There’s a lot to be thankful for in Chicago real estate, but Don Robinson, a sales associate with Coldwell Banker Realty who primarily works on the South Side,
Will Chicago’s south side real estate market ever recover?
I think any real estate that has been hit by economic down turn can recover. That recovery depends on rebuilding the local economic infrastructure.
Major cities such as Washington DC and Baltimore have endured crime waves and drug wars since the late 80’s.
D.C. has taken several beatings over the years, at one time it was the murder capital of the world. It wasn’t a place to live or invest in during that time. During the mid to late 90’s, they elected a new police chief, fired Marion Barry, and the city began to change. Today owning the home in the district is like owning a gold brick. While D.C. and property values have skyrocketed, the local economy is supported by government contracts, the military and medical fields in Maryland and Virginia.
Baltimore still makes the 10 deadliest cities to live list from time to time. Baltimore is slowly changing due to investors moving into the city. Property values fluctuate within the city from rowhomes going for 15k (Yes, people have used credit cards to purchase them) to a rowhome on the Chesapeake going for 650k+. Baltimore is a work in progress, and it is progressing.
I have no doubt that this can happen for Chicago as well. It will take amazing leadership from city officials, citizens and entrepreneurs. All those that will contribute to the rebuild will need strength and vision. It can be done, it’s happened countless times before.