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Old 11-01-2009, 06:55 PM
 
Location: Wicker Park, Chicago
4,791 posts, read 13,988,605 times
Reputation: 1948

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Chicago Real Estate is still TOO Expensive! I looked at Chicago House Listings in the Tribune, and a Bungalow at 4519 N Lowel Ave was $345,000 ! That just too expensive! In my neighborhood, a 3 bdr townhome at 1419 N. Leavit was $850,000! Where's the Housing Bust? I've worked at companies where employees just couldn't afford a Chicago House!
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Old 11-01-2009, 07:02 PM
 
2,298 posts, read 5,769,304 times
Reputation: 1730
Look in the southwest suburbs. You can get a nice 3 bedroom in move in condition in Burbank, Oak Lawn, etc. in the $200,000 range. You're not in the city, but you're next to it, including the Orange Line at Midway.
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Old 11-01-2009, 07:39 PM
 
11,973 posts, read 29,588,163 times
Reputation: 4609
I have to laugh at everyone who thinks the housing bust means they should be able to afford a house anywhere they want to in the city. A $1.5 million house selling for 20-30% less is still not affordable to most people, and it probably never will be. Wicker Park is now a premium neighborhood with a lot of frou frou ammenities, and that's not changing any time soon.
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Old 11-01-2009, 08:17 PM
 
Location: Chicago - Ukrainian Village
367 posts, read 850,848 times
Reputation: 113
Mr. Supply meet Mr. Demand.
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Old 11-01-2009, 09:31 PM
 
Location: Chicago
15,587 posts, read 25,207,777 times
Reputation: 1761
So says the guy that does not work and supposedly is set to inherit a house in Wicker Park.
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Old 11-01-2009, 09:44 PM
 
28,461 posts, read 78,830,820 times
Reputation: 18599
Default Exactly!!!

Quote:
Originally Posted by Lookout Kid View Post
I have to laugh at everyone who thinks the housing bust means they should be able to afford a house anywhere they want to in the city. A $1.5 million house selling for 20-30% less is still not affordable to most people, and it probably never will be. Wicker Park is now a premium neighborhood with a lot of frou frou ammenities, and that's not changing any time soon.
It is as if someone says "I REALLY NEED a car." Being a helpful sort of a person you show 'em a nice Corolla and the person comes back with "but it does not a doeskin interior and a 1100 watt stereo like this Maybach..."

The desirable areas of Chicago or any other place will always have "limited affordability". If there is widespread mismatch between the money that buyers need and the price that seller demand this leads to price re-adjustment. There is some evidence that most of this readjustment process has had only a limited positive effect, I believe that is due to the 'number' that the brain trust did on public confidence in selling the "stimulus package" too hard. There were NUMEROUS threads here (and thousands of other forum / blog sites) with people actually believing they needed to stock up on freeze dried food and ammo. Nice going geniuses ... Way too many people that probably can afford to borrow a reasonable amount of money to buy a home that meets their needs are sitting on their hands. The Federal Reserve Board and the US Treasury Secretary are acutely aware of this and continue to make efforts to boost spending. Remains to be see how effective this can be...
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Old 11-01-2009, 09:50 PM
 
Location: Oak Park, IL
5,523 posts, read 13,055,163 times
Reputation: 3887
I'm still waiting for penthouse condos in the Trump to drop under 50k.
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Old 11-01-2009, 10:36 PM
 
11,973 posts, read 29,588,163 times
Reputation: 4609
Quote:
Originally Posted by oakparkdude View Post
I'm still waiting for penthouse condos in the Trump to drop under 50k.
Maybe when the Chicago River is red with the blood of genocide and there are guerilla snipers perched in every downtown high-rise...
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Old 11-01-2009, 10:42 PM
 
Location: Oak Park, IL
5,523 posts, read 13,055,163 times
Reputation: 3887
Quote:
Originally Posted by Lookout Kid View Post
Maybe when the Chicago River is red with the blood of genocide and there are guerilla snipers perched in every downtown high-rise...
Well, you know, once Comrade Obama completes the Muslim/atheist/homosexual/Black Nationalist/Communist/ACORN takeover of our country, who knows how far prices will drop.
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Old 11-01-2009, 10:44 PM
 
1 posts, read 2,347 times
Reputation: 11
It's still better to rent than buy, the rent-to-buy parity level still has not been reached.
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