbs of Philly have 4 of the' wealthiest counties in the USA. Top 100. 3200 Counties in the USA.

So yes if Philadlephia didnt have 60 mile wide 100 mile long stretch of interior South Jersey its real estate values would be considerably more.

And if you cant see that then you are beyond hope.

Last edited by rainrock; 07-30-2017 at 07:23 PM..
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Old 07-30-2017, 06:45 PM
 
1,419 posts, read 680,899 times
Reputation: 1890
Quote:
Originally Posted by rainrock View Post
1 more try.

Because its in the Midwest.

Lake Michigan is a godsend for Chicago and impacts its real estate values very positively. It has its home values 2x-3x as high as its midwest neighbors.

Chicago $300 K median home price
Springfield $100 K " "
Champaign $140 K " "
St Louis $150 K " "






Manhattans pop density is like 70,000 ppsqmi. where is it going to sprawl to? The Moon?

You have the upper bay then the Atlantic Ocean at its front door. THat is the whole point Roughly 1/2 of NYC's real estate market is under the Atlantic Ocean.






And Philadelphia,Houston,Atlanta,San Antonio,St Louis, and a plethora of mid sized metroes.






Philly is 60 miles from the Atlantic. NYC is on the Atlantic. Washington is home to the Fed Govt and its printing presses of money and Billion dollar local contracts.






Completely False.

The Beach Towns of South Jersey are some of the highest valued real estate in the USA. A couple years ago I believe Stone Harbor NJ was the most expensive real estate market in the USA.


Median Home Prices 2017

Stone Harbor- $1.5 M
Avalon- $1.25 M
Longport- $900 K
Sea Isle City $750 K
Cape May $650 K
Ocean City $500 K

Inland South Jersey from the beaches to Philly E to W

Dennisville - $120 K
Bridgeton - $130 K
Vineland- $150 K
Glassboro- $200 K
Haddonfield- $500 K ( close in Philly suburb)

Western Suburbs of Philly have 4 of the' wealthiest counties in the USA. Top 100. 3200 Counties in the USA.

So yes if Philadlephia didnt have 60 mile wide 100 mile long stretch of interior South Jersey its real estate values would be considerably more.

And if you cant see that then you are beyond hope.
I don't know why we respond to a post, that's clearly intended to put a city down, because of.....I don't know, jealousy? I think Westburbsil was spot on..someone who lives and works in the financial field in Chicago. Someone without a bias, and someone who knows what he's talking about.

Last edited by Enean; 07-30-2017 at 07:02 PM..
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Old 07-30-2017, 07:14 PM
 
Location: Villanova Pa.
4,887 posts, read 12,196,588 times
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Quote:
Originally Posted by NOLA101 View Post


If you moved Silicon Valley to Philly. Philly would be just as expensive.

You are way overboard on Silicon Valleys impact. Silicon Valley would put nary a dent on Philadelphia economy. Theres 6 M people in Philly and its old with alot of poor people. Why are there so many poor people in Philly compared to SF/Bos? In part because Philly is landlocked with ample room for sprawl. Alot of Philly + Chicago got left behind to deteriorate.

If you added Silcon Valley to Philadelphia you know what you get?

You get a close comparison to Chicago.

Chicago population = 9.5 M..... GDP $644 Billion

Philly population = 6 M.......GDP $420 Billion
San Jose Population 2 M ......GDP $ 230 Billion
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Old 07-30-2017, 07:26 PM
 
3,059 posts, read 999,823 times
Reputation: 1255
Quote:
Originally Posted by NOLA101 View Post
It's very simple. Chicago and Philly aren't as desirable. If they were more desirable, they would cost more.

Chicago is a great city, but isn't as urban or aesthetically nice, has bad weather, sits in the most boring part of the country, has high crime, a so-so economy, and isn't a glamorous locale.

Philly is also a great city, but has limited professional jobs, some really crappy zones, is kinda cliquish and tribal and just 70 miles from the most important city on earth.

I will note that really nice parts of Chicago and Philly are basically as expensive as NYC, Boston, SF, DC, etc. You will pay millions if you want something really nice and well-located in Rittenhouse Square or on the Gold Coast.
That's not true there is a section of philly that is safe and beautiful with reasonable rents called Cedar Park.
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Old 07-30-2017, 07:33 PM
 
3,059 posts, read 999,823 times
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Quote:
Originally Posted by NOLA101 View Post
What "simply isn't true?" You're saying that top-tier RE in Chicago and Philly doesn't cost millions?

I don't know what your links have to do with anything. They're showing garbage properties. How many wealthy Chicago families are looking for a one bedroom walkup apartment in some dumpy building with no parking or amenities?
You stated that all nice parts of Philly are very expensive and I currently live in a nice section of Philadelphia that has reasonable prices when it comes to apartments.
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Old 07-30-2017, 07:41 PM
 
3,059 posts, read 999,823 times
Reputation: 1255
Quote:
Originally Posted by NOLA101 View Post
OK, but areas aren't cheap because they're lower-income. They're cheap because they're bad areas. NYC doesn't really have bad areas, at least not like in Chicago and Philly.

Williamsburg and the Lower East Side are fairly low-income, but are also incredibly expensive and desirable. They're lower income because of tons of income-restricted housing, not because they're inherently undesirable.
New York City has no bad areas?
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Old 07-30-2017, 07:51 PM
 
Location: Villanova Pa.
4,887 posts, read 12,196,588 times
Reputation: 2574
Quote:
Originally Posted by DistrictSonic View Post

Chicago and Philly have knowledge economies, but comparatively they are weak to these other cities. Plus they have far more housing which is in place.
Chicago due to its size has about 1 M more people with college degrees than Bos + SF. Talking metroes here

Philly is also larger than Bos + SF and has roughly the same amount of residents with college degrees as Bos + SF.

So its not the top of the market thats the problem for Chi + Philly. Its the lower end of the market that drags down Chicago + Philly and takes them out of the elite per capita group of cities.
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Old 07-30-2017, 08:02 PM
 
782 posts, read 1,085,872 times
Reputation: 1567
Quote:
Originally Posted by NOLA101 View Post
It's very simple. Chicago and Philly aren't as desirable. If they were more desirable, they would cost more.

Chicago is a great city, but isn't as urban or aesthetically nice, has bad weather, sits in the most boring part of the country, has high crime, a so-so economy, and isn't a glamorous locale.

Philly is also a great city, but has limited professional jobs, some really crappy zones, is kinda cliquish and tribal and just 70 miles from the most important city on earth.

I will note that really nice parts of Chicago and Philly are basically as expensive as NYC, Boston, SF, DC, etc. You will pay millions if you want something really nice and well-located in Rittenhouse Square or on the Gold Coast.
Chicago not urban or beautiful? Really? Have you ever been to Chicago? Prices in Chicago stagnated with the recession, and have been slower to return. However, the nicer parts of the city and suburbs are every bit as expensive and the coastal areas, such as Lincoln Park, the Gold Coast, Hinsdale, Winnetka, etc. The relative affordability of the area is a plus, and makes the city be in a position to be more attractive to those who want a great way of life without drowning in debt.
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