Property in Chicago

S

Shaney

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I have been considering investing in property in the Windy City. The recent scares re property Stateside suggests that prices may be heavily overstated.

Has anyone any direct experience of property there?
 
I bought through a Dublin based company Castleroc Estates ( [broken link removed] ), they specialise in the mid West particularily Chicago, I found not all their opportunities are on the web so its worth contacting them for a chat, painless experience really with built in rental g/tees , property taxes and state taxes paid, my one bed one bath in the Loop is cashflow positive by a couple of grand after 6 months so I'm happy enough and the units have stepped up a little in value since I bought, btw its a fantastic city !
 
Things to look out for in the US (apart from the usual issues about local value comparisons. location, build quality etc).

Property taxes can be very high in some cities. I don't have any experience in Chicago so can't comment specifically, but in many other cities foreign buyers have been shocked at the cost of running an empty property.

Dollar vs euro situation. Dollar looks set to slip further, hard one to call
 
The property taxes in Chicago are vary significantly, anywhere between $2,000 to $4,000 in the downtown, North city areas. It is actually the assessments in the highrise condos that are really surprising - between $450 to $1,200 a month. In the event that you could not rent out the property, the balance of tax and assessment would be a pretty big burden.

I am still considering investing but with the dollar vs Euro at $1.29 - I am waiting to see if there is the expected further fall in the dollas.
 
I'm buying later in the year. The taxes are part of life and you pay more in the city, its all based on your sq footage. Cater for $5000 in the downtown. I'm buying out in the suburbs, taxes about $2000. You can fight them on the bill get a couple of hundred knocked off, my relatives have almost got to the court room in some cases, but they always get it knocked down.
Location is terribly important in the U.S. Houses where my father in law lives are 300,000, we'll buy 5 minutes away from him and houses are 180,000. Watch out for thing like section 8 housing, its welfare housing and it'll greatly affect the value of property. Realtors are lethal over there as well, they're heavily reliant on commision, I'd never give them the offer price. Southside of the city is the big Irish area, plenty of festivals and parades.
The suburbs are worth considering, some such as Naperville, La Grange, have everything, large outdoor pools free for residents, parks, chocolatiers amenities and of course restartants after restaurants your only 1 hour from the city. I've gone off the city having lived there, but the area around millenium park and the lake is spectacular and I can see the downtown attaction. We'll likely do Brookefield 35 mins on a train to city, zoo, Irish Times restaurant and pub and a nice village feel to it.
 
Hi,

I know someone from Ireland living in Chicago for 21 years now. He buys properties to renovate and sell on as well as the occasional plot to build a new house on and sell on also.
He tells me that the last 12 to 14 months has been the toughest time he has ever had to shift property. Right now he has 4 on his hands which are not moving for the money he wants / needs to make a commercial return.

In fact he has put a hold on further purchases until he off loads three of what he has on his hands right now.

Rgds
 
Hi

Depending on where you google there are between 10 and 11 million people living in the greater Chicago area and 3 million plus in the Central Cook Country metropolis area, the last posting is like comparing apples and oranges, even in our own little City of Dublin property prices vary wildly, the desirablility, marketability and price of a 3 bed semi in some parts of Dublin city could not be compared to a similarly sized 3 bed semi a few miles in most any direction ...

Dunlaoghaire prices versus Dalkey prices a good example and they are only only a short drive apart.

Do your research well in any country or area and get info to make an informed decision, no more you can do, todays Sunday Indo gives Chicago appreciating at excess 10% since 2000, not bad and no sudden drops..
 
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