Hyde Park- Greenwood & 51st St. (Chicago, Lincoln: apartment, HOA, condos)

[chickaboo]

Does anyone live around this area? we have recently visited a nice open house there and the property tax seemed ridiculously low for the size of the house, while the HOA is very high.

another area we have been looking at is around 55th & Hyde park Blvd. Very convenient location (bus and metra), but pricey and the old house needs work.... Anyone who's lived in a house built in 1900's? will it be very cold in the winter in it?

We are looking to buy soon so any advice is much appreciated.

[dragoro]

I grew up in a house built in 1890 in michigan. Long as its insulated and good windows your fine. Its actually harder to cool the old houses off in summer. Have to save I loved that house.

[Manigault]

Originally Posted by chickaboo

Does anyone live around this area? we have recently visited a nice open house there and the property tax seemed ridiculously low for the size of the house, while the HOA is very high.

Yes I (and a famous Illinoisan) live quite close to there. It is very convenient as to transportation, shopping and restaurants. Very low crime. That's more Kenwood than West Hyde Park. There are several condo conversions going on.

another area we have been looking at is around 55th & Hyde park Blvd. Very convenient location (bus and metra), but pricey and the old house needs work.... Anyone who's lived in a house built in 1900's? will it be very cold in the winter in it?)

55th and Hyde Park is much different than 51st & Greenwood -- it is in East Hyde Park, a big student area with little street parking for cars. However, it is in walking distance to the beach. Transportation at that area is excellent with the express bus and Metra in less than a block. Strangely enough, I also lived at 55th and Hyde Park.

My current home is an 1898 townhouse. In buying in the city you should check to see how updated the major systems are, ie plumbing and electric. The house may be cold if there is not a lot of insulation between the living space and the outside walls. If there are still plaster walls inside, you probably will shell out some cash to keep the place heated.

PM me if you need additional information. In a village as small as Hyde Park, individual house histories are well known. You may wanna pick up a copy of the book: "Hyde Park Houses". It provides a bunch of historical information on houses (and some apartment buildings) built before the twenties. In both of the locations you cited, the houses were built well before 1920. Some condos are newer than that.

[chickaboo]

Thanks Manigault! how is the transportation to loop from 51th & greenwood?

[Manigault]

Well, on the express bus (#2) its about half an hour to a loop office, depending on traffic on Lake Shore Drive. The bus stops right at 51st & Greenwood. Hopefully in the near future a computer diagram will tell you just when the next bus will arrive.

[MovingIL]

What do you think of housing costs in Hyde Park? I've been looking in Lincoln Park and Hyde Park lately, and it seems very close, at least when looking at townhomes and, especially, houses. I just don't get it. I would assume housing values in Hyde Park should be much lower due to more crime and less entertainment options (shopping, movies, etc.). Both are convenient to downtown, though. It seems that SFH and townhomes have really taken off pricewise in HP in the last few years. Property taxes are still much lower in HP (though I would expect not for much longer). So is the value of land (ie teardown houses sold in HP vs LP). Any opinions as to why what I can get for a million or 1.5 million is comparable in HP and LP? To me, HP seems way overpriced.

[chet everett]

Pay no attention to what the CURRENT property tax is. Tremendous numbers of properties are grotesquely under assessed. Once this places sell the Assessor has no qualms about whacking the owners for the FULL value based on the new sale...

HP is VERY DESIRABLE to a lot of people. If you work for UofC or the Hospitals it is hard to argue with the commute. If you are African-American or mixed race it THE place to live and raise kids regardless of where you work -- plenty of such folks drive great lengths to their jobs.

If HP is overpriced TO YOU then it is not right for you,though many people love it. The crime rate is similar to LP, but the kinds of criminals are a bit different. And the entertainment options are frankly driven by what the residents support -- quiet different than LP.


Housing prices in HP probably are some of most resistant to swings up or down. Much less speculation, very few newbie landlord/developers.

[chickaboo]

Originally Posted by MovingIL

What do you think of housing costs in Hyde Park? I've been looking in Lincoln Park and Hyde Park lately, and it seems very close, at least when looking at townhomes and, especially, houses. I just don't get it. I would assume housing values in Hyde Park should be much lower due to more crime and less entertainment options (shopping, movies, etc.). Both are convenient to downtown, though. It seems that SFH and townhomes have really taken off pricewise in HP in the last few years. Property taxes are still much lower in HP (though I would expect not for much longer). So is the value of land (ie teardown houses sold in HP vs LP). Any opinions as to why what I can get for a million or 1.5 million is comparable in HP and LP? To me, HP seems way overpriced.

Actually I've found that for the same price, you get much more sq footage in HP than LP or Lakeview, which was why I started looking towards south :P Especially condos nearby the lake...I love the idea of riding bike from my house to the lake bike path only takes 2-3 mins.

[MovingIL]

Hi Chet,

I am not trying to offend anyone and I am not arguing that HP has nothing going for it - nobody can argue that the presence of UofC will attrack people who want to avoid a commute, and I agree that it is a very nice mixed neighborhood....I am just trying to understand housing prices in HP, relative to LP (which is arguably one of the PRIME spots in Chicago) as we have to decide eventually where to locate (I have rented in both downtown and HP). I find it hard to argue that HP is as safe as LP. I don't care about the kinds of criminals and the overall crime rate, but the kinds of crime and the rate of violent crime. And I am not even talking about the shootings in West Hyde park.
Also, most people I know who live in HP (mostly, as you said, to be close to work) regret the lack of good restaurants in the area and would prefer more choice in grocery stores (maybe things will improve with the new Treasure Island).
I have not studied the public schools enough yet, as that should certainly factor into the housing prices, though I have heard people praise the LP school district (anyone know how it compares to the Ray School district?)

[chickaboo]

MovingIL,

I've heard wonderful things about the 2 school dist. Ray and Muray, so in that sense Hp does have 2 better school dist to choose from. and Kenwood Academy is a great high school.

So what do you know about LP schools?