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Old 10-02-2008, 09:32 AM
 
Location: Chicago
2,467 posts, read 12,247,610 times
Reputation: 897

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Quote:
Originally Posted by JAS311 View Post
Actually, I have found at least 8 or 9 condos in the areas that I listed that are in our price range . . . so I think there is more out there. Some are actually updated too which rocks. We are scheduled to see 2 next Saturday in the Loop and hopefully can get a hold of other realtors to see more.

(I'm really just looking forward to the sweet potato fries from Rockit for lunch!!!!)

I will be shocked if you find a nice place in those areas for that price. We found a lot of places that sounded great in our price range in neighborhoods that we thought would be too pricey and there was generally a reason for that (like having to walk through the bathroom when you enter, being really small, like can't have a couch small, etc). Please let us know if you find something! Otherwise, I would expand to some of the other neighborhoods mentioned.
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Old 10-02-2008, 10:39 AM
 
11,975 posts, read 31,792,528 times
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Quote:
Originally Posted by JAS311 View Post
Actually, I have found at least 8 or 9 condos in the areas that I listed that are in our price range . . . so I think there is more out there. Some are actually updated too which rocks. We are scheduled to see 2 next Saturday in the Loop and hopefully can get a hold of other realtors to see more.

(I'm really just looking forward to the sweet potato fries from Rockit for lunch!!!!)
Good luck with that. As a person who has bought a condo in Chicago, those prices are "too good to be true" in the neighborhoods you have mentioned. And there is probably a reason for that.
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Old 10-02-2008, 10:47 AM
 
11,975 posts, read 31,792,528 times
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By the way, make sure you check out the monthly assessments. I found an awesome spacious unit in a Lake Shore Drive high-rise a few years ago that seemed too good to be true at $250,000, but then realized that it was in a Co-op building that restricted financing and had $1250/month assessments! Buildings with high monthly assessments are often priced lower.

Last edited by Lookout Kid; 10-02-2008 at 10:58 AM..
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Old 10-02-2008, 11:59 AM
 
Location: Chicago
2,467 posts, read 12,247,610 times
Reputation: 897
Quote:
Originally Posted by Lookout Kid View Post
By the way, make sure you check out the monthly assessments. I found an awesome spacious unit in a Lake Shore Drive high-rise a few years ago that seemed too good to be true at $250,000, but then realized that it was in a Co-op building that restricted financing and had $1250/month assessments! Buildings with high monthly assessments are often priced lower.
Ditto this. I also came across these places (2 on LSD close to Belmont) that were co-ops and had assessments that would equal the mortgage. Just check on assessments and taxes.
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Old 10-02-2008, 12:18 PM
 
Location: St. Louis, Missouri
16 posts, read 48,739 times
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Thanks for all your help guys ... I really appreciate it!!!
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Old 10-02-2008, 12:48 PM
 
Location: Lincoln Park
838 posts, read 3,097,029 times
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yeah, i think many of the lakeshore dr highrises have extremely high assessments that usually start from $700 and up for a two bedroom.
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Old 10-03-2008, 05:48 PM
 
Location: The Land of Lincoln
2,522 posts, read 4,392,673 times
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My daughters live in Bucktown (just north of North Ave. and west of Damen)and Lakeview (Southport corridor) and both love their condos.
You might want to check out www.atproperties.com, they have offices in Lincoln Park, River North and Lakeview. Please let me know if I can help in any way.
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Old 10-03-2008, 07:09 PM
 
968 posts, read 2,665,991 times
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Most highrise condominuims have larger assessments than mid-rise or low-rise walkups because of elevators and related mechanicals, doorstaff or security , exterior window cleaning and the like . Some also have cable and exercise areas included in the assessment. It will also be typically proportional to the size of the unit owned . Be careful w/ smaller units ; the monthly assessment might be lower, but any special assessment will be higher ( or MUCH higher) because it's spread out among fewer units .. Coop and Condo assessments aren't really apples to apples either because of the legal entity/ownership model differences between them . 450 - 700 / mo for a 1100-1200 SF two bedroom condo isn't out of line , but be sure you also know what that's going towards . Associations MUST disclose certain financial information to prospective buyers ( Illinois State Law, commonly called 22-1 disclosures), and your broker/attorney can ask for more.

Happy Hunting .. There's lots out there right now ..
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Old 10-04-2008, 10:51 AM
 
968 posts, read 2,665,991 times
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One more thing ( I'm neither a realtor nor attorney, but I recently purchased and closed on a 2 bedroom unit in the west loop) .. Condo financing has a few twists instituted this year because of changes from our bailed-out friends at Freddie Mac and Fannie Mae. Things like percentage of owner occupancy, establishment of the condo association ( new construction versus established ) , and percentage of reserves budgeted toward maintenance can all make the difference whether a lender will allow a fixed rate mortgage, a variable rate mortgage, or not finance a unit at all. it is a buyers market, so you shoud have plenty to choose from, but keep the above in mind . The lenders have some flexibility, but on other things their hands are pretty much tied . not to buzzkill, but a little homework and the right questions could prevent some disappointment (or worse) once you've narrowed your choices down .. Isn't this stuff fun
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Old 10-04-2008, 12:31 PM
 
19 posts, read 44,307 times
Reputation: 19
Default Non-lakefront coops are out there, worth a look

Previous responders have quite sensibly warned of the adverse economics of luxury- and/or lakefront highrise coop and condo buildings. A few comments:
1. Often, assessments are higher on units on the east side of the building. Rationale: nicer views, sometimes nicer appointments, more demand.
2. Coop assessment fees include your share of the building's property taxes (You own corporate stock, not real estate). In a condo, every unit owner gets his own tax bill. Advantage coop.
3. Not all coops are deluxe. There are still a few middle-class coop buildings in decent areas away from the lakefront (I was president of the board of directors of such a place years ago). These regular-folks coops can be gems, provided the owner/managers are ethical and competent.

Finally a general comment: recent mega-finance happenings have affected all residential transactions; I would hesitate to place big bets on real estate these days, regardless of locality. Chicago in particular has thousands of condo units coming on the market in the next few months--be wary of making hasty decisions. The rent-vs-buy argument is a constant topic at The Housing Bubble Blog (three guesses where they are coming from.).
HTH
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