Where to Buy Now

The silver lining behind the residential real-estate collapse is the opportunity for housing bargains. Here are 14 up-and-coming Chicago neighborhoods and suburbs where prices are relatively low and the promise for future growth is strong

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CITY NEIGHBORHOODS

HUMBOLDT PARK
The eastern section of the neighborhood, bounded roughly by North, Western, Chicago, and Kedzie avenues

At Café Colao on Division Street in eastern Humboldt Park, they serve a great ham-and-cheese sandwich called the Matamonchi (“kill the munchies"). The neighborhood itself is something of a sandwich these days, pressed between the superpopular Wicker Park neighborhood on the east and, to the west, the amazing park that gives this neighborhood its name. 

Nice place to live? Oh, yeah. Along with the park and Wicker Park’s hot nightlife, there are the shops and restaurants along Division Street, known here as Paseo Boricua, an acknowledgment of the area’s big Puerto Rican population (“boricua” refers to the original inhabitants of Puerto Rico, which was called “boriken” in precolonial times). Older graystone and brick multi-flat buildings, along with a good dose of newly constructed and rehabbed condos, are all priced well. It’s easy to find a condo below $200,000. “If you’re paying $450,000 in Wicker Park, you’re going to pay $300,000 for the same thing in Humboldt Park right now,” says Karen Biazar of North Clybourn Group, who has been selling homes in both neighborhoods for more than a decade.

Biazar’s company is also putting up several new condo structures in the neighborhood. She says that zoning for new multi-unit buildings on the main streets allows for wider floor plans than the norm.

PLUS: Humboldt Park, which provides the neighborhood with its name, has an enormous, picturesque lagoon, a gorgeous triple-arched waterfront pavilion, broad lawns, and big ball fields.
MINUS: This year there have been several instances of violent crime in the neighborhood, and many blocks have a weedy look. The area is improving incrementally, however, particularly on its eastern edge, near Western Avenue.

 

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comments
6 years ago
Posted by Laura Calvache

Hi,

I like the concept of your article, reading with interest what neighborhoods will be up and coming in the near future, hoping that many realtors’ opinions would be shared as well. So, I examined with keen interest what the perspective is on Albany Park. However, this realtor finds your assessment of my neighborhood to be somewhat incomplete. Thank you for a great try, but maybe a little more substance is what is needed? For example, where but in Albany Park can you get a 3-4 bedroom, 2 bath home on an oversized lot for under $500,000? Smaller starter homes with 2 bedrooms, 1 bath are starting around $200,000 which is a resonable price for having your own home in the city. We are also close to some great trendy areas, like Lincoln Square and the Kedzie Brown Line stop, but yet close to the airport via Blue line or freeway and mall shopping in suburbs via the freeway. Thanks again.

6 years ago
Posted by Anonymous

Palos Heights is actually in the SouthWEST suburbs, a great area. The people are a lot friendlier than you will find on the north side and the areas and houses are overall not as old. Nearby Palos Park is one of Chicago's wealthiest and unknown suburbs and nearby Orland Park has everything!

4 years ago
Posted by mikeP

Why take a chance in an "up and coming" neighborhood when there is so much inventory in the established "always wanted to live there" neighborhoods? I think during a hot market is the only time you invest in up and comers.

3 years ago
Posted by monica1980

I agree with many of your choices, a smart person knows you buy low and sell high. Thanks for all your research it really comforts me to know that all my feelings about some of these investments I have made will pan out. I purchased a home in Aurora for less than what the previous owner paid of course she took a big loss when she sold due to her employment and I on the other hand will have the chance to wait and watch my investment grow. I have been watching real estate for many years and the best advice has never changed and that is location, some of the areas you have suggested are not just up and coming they are hot as far as shopping and so much more.Geneva offers one of the only dog friendly indoor malls and Aurora (Rt.59)has a casino, excellent parks and great access to the tollway and Metra.

3 years ago
Posted by jennifermadonia

Where can I purchase a copy of the October Issue of your magazine? I can only find November Issues on the stand.

3 years ago
Posted by Elizabeth Riley (Chicago magazine)

Hi Jennifer!

Back issues of the magazine can always be purchased through the site here: http://bit.ly/uHO2R3

Let me know if you need anything else.

2 years ago
Posted by Ben

I bought in Bronzeville three years ago and it was a great decision. The proximity to the lake, US Cellular, IIT, the Police HQ, downtown, and great transportation links are fantastic. There are amazing houses with history and character. People are generally very nice and welcoming. It's still rough around the edges, but I've seen good progress in the past three years even with the soft economy. A new bank replaced a fried chicken restaurant. Old run down buildings have been torn down and replaced with grass and trees. The new marina at 31st street is beautiful.

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