Home Buying in 60622>Question Details

Dmitriy, Home Buyer in Chicago, IL

What is your opinion on the areas around two crossings: 1) Chicago and California?

Asked by Dmitriy, Chicago, IL Sat May 10, 2008

am looking for a 3 bed/2 Bath condo from 300k to 350k and it seems that the western part of Ukrainian Village and the Humboldt Park area are the only places to find such a condo.
It is my first home purchase and I am planning to stay in it for about 5-6 years.
Do you think that these areas are on the rise or would that be a bad investment decision?
Any piece of advice on that part of town (Ukrainian Village, Humboldt Park) or any ideas on where else a place that fits what I am looking for could be found would be very much appreciated.

Thank you!

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Answers

3
Ron advertising is not allowed here.
1 vote Thank Flag Link Wed May 14, 2008
Dmitriy,

The terms of your search - three bed/two bath with price cap of $350k - will greatly determine commodity availability. I don't see many other areas with such proximity to downtown with this space at this price. Having said this, though, it is important to recognize that condo values in 2007 in Humboldt Park fell through the floor. At the same time single family values in the area kept tracking up as folks migrated west from areas like Bucktown.

Here's the thing, though - your intent to remain in the area five or so years may prove to your advantage with respect to your home serving as the age old notion of real estate serving as an investment. By the time you are ready to move on it is entirely conceivable that the area will have "arrived" more than it has already.

At the end of the day your interests will be best served by working closely with a city realtor who knows the area and is able to advise you intuitively and factually about the pluses and minuses of various areas that match your price point.

Feel free to click here to see the statistics regarding Humboldt Park - http://www.atproperties.com/marketReport/Humboldt-Park.

Best of luck making a decision.
1 vote Thank Flag Link Sun May 11, 2008
My office is at 2538 W. Chicago, so I know the area very, very well. I also own a investment property on California, just North of Chicago. Just call me if you would like to discuss the market in this area...

Ron @ 773 330-2353 cell
Saffron Realty Group
0 votes Thank Flag Link Wed May 14, 2008
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