"The reason (the South Loop) is getting crushed is it's only the South Loop in a good market," Greco said. "In a bad market, it's no man's land. In a good market, people assume neighborhoods will be expanding. When the market crashes, it's like the Sycamore or Moline of Chicago."
Kelly Cirignani, a sales agent at Patrick Jeffrey Realty, is working with a first-time homebuyer who until recently was looking specifically at newer construction in the South Loop.The client settled on a unit and was ready to make a 50 percent down payment, until his lender said it would not approve a mortgage in the chosen building. Cirignani now is scouting properties in Old Town and Lincoln Park. "He doesn't want anything to do with South Loop," she said. "I warned him before it (happened). I guess we didn't realize how bad it was."
In our opinion it's not as dramatic or bad as this real estate agent has made it sound. Yes, some buildings in the Sloop aren't good places to buy/invest in for a variety of reasons, but whenever you broadly paint neighborhoods it doesn't seem to do justice to the actual dynamics on the ground.