Buying Condos in Evanston, IL, suggestion please (Chicago, Wilmette: real estate, condominiums)

[tbcbcca]

hello everyone,

i am looking forward to buying a nice condo with 2-3 bedrooms and 2 bathrooms, $300K-600K. i got my son in the nearby northwestern university, so maybe he can use it to save some money from campus housing, but the main purpose for the purchasing is investing. i am just wondering if this is the right market and time to invest in evanston or chicagoland in general. i am not very familiar with illinois, so any suggestion would help. thanks!

[brenty]

You should look up the suburban pictures thread and read what I said about the Evanston Condominium Market. The market has nearly dried up for condominiums. There are way too many on the market. There are about 300 new construction units on the market now and over 700 more. Prices are still up though. $300,000 will barely get you a 1 bedroom. $600,000 might get you into a two bedroom on a lower level or maybe in a vintage building. Also many times the assessments are very high. I recently looked at a condo for fun in nearby Wilmette and the assessment was $7148/mo. If you can afford the maintenance like landscaping, cleaning, security, etc. You could find a nice house near campus for $500,000 to $600,000.

[Schnooks]

Absolute worst time to buy a condo. Prices in Chicagoland area have not come down enough yet.. if you buy now, you will lose money. Real estate is no longer an "investment" at this time.

[tbcbcca]

thx brenty, very detailed information
one question though, do u think the housing price will drop this year??

schnooks, do u have any reason to back up ur post?

[brenty]

No, Evanston prices will probably not drop. Evanston prices are actually up 1.01% from 2007 to 2008. The North Shore is always strong. You will never find a steal unless it is a teardown. Schnooks is right Chicago prices have not come down yet. If you have the money I would say go ahead and purchase a condominium now. The North Shore is a strong investments always. We are expensive to begin with and we don't have price swings like the western suburbs do. Also you should look at a condo in Wilmette near Green Bay or Central. Your kids could ride the El or Metra to school or they could walk or bike in about 5 or 10 minutes. Wilmette condos will be cheaper also.

[middle-aged mom]

If this were my money, I would do so in Wilmette, preferably on Sheridan Road, with a good view of the lake. Having said this, it is imporatnat to note that most associations are not going to tolerate well, anything that resembles a party life, if your son is so inclined.

[Demi1]

Yes, good condos and good prices exist in Evanston Illinois. Check out this builder's blog for the different ways they are selling homes. Ferris Homes » Grand Bend @ Green Bay

[Chummy Waters]

This is prime investing time! I'd plunk all $600,000 on a condo right away, whatever you can get. Pay full price! The time is NOW!

[Avengerfire]

Originally Posted by Chummy Waters

This is prime investing time! I'd plunk all $600,000 on a condo right away, whatever you can get. Pay full price! The time is NOW!

Haha.

[Anthera]

NU generally requires its freshmen to live on campus.

Condos are generally poor investments. Why not look at 3flats?