The headlines paint the South Side of Chicago as a war zone, but today’s guest shares that parts of the South Side are not only welcoming, but also thriving. Tony Hardy is a senior associate at Marcus and Millichap overseeing multifamily investments primarily on the South Side of Chicago. He’s helping out of market investors obtain high yields and explains why South Shore is one of the most-undervalued neighborhoods in the Midwest. Listen Now!
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Key Market Insights
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Value of a broker to clients: Help with buying, selling, and financing
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What it takes to field an offer: understand the players involved, provide appraisers with local data, understand what lenders are looking for
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Tony’s role with Marcus and Millichap: Focuses on the Chicagoland area and surrounding markets, aims to add value to what investors are already doing in a market, helps investors structure debt, offers information on what an investor’s competitors are doing
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How to maximize the value in your properties: Pay attention to monthly costs in utilities, etc. where you may be overpaying by $100, which could equate to a loss in value of $15,000
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A few of the most undervalued markets in Chicago: South Shore, Englewood, West of Englewood (Marquette Park)
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Economic indicators in Chicago: small percentage of population moving to find jobs, Google jobs created influx of high-income earners (e.g. – young professionals), 9 Fortune 500 companies
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Trends and Growth Projections: Obama Presidential Library in South Shore, Major retailer moving into Woodlawn bringing 200 jobs, Major grocer moving to 71st and Jeffrey bringing 200 jobs, Spanish and Chinese joint-venture investment to build 15,000 on the south side near the lake front, projected development at 39th and King Drive around Mariano’s
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Key indicators for investors: Increased rents in one neighborhood have a cascading effect on neighboring areas
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Tony’s daily habit: Gets up early to think about goals and write them out
Tweet This:
“If you overpay for any service by $100 per month, you decrease the property value by $15,000 at an 8 cap” @isellapartments
Best Places to Grab Food:
Au Cheval – http://auchevalchicago.com/
Beatrix – http://beatrixchicago.com/
Connect with Tony:
Website: http://www.marcusmillichap.com/
Twitter: www.twitter.com/isellapartments