Updated over 7 years ago on . Most recent reply
Chicago - Jefferson Park Predicament
Hey All - for those who invest on the NW-side, this is a great article on the current state of Jefferson Park (and I'm 100% biased as this is my neck of the woods :).
https://therealdeal.com/chicago/2018/08/02/neighbo...
Area (Alderman) is extremely progressive and has pushed hard for new businesses and expansion. This push parlayed with residents looking to escape higher-priced neighborhoods/taxes to the East, has driven JP home prices at a 17% higher clip than Chicago's average residential increase - stat from the above article. Currently a pain point as our properties have just been reassessed.
From an investor standpoint, it's extremely hard to find cashflowing deals due to the already increased home prices, but you can find them. From a flip-perspective, there's a ton of old bungalows that are probably overpriced but still off-market deals to be had (and tons of opportunity to turn a 1.5 story 1,600 sq ft bungalow to a 2200 flipped bungalow). It's such a rock solid neighborhood - 16 min Metra/30min Blue line to downtown, 94 and 90 access, bus terminal, and a disproportional amount of city workers with good incomes and families.
Some residents will push back on this expansion and potentially move as their suburban-feel is disrupted. New cranes in the air will probably not help the current rent situation from a landlord-perspective, as more competition comes (however, this usually comes along with more upscale tenants now exposed to the area). Tough to find great deals, but like every neighborhood there are deals to be had.
Sometimes you can't see the trees from the forest, but taking my biases out of the equation, JP is moving in the right direction.
Thoughts??