It is a fantastic area, but yes, a bit of an island. The key to whether or not it is "worth it" is based upon your expected timeframe for owning the home. In this market, unfortunately, I caution any buyer to have a 5 year plan of ownership, whether that means owner-occupancy or investment. 689 Peoria is a nice project but your pricing must reflect what others may be asking for their re-sale units. Developers are getting pretty reasonable and very aggressive so you might be surprised what they will take. The good thing for you is that the entire block was basically done at the same time, and by the same developer, so you can be patient and see if the coming weeks bring you a more motivated seller (job move, kids, marriage, etc). It is a great area with a lot of growth potential along Milwaukee, Chicago, and Grand. Great public trans and only 1 stop to downtown. I don't think that area will experience a huge number of foreclosures, although you will see some. Also, these buildings were mostly built after the worst of the exotic mortgages were no longer around, and investor buyers not allowed to purchase. The price points typically mean that your neighbors are professionals, w/ high-paying salaries or dual incomes.