Let's talk about the Chicago economy

[Sam Stout]

Hey!  I'd love to discuss the Chicago economy, and how it is going to effect the real estate market.  I believe we are in a period of slow national growth for the next couple years, but that doesn't mean certain areas can't thrive.  What do you think home ownership rates and population rates/decline are going to be?  Are people going to stay in Chicago?  Raise families there?  What's your opinion?!?

[Jeff Burdick]

Originally posted by @Eric M.:

Asking about Chicago in general is just too broad. You can make the case for any outlook you want. You need to visit.

There are horrible areas, there are great areas. There is a lot in between. There are areas getting better and getting worse and it is not so easy to tell the difference. There is a lot of construction all over. There is tremendous growth and activity in many areas but we are also the only major city losing population. So it is hard to really know and I have been here 25 years.

I live in one of the richest most desireable areas, Lakeview. They say rents are increasing and everything but things are not so rosy it seems. Apartments near me are empty and signs are out for weeks before filled. Houses are staying on the market and among many people there is an underlying nervousness.  Crime is creeping into our nice neighborhoods. Our small neighborhood association has just hired a private security company to patrol our neighborhood. Families are paying 1500 a year because they are getting scared. I personally think it is an over reaction but there is an underlying unease. We don't trust our police, don't trust our state legislators, don't trust our president, don't trust our school board, many don't trust our mayor. Our taxes are astronomical and with the fiscal disaster of Chicago and Illinois, it will only get worse.

It is actually really weird. On the surface, things are vibrant and exciting and on a day to day basis it is a great city. The city is beautiful. But sometimes it feels like a house of cards.

 Crime in Lakeview has been trending down over the last decade.  

http://crime.chicagotribune.com/chicago/community/...

Some people are becoming scared because its become trendy for certain media outlets with a political agenda to bash Chicago and try to portray our city as a war zone.