“My knowledge comes from working with buyers on the North Side of Chicago over the past several years! I can’t speak for a ‘majority’ of Lake View homeowners, but from my experience the younger you are, no matter what your salary, the more credit-crunched you’re likely to be (thanks in large part to student loans), and the more you’re likely to be seduced by the lure of ‘alternative’ lending (chiefly because many young first-time buyers have little or no savings for a down payment). ‘Hey guys – we just bought a $450,000 two-bed condo near Wrigley with this 6.5% Option ARM! And when it comes due 2 years from now we’ll sell it for $550!'”
– Local Realtor, commenting on our post about the changing nature of retail in Lake View
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Comment of the day: the young and credit-crunched
“My knowledge comes from working with buyers on the North Side of Chicago over the past several years! I can’t speak for a ‘majority’ of Lake View homeowners, but from my experience the younger you are, no matter what your salary, the more credit-crunched you’re likely to be (thanks in large part to student loans), and the more you’re likely to be seduced by the lure of ‘alternative’ lending (chiefly because many young first-time buyers have little or no savings for a down payment). ‘Hey guys – we just bought a $450,000 two-bed condo near Wrigley with this 6.5% Option ARM! And when it comes due 2 years from now we’ll sell it for $550!'”
– Local Realtor, commenting on our post about the changing nature of retail in Lake View
AUTHOR: kate hawley