Comments on: Subprime Suburbs http://www.creativeclass.com/_v3/creative_class/2009/05/15/subprime-suburbs/ The source on how we live, work and play Wed, 07 Dec 2011 18:10:07 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Buzzcut http://www.creativeclass.com/_v3/creative_class/2009/05/15/subprime-suburbs/comment-page-1/#comment-12502 Buzzcut Mon, 18 May 2009 13:58:43 +0000 http://www.creativeclass.com/_v3/creative_class/?p=10539#comment-12502 The City of Chicago proper was on the leading edge of the foreclosure wave, particularly in the minority-majority areas of the city. The far western 'burbs are just catching up, and the City is moving to the next phase (developers going out of business permanently, and a lot less development in the near future.) We're seeing the end of a golden age of development in Chicago, and the face of the city is much different than it was even 5 year ago. All the development around Millenium Park and Soldier Field just makes the City look different, not to mention the new Trump Tower that gives the City height where it had none before. BTW, I sold a house in the Northwestern Chicago 'burbs in '04. I follow its value on Zillow, and it hasn't been worth what I got for it from almost the day I sold it. So some areas of Chicago have been in decline for some time. The City of Chicago proper was on the leading edge of the foreclosure wave, particularly in the minority-majority areas of the city.

The far western ‘burbs are just catching up, and the City is moving to the next phase (developers going out of business permanently, and a lot less development in the near future.)

We’re seeing the end of a golden age of development in Chicago, and the face of the city is much different than it was even 5 year ago. All the development around Millenium Park and Soldier Field just makes the City look different, not to mention the new Trump Tower that gives the City height where it had none before.

BTW, I sold a house in the Northwestern Chicago ‘burbs in ‘04. I follow its value on Zillow, and it hasn’t been worth what I got for it from almost the day I sold it. So some areas of Chicago have been in decline for some time.

]]> By: Michael Wells http://www.creativeclass.com/_v3/creative_class/2009/05/15/subprime-suburbs/comment-page-1/#comment-12465 Michael Wells Fri, 15 May 2009 16:50:39 +0000 http://www.creativeclass.com/_v3/creative_class/?p=10539#comment-12465 A renter friend of my wife's in the San Diego suburbs is getting ready to buy a house. She says with the foreclosures that formerly $500,000 houses are going for $150,000. So it's good for some. Of course, I'll bet there are a whole new crop of speculators out there too. Here in Portland two friends have recently sold close-in houses in weeks, one with two offers over her asking price. One of my daughters had the house they bought here two years ago appraised for a refinance and its value only dropped slightly. I haven't seen foreclosure sales in close-in neighborhoods here, maybe because people can still sell and get out. A renter friend of my wife’s in the San Diego suburbs is getting ready to buy a house. She says with the foreclosures that formerly $500,000 houses are going for $150,000. So it’s good for some. Of course, I’ll bet there are a whole new crop of speculators out there too.

Here in Portland two friends have recently sold close-in houses in weeks, one with two offers over her asking price. One of my daughters had the house they bought here two years ago appraised for a refinance and its value only dropped slightly. I haven’t seen foreclosure sales in close-in neighborhoods here, maybe because people can still sell and get out.

]]> By: Wendy http://www.creativeclass.com/_v3/creative_class/2009/05/15/subprime-suburbs/comment-page-1/#comment-12461 Wendy Fri, 15 May 2009 15:12:37 +0000 http://www.creativeclass.com/_v3/creative_class/?p=10539#comment-12461 Just wait until many of the suburban office and industrial business parks start going into foreclosure in the US (which could well happen because of a combination of the lack of credit to re-finance commercial mortgages and/or commercial tenants no longer able to pay the rent). Last one out, turn off the lights. Just wait until many of the suburban office and industrial business parks start going into foreclosure in the US (which could well happen because of a combination of the lack of credit to re-finance commercial mortgages and/or commercial tenants no longer able to pay the rent). Last one out, turn off the lights.

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