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

ALBANY PARK
Situated roughly between Foster and Montrose avenues on the north and south, and Kedzie Avenue and the Chicago River on the east and west

In the 1890s, some big investors converted farmland northwest of the city into a residential area by stringing streetcar lines out to what is now known as Albany Park. In this century, there has been a different kind of conversion going on, as rental apartments were remade into spacious condos. “For a while prices kept going up and up,” says Suzy Thomas, a Rubloff Residential Properties agent who has sold some of them. “Now we’re back down to what you would have paid in 2004 and 2005.”

Most condos here—the majority are in vintage buildings, though there are a handful of new ones—sell in the middle to upper $200,000s, even for three-bedroom units. And with the Brown Line terminus at Lawrence, and the Edens Expressway to the west, transportation remains an asset in this neighborhood brought to life by streetcars.

PLUS: Quiet streets, the North Park University campus along Foster Avenue, and the North Branch of the Chicago River winding along the neighborhood’s northern edge
MINUS: Bargains on single-family homes are rare; for the most part, houses either sorely need rehab or, having been renovated, are saddled with a big price tag.

 

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5 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.

5 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.

2 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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