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“Chicago’s still a bargain compared to other large urban centers. When people first start investigating deals in Chicago and they’re from New York or Boston, they’re blown away by how much your money buys you in Chicago.”
- David Carlins, president of Magellan Development.
Carlins weighed in recently on New Homes Magazine’s upcoming feature on high-rise development. By all accounts, his firm rode the market to success with Lakeshore East, Magellan’s master-planned community in the East Loop – but despite that, Carlins says Magellan is playing it safe with respect to Lakeshore East’s continued development.
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I completely agree with this comment. In fact, I’d say Chicago offers more for your money–not just in square footage but also in urban amenities–than almost any big American city. I get so tired of these “most affordable cities” lists always putting southern cities like Atlanta or Dallas at the top. (I grew up in the South so it’s ok for me to say that.) I always tell my friends back home that Chicago is a steal when you factor in the money you can save by forgoing a car or sharing one car with your significant other. Most of these cost of living lists use median home price comparisons for an entire metro area. These averages disguise the fact that if you want an urban lifestyle, you’ll pay just as much for a nice condo in downtown Atlanta (or Dallas or just about any other huge US city, I’d dare say) as you would for a comparable place in downtown Chicago.
Danny,
Great points about Southern cities and sprawl vs. density. I lived in Dallas for a period of time growing up, and my dad’s commute was 40 (!) miles each direction – and this was back in 1991, when no one cared about gas prices.
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