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New builds in Chicago
City on the map
Chicago is a metropolis in the USA, Illinois. The city has a population of about 10 million people and is located on the shores of Lake Michigan.
Why is it profitable to buy apartments in the new builds for sale of Chicago?
With one of the most balanced and diversified economies in the United States, Chicago is the headquarters of the Federal Reserve Bank, home to financial and futures exchanges, including the stock exchange, options exchange, and commodity exchange. It is one of the richest cities in the United States, where science and technology, trade, aerospace, manufacturing, food processing, publishing, medical services and much, much more are developed. The city is considered the economic and cultural capital of the US Midwest, America's second financial center after New York.
Housing prices are lower here than in other US metropolitan areas such as New York or San Francisco; the prices for products and services are significantly lower than in Washington.
The city has two major international airports. Intra-city public transport includes 140 bus routes and 8 metro lines serving communication in the city and individual suburbs. The metro is overhead, only some sections go underground. Regular rail links between the city and the suburbs include 240 stations on 11 rail lines.
The climate is continental, humid: summer combines both rain and heat; winter is cold but short.
Every year, a large number of students, including foreign ones, enter local universities. Popular disciplines are: law, medicine, public policy, social sciences, business, life sciences, economics, journalism, engineering, communications and finance. Higher education institutions in Chicago support research activities by promoting and investing resources in special projects. Enrolled students have access to modern facilities, including libraries and sports grounds, and are encouraged to collaborate with academic, community and student organizations.
Since the city remains invariably attractive in terms of study, career growth and tourism, many foreign investors seek to invest in real estate in the new homes in Chicago in order to then rent out their housing or resell at a profit.
The demand is great; residential complexes in Chicago are being built using the latest technological methods, the sale of apartments from developers by agreement of the parties provides payment by installments. New homes for sale in Chicago from the developers offer new communications and well-thought-out modern layouts; reviews testify to the high quality of the objects being built.
Buying an apartment from a developer in Chicago is relatively inexpensive. According to the information of the real estate search engine GEOLN.COM, the minimum price per square meter of turnkey area is 2,500 USD.
Acquisition of apartments from the developers on Chicago by foreigners
Foreigners can buy apartments without restrictions.
Highlights of the city
- Chicago Institute of Arts;
- Millennium Park;
- Willis Tower observation deck;
- sculpture "Cloud Gate";
- Magnificent Mile Street;
- sea pier;
- Wrigley Stadium;
- John Hancock Center;
- Museum of Natural History named after Field;
- Shedd's aquarium;
- Lincoln Park Zoo;
- Buckingham Fountain;
- Lakefront Trail embankment;
- Chicago embankment;
- Fountain Crown;
- arena United Center;
- Richard Driehaus Museum;
- Cathedral of the Holy Name;
- The Chicago River;
- historical Museum;
- symphony center;
- Grant Park;
- Modern Art Museum;
- Lincoln Park;
- the greenhouse of Garfield Park;
- Museum of money;
- Oak Street beach. It is simply impossible to list everything.
Areas of the city that are comfortable for life
The choice of areas for living and investing is wide. Each differs in national composition, infrastructure, architecture of residential buildings and community. Popular among Russian speakers are the so-called Ukrainian Village, the Polish District, as well as cute but more expensive ones along Lake Michigan, and in general everything that is located north of Downtown (a business and cultural center).
As much as the country wants to get rid of stereotypes, people still settle according to the racial principle. So, mostly black people live in the south of the city; these areas are considered not entirely safe. Crime rate is much lower to the north of the city.
It is safe to walk along the embankment and in other tourist locations. But Chicago is not as calm as its Indianapolis in terms of crime, it is worth taking a selective approach to walks, avoiding visiting certain neighborhoods, especially at night.
When it comes to student housing (this is important for investors to understand), Chicago has a large selection of apartment options that vary in value, style and location. To reduce travel time to their place of study, many students choose to live in the western and southern parts of Loop (downtown Chicago); although apartments are expensive there. Areas with more affordable rents, which are also popular among the students include Vicker Park/Bucktown, Pilsen, Bridgeport, or Ukrainian Village and Hyde Park.
If we talk in general about the cost of purchased housing depending on the city districts, their characteristics in terms of location and infrastructure, then the closer the district is to the lake or to the city center, the higher housing prices are. Comfortable accommodation is also more expensive.
Purchasing anapartment in a new development in Chicago is a profitable investment in one of the most prestigious cities in the world, requiring a preliminary comprehensive professional analysis.