Natasha, Home Buyer in Evanston, IL

Is now a good time to buy real estate in Rogers Park?

Asked by Natasha, Evanston, IL Mon Jan 28, 2008

Help the community by answering this question:

Answers

7
Hi Natasha:

Rogers Park has seen a condo explosion over the past few years, much to the chagrin of Rogers Park natives. Developers came in and turned cool old buildings into condos, or simply tore them down to build new construction. The RP natives felt there was a little too much gentrification going on, and they are not all happy about all of the progress. Still, it is one of the few affordable lakefront areas of the city (east Rogers Park is lakefront), and has lots of cute little restaurants and coffee shops. Rogers Park is a great, diverse far north area of the city that still has room to grow.

However. Rogers Park was saturated with condos, and the current market has seen a little slowdown of new construction in the area as a result. I'm sure there are developers out there itching to get rid of inventory, and you may find you can get a pretty excellent deal as a result.

I know the foreclosures are a scary thing because of their effect on values, and though nobody can predict the future with certainty, you can conservatively anticipate further decline before an upswing. Therefore, no matter where or what you buy, buy with the idea to hold on to that property for at least 3 years, preferably 5.

Because life is unpredictable, one never knows if the "buy and hold" strategy will always pan out, so take advantage of some of the deals out there to cushion any further decline.

Good luck with everything!
1 vote Thank Flag Link Mon Jan 28, 2008
Patti Pereyra, Real Estate Pro in Chicago, IL
MVP'08
Contact
If you are an investor, you can have a field day with all the bargain basement 1 bedrooms that are selling cheap but renting well. You can easily get a very high ROI if you choose the right properties, and there is a lot out there.
0 votes Thank Flag Link Wed Aug 1, 2012
In todays market, I wouldn't rule out considering a 2-3 flat in Rogers Park Occupy 1 unit and rent out the other(s). In the right property, this 'income' can help in your monthly mortgage/living costs and as the market improves your investment can see significant growth in value. .
0 votes Thank Flag Link Wed Aug 1, 2012
I'm out buying in Rogers Park right now and it's amazing. I already live in the neighborhood, and thanks to the gazillion developers who tried to swoop in and gentrify things during the housing bubble, condo shopping feels like Filene's Basement. There's just so much great stuff available at prices you wouldn't have believed two years ago. As long as you don't plan to move right away and are willing to hold out through the current financial meltdown, odds are good that in 5+ years it will be a fantastic investment.
0 votes Thank Flag Link Thu Mar 19, 2009
Natasha - needless to say you are in the driver's seat as it relates to buying in Rogers Park. East of Clark there is a large number of units currently on the market. While I have not analyzed the absorption rate for the area lately, I know that there is a great deal of inventory. I purchased 3 years ago and I believe I would be lucky if I were able to sell my unit for what I paid for it - that said, I am not concerned because I have no desire to sell any time soon.

It is my opinion that it is a good time to buy period. If you qualify for conventional financing and have a sufficient downpayment, you have the upperhand in terms of negotiating. As Patti mentioned, if you have at least a 3 to 5 year window in mind, I would consider Rogers Park. If you intend to live in your first home less than that time period, I may suggest areas where there are lower absorption rates.

Hope that helps!
0 votes Thank Flag Link Sun Feb 10, 2008
Natasha, hard to answer your question without more details regarding you and husbands needs and abilities with respect to the home you desire. Foreclosures can most certainly effect the market in which they happen, but given the very diverse Rogers Park market, I would be confident you could find a solid buy as long you investigate thoroughly.
0 votes Thank Flag Link Mon Jan 28, 2008
A condo - I'm recently married and my husband and I are looking for our "starter home" so to speak. We've heard there may be alot foreclosures in chicago overall and we are nervous that foreclosures in the area or outstanding inventory may drive the value of our home down.
0 votes Thank Flag Link Mon Jan 28, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer