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Market Conditions in South Chicago : Real Estate Advice

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  • Home Buying6
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Activity 1
Fri Nov 2, 2007
Patti Pereyra answered:
Hi Mike:

Today's South Loop is one of the hottest places to buy RIGHT NOW. 10 years from now is very hard to predict for any market.

Even so, demand has softened, and thanks to the overflow of new contruction, there is even a large developer that scrapped plans for a massive condo development. Instead, they will be building 1000 rental apartments. That's right - apartments.

Apartment buildings are proving very successful in the south loop, since the rental market remains very strong, and average price per square footage has sky-rocketed in the last few years. That would make any investor who has bought a condo happy to hear.

However, the area is still booming with new developments that, even in this market, are selling quite nicely. The South Loop was also recently named one of the "top 10 places to retire" in the United States.

Additionally, because the South Loop's amenities are still developing (Target, Whole Foods, Starbucks, trendy restaurants now exist, and more retail is slated), it leaves room for future growth and appreciation.

With all of that said, despite the uncertainty of the market today, holding onto any real estate asset for 10 years is a pretty safe bet for appreciation.
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