BUYING A CONDO IN BURBS - A worthy investment? (Schaumburg: environment, equity)

[arzhan]

We're planning to buy a 2 Bedroom condo. The areas we're looking are:
Palatine, Hoffman Estates, Schaumburg, Elmhurst, Des Plains, Mt Prospect.

We're planning to live in the condo for the next 2 years after which we may move to a townhome. So in a way, I'm looking at the condo in terms of investment and re-sale value

>Of the areas I mentioned which is a better bet (fast growing) in terms of
re-sale value?
>What should I look for while buying a condo?

Thanks for all help

[pandabear]

Personally, I would not buy a condo..that is unless you are in places like New York, Miami, or San Fran, where that pretty much is THE ONLY option when buying a "starter home".

The market is cooling and it is a buyers market. That being said you will find a large amount of properties for sale. It is not a sellers market anymore how ever. It will not be easy to buy the property and "flip that house". Those days are long gone. Especially when it comes to condos, which tend to stay on the market alot longer than homes. The resale boom days are gone. Id save personally and than get the town home, the equity (if any) that you would get would be so minimal that it wouldn't cancel out the cost of moving.

Sit on it and buy a townhome or a single family property further west.

[bobsmith319]

In recent years, Des Plaines has gotten much nicer, they have done a lot to the downtown to make it nicer. Try looking for a condo there. Just keep in mind that it is a buyer's market these days. Who knows what it will be like in 2 years!

[homewifeev]

Condominiums in Evanston are in very high demand. Investment in a renovated vintage or new construction is hot right now. Evanston has not been affected like the rest of the US. Prices are up 22% on the North Shore. Steer clear of the 50's and 60's condo building they are hard to sell. Get a condo with a skyline view, Baha'i temple view or Lake View. Sunset views have not sold well and low floor units in building on the el tracks have not done well either. This is a good investment many college student's parents by them and flip them after graduation!

[dch66]

It all depends on what you can afford. Yes! Evanston has a great market, if you are in the 400k + range. In Lake & McHenry County, Condos and Townhomes are HORRIBLE investments. Do your homework, in the areas you mentioed. A Condo/TH can stay on the market 2-3 times longer than SFR.

[GT28107]

BUYING A CONDO IN BURBS - A worthy investment?

Simply put, no.

[homewifeev]

Hinsdale also has a nice market for condominiums. Many Hinsdale units are low-rise though. Neighboring Oak Brook has highrises with units going for $200,000 to around $250,000. Some of them need upgrading. Many units have skyline views. The adress for the building I am talking about is 20 & 40 Tower Road, Oak Brook, IL. The towers are very close to the Oak Brook malls. Many McDonalds executives own condos here in Oak Brook. I am thinking about getting a couple of condos next to each other and combining them, instead of buying a house in Hinsdale.

P.S.

They have units in Evanston for under $700,000 with lake views. These will probably go fast! There in the Sherman Plaza development.
There is a ne place called Winthrop Club. Winthrop Club - Evanston's Most Exclusive and Environmentally Green Condominium Development – Evanston Condos

[dch66]

Keep in mind, Maintence fees can run as much as your property taxes.

[sukwoo]

Originally Posted by dch66

Keep in mind, Maintence fees can run as much as your property taxes.

This is definitely true. You have to keep in mind, however, the "maintenance fees" inherent in owning a single family house. Roof need to be replace? That's a few thousand dollars. How about that boiler that's 30 years old. Another 5K to replace. Weeds sprouting up in the yard. That's time (and/or money) to take care of. Its not cheap to maintain a SFH, by any means. Sure, you can defer maintenance to save money, but it'll come back and bite you in the rear eventually.