The Loop or Lincoln Park?!?!? (Chicago, Manhattan: foreclosures, condos, high crime)

[JAS311]

Hey Guys - -
So my husband and I looked at a bunch of condos in boths areas this past weekened and are torn which area we like better - - - any thoughts, opinions?!??!

[hsw]

Loop is convenient on weekdays if work in Loop, but can be depressing on wkends (sort of like choosing to both live and work in Midtown Manhattan)....

Given the likely severe recession underway, suspect recently gentrified areas like Loop will be dubious places to live....lots of new, empty, unsold condo towers w/foreclosures, incomplete amenities and prob reduced bldg services, etc.....

LincPk area was gentrified 10+ yrs ago; has many wealthy families who have recently built new, $5MM+ houses.....so will likely offer a higher QOL, more established residential feel...and be subject of greater Chic police protection, given the many affluent taxpayers living in the area.....different safety considerations in a recessionary economy when violent street crime will prob increase....

[Lookout Kid]

Originally Posted by hsw

Loop is convenient on weekdays if work in Loop, but can be depressing on wkends (sort of like choosing to both live and work in Midtown Manhattan)....

Given the likely severe recession underway, suspect recently gentrified areas like Loop will be dubious places to live....lots of new, empty, unsold condo towers w/foreclosures, incomplete amenities and prob reduced bldg services, etc.....

LincPk area was gentrified 10+ yrs ago; has many wealthy families who have recently built new, $5MM+ houses.....so will likely offer a higher QOL, more established residential feel...and be subject of greater Chic police protection, given the many affluent taxpayers living in the area.....different safety considerations in a recessionary economy when violent street crime will prob increase....

The Loop doesn't really have a lot of empty condo towers now, and probably won't. The pace of condo tower construction in the Loop has not been nearly as frantic as the immediate surrounding neighborhoods. I'd be more worried about Streeterville, River North, and the South Loop in that respect. But all of these areas (with the exception of the South Loop and parts of the Loop on the Western edge) are very active on the weekends, and are bustling with toursts around the clock. HSW has very dated information on Chicago. The theater district, Millenium Park, 00s residential infusion, new college dorms, and revitalized State Street have completely turned the Loop around in the last ten years. It's actually pretty active, particularly along the eastern edge. The stretch of Michigan Avenue between the Art Institue and the River used to be a dead zone, and now it's bustling year round.

As far as Lincoln Park is concerned, it gentrifed much earlier than ten years ago. It was pretty much completely gentrifed by the late 80s, and the process started in the late 60s and early 70s. It's very nice, established neighborhood with better ammenities for daily life. Other North Side neighborhoods offer similar ammenities at a lower cost.

[Lookout Kid]

By the way, Freakonomics has largely debunked the myth that crime rises and falls along with economic cycles. The Loop wasn't exactly a high crime area before gentrification, so safety isn't a major consideration there--regardless of what happens to the condo market and economy in the future. That post really strikes me as strange.

[soulful]

JAS311: I would not purchase in the South Loop. However, if you are referring to the actual "Loop" your property value should hold up better.

Personally, I would choose Lincoln Park or Lakeview (immediately north of Lincoln Park). Very nice neighborhood feel with tons of restaurants/shops/park/lake and your property will not likely decline in value in either LP or LV. The transportation is great to Michigan Avenue and the Loop. Trains or tons of buses (some express).

[Chicagoland60426]

Originally Posted by dsimicata

JAS311: I would not purchase in the South Loop. However, if you are referring to the actual "Loop" your property value should hold up better.

Personally, I would choose Lincoln Park or Lakeview (immediately north of Lincoln Park). Very nice neighborhood feel with tons of restaurants/shops/park/lake and your property will not likely decline in value in either LP or LV. The transportation is great to Michigan Avenue and the Loop. Trains or tons of buses (some express).

Whats wrong with the South Loop? Its basically part of the downtown just like Streeterville, Gold Coast, and River North. The South Loop have a lot of condos going up. The South Loop is a nice area to live in and I would not exclude that part of downtown. You can look at the South Loop as a great alternative if you can't afford to live in other parts of downtown.

[soulful]

The problem with the South Loop is that way too many condo buildings have gone up and market time for new units and resales is nightmarish and will probably only get worse in my opinion.

[snoylekim]

I like the West Loop area because it's close enough to 'the action' for work ( if you work downtown) or play ( Lakefront, Streeterville, River North, Mag Mile , and, yes, even Lincoln Park and Old Town ) but just far enough away so I'm not living 'all action all the time' .. The Loop on weekends has nice quiet spots, and the canyons are kind of surreal walking around on a Sunday morning..

The analysis a few posts up about large expanses of foreclosed and empty condos and Mad-Max like street violence during the upcoming Apolcalypse .. HAAAH !! We currently have one condo building under construction, and my neighborhood is part of Area 4, which has and will continue to have LOTS of police presence.. This same area covers the Loop, Streeterville, Parts of River North .. there are and will continue to be plenty of police ( seen and unseen) in the neighborhood ..

[jdiddy]

Originally Posted by dsimicata

The problem with the South Loop is that way too many condo buildings have gone up and market time for new units and resales is nightmarish and will probably only get worse in my opinion.

Certainly if you're looking at owning for only a few years, the South Loop wouldn't be the best place to buy.

Given enough time, the area will absorb all those new condos, creating more dining/shopping/amenities that the more established neighborhoods already have.