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Property investment in Chicago. Any experience?

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  • 24-08-2006 9:28pm
    #1
    too_sleepy
    Registered Users Posts: 116 ✭✭


    Hi

    This is an ongoing prolem for me, I keep finding new places that look like good areas to invest in, but I never invest.
    Now I'm looking at Chicago. It's just too damm expensive in Ireland and the rest of Europe is catching up price-wise.
    has anyone any experience with investing in the US market? I've been looking at some condos from this crowd:
    http://www.castlerocestates.ie

    Any opionions appreciated.

    Thanks


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    #2
    dunkamania
    Closed Accounts Posts: 1,803 ✭✭✭dunkamania


    dont forget your currency exposure,the dollar could lose a lot of value in the years to come


  • Options
    #3
    hmmm
    Registered Users Posts: 11,205 ✭✭✭✭hmmm


    You err have been reading the papers about residential property in the US?

    http://www.msnbc.msn.com/id/14498418/


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    #4
    cousin_borat
    Registered Users Posts: 995 ✭✭✭cousin_borat


    I would be worried about investing in the US right now because of dollar issues as well.

    That being said IMO there are better options than Chicago. In Illinois there is Naperville which is an excellent city. Eden Prairie in Minnesotta also. North Carolina is also an excellent state, theres a huge amount of investment there and high tech IT and Biotech/Pharma companies. I would seriously look at Raleigh and Davidson.


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    #5
    dochasach
    Registered Users Posts: 180 ✭✭dochasach


    cousin_borat wrote:
    I would be worried about investing in the US right now because of dollar issues as well.

    That being said IMO there are better options than Chicago. In Illinois there is Naperville which is an excellent city. Eden Prairie in Minnesotta also. North Carolina is also an excellent state, theres a huge amount of investment there and high tech IT and Biotech/Pharma companies. I would seriously look at Raleigh and Davidson.

    Good point, no one really knows whether the dollar or euro will fall faster, but my bets are on the dollar. As for Chicago real estate, keep in mind that the latest trend there is slightly downwards:

    http://www.housingtracker.net/askingprices/metro/Illinois/Chicago-Naperville-Joliet/

    Also, Naperville, joins the list of excellent cities (Naples, SF, NYC, Sarasota...) where its increasingly difficult to sell property:

    http://www.chicagoist.com/archives/2006/08/02/worlds_most_expensive_hummer.php

    No, when rising interest rates start raining upon FTBs, its only a matter of time before you'll get wet, no matter what tree you hide under. We have the (mis)fortune of living under a tree with particularly thick leaves. Right now I'd only invest somewhere where rent yields are 10% or greater and interest rates can be locked down to a reasonable level. Let me know if you find such a place. I hear Tokyo may have finally bottomed out.

    If you're looking for another pre-peak property bubble, good luck. I think this one has played out nearly everywhere in the world. The next asset bubble could be in gold, tulips, beanie babies or canned beans, but I'd be willing to bet it won't be in property.

    irishpropertybubble.blogspot.com


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