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Old Posted Aug 27, 2019, 2:22 PM
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Steely Dan Steely Dan is online now
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Join Date: Jul 2001
Location: Lincoln Square, Chicago
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Quote:
Originally Posted by Crawford View Post
And I would imagine the L noise would be a major factor in your street's relative affordability. I've stayed at the Chicago Hilton and could barely sleep due to the L a block away. No doubt you get used to it, though.
our realtor told us that being DIRECTLY on the el tracks (with all of the attendant noise) probably gives our property a roughly $30K ding.

the main issue is when you go to sell, a certain percentage of people won't even consider something that close to the el tracks (similar to a property across the street from a sewage treatment plant or an airport), so with a smaller pool of potential buyers, it can take longer to move such properties.

our own home had been on the market for 6 months when we bought it. it was first listed at $480K, then dropped to $460K, then dropped to $440K, and we were then able to negotiate it down to $420K (420! LOL, it was meant to be ). $400K was our target, so we didn't go too much above, but because of the el track discount we did get more home than we otherwise could have comfortably afforded in a neighborhood like lincoln square.

and yes, you totally get used to the noise. this wasn't my first rodeo living next to the el, so it was no big deal for me. it probably took my wife a month or so before she was fully acclimated to it.

and the flip side of living with el noise is that it does mean you're VERY close to rail transit, which is highly sought after in chicago, so there is some silver lining.







Quote:
Originally Posted by Crawford View Post
But those are CAD. A 600k Toronto home in Toronto is a 430k home in Chicago.
whoops, i completely forgot about converting between dollars, doh!

still though, search zillow for 3 bed/3 bath homes in chicago for under $500K USD. hundreds upon hundreds of options all over the city.

search zillow for 3 bed/3 bath homes in toronto for under $662K CAD. a only a small handful of properties out in areas like scarborough and etobicoke.

toronto is simply a more expensive market than chicago for purchasing real estate. which isn't surprising considering that it's growing like a weed while chicago stagnates.

scarborough and etobicoke are nice enough places, but i'll take an old pre-war neighborhood like lincoln square any day, all day.
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Last edited by Steely Dan; Aug 28, 2019 at 3:54 PM.
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