Is Forest Park the next "it" neighborhood? (Chicago: real estate market, houses)

[TheTimidBlueBars]

Seems like a lot of businesses are cropping up there lately, and I know a lot of young people who moved there since the rents were so cheap and there were a lot of cultural activities for a suburb. It's also transit-friendly with some bus service and two L lines. I.e. the perfect ingredients for gentrification.

[Hiruko]

Is it going to be the next Bucktown or Wicker Park or the next Evanston? No. Will values continue to appreciate and will the area continue to attract investment? Yes. Suburban areas without universities are unlikely to attract large numbers of young single adults with few exceptions. However, Forest Park is well positioned as an established inner-ring suburb to attract young double-income households.

[BRU67]

Originally Posted by TheTimidBlueBars

Seems like a lot of businesses are cropping up there lately, and I know a lot of young people who moved there since the rents were so cheap and there were a lot of cultural activities for a suburb. It's also transit-friendly with some bus service and two L lines. I.e. the perfect ingredients for gentrification.

Cropping up? 1995 just called. It wants its post back. Forest Park's Madison Street has had cool businesses for quite some time now. I think it's evolved but it's had a reputation for a fun professional-oriented business district for the last 20 years, at least.

So I think by and large, Forest Park is what it is. Also, suburbs around here don't gentrify per se. Young single artists, students, and recent graduates largely want to be in the city and it's very hard to convince them to move to any suburb .

But if you're looking for a solid area that is safe and convenient, Forest Park is a good choice. I just wouldn't buy their expecting my property value to explode off the chart once it gets "discovered". That isn't going to happen.

[ToriaT]

Its been that was for some time. its a good choice for some like Berwyn is. Forest Park has a nicer downtown area than Berwyn but Berwyn has some great housing stock that isn't as common in Forest Park. Also the horrible Proviso High school is bad just as Morton is not the best.

[ToriaT]

I've also heard that young people from Oak Park are moving to Forest Park and Berwyn because the rents are cheaper. Parking can be a real problem in Oak Park.

[BRU67]

Millennials definitely prefer smaller less expensive homes. Berwyn and Forest Park have pretty lively real estate markets now. Riverside is as cold as a block of ice. How that'll pan out for Berwyn and Forest Park in the long run remains to be seen but I'll guess pretty well.

[ToriaT]

Most young people can't afford the prices of the homes in Riverside. I do think if there is a smaller home available that is reasonably priced it will be snatched up. Most young people are being priced out of Chicago. If you have normal income, you can't afford to pay 600 k and up for a two flat or home. So enter places like Forest Park and Berwyn. The schools are the real downside. There are plenty of parochial or private schools but that too comes with a price.

[fusillirob1983]

Originally Posted by ToriaT

Most young people can't afford the prices of the homes in Riverside. I do think if there is a smaller home available that is reasonably priced it will be snatched up. Most young people are being priced out of Chicago. If you have normal income, you can't afford to pay 600 k and up for a two flat or home. So enter places like Forest Park and Berwyn. The schools are the real downside. There are plenty of parochial or private schools but that too comes with a price.

This is true regarding Riverside's affordability. It's unfortunate because there's some unique looking houses in Riverside, even in a somewhat affordable purchase price range. Unfortunately, the property taxes in Riverside don't help. Many of the lower priced single family homes in Riverside have higher property taxes than other nearby towns.

[BRU67]

Riverside's prices are starting to creep down towards those in south Berwyn, albeit with a higher tax bill. However, I'm not sure how long even that divide is going to last either given that Berwyn's schools need more money like 8 months ago. And I think there's more to this than just cost. For one thing, Riverside is known to be conservative. That is a big urbanist no-no. I also think that Millennials do not actually want a tony address. They'd rather be known as cutting edge. Bleep, I bet if you took a poll asking local home buyers between 25 and 35 whether they'd rather live in Cicero or Riverside, you'd be quite stunned at the result.

I think known liberal places like Oak Park and Evanston will continue to thrive. They've branded themselves as progressive in addition to being expensive, and people will pay for that. But I think your traditional "big gun" suburbs are going to start having some trouble.

[BigLake]

Originally Posted by BRU67

Cropping up? 1995 just called. It wants its post back. Forest Park's Madison Street has had cool businesses for quite some time now. I think it's evolved but it's had a reputation for a fun professional-oriented business district for the last 20 years, at least.

So I think by and large, Forest Park is what it is. Also, suburbs around here don't gentrify per se. Young single artists, students, and recent graduates largely want to be in the city and it's very hard to convince them to move to any suburb .

But if you're looking for a solid area that is safe and convenient, Forest Park is a good choice. I just wouldn't buy their expecting my property value to explode off the chart once it gets "discovered". That isn't going to happen.

Yeah, in fact Forest Park is cooling off and Oak Park is actually heating up. A lot of businesses have left Madison St. lately. It's not as hot as it was 6-8 years ago.

Something else that will always dim Forest Park's growth is the fact that the school system is pretty mediocre, at least Proviso East. Though it's not a bad choice for singles.

Also, I'm not dumping on Forest Park. I actually really like it... quirky, good location, good restaurants.