Looking to purchase first home. What area? (Arlington Heights, Skokie: apartments, condos)

[dja4260]

Originally Posted by chicagojlo

If you work in Lombard why are you looking in Arlington Heights and Wheeling? With gas prices being what they are you'd be foolish to commit yourself to such a long commute.

And yes if you are buying with your girlfriend in this economy something you can't turn around quickly is a bad idea. What if you split up? Unintended pregnancy? Lose your job? Nobody is lining up to buy 2/1.5 condos in the suburbs anymore. A smaller SFH would be much more likely to sell for a profit down the line, plus you don't have the uncertainty of assessments or other factors that make condos unsellable such as FHA approval or rental percentages.

Arlington Heights to Lombard is a straight 290 S / 355 drive. 19 miles. There would be no traffic during my travel times. I drive a honda civic or a motorcycle. Gas is the least of my worries.

[dja4260]

Originally Posted by cubssoxfan

Wheeling in decline?! Maybe we wear different glasses. Wheeling is more middle class, diverse and has a couple of small "no fly" zones. The condos on Lake Cook and Milwaukee and the condos on Milwaukee between Hintz and Dundee are NOT areas of decline.
Very similar to Skokie; the area has become more diverse. Many areas are still decent to quite nice while a few areas have become mediocre. But the good areas still far outnumber the mediocre areas.
And why would you live so far north when work is in LOmbard? There are many nice areas closer to work.

The properties in my price range and the locations I looked at were run down, and in decline. Very similar to Skokie its not all pleasant like it used to be. Skokie has lots of section 8 housing, robberies, thug kids, gangs, etc. I have grown up and teached in Skokie and deal with this daily.

What are the nice areas closer to Lombard? 50k range?

[chet everett]

If you have CASH to buy a 50k condo it could work out, but realize that the reason the places are asking A THIRD of what they were a few years back is becuase lenders WILL NOT finance these condos that are several depressed....

[knitgirl]

It's important when buying a condo to realize that your welfare is tied to the rest of the condo owners. If there are owners who aren't paying their association fees you could end up with all sorts of issues. Always make sure the association is in good shape when buying. Lenders definitely will decline condos with association issues. (I'm a loan processor.)

[cubssoxfan]

Originally Posted by dja4260

The properties in my price range and the locations I looked at were run down, and in decline. Very similar to Skokie its not all pleasant like it used to be. Skokie has lots of section 8 housing, robberies, thug kids, gangs, etc. I have grown up and teached in Skokie and deal with this daily.

What are the nice areas closer to Lombard? 50k range?

Can you find a decent 2 bedroom condo in a desirable suburban location for under 100K? Skokie still has decent areas. The East Prairie area (Yellow line tracks/Skokie Blvd/Lincolnwood) is still a decent area. The Lorel park area is still decent. The Fairview area is still decent. Yes sections of Skokie have degraded, but the whole town undesirable?? NOT.
However I understand your point. Same thing happened when I bought my first townhouse. I got a much newer, nicer property by moving to Arlington Heights than I could have purchased in Skokie.

[chicagojlo]

I can't believe the taxes and assessment fees on some of those $50k places in Arlington Heights. And I realise it's not Skokie, but a $50k condo in AH is not going to be in the most pleasant of areas.

The reason renting is better is that your rent is fixed, at least for a year, and you can move if the rent goes up a lot. Owning, especially a condo, has a lot more risk of getting way out of your budget, and leaving you unable to offload the place.

A buyer in 5 years is going to see you paid $50k, not that someone once paid $230k. They may not see the $10-20k special you had to pay when the roof collapsed due to deferred maintenance because of low HOA collections.

[dja4260]

Originally Posted by chicagojlo

I can't believe the taxes and assessment fees on some of those $50k places in Arlington Heights. And I realise it's not Skokie, but a $50k condo in AH is not going to be in the most pleasant of areas.

The reason renting is better is that your rent is fixed, at least for a year, and you can move if the rent goes up a lot. Owning, especially a condo, has a lot more risk of getting way out of your budget, and leaving you unable to offload the place.

A buyer in 5 years is going to see you paid $50k, not that someone once paid $230k. They may not see the $10-20k special you had to pay when the roof collapsed due to deferred maintenance because of low HOA collections.

These 50k condos are SHORT SALES. A short sale doesn't determine the true value of a condo.

[chet everett]

Originally Posted by dja4260

These 50k condos are SHORT SALES. A short sale doesn't determine the true value of a condo.

Appraisers can and do use short sales as comps...

[ToriaT]

i dont know of many fifty k condos. Perhaps there are some but a rarity in nice areas. there are plenty of nice towns around lombard. glen ellyn, downers grove, wheaton, naperville, lisle are all nice areas and have condo developments as does lombard itself.

[chicagojlo]

Originally Posted by dja4260

These 50k condos are SHORT SALES. A short sale doesn't determine the true value of a condo.

And a short sale listing price doesn't determine what the bank will accept for the place.

Clearly you think you already know better than everyone else so why bother asking for advice?