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There is really no nice neighborhood in Chicago where a decent-sized 2 bedroom costs less than 300k.
So, no. This is totally off. A good 2 bedroom in the Green Zone costs closer to 500k. Chicago is quite expensive.
Are you serious. You can go on Zillow right now and look at 2+ bedroom sales in Lincoln Park for less than $300,000 and dozens of recent sales pop up. They aren't oversized new construction, but they're decent, quality places for the most part and they're right in the heart of probably the most "desirable" area if you're talking high prices and high-end neighborhoods.
My condo cost $580,000 and is a 2,600 unit on the top two floors of a newer building, 3 bedroom, 3 bath, 3 outdoor spaces including our own private 400 sf rooftop, minutes to Wrigley or the lake and a block off the Addison red line.
There are a lot of REALLY expensive condos and single family homes all around the north side, but they're mostly all brand-new luxury construction with all the bells and whistles, private garage and building rooftops, lots of space, high-end everything. They're top of the line places. The sheer amount of construction going on in the north side the past few years coupled with the fact virtually all of it is top of the line luxury is why so many of the prices are really expensive - but there are tens of thousands of more "normal" units and buildings out there where you can get more rational deals and get decent places for much less.
If you're not going top of the line you can get one-bedrooms on the north side for around $200,000 to $300,000 in great neighborhoods and two-bedroom for around $250,000 to $450,000 in great areas. $300,000 is certainly possible.
There are a lot of REALLY expensive condos and single family homes all around the north side, but they're mostly all brand-new luxury construction with all the bells and whistles, private garage and building rooftops, lots of space, high-end everything. They're top of the line places. The sheer amount of construction going on in the north side the past few years coupled with the fact virtually all of it is top of the line luxury is why so many of the prices are really expensive - but there are tens of thousands of more "normal" units and buildings out there where you can get more rational deals and get decent places for much less.
If you're not going top of the line you can get one-bedrooms on the north side for around $200,000 to $300,000 in great neighborhoods and two-bedroom for around $250,000 to $450,000 in great areas. $300,000 is certainly possible.
This sounds very similar to Philadelphia's most developing neighborhoods. Certainly there is a growing inventory of luxury units, but there are still plenty many affordable, <$300K units, even in prime neighborhoods. As you say, not necessarily the Ritz-Carlton, but still very livable.
I think that's the general answer to this thread. Chicago and Philly have probably taken more measures to maintain their affordability through a much better balance of supply v. demand and not allowing themselves to be overtaken by greedy, land-speculating developers.
Are you serious. You can go on Zillow right now and look at 2+ bedroom sales in Lincoln Park for less than $300,000 and dozens of recent sales pop up. They aren't oversized new construction, but they're decent, quality places for the most part and they're right in the heart of probably the most "desirable" area if you're talking high prices and high-end neighborhoods.
My condo cost $580,000 and is a 2,600 unit on the top two floors of a newer building, 3 bedroom, 3 bath, 3 outdoor spaces including our own private 400 sf rooftop, minutes to Wrigley or the lake and a block off the Addison red line.
There are a lot of REALLY expensive condos and single family homes all around the north side, but they're mostly all brand-new luxury construction with all the bells and whistles, private garage and building rooftops, lots of space, high-end everything. They're top of the line places. The sheer amount of construction going on in the north side the past few years coupled with the fact virtually all of it is top of the line luxury is why so many of the prices are really expensive - but there are tens of thousands of more "normal" units and buildings out there where you can get more rational deals and get decent places for much less.
If you're not going top of the line you can get one-bedrooms on the north side for around $200,000 to $300,000 in great neighborhoods and two-bedroom for around $250,000 to $450,000 in great areas. $300,000 is certainly possible.
And the new luxury construction has placed downward pressure on the cost of older units, many of which have been fully renovated in the last 10 years. Whereas actual dumps can go for well over 1 million in New York.
I think that's the general answer to this thread. Chicago and Philly have probably taken more measures to maintain their affordability through a much better balance of supply v. demand and not allowing themselves to be overtaken by greedy, land-speculating developers.
I don't think there's been any active effort to make these cities more affordable. There just aren't many people who can afford to pay high rents there. The market won't bear it.
I don't think there's been any active effort to make these cities more affordable. There just aren't many people who can afford to pay high rents there. The market won't bear it.
Exactly. I go back to the fact that there is too much housing stock available within close reach to good paying jobs to allow these cities to become uber expensive. If University City and Center City doubled their employment with high paying tech jobs, you can bet that prices would go way up in the core, but there are still enough neighborhoods rife with cheap housing stock to balance that in West, North and South Philly.
Exactly. I go back to the fact that there is too much housing stock available within close reach to good paying jobs to allow these cities to become uber expensive. If University City and Center City doubled their employment with high paying tech jobs, you can bet that prices would go way up in the core, but there are still enough neighborhoods rife with cheap housing stock to balance that in West, North and South Philly.
Or if there were more high wage earners in the region. Philadelphia doesn't have a high-powered job market. And there's not enough outside investment to put much upward pressure on housing prices.
Or if there were more high wage earners in the region. Philadelphia doesn't have a high-powered job market. And there's not enough outside investment to put much upward pressure on housing prices.
its not that there is not high wage earners. This is all (a lot) about growth and new high paying jobs Both Chicago and Philly have lagged other larger metros/cities in attracting and generating such new jobs that lead to more people in higher incomes search for stock and driving up process Both just sort of churn along without the high price increases driven by demand driven by new job growth
This thread is rife with subtle (and not so subtle) put-downs of Philadelphia and Chicago. There must really be a LOT of insecurity, otherwise, why? Constant put-downs, don't mean much else.
If you're not going top of the line you can get one-bedrooms on the north side for around $200,000 to $300,000 in great neighborhoods and two-bedroom for around $250,000 to $450,000 in great areas. $300,000 is certainly possible.
It certainly seems that way on Redfin. Most of the condos I'm seeing near Lake Shore Drive range from $260-$400 per square foot. The cheapest apartment I could fine in Nob Hill, SF is selling for $643 per square foot.
its not that there is not high wage earners. This is all (a lot) about growth and new high paying jobs Both Chicago and Philly have lagged other larger metros/cities in attracting and generating such new jobs that lead to more people in higher incomes search for stock and driving up process Both just sort of churn along without the high price increases driven by demand driven by new job growth
I said if there were "more" high wage earners in the Philadelphia region. It's no mystery why DC is way more expensive than Philly and Baltimore despite having a similar urban layout, population density, and land "constraints." DC has way more people making a lot of money. Pretty simple.
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