Cletus Miller |
12-21-2005 12:26 PM |
Housing Market
Quote:
Originally posted by taxwonk
If it's in "West Lakeview" (i.e., around Ashland or Damen) then it's a strong growth area that's really only in the early stages of gentrification. That makes the five-year appreciation potential huge. Negatives are you might not want to do much walking around at night until you get a good feel for the neighborhood, and there is not nearly as much public transtportation. My brother lives near Barry and Damen and he drives downtown because it would be over an hour commuting by bus to the el.
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Not that this matters to Coltrane, but South of Belmont and west of the tracks, this may be true, but from Belmont to Irving Park, Ashland to Western, the gentrification is nearly complete. Teardowns on my block have recently crossed the $500k barrier. And "West Lakeview" has been almost completely supplanted by Roscoe Village and St. Ben's/North Center for those neighborhoods. Haven't heard of anyone having any problems walking around at night in the last 4 or 5 years other than the stuff you get anywhere on the northside.
South of Belmont, while I know people who live there happily with kids, I wouldn't buy yet because of (i) the still crummy neighborhood elementary school and (ii) the proximity of the Lathrop Homes. I just don't understand spending $400k+ on a condo or $800k+ for a house directly across the street from a large-ish public housing project that isn't going away. But hey, it's their money.
In any case, 2 (or 4 or whatever) on not worrying about a value crash for property on/near Racine--especially since you aren't buying the most expensive place on the block, you can count on it staying ahead of the market as a whole.
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