Is West Humboldt Park gentrifying, bad or good area to invest? (Chicago: foreclosures, rent)

[Holdencaulfield]

I notice that there is quite a bit of development east of California. Division gets signficiantly better east of Sacramento. I've looked at buildings in Logan Square and East Humboldt Park. Even after the housing market crash, 2 flat Graystones in those areas are not within my reach, at least one that doesn't need to be gutted. I figured that the gentrification that was previously occuring in East Humboldt Park would march westward once the economy improves. I realize that this would not happen overnight, and am willing to hold on to the property for 8- 10 years.

[quigboto]

Originally Posted by Holdencaulfield

Quigboto, when you say you have to put up with a lot of nonsense from the locals, what exactly do you mean by this. The intersection in question is north of both grand and division. Would you say this area is suitable for a couple with a small child?

I mean gang activity (Someone was shot and killed in front of my house a few months back) and the miscreants that orbit the liquor store nearby begging for change and being a pain in the butt. The gangstas generally ignore me b/c I am obviously not one of them, and after 5 years the winos etc know better than to ask me for spare change. My main concerns are when my wife is walking from the bus stop at night, the collateral damage from inter-gang warfare, the vandalism and ungodly amounts of trash these people throw on the ground in HP. There is a lot of talk about pride in their neighborhood and "Yuppies not welcome" but its an odd way to show neighborhood pride by treating it like a garbage dump. I dont start trouble and I don't invite it, which unfortunately means I dont go for long walks after dark, something I'd be able to do in a better neighborhood.
Also, the park itself is lovely but I can't take my dog for a walk there because every idiot thug in the 'hood has a pit bull off leash there.
I would not raise kids in humboldt park myself. I would find a family friendlier neighborhood. For a young-is couple like me and my wife with no kids, its okay, for all of its pittfalls. But rest assured, as soon as I can sell my house without losing my shirt on it, I am moving to West Loop, Oak Park or someplace where I can walk (safely) to something other than a liquor store or the local taqueria at night.

Hope this helps.

[Chi-town Native]

Originally Posted by quigboto

I dont go for long walks after dark, something I'd be able to do in a better neighborhood.

I hear on you, except for that part - a lot of the creeps gravitate to the nicer hoods to prey on the unsuspecting.

women specifically should NEVER be walking around late at night with iPods on or distracted making texts, etc - every time I read about an attack in LP or Wrigleyville I cringe, not because I blame the victim, but just because as an urbanite it seems like such common sense to me & I don't understand why newbies to Chicago don't grasp this.

stay alert- always. doesn't matter where you live.

[BRU67]

Originally Posted by Holdencaulfield

I I figured that the gentrification that was previously occuring in East Humboldt Park would march westward once the economy improves. I realize that this would not happen overnight, and am willing to hold on to the property for 8- 10 years.

Maybe, maybe not. I'd never bet something on future gentrification that I couldn't afford to lose. I mean, do you really want your financial future and your family's personal safety to rest on the whims of a bunch of hipsters? If you do, you're braver than I am!

Gentrification is not easy to predict. Would I buy investment property in WHP? Sure, I'd consider it if it was available for the right price and I was diversified. But as my primary residence? Eh, I don't think so.

[Irishtom29]

Originally Posted by BRU67

Maybe, maybe not. I'd never bet something on future gentrification that I couldn't afford to lose. I mean, do you really want your financial future and your family's personal safety to rest on the whims of a bunch of hipsters? If you do, you're braver than I am!

This gentrification thing may have peaked in Chicago and I wouldn't be surprised to see the city slide farther into decline. I sure as Hell wouldn't buy in this city; the city government and services are a mess on almost all fronts and I wouldn't want to be locked into anything here.

Renting I can pick up and go.

[BRU67]

I don't agree there. Many studies show that living near urban centers is getting more popular. I don't see gasoline getting any cheaper, and Chicago should remain strong economically. I think after the housing market picks back up, Chicago, on the whole, will continue its change for the better.

This said, Chicago is so big and has so many blighted areas there will be winners and losers. And it's hard to predict what those will be. I think WHP has a definite weakness in that it's not as strong in terms of public transit as some other gentrification "competitors." It's also pretty high in terms of crime, compared to some other choices.

[Holdencaulfield]

Bru, I have considered moving to Berwyn. However, I've heard that Berwyn, especially the eastern edge is resembling Cicero more and more every day. This is what has made me leery of purchasing in Berwyn. Is there any truth to it? I'd hate to buy in an area that will essentially be Cicero in 10 years.

[Drover]

I'd live in Cicero long before I'd live in west Humboldt Park.

[BRU67]

Originally Posted by Holdencaulfield

Bru, I have considered moving to Berwyn. However, I've heard that Berwyn, especially the eastern edge is resembling Cicero more and more every day. This is what has made me leery of purchasing in Berwyn. Is there any truth to it? I'd hate to buy in an area that will essentially be Cicero in 10 years.

No, there's no truth to it. Two different communities. Berwyn also borders Oak Park and Riverside. I'd pay a few extra bucks and take Berwyn over WHP without even blinking. It may not have the "773" area code but at least you don't have to worry about your personal safety. And the schools are way better too.

Hell, as Drover said, I'd pay less money and take Cicero over WHP. Cicero is also safer than WHP. Cicero has better housing stock, better public transit, is closer to the Loop, and has more business development. WHP has the Chicago address. Even money on which gentrifies first!

[eevee]

I honestly wouldn't move back to WHP even if rent was free. BTDT, don't want to do it again. I lived near Division and Pulaski and, while nothing really happened to me, it's not just a place would like to move back to. in hindsight, it's a miracle nothing did happen to me considering I usually didn't come home until 3am and walked past my fair share of sketchiness. I don't know much/anything about real estate investment, but I can't imagine WHP ever gentrifying to the point where buying there makes sense. the whole city can't be gentrified, some areas will be left behind and I think WHP may be one of them. I now live near California and North in EHP and can see it changing for the better. at least compared to WHP, I'm w/in a mile's walk from a couple of blue line stops, some clubs and hot spots in Wicker Park (not really my scene, but places like Subterranean can be fun places to hang out in w/ friends), an awesome, beautiful park, a couple of shops and markets, etc. it's not perfect, especially around my block w/ the aforementioned public housing scattered around, but it's a complete 180 from WHP. if the price and size was right, I may go as far west as Kedzie or Kimball/Homan, but that's it, and that's just to rent, nevermind buying (don't plan on buying in Chicago anyways)