Buying: Better location or better building?

[Xander]

I've been looking at property all over Chicago, and have narrowed down my choices to Wrigleyville or South Loop.

Neighborhood:
Wrigleyville: Significantly more night life, lots of transportation, restaurants, shops, high foot traffic (important to neighborhood safety), young demographic, and very dog friendly.
South Loop: Up-and-coming neighborhood, not too much night life (pretty much dead after sunset), not many restaurants, low foot traffic, generally dog friendly, decent transportation, age varies, close large stores (Target, etc.).

Building:
W: smaller living area, might be a "garden" (semi-basement) level or high assessment condo, good lake views from a condo, bad views from a walk-up (other buildings).
SL: larger living area, 13' ceiling timber lofts, floor to ceiling windows, very good views of lake, museum, and downtown. Generally much newer than Wrigleyville.

Investment:
W: Prices should still go up, but of course nothing is guaranteed. Most people are moving out north and west, so increased valuation is less likely.
SL: Quick development all over the area (museum campus), tons of development west, southwest, and south of SL area, so SL has a higher chance of increasing in value.



So basically, I prefer the Wrigleyville neighborhood, but I strongly prefer the South Loop lofts. Would you guys prefer to live where you're going to hang out, or live where the neighborhood isn't as active (basically dead at night, like downtown) but you enjoy your home more? I'll spend more time at home, but I'm also limited to taking my dog out around Grant/Millennium Park and not the Lake Shore beaches on the northside. I also wouldn't be inclined to just walk around at night if living in the South Loop. Thoughts?

Would you guys prefer living in a smaller place, but with a cool neighborhood, or a larger, much nicer place with no night life? Thanks!

[Winter Storm]

I'd go with the larger, nicer/no-nightlife.

When I want nightlife, I go to the nightlife; its loud, crowded and full of drunken, party people. Its where I wanna be to party.

But when I get home, I want it quiet, clean, spacious and cozy, away from the partiers. It's where I go to sleep, eat, write and relax. The only noise I wanna hear is my own.

[arrow]

Sounds like the #2 is a great deal, and has so much more value than the other one except for established neighborhood. And of course, you will see the neighborhood develop around you while you are there, and you'd get to be a part of an up-and-coming area.

[AshleyJordan]

It's also worth taking into consideration whether or not you plan to have kids in the near future and how family-friendly the neighborhood is, and also possibly the quality of the school district. This doesn't always coincide with hipness.

[SmilesSoSweet]

I'd go with the larger, nicer/no-nightlife.

When I want nightlife, I go to the nightlife; its loud, crowded and full of drunken, party people. Its where I wanna be to party.

But when I get home, I want it quiet, clean, spacious and cozy, away from the partiers. It's where I go to sleep, eat, write and relax. The only noise I wanna hear is my own.

This is how I am too. If I want to live the night life, I go to it. Otherwise I prefer to live in a quieter neighborhood.

[beeblebrox]

I just wish that I could afford to own here in Chicago. I'm still renting after 4.5 years of living here and one year of working under my belt.

[weary]

xander,

some questions...

- how long do you see yourself staying in this place after you purchase it, and do you think you'll hold onto it (as in rent it out) when/if you move out?

- have you visited both places at different times of the day/week? like midday during the week, a week night, a friday/saturday night, a sunday morning?

- will you be living alone?

[SmilesSoSweet]

I just wish that I could afford to own here in Chicago. I'm still renting after 4.5 years of living here and one year of working under my belt.

I've been out of college for over five years now, and all I've done is rent. I've moved four times in those five years with the last move being an out of state move. I've also held a full time job all those years too.

My lease is up in May and I might consider going into the house hunt again, but I'm comfortable where I currently live. It's six miles to work, good neighborhood and my rent is dirt cheap! A mortgage for me would be three times my current rent.

So before you buy, just make sure you're doing it for the right reasons. Last year when I was house hunting I did think I had to buy a place, but now I just realize, I'll buy with I'm absolutely ready and if I plan on staying here for awhile.

[cheshrcarol]

There's no way I'd buy a garden level condo. My allergies would go haywire. Actually, I think that if you're not going to be completely happy with either one, assuming you want to stay there for a while, I wouldn't get either. Buying is a big step and I wouldn't want to regret my decision and always be thinking about the things I hated while I lived there.

You have to decide what's a dealbreaker. There's lots of things I'm not big on with my apartment - 2.5 floor walk up, only 1 small closet, attic storage means I have to go downstairs and outside and then go all the way up, not a huge amt of sq feet, no offstreet parking. But those were trade-offs to me and things that in the end I can live with and I don't sit here thinking how much I hate it here. I love my location, my massive front porch, the gorgeous hardwood floors and antique glass doorknobs, the brand new kitchen, the fact that the bedroom and bathroom are connected, and even without off street, I still can always find a place to park.

But if I were you and had to make a choice, I'd go for South Loop. When it comes down to it, you're going to spend more time in your apartment than walking around outside it. Especially in the winter.

[and1grad]

I'd go with the larger, nicer/no-nightlife.

When I want nightlife, I go to the nightlife; its loud, crowded and full of drunken, party people. Its where I wanna be to party.

But when I get home, I want it quiet, clean, spacious and cozy, away from the partiers. It's where I go to sleep, eat, write and relax. The only noise I wanna hear is my own.
Ditto that.

[wordsmith]

I don't know how permanent you consider buying to be, or if it's something you'd look to unload in relatively short order anyway, but I do think you should bear in mind that Wrigleyville as a neighborhood has a pretty limited window of appeal, age-wise, generally speaking. I'm not sure I'd purchase in a neighborhood that's a youth mecca if I planned on keeping it indefinitely. My thought is that you kinda grow out of Wrigleyville, eventually (unless you morph into one of the creepy "older" guys in a shiny shirt, trolling for college-age Trixies, at least, ew!), and if I were buying, I'd rather buy something I could grow into, not grow out of. Wrigley has always struck me as the place where you rent when you're in party mode, if it's imp. to live where you party, more than a place where you buy. But that's just me.

[Xander]

All good feedback--thanks very much!

The places I've looked at are closer to the lake than Wrigley Field, so it's not right in the party crowd. I thought that I could buy a place in the area then rent it out to college-age people after a few years... that fits Wrigleyville better, but there are also campuses in the South Loop... plus I could also rent to people who work in the financial district I suppose. Hm...

But neither location/buildings are deal-breakers. It'll probably come down to gut instinct, which is leaning towards South Loop.

how long do you see yourself staying in this place after you purchase it, and do you think you'll hold onto it (as in rent it out) when/if you move out?
Up to 5 years. I'm seriously considering renting it out afterwards, but since that's an unknown, I'm most likely getting a 5 year ARM.

have you visited both places at different times of the day/week? like midday during the week, a week night, a friday/saturday night, a sunday morning?
I haven't been around South Loop much, so I'll have to check it out more. For Wrigleyville though, I've been there enough to know what it's like at different times.

will you be living alone?
Yep. I can't get a place I really like in a location I'm comfortable in for a 2 bed/2 bath, which I initially considered, so... it's still a possibility, though more remote unless I find an amazing place that wont push my mortgage sky high. As it is, I plan to put 20% down. gah.

Oh! Not alone. I'm getting a dog (which is a deal breaker, if the building isn't dog friendly). Hardwood floors and tiled bathroom/kitchen is a must for this reason as well. Both places have these, though.

unless you morph into one of the creepy "older" guys in a shiny shirt, trolling for college-age Trixies
If that happens, please stab me in the head.

and if I were buying, I'd rather buy something I could grow into, not grow out of.
If you mean location, then that's South Loop. If you mean building, I can't afford a big place to grow into. :p

Hmm....... ok, I'm feeling more love towards the South Loop. But I'm re-visiting Wicker Park/West Loop/Ukranian Village tomorrow, so we'll see. I don't like being too far from the lake, though.

[xQuizx]

Xander,

How were you able to find these places? My lease is up at the end of March and I plan on moving to the city. Not so that I can find cheaper rent nor be closer to work, but to just experience the city life. I too am considering a place somewhere in the Wrigley and Lincoln park area. I am still new to the area so I don't really know the places too well. What sources did you use to find apartments/condos?

[Xander]

How were you able to find these places?...What sources did you use to find apartments/condos?
I have a realtor. Are you looking to rent or buy?

If you're moving in March, you should be looking for a place now because it'll take a long time to find a place you like. Let me know if you need more help.