What are upcoming neighborhoods in Chicago? Ones that are going to happen Logan Squares, Wicker Parks, and Bucktowns of tomorrow. Looking for buy and hold landlording and willing to wait for appreciation turnaround for 5 to 10 years.
Please give your thoughs. It is getting harder and had=rder to find deals in my neighborhoods.
All Chicago investors, please respond. Brie you invested on North side. Any ideas?
Here are some areas we are purchasing and/or looking to purchase
2) Humboldt Park
3) Logan Square (I know you mentioned this neighborhood - but in the next 5 - 10 years this neighborhood will look a lot different. There are a lot of developers with projects slated for this neighborhood.
Pilsen is already too hot. I had a client looking in East Humboldt Park and we found some good stuff but it is also getting too hot. @Atul Mohlajee - It really depends on your budget. I have areas I think are better for long term growth than those
Just saw this article -Median Sale Price for Humboldt Park Homes Up 62%
what about the south side? I like bronzeville, Chatham, of course Beverly.
@Brie Schmidt East Humboldt too hot?
What are the indicators of an area getting too hot?
Thanks everyone. I was looking at Humboldt Park in 6 months time.
East Humbolt Park do you mean West Bucktown ;),
N side you have to think at some point Rogers Park is going to do its close location to the Lake justice and see the appreciation gains it deserves.
I too would agree that Humboldt Park, Pilsen, and Logan Square have seen good appreciation in the last year(s). With that said - when we look out 5 to 10 years - which was the question - these are the neighborhoods we see that will have the biggest transformation.
On the flip side there are other areas in the city that we feel are better when you are just looking for cashflow.
Hello BP Community,
I've been reading the forums and listening to the pod-casts for a few weeks now but haven't jumped into the forums other than quick follow-ups to the Chicago meet-ups that @Brie Schmidt has been organizing. I currently live in and plan on investing in Chicago, so I thought this would be a good post to get into.
My fiance and I currently rent in the Little Italy area right near Pilsen. I want to buy a 2 or 3 flat via conventional or FHA loan in a a 'up and coming' neighborhood and rent out the other units. What are some neighborhoods that you Chicago investors would recommend that do not yet have a high point of entry? What do you think about West Humboldt Park?
If we were planning on living in a unit for a year, then renting it out, what way of financing would make more sense? Use a conventional loan, then when we move out, buy another property with an FHA loan? Or, buy with now with an FHA, and save up money to buy another property with a conventional loan?
Thank you in advance for your advice.
Pilsen, Humboldt Park & Logan Square are obvious choices. As a Logan Square resident, I can tell you that there's something new on Milwaukee every week. Also, even the most Lincoln Parkers will tell you that the best restaurants in the city can be found in Logan Square.
In no particular order, here are my "sleeper" hoods.
1. Portage Park: Take a look at all the development going on at Six Corners. Portage Park has a very passionate neighborhood association hell bent on reviving Six Corners. New restaurants, craft breweries, etc.
2. Old Irving Park: The best hidden gem in the city. Close to 90/94 and the CTA Blue Line. Developers are salivating over lots here and I can't believe so many people have no idea this neighborhood exists.
3. Avondale: The Belmont Blue Line saw the highest ridership increase of any CTA line YoY in 2013. Purely a Logan Square overflow play.
4. East Garfield Park: A much longer term play. Close proximity to the Loop with Blue & Green line trains right there. Gentrification will continue to creep west of the United Center.
@Danny Duran - It is starting to get too hot. Prices are up 62% in the past year and are pricing a lot of people out -
I agree with @Jonathan Pliszka on the locations he suggested. A lot of those areas are just starting to get new development so you are taking a gamble but if the area does turn you will bank.
Who knew that Roscoe Village, with an average sale price of $800k, was an area you could not walk alone in at night 15 years ago?
@Ryan Canfield - You may get a better response by starting your own thread.
@Jonathan Pliszka Thank you for the suggestions on neighborhoods to look into!
@Brie Schmidt - Thank you as well, my browser wasn't refreshed when you posted - I'm going to post my own thread.
I'd take a look at the Hyde Park, Bronzeville, and Kenwood area on the south side. It's slowly starting to look like a mini-Wicker Park.
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