Humboldt Park is prime real estate!
Two vacant buildings in Humboldt Park catching the attention of investors.
Humboldt Park is an ethnic enclave located on the northwest side of the City of Chicago, just south of Logan Square neighborhood. For many many years Humboldt Park has had a bad rep for crime and poverty, and now it is known to have one of the highest foreclosure rates in the city of Chicago.* Because of this, many people have left Humboldt Park, leaving behind many empty buildings; dropping the property values and tax base for the community. Because of this shift in population, the City of Chicago has closed down many schools within the Humboldt Park community. Riddled with crime and poverty, why is Humboldt Park prime real estate?
The park, Humboldt Park, was the home and design base for the famous landscaper Jen Jensen, and after the Great Chicago Fire the surrounding area around the park became residences of European immigrants (www.humbodltparkportal.org). As time progressed, the demographics of Humboldt Park changed. Today, Humboldt Park is made of 10% Blacks, 35% Whites and 55% Latinos, of which 34% are Puerto Ricans (www.socialexplorer.com).
This neighborhood has many amenities for their residences. Humboldt Park also has a park after its name sake, with a man-made beach and a mini-“Wrigley Field” Ball Park for the little league. With public transportation, highways, boulevard systems, and bicycle lanes, residents of Humboldt Park have easy access to downtown Chicago and the Western Suburbs. This is perfect for people who want to live minutes from downtown but do not want to pay downtown living prices. The City of Chicago has been reinvesting in Humboldt Park through TIFs, grant programs and first time homebuyer’s program. Unfortunately, there are less first time homebuyers and more investors purchasing real estate in Humboldt Park.
These investors understand that Humboldt Park is prime real estate. I spoke with an investor who was looking at two adjacent boarded up multiunit buildings in the Humboldt Park neighborhood. The investor stated “that Humboldt Park is great to buy inexpensive properties because they are usually foreclosures, rehab those properties, and then rent these properties out. Because of the location of this neighborhood, I never have problems renting the apartments out.” Humboldt Park is prime real estate for its accessibility to downtown, and the western suburbs. Because of investors, 67.8% of the Humboldt Park residents are renters, while 32.2% are homeowners (www.socialexplorer.com). Unfortunately there is also a high vacancy rate of 13% in Humboldt Park housing market. This vacancy rate is slowly becoming smaller due to the investors buying and renting the properties out.
Humboldt Park has a plethora of amenities for is residents that have caught the eye of investors and the City of Chicago. Along with these amenities, the park, Humboldt Park, is beautifully designed with many recreational activities. With easy access to the expressways, downtown, and the suburbs, Humboldt Park is indeed prime real estate.
Posted in Housing
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