African-Americans in Chicago are losing property in prime real estate areas in the thousands but most of the properties are not being repurchased by other African-Americans. The properties are being purchased by whites and Asians that are finding amazing deals.
King Drive, Stony Island, Cottage Grove, South Indiana, Bronzeville, South Michigan, Southshore and Hyde Park are just a few neighborhoods and blocks on Chicago’s south side which are slowly being depopulated by blacks and repopulated by young white and Asian Millennials.
They are buying up the properties for cheap especially the brown and greystones and fixing them up while increasing the real estate value. Some area’s that were crappy now looks unrecognizable.
The city of Chicago has now also built beautiful bridges so that the new neighbors don’t have to run across Lakeshore drive and play chicken with cars to get to the lake and have also set up DIV rental bicycle stations in neighborhoods that were once majority all blacks and lacked these amenities.
Bronzeville and Hyde Park have kept their value due to working class blacks who have made it their duty to keep the property values up. These areas are beautifully manicured and very well maintained.
The young whites and Asain Millennials can see the value in the neighborhoods that are less than 10 minutes from downtown and close to the lakefront. They’re buying up foreclosed, abandoned and dilapidated properties for pennies on the dollar, fixing them up and changing the demographics of the community.
Most of the blacks that live in these neighborhoods got stuck in subprime lending where the banks deliberately approved them for interest only mortgages, Balloons and Arm loans without explaining the dangers of these types of loans to uneducated and elderly buyers.
A balloon mortgage is a type of short-term mortgage. … Some types of balloon mortgages can be interest-only for 10 years, and the final “balloon” payment to pay off the balance comes as one large installment at the end of the term.
Once that happens, unless you have the lump sum to pay off the mortgage in full or have good enough credit to do a refinance of the current mortgage, it’s almost virtually impossible to pay off the lump sum thus comes foreclosure.
Thousands of whites that moved from the city to the suburbs are now reconveying neighborhoods owned by blacks because they want the city back. They are cashing in on the loss of black-owned properties and gaining momentum with the great deals they are getting on the foreclosures.
The Chicago downtown entertainment is amazing and is known for a great nightlife, food, fun and entertainment for young and old alike; this is what is bringing the white population back to the city.
Many work downtown and then have to drive from the suburbs through horrific traffic to come back to the city for entertainment which is a bit much for some not to mention the multi-billion dollar makeover the city has had in the last few years makes it even more inviting.
Navy Pier, Millennium Park, the theaters, parks, and museums are amazing perks not to mention the magnificent mile full of high-end retailers as well as the fantastic lake front.
So many of these neighborhoods were once a vibrant middle and upper-middle-class areas, where doctors, lawyers, business owners, and CEO’s once lived and now some of these neighborhoods look like war zones after drugs and gangs infested the neighborhoods.
According to Greg Heinz, African-Americans continue to flee the city as they did in the last decade, when the black population dropped a stunning 17 percent, to 872,000. Now, though, Chicago’s white population seems to be on the rise. In fact, the total population of whites now may exceed that of blacks.
This information comes from Rob Paral, a well-known local demographer who runs consultancy Rob Paral & Associates on the North Side. He compared 2010 census data with figures from the 2014 American Community Survey, which also is conducted by the Census Bureau.
Chicago’s black population has dropped another 30,000, to about 842,000, plus or minus 10,000. But the non-Hispanic white population is up about 12,000, to an estimated 867,000. That’s within the 15,000 sampling margin of error, but just barely.
According to Paral, the city’s Asian-American population also is up about 18,000, while the number of Latinos (who can be any race) grew by 23,000.
African-American’s feel that they are being dealt a bad hand and are being forced to move due to high taxes, subprime lending, violent crimes, gangs, drugs and lack of decent paying jobs which have been very critical in maintaining property ownership for many blacks.
See what this young man have to say in the video below:
Video Source: Marc Sims