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Old Posted Oct 15, 2006, 11:56 PM
A42251
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Chicago real estate

I have noticed a recurring theme on this forum about how Chicago is the best urban bargain in the country, if not the world (For example, Chicago103 and Steely Dan both live in world-famous skyscrapers at great prices). Chicago seems to be an anomoly, a freak of nature. I am dying to know why this incredible city is do darn affordable when real-estate prices in so many lesser places are in the stratosphere.
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Old Posted Oct 16, 2006, 12:03 AM
the urban politician the urban politician is offline
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^ Because people are idiots
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Old Posted Oct 16, 2006, 12:18 AM
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^ You are right. Most people don't know anything about Chicago. It's all NYC and LA. Chicago is just forgotten by the average person.
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Old Posted Oct 16, 2006, 12:19 AM
LA21st LA21st is offline
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Well, I think its really simple. The supply in Chicago meets the demand. The most expensive cities/neighborhoods, Manhattan, SF, LA have strong NIMBY organizations that keep new supply in check. Chicago really doesnt have this, save for a few neigborhoods. And these neighborhoods are VERY expensive. Gold Coast, East Lincoln Park etc. Chicago is very developer friendly also. If Chicago follows SF's path and construction slows down, you would see prices in Chicago skyrocket.
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Old Posted Dec 19, 2006, 8:07 PM
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Chicago103 Chicago103 is offline
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Quote:
Originally Posted by A42251 View Post
I have noticed a recurring theme on this forum about how Chicago is the best urban bargain in the country, if not the world (For example, Chicago103 and Steely Dan both live in world-famous skyscrapers at great prices). Chicago seems to be an anomoly, a freak of nature. I am dying to know why this incredible city is do darn affordable when real-estate prices in so many lesser places are in the stratosphere.
It really is supply, the fact that Chicago is constructing so many luxury condo buildings is helping me to afford living in the John Hancock. The fact that buildings like the Waterview Tower, Trump Tower and Chicago Spire are going up means that people with alot of money are buying in those buildings before they would buy in the old classic buildings (Marina City, Lake Point Tower, Hancock, etc) although the Hancock has name recognition and a good deal of prestige it is 36 years old, many of the units are unupdated and while the building has alot of nice facilities it is not considered an ultra luxury building like TTC or CS will be. There is literally nowhere else in the world that I can live on the 91st floor like I do for so cheaply, well as of today there is no other building in the world where you can live on the 91st or 92nd floors period but that will change soon but even after that no place in the world will likely offer the relative affordability for the sheer height above the ground.
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