How do you guys feel about Parkside of Old Town in Chicago?

Asked by Maha, Chicago, IL Fri Aug 15, 2008

I am looking to buy a 2 bed 2 bath condo there for about $405K indoor parking included in that price. Has anybody had any experience with mixed income communities? Do you think this is a good move as far as resale and profit in the future?

Help the community by answering this question:

+ web reference
Web reference:

Answers

7
Tom McCarey, Agent, Chicago, IL
Fri Aug 15, 2008
Maha,

The price is good. The location is great. The construction quality is mediocre. And your resale value is limited. The question is how this meshes with your checklist related to buying a new home. Check out the other box developments in the area (247 Scott and the complex across from the Dominick's at Sedgwick and Division) to gain a sense as to the limited nature of this purchase serving as a profitable real estate investment.

Good luck.

Tom McCarey
The Real Estate Lounge Chicago
2 votes
Eric Marcus, Agent, Chicago, IL
Mon Aug 18, 2008
Maha,

This is one of the rare times I disagree with Tom's usually excellent commentary. I think Parkside of Old Town is an excellent opportunity with the potential for great appreciation. The location is about to be one of the best in the city. 5 years from now this area is going to explode with retail, restauarants and the like and it will have a completely different look than it does now.

To me the south facing units in the mid-rise buildings seem like the biggest no-brainer in the city. It's so close to downtown. 3-4 blocks from the red line. Many of these south facing units have amazing views of downtown that will not get obstructed. I have seen similar type construction selling in Lakeview (3232 N. Halsted) for in the low-mid 400s with lower level finishes and not nearly as nice of views.

The mixed income community has worked fabulously in the first phase of redeveloping the area over on te 1300 block of Halsted. The original owners there have seen incredible appreciation and that was before the area was all developed. My clients that live over there tell me that the only problems they have ever had are with the people that paid full price not the lower income residents!

As I tell all my buyers, your time frame needs to be 5 years when you are buying a place to expect a reasonable amount of appreciation. It may take another year or longer to work out of this real estate market and no one knows how long it will go. You should not expect to flip these for a profit 1 or 2 years from now.

Best of luck!


Eric Marcus
ESM Realty
Your Real Friend in Chicago Real Estate
Web Reference:  http://www.esmrealty.com
1 vote
Mikeh, Home Buyer, Chicago, IL
Tue Sep 15, 2015
ive lived there 8 years and i love it!

mike hansen
511, #307
0 votes
Mikeh, Home Buyer, Chicago, IL
Tue Sep 15, 2015
ive lived there 8 years and i love it!

mike hansen
511, #307
0 votes
Leonugen, Home Buyer, Chicago, IL
Wed Oct 26, 2011
It's been 2.5 years since the last post was posted. What do you guys think of the townhouse for $321k in Parkside of Old Town now? Is the area safe? Are there any problems with the low income families?
0 votes
Theman23, , Chicago, IL
Fri Dec 18, 2009
How things have changed..... if you look on their website http://(www.parksideofoldtown.com), it's obvious that they cannot sell their units, because there are some incredible discounts on them right now. Now it might be affordable, but I am still really weary of recommending the area and the fact that they cannot sell units at all. You just have to feel bad for those that purchased early with them.
0 votes
Dan Riefenbe…, , Chicago, IL
Sun Mar 1, 2009
The area is deffinetly a good area to be in. The values seem to be at its height for some time to come. When compared to the surrounding areas there will be price decreases in the coming years I would wait till prices come down. I think best case scenario would be 1-2% appreciation for the next 5 years and the worst case scenario would be break even.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more