Quote:
Originally Posted by ardecila
^ Chicago has proven that it is perfectly willing to expand the boundaries of "wealthy Chicago" to avoid exorbitant prices. That's how gentrification went from a little corner of Old Town in the 1940s to encompass the entire North Side and the Milwaukee Ave corridor, plus West and South Loop. I see no indication that the boundaries will stop expanding. The city is also opening up industrial corridors to residential like never before.
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Quote:
Originally Posted by SIGSEGV
Exactly, if Chicago grows, it probably won't be too long that much of the area between Hyde Park and South Loop is fully gentrified.
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I think you partially misinterpreted me. I am not disagreeing with that. However, the amount of new housing being developed by tearing properties down on the north/northwest side
FAR outweighs that of any development (vacant lot or teardown) in the entirety of the south side and west side.
The point I'm making, which is backed by actual data that I have from numerous years back, is that a lot of "wealthy Chicago" is more willing to tear down old homes in the north/northwest side than they are with going into south/west side. Not saying they are completely unwilling - Bronzeville, Bridgeport, and increasingly Woodlawn has a decent amount of new development for awhile. But even that absolutely pales in comparison to what has happened downtown and north of it - it's not even close. There's so many tear downs there it's not even funny. Developers are on average much more willing to buy a $500K SFH in Irving Park, tear it down and build a new 3 unit building with $400K/unit than going into even Bronzeville and building a nice house (or condos) on vacant land that's going for under $225K.
No reason for not snowballing - but it's slow.
Quote:
Originally Posted by twister244
Only $255k?.......... Jesus.
A house like that would easily go for $600-$700 in ANY neighborhood here in Denver. Btw, thanks for that breakdown on the zoning, etc. I agree, I think Chicago will probably be good in the long-term with respect to having enough stock to accommodate growth. Plus, the level of nimbyism isn't nearly as bad there as it is in some of your western cities (LA, San Fran, here in Denver).
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Chicago is a tale of 2+ cities, so understanding the neighborhoods in this context is pretty important. Washington Heights has fairly high crime so there's a reason it's only $255K. This same house in a very good north side neighborhood like Lincoln Park would be over $1M granted the square footage and what not. Even the difference between that and Bronzeville a little south of downtown is big.
This 4000+ sq ft home in Logan Square sold for just over $1.3M:
https://www.realtor.com/realestatean...7_M83248-49475
This similar-ish type of home in Bronzeville (between downtown and Hyde Park where U of Chicago is, near the lake) sold for $610K:
https://www.realtor.com/realestatean...3_M71198-25143
When people talk especially about "wealthy Chicago" they're talking about the first link above. And to an extent the 2nd link even. This house is not cheap but if you compared it to LA, NYC, SF, etc it would be considered "cheap." Just an FYI in NYC, the 1 bedroom 850 sq foot condos in the building next door to us start at $1.1M and so the $1.3M place above in my world is cheap. Show either of these to someone in NYC or SF and they would flip their shit even though it's over $1M. Also FYI when I talk about tear downs above, there's a lot of the $1.3M ones that have happened in various north side neighborhoods in the last decade. Someone comes in, buys a "cheap" old house, completely tears it down and builds something like this over it.