Property in Chicago 160,000

Heard second hand about property advertised in Irish sunday newspapers in Chicago, possibly last week

Can anyone enlighten me re this plz!

There’s some reference to it here:
askaboutmoney.com/showthread.php?t=65611, but unfortunately no links to the actual development.

(There is the usual bull/bear fight, though!).

It’s also in the Independent today. But you must remember, the dollar is very weak to the Euro at the minute. So that’s how the price looks so much lower, it’s in Euros, not dollars. It’s probably not actually a great price for a one bed flat in Chicago. Us prices have been actually quite moderate in comparision to Irish prices over the last few years.

It’s very hard to tell with American property, unless you have good local knowledge. The prices vary greatly from region to region, and greatly from neighborhood to neighborhood (like it used to in Ireland). Also what you get for you money varies greatly, region to region.

Now though at this moment in time, if you have a large sum (of Euros) to dispose of, it could be a very good time to invest in US property, if you know what you’re doing. — Another thing to know is, Repo’d housing stock in the US goes for firesale prices. If you can find a repo’d house in a good area, it can be picked up really cheaply, with a bit of work it can be turned around for a quick profit. eg a repo’d house in an area where houses go for $200K may be picked up for as little as $50K. But actually making a profit on it requires a bit more work then signing a few forms. Strong local knowledge is essential, don’t buy the crack house on crack Street.

Chicago is huge and I wouldn’t put it past the EA to describe the Chicagoland suburbs as Chicago too. It also has some fairly dangerous areas. Sounds expensive to me.

I felt U.S. property was fairly valued at my last visit in the spring. Since then there has been the sub prime crisis, Countrywide, the Jim Cramer theatrics, and even Alan Greenspan warn about over valued U.S. property.

Well if the US market is overvalued Ireland is knackered. Pure and simple.