Where in the city of Chicago (not burbs) are best neighborhoods/ zipcodes to buy for long term appreciation + live

Budget: 450K
Single, no kids, 34 —
so don’t mind a 1 bed — just don’t want to buy in neighborhoods like GC where condo prices are the same as they were in 2012 (being hyperbolic but you get the point)

I have previously lived in LP, RN, wicker & St’ville for ref

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The price of any condo you buy in Chicago is unlikely to go up significantly, period. Maybe if you get into an “up and coming” neighborhood early, but part of the beauty of Chicago is that it is an affordable big city and that is partially driven by low increases in housing costs

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Yes. Or a condo in a 3-flat. High rises have their own economy. When they start tanking, you’ve got a lot of competition when you try to sell. Loved my hr condo but lucky to get out during the crash. Think about the fact no matter how amazing your unit is, there are 50 floors with the same amenities, view, etc.

I’d definitely consider HOAs in the equation
(and to a lesser extent property taxes)

$300 a month for a low amenity building vs $1000 for a high amenity building. I personally wouldn’t pay more than $500 ish in HOAs.

For me - I think River West is under appreciated. Close to downtown, but not touristy and not bloated prices. Parts of the West Loop as well. I’d avoid anything in a high rise.

Given the neighborhoods you’ve lived in, I wouldn’t suggest going too far outside of downtown or you’ll feel distant (and/or annoyed by your commute)

likesmart

Look into Loop, South Loop, and West Loop. My condo in the Loop has appreciated significantly in the past couple of years. South Loop appears to be a growing/renovated areas similar to what West Loop was years and years ago. West Loop will probably continue to hold until the prices increase over the next couple of years. So I would look at Loop or South Loop for the most to gain over the next 5-10 years.

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I’m on the border between South Loop and the Loop. Yes, it’s 5 mins and I’m in RN, West Loop, or one of the bars are here. I think people over-blow the Loop as being too quiet during the weekend. Are there fewer places to eat/drink that are open, yes. But there is a thing called a kitchen and another thing called Uber Eats/Grubhub, etc… I also like to walk so I’m fine going out and exploring but there is plenty to do and places to eat around here.

Frankly, I don’t want a ton of noise around me on the weekends or during the week when I’m trying to sleep. I also don’t want a ton of traffic and massive crowds during the weekend. I just want to get somewhere easy, have fun, and sleep well. The Loop is pretty great.

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Don’t buy a 1 bedroom if you want any significant appreciation regardless of the neighborhood. An apt that small can only go up so much

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Condos near division and clybourn just off of the main old town area are decently priced by that big jewel. It’s old Cabrini green area so it’s sketchy sometimes still, but if you look around it’s being built up as we speak not to mention the police / fire department is literally right there. IMO that area will see an improvement if you have the long time horizon

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Thanks u so much exactly the kind of insight I was hoping to get

Make sure you have parking and in-unit laundry. 2 bed 2 bath is best. Any condo building with HOAs around $300 is not financially responsible.

helpful

Andersonville. On the edge of the city, close to the lake, restaurants, shops, access to transportation including new Metra station opening soon - door to door to the office.

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Contd: hopefully I have provided all needed info but if I am missing something, I am sorry, please do ask!

Ps. Yes I have 20% down + closing saved — so the budget is pretty locked like I can’t buy a 460K house it HAS to be under 450!

Any one?

Maybe someplace like Pilsen or Irving Park?

Michigan Ave.? Condo prices are down here

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