sell or rent condo in oak park (real estate, apartment)

[gfd]

spouse accepted position out of state should we try to sell fabulous 3BR condo in oak park or should we try to rent it - what are your thoughts?

[adele115]

Originally Posted by gfd

spouse accepted position out of state should we try to sell fabulous 3BR condo in oak park or should we try to rent it - what are your thoughts?

RENT. Condos are very hard to move right now - you'd be sitting on it for several months or longer anyway.

[chet everett]

Depends on just HOW fabulous!

I mean honestly, if this thing has ALL THE BELLS AND WHISTLES (I am talking deluxe kitchen and baths {at least 2.5}, laundry that is not in a closest, real family room and formal space) and you can afford to sell it for a good price because you bought it long enough ago and/or did not pay full boat to spruce it to current level of desirability I would recommend SELLING.

Tenants, even the best of 'em will NOT keep a fabulous place spiffy and will make showings a challenge.

There is SOLID demand for desirable properties that are priced realistically in all areas and Oak Park is no exception. You should really talk to several full time, hard working real estate agent that have the time to devote to marketing your property AND the knowledge of CURRENT market conditions to help you determine if an acceptable price and time frame are with in your reach before you move...

Good Luck!

[BRU67]

Chet's of course right but Oak Park got VERY glutted with condos starting in the late-1990s, and conversions and building continued pretty much unabated until '06. You may want to check and see what units of similar size/location are going for first, along with market times, and then determine whether you can afford to sit on it for that long for the profit you're likely to realize.

Another key factor is when you bought. If you bought later in the game, your mortgage + assessment + taxes are likely to be well out of proportion to what you can actually rent it for. Condo prices in Oak Park were way out of whack compared to rental rates by 2001 or so, and it didn't get any better thereafter. I recall looking at a condo back in 2002 which had an ASSESSMENT that was higher than the rent I was paying for a not much smaller apartment two blocks away! That was of course an extreme case but still, something to think about.

[sun_belle]

What price would you consider renting your condo for? My husband and I (plus newborn) are moving to Oak Park next month and are looking for a 3br. Husband's going to grad school, I am a teacher. If you decide to rent, it might be a place we can consider.