Where should I live? (Chicago, Lincoln: best neighborhoods, real estate, apartments)

[boulevardofdef]

So, there's a very good chance my wife and I will be relocating from New York to Chicago in the fairly near future. I love New York like crazy and I love where I live specifically, but unforeseen circumstances are bringing us there, so whatever, I suppose. I went to college in the suburbs and I visit at least once a year, so I'd like to think I'm as familiar with Chicago as pretty much anyone who's never lived there. But still, as I look for real estate, I'm finding it challenging, so I was hoping you guys could help me focus. Everybody talks about how Chicago is so much cheaper than New York, but let me tell you my current situation, and hopefully I can get some good advice out of it. This is gonna be long, but I want to get as close as I can.

I live in a neighborhood in Queens called Forest Hills. You may have heard of it because it used to host the U.S. Open -- back when it did, the tournament was frequently referred to as "Forest Hills" just like London's Championships are known as "Wimbledon" -- and also maybe, more awesomely, as the home of the Ramones and Simon and Garfunkel. I moved there four years ago when I was priced out of Manhattan because it had similar pricing to up-and-coming neighborhoods in Brooklyn that were being inundated with hipsters but were still pretty gritty and had some degree of crime. Forest Hills is one of the safest neighborhoods in all of New York City--our police precinct is nicknamed the "Country Club Precinct"--but it's cheaper because it's older and has no hipster cachet, despite the Ramones thing that I push on everybody. There are a lot of seniors who have been there for many years, and a big population of confused-looking Uzbek immigrants. Lots of people think it's lame and boring.

Still, it has a lot to recommend it. I live two short blocks from the subway, and from there, it's a 20-minute express ride to Midtown Manhattan (if the train is running at full speed, which it's generally not during rush hour). If you stay on the train, you end up in some of Manhattan's best neighborhoods. Back at home, I'm within a five-minute walk of three supermarkets (mind you, these are little New York "super"markets) including a great, independently owned natural-foods one, and I'm also a five-minute walk from a mile-long shopping strip that people complain is too chainy but is probably the top non-mall shopping destination in Queens. I live a block away from an adorable park. There's a 24-hour convenience store across the street.

One of the most important things for me is to be near restaurants, and though foodies malign our selection all the time, there are a bunch of halfway-decent places a shortish walk away, including a great Mexican place that doubles as the most popular bar in town. Still, a friend once derisively called the restaurants I like "twee," and I'd like to be near more of those instead of the red-sauce Italian joints where 70-year-olds go to sit in fake-leather booths with their grandkids.

My apartment is, as we say in Queens, a "junior 4." That means it's got one big bedroom and a smaller second bedroom located off the kitchen. In many junior 4s, there's no wall separating the two and it's a dining room, but in my case, it's a legit, albeit small, second bedroom with entry from the living room. Huge closet in the bedroom, big dining foyer, large living room. The bathroom is the smallest bathroom you've ever seen in your life, I promise. It's in a decently kept vintage-1938 elevator building. For this, two years ago, I paid $275,000. It needed a little work on the bathroom and kitchen, which I completed for less than $10,000. I don't know if I want to go through that again, though, fun as it was. Maintenance fees -- and as is common in New York, this is a co-op, not a condo, so the figure includes taxes -- are around $700.

Which brings me to my point. Chicago is so much cheaper, right? I figure to make me feel good about this move, I need to buy:

1. A nicer apartment
2. In a more-desirable neighborhood
3. For less money

I must have two bedrooms; that's non-negotiable, as there may be a kid on the way in the not-so-distant future. I don't need gleaming and new; in my experience, Chicagoans are much more concerned with that than New Yorkers. Hopefully I'll buy something that will give me a nice return on investment.

I know I almost certainly won't be in a neighborhood as safe as Forest Hills, but I'm scared of my own shadow and crime is a big concern for me. I was thinking Uptown when I saw lots of great apartments there at really good prices, but I've been doing a lot of reading and it seems like waaaaaaay too many people hate it and are all up in arms about the crime. I'm a New Yorker and I deplore the cold, so I must be a short walk from everything I need, and that includes the El, not the bus, not even an express bus. I am famous for hating buses. I want to be able to get downtown about as quickly as I can now. I will not buy a car, ever, period.

I want a neighborhood that's vibrant and young and has destination businesses where people want to be. I'm talking cool little restaurants, maybe some hip boutiques for my wife, who thinks Chicago shopping is the best shopping in the world. FYI, we've fallen in love with Lincoln Square--reminds us of Forest Hills in a lot of ways, but a bit more fashionable--but I fear it may be too expensive, at least if I'm reading the real-estate listings right. Am I right about that? Our new neighborhood doesn't have to be anything like our old neighborhood at all; it just has to have a lot of the things that make living where we do so easy.

I know those are a lot of demands, and that's why they're not demands. I realize I'm unlikely to get all of those things. But how close can I come? And where's the neighborhood where I can come closest? I would have to say the only point I think is really non-negotiable is close to the El, and of course a two-bedroom place, as I said.

Come on, Chicago, come through for me!

[jessiegirl_98]

I can tell you that you will have a hard time finding a 2 bedroom in Lincoln Square for that price. (I just did this search, and ended up in East Rogers Park/Edgewater border.....had to have 2 beds, close to the el, didn't have to be fantastic). Chicago is much cheaper than NYC, but I really don't know how much cheaper it would be than Queens (I paid the same rent in Chicago as a friend in Queens...but I'm not sure where exactly she lived).

[aragx6]

On Dreamtown there were a couple of options near that price point... not cheaper, but right at the same.

You have to register to see them, but it's simple and quick so I'd check that out.

One looked very nice and a great location. It's listed at $277k.

[jessiegirl_98]

Originally Posted by aragx6

On Dreamtown there were a couple of options near that price point... not cheaper, but right at the same.

You have to register to see them, but it's simple and quick so I'd check that out.

One looked very nice and a great location. It's listed at $277k.

You could find something at 275K-ish, but in that area, you aren't going to find something nicer for much cheaper than what you paid.

Regarding assessements and taxes, average taxes for a 2 bed are about $3000/year and assessments vary from $100-$700+ depending on the building (generally 200-300 average)

Dreamtown is a nice place to start looking, as there website is super easy to navigate

[boulevardofdef]

Thanks for the tips. I'd been avoiding registering for Dreamtown.

I am, of course, not even remotely married to Lincoln Square. I'm just wondering if there's a less expensive neighborhood that also meets my needs, even if it's not quite so charming.

There are also a couple of other financial things to consider. First, $275,000 is what I paid for my apartment. It was offered for $299. Unless things are radically different in Chicago, I don't imagine I'd be paying $277 for an apartment listed at $277. Assessments plus taxes also seem like they'd be coming up about $200 less a month than I pay now, which helps. But on the flip side, I can't put down as much of a down payment now as I could two years ago because, well, I blew all my cash on the down payment. (I'm not planning on selling my current place -- I'm going to rent it out and do the landlord thing.)

[jessiegirl_98]

Originally Posted by boulevardofdef

Thanks for the tips. I'd been avoiding registering for Dreamtown.

I am, of course, not even remotely married to Lincoln Square. I'm just wondering if there's a less expensive neighborhood that also meets my needs, even if it's not quite so charming.

There are also a couple of other financial things to consider. First, $275,000 is what I paid for my apartment. It was offered for $299. Unless things are radically different in Chicago, I don't imagine I'd be paying $277 for an apartment listed at $277. Assessments plus taxes also seem like they'd be coming up about $200 less a month than I pay now, which helps. But on the flip side, I can't put down as much of a down payment now as I could two years ago because, well, I blew all my cash on the down payment. (I'm not planning on selling my current place -- I'm going to rent it out and do the landlord thing.)

Just a few things, first the market in Chicago is pretty steady. On dreamtown (they don't send you junk, you can just register), you can look to see what properties in each neighborhood were listed for and what they sold for. My condo was listed as 250K and we got it for 240K, which isn't that great (but was comprobable). We actually looked at a place in Andersonville that was listed for 260K and the developer had 2 full prices offers by the days end...... you can get a good deal, but not always a great one. As for money down, you have to have at least 10% down now (new mortgage laws have tightened).
As for other neighborhoods, I don't have great suggestions in that price range for "happening areas" except just look out for good deals in Lakeview (will be hard pressed to find 2 beds in that price range- we found a few but they were horrible), Andersonville, South Loop, Lincoln Square, Edgewater, Buena Park to name a few. Our price range was more in the 250K range, and we could only find decent 2 beds in our range (in neighborhoods with stuff going on, near the el, pet friendly) in East Rogers Park (which is questionable), and Edgewater. That's pretty much it.........