Quote:
Originally Posted by marothisu
Yeah that's for sure. I'm actually interested to see what happens in some areas like Auburn Gresham. Lately there's been a surge in developers buying old homes, usually for pretty cheap and renovating into something pretty decent. These sell anywhere from $225K to $300K. Many of these have gone above their sale price too. Some of these houses are over 2000 sq ft too. Now you don't have to be rich to buy a $250K place but with kids, saving, etc you do. It just seems like low level "gentrification "..I out that in quotes because it's not like a bunch of $600K+ properties being built in Bronzeville or Woodlawn, but this is almost more interesting that seems to not get much press at all. Other areas I've noticed with this are Roseland, South Shore, Chatham, GGC...but there is a bit of a concentration I noticed in Auburb Gresham. Really interested to see what the outcome of this will be.
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Funny you should say that.
I just bought a $230K house by Eckersall Park for my family. No children yet, but my father and grandmother are moving in from South FL. These are the only neighborhoods in the city where you can find nice renovated large single family homes for an affordable price with reasonably safe streets.
The Obama Presidential Library, the large brick houses, and lakeshore and CTA access were the main factors that tipped the scales in favor of taking a gamble on the neighborhood.