Best Neighborhoods to Find Deals
Best Neighborhoods to Find Deals
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One thing is for sure; the poor housing market of the past couple years has been devastating. Foreclosures and short sales have become the norm, while price depressions and reductions mean that investment hopes have been slashed. This one certainty leads to another; deals abound. Be it a Streeterville condo in a luxury condominium development, a timber loft in the West Loop, or a single family home in Lincoln Park or Bronzeville, whatever type of property you’re looking for, you’ll be able to snatch it up at a remarkable price compared to those of the pre-economic downturn years. From the Trump Tower to The Palmolive and The Columbian to The Haberdasher Lofts, short sales, price reductions and even foreclosures have transformed from unthinkable to the norm.
So, with so many deals and bargains around, where is the best place to buy? Where can one’s money be maximized and bargain be unbeatable? Two recent sales in Chicago can help shed light on these timely questions. One home that recently sold at a killer deal was a bungalow located in Chicago’s continuously up-and-coming South Shore neighborhood. Set on an oversized lot, this 90-year-old stucco bungalow had recently been updated and outfitted with granite countertops, a sleek paint job and stainless steel appliances. Sold for 0,000, this bungalow presented its current owner with quite the opportunity.This South Shore home is one example of a deal, and it happens to be located in one the seven Chicago neighborhoods identified as having the best deals around. Because there is such a surplus of low-priced homes and bargains in the current market, what makes these neighborhoods be deemed the best as far as deals are concerned is not simply low prices, but also the presence of other attributes like good public transportation, schools, parks, shopping, dining and other qualities that constitute a desirable neighborhood.
Since it goes without saying that all seven neighborhoods represent bargain prices, it will suffice to comment on some of the attributes unique to each of the neighborhoods that makes them stand out from others which have not made the list. Albany Park is replete with quiet streets, vintage buildings and the North Branch of the Chicago River. Beverly is a tranquil and peaceful neighborhood that is brimming with cultural events hosted by the Beverly Arts Center. Bronzeville is ripe territory for investment property and is surrounded by the stunning Hyde Park neighborhood. Humbolt Park is filled with green spaces, a picturesque lagoon and many playing fields. Kenwood is stacked with gorgeous turn-of-the-century homes lending it a character all of its own. Portage Park is home to an Olympic-sized swimming pool that was built for the Pan American Games in 1959. South Shore offers a fantastic beach where residents can swim, kayak and enjoy the sweeping skyline views northward.
In all, now really is the time to buy, especially with the recent extension of Obama’s ,000 tax credit to first time homebuyers. Since deals are flooding the market, the question is not, “Where are the deals” but, rather, “Where are the best places to enjoy these deals?” The above represents seven Chicago neighborhoods that have defining characteristics that set them apart from other city neighborhoods and make them more appealing. In addition to good schools, parks, restaurants, and more, the qualities unique to each are listed above. Don’t let the moment slip by. The time to act is now.
Ted Guarnero is a Realtor in Downtown Chicago and loves the City. If you have questions about Chicago real estate stop by www.seechicagorealestate.com or Call Ted Guarnero @ Baird & Warner 312-810-6693