Chicago people,

I was considering getting an S2000 a few months ago, but I've decided to use the money to buy a place to live in first (S2000 will come in a couple of years, I guess ). I'm currently looking at Evanston and some neighborhoods in the north side. I've seen a few places in the south side of Evanston, and the condos look great, but while I've heard that it's improving, the neighborhood isn't the best out there.

Can anyone here who is familiar with the neighborhood offer some insights? If you know of a good neighborhood elsewhere in or around Chicago that's close to an L stop or Metra station, I'd like to hear about it too .

I work north east of the loop, in NBC Tower, btw.

Thanks in advance.

 

I've actually decided to put my house on the market after only being in it for a year (with a decent sized return, for being there only one year). The decision to sell was so that my wife and I could consider moving into the city.

However, after much deliberation, we will hold off purchasing in the city this time around. I've surveyed the city real estate market and it just isn't looking too good in my opinion. People are still asking for a premium for condo and townhome style dwellings, while there is such development in the near West, and near South. The market is so flooded that I don't see good things for resale 3-6 years down the road in the city.

However, the neighboring suburbs are looking quite good. We currently live in Algonquin (which is going through such growth), and find it hard to leave for another year or two (the house value will increase greatly in that time). If we end up getting our asking price, we will be looking somewhere in Palatine, Schaumburg, Arlington Heights, etc. With the equity we pull out of the house, hopefully, both of us will use the money to pay for our MBA's beginning this Fall.

 

West suburbs... Wheaton or Naperville would be an alternaitve. Right on the Metra line, so commuting is a breeze. The area is pricey, though, and depending on your life-style, you might be better off in the city (though I keep telling anyone who will listen that life in the'burbs really isn't that bad).

You might also want to look at Oak Park, which is a lot closer to the city but still has a bit of a suburban feel to it (yes, you can actually find parking spaces in the streets!), but I don't know what the public transportation is like if you don't want to drive to work every day...

 

I currently rent an apartment in Hillside (between Westchester and Oakbrook), and I have no problems with the suburbs. I'm definitely considering the suburbs, I just figured I'd like to try something different. Most of my friends are in the north western suburbs (Schaumburg mostly), and I might move there some day (maybe even now).

I haven't really decided on a place yet, just leaning more towards the city at the moment.

I saw a place which I think has a good price $150k for a two bedroom condo. Problem is that the neighborhood is pretty bad.

Also Luder, I know now probably isn't the best time to get a house, but for me it's either buying or renting, and I think I'm still better off buying (but I'm looking for something really cheap).

 

Urmil, you need to get out of the sticks...

 

I just moved from Schaumburg to a condo in the South Loop at Roosevelt and Wabash. It's 1 block off the park, within sight of the Lake and the Field Museum.

I definitely prefer the lifestyle in the city to the suburbs. The location I'm in right now doesn't have much night life in walking distance (in the winter anyway), but the location is great with respect to the lake, transportation (3 "L" lines 1 block away and Michigan Ave and State St. busses 1 block away) and proximity to both 290, 55 and LSD make getting in and out of the city a breeze.

Unlike up north in Lakeview/Lincoln Park, many condos here come with parking or parking available. In general, the prices here are very good for real estate for in the city prices as this is somewhat of an emerging neighborhood.

Urmil is right in that the real estate market in the city is hitting a long-overdue flat spot. This will make purchasing with the intent of speculation or short-term equity a dicey proposition. However if you're thinking of a longer term ownership I think the general prospects are pretty good. I also do expect prices to depress slightly in my area over the next year, although I might just be being hopeful since I plan to buy something here in about 6 months (I'm renting right now).

 

Hey Jack,

I work across the river from you on Columbus....the Fairmont Hotel.

I live in Rogers Park right now....I just recently moved there from the Andersonville neighborhood (foster & clark).

2 of my friends own condos in Evanston and they really enjoy it. Yes the south of Evanston is a bit shady but it's definately getting better. Howard St. has lots of new businesses popping up....you might find a steal of a place still in that Evanston.

Like everyone else has metioned here.....it's all about lifestyle. I enjoy urban living and don't see myself going to the burbs yet. I'm 25 years old...btw.

What area are you in now? Hey if you do move in the neighborhood (Evanston)...drop me a PM and I'll give you an S2000 fix until you buy yours....

 

Thanks for all the response guys.

Reading through them now.

 

Another Andersonville resident here. I like it up there. Not as pricey as Lincoln Park and the places are a generally bigger. Lots of good restaurants and bars too. It's close to the red line as well.

Luder - look into the tax implications of selling your house. I think you need to own two years to avoid taxes on the sale, but I could be wrong (haven't read up on the home sale rules in awhile).

 

Luder,

I'm buying a place in Carpentersville, right across the street from Algonquin. It's the new development right on 25 near Algonquin Rd. My place should be ready in Sept. I'm pumped!