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  #1081  
Old Posted Jan 10, 2019, 8:44 PM
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Originally Posted by sentinel View Post
what do you consider "natural beauty?"
I'd answer this with some pics, but it would probably get me in trouble.....
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  #1082  
Old Posted Jan 11, 2019, 4:52 PM
LouisVanDerWright LouisVanDerWright is online now
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Originally Posted by sentinel View Post
As far as I can tell, "Boutique City" is not even an existing or recognizable term, so congratulations on creating a new word! Even though it doesn't apply to Chicago. At all.

Also, out of morbid curiosity, what do you consider "natural beauty?"
Drive down 290 or 294 in the suburbs and tell me Chicago is a "botique city". If endless miles of giant warehouses l, factories, and train yards is botique I guess we are botique.


Also if the second largest CBD in the country is "botique" then my favorite botique is Target since it's smaller than Walmart....
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  #1083  
Old Posted Jan 11, 2019, 9:43 PM
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Originally Posted by LouisVanDerWright View Post
Drive down 290 or 294 in the suburbs and tell me Chicago is a "botique city". If endless miles of giant warehouses l, factories, and train yards is botique I guess we are botique.
Ew, no.

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  #1084  
Old Posted Jan 14, 2019, 5:07 PM
cjreisen cjreisen is offline
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Chicago must be the most active city, construction wise, with a declining population. It's amazing how so much is built, when the population of the city and state is dropping so fast.
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  #1085  
Old Posted Jan 14, 2019, 5:41 PM
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Originally Posted by cjreisen View Post
Chicago must be the most active city, construction wise, with a declining population. It's amazing how so much is built, when the population of the city and state is dropping so fast.
The Principle of Rhythm - Everything flows out & in; everything has its tides; all things rise & fall; the pendulum swing manifests in everything. For every inhale, an exhale.

The city of Chicago will do very well in the future.
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  #1086  
Old Posted Jan 14, 2019, 6:04 PM
cjreisen cjreisen is offline
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Yeah, take my words as no insult to Chicago, I love the city, and happy to see the population growing in the core. I think it's a correction that's worthwhile, as people abandon the less desirable, distant parts of the city.
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  #1087  
Old Posted Jan 15, 2019, 12:00 AM
LouisVanDerWright LouisVanDerWright is online now
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Declining Population =/= Declining Economy
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  #1088  
Old Posted Jan 15, 2019, 12:03 AM
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Originally Posted by LouisVanDerWright View Post
Declining Population =/= Declining Economy
Just ask Calcutta....

Anyhow, amazing how much people have trouble comprehending that concept
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  #1089  
Old Posted Jan 15, 2019, 6:06 PM
west-town-brad west-town-brad is offline
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Originally Posted by cjreisen View Post
Chicago must be the most active city, construction wise, with a declining population. It's amazing how so much is built, when the population of the city and state is dropping so fast.
NY/NYC takes the top ranking there probably. Most expesive places have negative population growth.
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  #1090  
Old Posted Jan 15, 2019, 6:27 PM
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Originally Posted by cjreisen View Post
Chicago must be the most active city, construction wise, with a declining population. It's amazing how so much is built, when the population of the city and state is dropping so fast.
The construction is happening downtown, which is not declining at all in terms of population.

Some less desirable parts of Chicago are though, yes.

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NY/NYC takes the top ranking there probably. Most expesive places have negative population growth.
Not sure where you heard this, I've recently heard NY is growing faster than expected every year.
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  #1091  
Old Posted Jan 16, 2019, 12:39 AM
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In Schaumburg news:

Schaumburg mulling big parking garage for convention center area
Schaumburg officials are proposing a six-story, 1,100-space parking garage to serve the Schaumburg Convention Center and Renaissance Hotel as well as new businesses that could join a planned entertainment district nearby. The garage would include ground-floor retail and cost between $30 million and $33 million. [Daily Herald]


Let’s take a SSP field trip there!
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  #1092  
Old Posted Jan 16, 2019, 1:26 AM
galleyfox galleyfox is offline
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Not sure where you heard this, I've recently heard NY is growing faster than expected every year.
New York has negative net domestic migration. But such figures usually don't consider births or international migration.
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  #1093  
Old Posted Jan 16, 2019, 5:26 PM
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https://www.luxurychicagoapartments....ts-in-chicago/

This has some interesting nuggets of information:

As we near the end of the year, Costar Data is reporting a record number of apartments were delivered and absorbed in 2018. In the first three quarters of the year, 9,500 units were absorbed, while 7,000 new apartments were delivered. Not surprisingly leading the charge in absorption and delivery are the Class-A luxury apartments in downtown Chicago.

First, rent growth experienced a re-acceleration in 2018, with pricing continuing to trend upwards. Costar expects this trend to continue, which is positive for apartment developers. However, do expect seasonality to play a part in pricing fluctuations during the year as Chicago is the most seasonally impacted market in the country. Luxury Living Chicago Realty can attest to this as we are currently feeling the effects of this phenomena and do every year. However, we also anticipate pricing to trend upwards as we move into the first and second quarters of 2019.

Secondly, apartment concessions are real and will remain in place as Chicago continues to see a surge in supply. This is good news for renters who have grown used to receiving some sort of concession when renting. Costar is reporting 35% of apartments currently for rent have some type of concession, whether it’s a month free, or some other financial incentive for the renter.
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  #1094  
Old Posted Jan 16, 2019, 5:46 PM
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However, do expect seasonality to play a part in pricing fluctuations during the year as Chicago is the most seasonally impacted market in the country.
does anyone know/have theories as to why this is?

and it's not just the rental market but also the property sale game too.

when we bought our new home a year ago last november, our real estate agent told us "if you guys don't buy this place, i think i might because i can easily flip this property as is for an additional $30 - 40K in the spring market." so we bought it.

granted, that was super-motivated sellers going through a divorce who just wanted to clear the property of their books so they could both move on with their lives, so we were able to drive a pretty hard bargain with them, but why this huge seasonal fluctuation in property value that is apparently larger than any other market?
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Last edited by Steely Dan; Jan 16, 2019 at 6:43 PM.
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  #1095  
Old Posted Jan 16, 2019, 6:10 PM
Vlajos Vlajos is offline
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Originally Posted by Steely Dan View Post
does anyone know/have theories as to why this is?

and it's not just the rental market but also the property sale game too.

when we bought our new home a year ago last november, our real estate agent told us "if you guys don't buy this place, i think i might because i can easily flip this property around for an additional $30 - 40K in the spring market." so we bought it.

granted, that was a super-motivated seller going through a divorce who just wanted to clear the property of their books so they could move on with their lives, so we were able to drive a pretty hard bargain with them, but why this huge seasonal fluctuation in property value that is apparently larger than any other market?
That's a good question, I think it's just driven by cold weather and less people looking during these months. I agree it's strange.
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  #1096  
Old Posted Jan 16, 2019, 6:15 PM
moorhosj moorhosj is offline
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Quote:
Originally Posted by Steely Dan View Post
does anyone know/have theories as to why this is?

and it's not just the rental market but also the property sale game too.

when we bought our new home a year ago last november, our real estate agent told us "if you guys don't buy this place, i think i might because i can easily flip this property around for an additional $30 - 40K in the spring market." so we bought it.

granted, that was a super-motivated seller going through a divorce who just wanted to clear the property of their books so they could move on with their lives, so we were able to drive a pretty hard bargain with them, but why this huge seasonal fluctuation in property value that is apparently larger than any other market?
On the rental side, it could have to do with people spending summers in Chicago. Apparently it is common for students from Ireland:

Quote:
Every summer, an influx of Irish flock to Chicago. Like migratory birds, 1400 to 1500 Irish students descend upon the city with J-1 visas in hand. The J-1 is a three-month work visa for students between college semesters. Usually 19-21 years old, they seek out seasonal work—furniture removal, scooping ice cream at Navy Pier, slewing drinks in the beer gardens of an Irish pub.
Anecdotally, I know a baby boomer couple who lives in La Grange, but rented an apartment in the city for the summer.
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  #1097  
Old Posted Jan 16, 2019, 6:35 PM
Vlajos Vlajos is offline
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Originally Posted by Vlajos View Post
That's a good question, I think it's just driven by cold weather and less people looking during these months. I agree it's strange.
The holidays too, I think people are just less likely to look for housing during the holidays and winter.
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  #1098  
Old Posted Jan 16, 2019, 6:45 PM
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The holidays too, I think people are just less likely to look for housing during the holidays and winter.
but wouldn't boston, NYC, detroit, minneapolis, etc. deal with these exact same things?

why is it that the chicago apparently has the largest seasonal fluctuations of any market? is it just part of the culture here?

it seems so weird to me that a property might increase/decrease in value by tens of thousands of dollars just because of the season.

i've bought and sold a number of properties over the past decade, and all i've ever heard from real estate people is "buy in the fall, sell in the spring".
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  #1099  
Old Posted Jan 16, 2019, 6:47 PM
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There might be considerations given school calendars, but I don't see why those wouldn't exist in other places as well.
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  #1100  
Old Posted Jan 16, 2019, 6:58 PM
Vlajos Vlajos is offline
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Originally Posted by Steely Dan View Post
but wouldn't boston, NYC, detroit, minneapolis, etc. deal with these exact same things?

why is it that the chicago apparently has the largest seasonal fluctuations of any market? is it just part of the culture here?

it seems so weird to me that a property might increase/decrease in value by tens of thousands of dollars just because of the season.

i've bought and sold a number of properties over the past decade, and all i've ever heard from real estate people is "buy in the fall, sell in the spring".
Good question. I didn't realize that it's more pronounced here.
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