Investing In Chicago Real Estate & Making Chicago Your Home
This Article On Investing In Chicago Real Estate Was UPDATED And PUBLISHED On February 8th, 2020
Chicago Real Estate…. What is it like living in Chicago?
- In the heart of Chicago, the median list price is $316,500 for a single-family home; as of December 2017
- Living in Chicago depends on where you live. Each neighborhood has its own style and culture to offer
- Chicago Real Estate?
Your experience will depend on if you live:
- West Loop
- South Loop
- Or just the Loop
In this article, we will discuss and cover Investing In Chicago Real Estate & Making Chicago Your Home.
How Large Is The City Of Chicago
There are a total of 77 communities in Chicago.
- Midwest folks are friendly with a “Hello” of “Good Morning”
- There is always something to do
From fine dining to shopping along Michigan Ave or spending time at Navy Pier. Most every Chicago neighborhood is known for countless of go to places such as the following:
- Its fine restaurants
- Its unique shopping boutiques
- Chicago’s landmarks
- The City’s famous attractions
- The great nightlife, and culture
What Makes Chicago And Chicago Real Estate Unique
So, what do you like to do in the city and where do you like to go?
- If you love attending the theater or symphony, you might want to look for a home near Chicago Symphony Orchestra or Harris Theater
- Are you an artist at heart?
- Consider a Chicago home near the Museum of Contemporary Art Chicago or the Art Institute of Chicago
- If you’re a family with kids, many homes in Chicago are just a short distance from fun attractions like the Museum of Science and Industry, the Chicago Children’s Museum, Navy Pier and the Field Museum of Natural History
- You can search for Chicago condos that are minutes from major employers and business centers, or close to top Chicago restaurants or great shopping in Chicago
Even with hundreds of choices, you’re able to fine-tune your search enough so you can locate a home near exactly what you’re in Chicago to enjoy.
Making The Move And Purchasing Chicago Real Estate
So if you’re thinking about purchasing Chicago Real Estate and making Chicago your permanent home Chi-Town is the place to be.
- Uptown Chicago is located on the shores of Lake Michigan, 2.5 miles north of the Chicago Loop and less than a half-mile from Wrigley Field
- The diverse scenery of Uptown Chicago includes spectacular architecture and homes, tree-lined streets, eclectic eateries and historic theaters, art venues, and jazz clubs
- The Uptown Theatre a local landmark the Aragon Ballroom, the Riviera Theater, and the Green Mill Jazz Lounge are some of the better-known venues
- The expansive park system stretches along Lake Michigan, making Uptown an exceptional area to enjoy all the outdoor activities
- Miles of greenery line the lake providing residents and visitors access to biking and jogging paths, fishing, sand volleyball and a stunning view of the Chicago skyline
Golfers also have access to only 1 golf course in downtown Chicago, Uptown s Sydney R. Marovitz Golf Course, located directly on the lake.
Lakefront Chicago Real Estate
Lakefront condominiums and elegant high-rise buildings peacefully coexist alongside charming row houses throughout the Chicago neighborhood.
- The Chicago real estate market of Uptown is as diverse as the people who make up the city, offering an array of homes for sale guaranteed to satisfy every style, with the perfect location and price
- Uptown landmarks include the mansions of the Hutchinson Street District, between Broadway and Clarendon avenues
West Loop Chicago Real Estate
Looking to buy in the West Loop? Running along the western bank of the Chicago River, the West Loop is a vibrant neighborhood on the rise, full of great restaurants and nightlife.
Though not an official MLS neighborhood:
- West Loop is bounded by Grand Avenue on the north, Ashland Avenue on the west, the Eisenhower Expressway on the south, and the Chicago River on the east
It is a part of the Near West Side, which puts it close to Little Italy, Greektown, and the United Center, home of the Bulls and the Blackhawks:
- Formerly industrial manufacturing and warehouse area, the modern West Loop has all of the sophisticated amenities – including art galleries, clubs, and theaters – that make Chicago a destination for young buyers
- There are plenty of hot housing in Chicago Real Estate markets in the city of Chicago
But few are sizzling today like Chicago’s West Loop neighborhood.
- A recent story by the Chicago Tribune identified this city neighborhood as one of Chicago’s hottest housing markets since the end of the Great Recession
Chicago Real Estate And Amenities Of Chicago Living
Since 2008, according to the story, the West Loop has been one of the trendiest neighborhoods for house hunters.
- What’s behind the strength of the housing market here?
- The Tribune story pointed to the number of restaurants, multifamily buildings and technology companies that now call the West Loop home
- The influx of these trendy neighbors has attracted a steady stream of buyers who want to live an urban lifestyle
- The quest for urban living has played an important role, too
Living Near Chicago Business Districts
Many Chicago home buyers today want to live in the hearts of city business districts.
- They want to live within walking distance of restaurants, shops, bars and public transportation
- The West Loop offers such buyers 2 this opportunity
- As one source quoted in the Tribune’s story says, the West Loop has the perfect mix of zoning that fosters a work-live-play community
- In other words, people can live here, play here and work here, all without having to get into a car and fight city traffic
- The Tribune cites a long list of attractions in the neighborhood, including new apartment buildings with amenities that seem more appropriate for high-end resorts such as gourmet restaurants, busy bars, retail boutiques, and all an easy walk to downtown Chicago
- Then there’s the myriad of public-transportation stops, too
- Many of today’s urban buyers prefer hopping on the El to getting in their cars
South Loop Chicago Real Estate
What about living in Chicago Real Estate in the South Loop?
- Home to the Chicago Bears stadium. South Loop is one of Chicago’s newest and ambitious condo markets
- The area is active with students of DePaul, John Marshall Law School, and Roosevelt University
- The South Loop also neighbors Grant Park, Harold Washington Library, Field Museum, Shedd Aquarium, and Soldier Field!
- South Loop micro-communities include Chinatown, part of the Cultural Mile, Dearborn Park, McCormick Square, the Prairie District, Printers Row, River South and the Wabash Corridor – and and of course we can’t forget the Lakefront
Chicago Real Estate Today
Today, the area is one of Chicago’s hottest multifamily markets, as downtown’s population grew by 36% in the last decade.
- Downtown is home to 38,000 full-time college students, and there’s been a corresponding rise in student housing development and sales in recent years
- The South Loop’s growing residential population led to a surge in retail development
- Neighborhood shopping and dining options grow by the day, anchored by the Roosevelt Collection
- In August, it was 93% leased with retailers such as Victoria’s Secret, Container Store, Banana Republic, and a 16-screen Kerasotes multiplex
Chicago Real Estate Market Tomorrow
A new boutique mall is expected to open next year in the South Loop.
- There’s no name yet for the four-story, 120,000-square-foot mall planned for the northeast corner of Taylor and Jefferson streets, said Jim Schutter, who’s handling leasing for the property
- But construction is expected to begin in March as the mall’s developer eyes an opening in spring 2017
- A new modern public elementary school for grades K-8th is expected to be a 2-year project
- This will sit east of the new Mariano’s upscale grocery store
- As the Loop area becomes saturated, people are taking advantage of the prime real estate just south of the Loop and discovering a new, exciting place to live
- Yet as recently as ten years ago, the South Loop was an area that few people would ever want to visit
Investing In Chicago Real Estate: Is My Investment Safe?
The South Loop market shows no signs of slowing Or how about living in the Loop? Home to President Donald Trump Towers. It reads TRUMP in bright lights and is the second tallest building in Chicago. The Loop is the area that’s surrounded by the El tracks, which form a loop downtown. I think now most people refer to all of downtown as the Loop – it stretches a little bit farther in each direction. This is the business district of Chicago, with all of the hustle, bustle, and skyscrapers. The architecture is a major draw to this area. There are plenty of world-famous buildings. The Sears Tower (NOT Willis!) is obviously the most well-known, but others like the Monadnock building and the Harold Washington library are just as impressive. An architecture tour of the Loop is HIGHLY recommended, even if you’re from Chicago! I’ve also kayaked the river downtown and that offers awesome views of the buildings too. However, you will get covered in disgusting river water and nearly killed by tour boats, so watch out! The parks are another great asset of the Loop. Grant Park and Millennium Park, which are right next to each other, are both good spots. Grant Park is grassy and green, and a lot of the city’s summer festivals are held here. Millennium Park is totally modern and home to some really interesting art pieces.
Chicago: A Tourist Destination
Speaking of art, there are TONS of sculptures scattered around the Loop, so be on the lookout for them! The Art Institute of Chicago, long one of my favorite spots to visit, is also here. They just added on a modern art wing a couple of years ago, and if you’re a fan of the style it’s a must. There’s also the Board of Trade, theaters, and lots of shopping (mostly chain stores though) along State Street. The Chicago Symphony Orchestra is in the Loop too. There’s really no shortage of things to do. The bars and restaurants downtown cater to the business crowd, and that’s mainly who 4 you’ll find there, along with tourists. There’s also a bunch of college campuses downtown, including DePaul and Roosevelt. Bars and restaurants close really early. In fact, much of the Loop totally shut down late at night because everybody’s gone. It’s definitely more of a daytime neighborhood to visit. Okay, let me explain….. No, there is too much…ok. Let me sum up: Chicago is a great place to live. But it can be a bit overwhelming at first. You have to give yourself time to settle in, to find the places that you really enjoy. Places you like hanging out, places you like to eat, and even where you want to live. It’s not uncommon for people to neighborhood hop for a few years until they find just the right place for them. Chicago is so big and diverse that it’s almost like a cluster of a few dozen cities nestled together. Chicago Life Style means —- Finding it All!
Qualifying For Mortgage For Chicago Home Purchase
Gustan Cho Associates has a national reputation of getting loans closed where others cannot. Gustan Cho Associates has no lender overlays on government and conforming loans.
The Team at Gustan Cho Associates specializes in the following loan programs:
- FHA Loans with no lender overlays
- VA Loans with no overlays
- USDA Loans with no overlays
- Conventional Loans with no overlays
- FHA 203k Loans
- Jumbo Mortgages
- Reverse Mortgages
- Portfolio Loans one day out of foreclosure and short sale with 90% Loan To Value
- Condotel Financing and Non-Warrantable Condo Loans
- Foreign Exchange Loans
- VA Loans with 580 FICO and high debt to income ratio
Bring your “BANK TURNDOWNS” Superior pricing for the not so challenged borrower. Each loan is individually custom tailored.