Humboldt Park Invest or not? (Bloomingdale, Avon: short sale, rental, crime)

[thebizkit]

There is a potential investment located on North ave and just a bit west of California. I know the area very well (I live near Division and Pulaski ) and I know that its still a pretty sketchy part of Humboldt park, not as up and coming as the East/South East side of HP, but its a fantastic space that's affordable and is located right in front of the park.

Is it worth a look? Is the area even changing like it is just east of Western?

[marothisu]

Isn't there a number of SFHs being built between California, Kedzie, Armitage, and North? According to my data, there's a fair number of new construction building permits in the last large handful of months for that area. FWIW..

[Chi-town Native]

Originally Posted by thebizkit

There is a potential investment located on North ave and just a bit west of California. I know the area very well (I live near Division and Pulaski ) and I know that its still a pretty sketchy part of Humboldt park, not as up and coming as the East/South East side of HP, but its a fantastic space that's affordable and is located right in front of the park.

Is it worth a look? Is the area even changing like it is just east of Western?

If you're east of Sacramento you're still technically on the east half of the park itself at least.

Humboldt Park is a good place for a long term investment IMO. If you think you'll need to sell in less than 7 - 10 years I wouldn't do it, personally.

[chicagobear]

I do see more white people walking around HP these days. That's a good sign for future appreciation.

[UrbanCheetah]

Good investment, but I think it will take a while to see that. Beyond 10 years. IMO before Humboldt Park can really get going on the change, I really think Logan Square and Avondale would need to finish their gentrification first before it goes into beast mode in Humboldt Park. Humboldt Park is definitely changing, but very very slowly.

[Chi-town Native]

Originally Posted by UrbanCheetah

Good investment, but I think it will take a while to see that. Beyond 10 years. IMO before Humboldt Park can really get going on the change, I really think Logan Square and Avondale would need to finish their gentrification first before it goes into beast mode in Humboldt Park. Humboldt Park is definitely changing, but very very slowly.

A few factors which may speed it up:

Opening Humboldt Park itself to events like Riot Fest puts the area on a whole new demographic radar.

The Bloomingdale Trail aka 606 line.

[UrbanCheetah]

Originally Posted by Chi-town Native

A few factors which may speed it up:

Opening Humboldt Park itself to events like Riot Fest puts the area on a whole new demographic radar.

The Bloomingdale Trail aka 606 line.

I don't think an annual event is going to make people clamor to move and hangout there. This is like saying because people attend Bulls Game at the United Center the area is going to have an influx of people moving there because the neighborhood is now on their radar. It's not like there is much for people to do around Humboldt Park after Riot Fest. I am pretty sure people leave the area after the festival go to Bucktown, Wicker Park etc to party and hangout. It's not like they are discovering this hidden neighborhood that has a bunch of action for them that would want them to stay and explore the neighborhood after the festival is over.

The Bloomingdale trail may help, but I don't think it will have that huge of an impact yet either.

The problem with Humboldt Park is that it is still pretty dangerous and on top of that really doesn't have any El stops that you can easily walk to. If we look at the neighborhoods that are growing the most, like Logan Square, Avondale, Pilsen etc they are all well supported by the El and most of the new development is occurring around the train stops. My point is I believe if given the choice people and businesses will buy, open their businnes, or move to Logan Square or Avondale before Humbodlt Park. They are just much safer neighborhoods, with better access to the CTA and also have a lot to offer in terms of amenities, restaurants and bars. I don't see Humboldt Park taking off until at the very least Logan Square is fully developed, if not Avondale as well.

[Aleking]

I'd pass on Humboldt and the L remains the major reason

[jonnynonos]

I have three friends who bought houses there pre-recession. Two could not sell them and finally gave up. One guy kept his as a rental property. Not sure about the second person; I think they just resigned themselves to living in it. The third guy dumped it on a short sale and I think ended up eating $40K.

[BRU67]

Originally Posted by UrbanCheetah

I don't think an annual event is going to make people clamor to move and hangout there. This is like saying because people attend Bulls Game at the United Center the area is going to have an influx of people moving there because the neighborhood is now on their radar. It's not like there is much for people to do around Humboldt Park after Riot Fest. I am pretty sure people leave the area after the festival go to Bucktown, Wicker Park etc to party and hangout. It's not like they are discovering this hidden neighborhood that has a bunch of action for them that would want them to stay and explore the neighborhood after the festival is over.

The Bloomingdale trail may help, but I don't think it will have that huge of an impact yet either.

The problem with Humboldt Park is that it is still pretty dangerous and on top of that really doesn't have any El stops that you can easily walk to. If we look at the neighborhoods that are growing the most, like Logan Square, Avondale, Pilsen etc they are all well supported by the El and most of the new development is occurring around the train stops. My point is I believe if given the choice people and businesses will buy, open their businnes, or move to Logan Square or Avondale before Humbodlt Park. They are just much safer neighborhoods, with better access to the CTA and also have a lot to offer in terms of amenities, restaurants and bars. I don't see Humboldt Park taking off until at the very least Logan Square is fully developed, if not Avondale as well.

From a logical perspective, what you say makes perfect sense. But gentrification doesn't always follow logic. Often it does, but not always. West Logan Square isn't good in terms of public transit, and isn't particularly interesting, but it's changing pretty fast because people believe it's changing pretty fast. And if it gets ritzy enough, the City will create the public transit around it.

The buzz on Humbolt that it's urban, cool, gritty and hip. Take that a few more steps and it wouldn't matter if you had to drive an hour to O'Hare Airport, go through security, and board a 787 to get downtown. People will want to be a part of that and the area will gentrify through momentum.

Put another way, the answer to this question lies more in the whims of some hipsters than it does in any logical factual analysis revolving around public transportation access and crime statistics.