Questions about Cullerton at Halsted area (Chicago, Evanston: sale, apartment, rentals) - City-Data Forum

jamaicabound60565 · 08-24-2010, 10:47 AM

Found a condo near hear. I know you guys hate questins asking about areas but as a suburban guy I have no concept of areas in the city so sorry.

How is this area? Is it safe? How long would it take me to walk to the loop? Anything else you can tell me would be appreciated. Thanks

long101 · 08-24-2010, 11:27 AM

area is OK, you are looking in Pilsen which use to be 'rough' but the area around Halsted has been built up in the past couple years. I would be fine with the area but it all depends on what your personal preference. Where are you trying to go in the loop? Its not really walkable from there. Your best bet would be taking the Halsted bus down and walking (if your trying to get to the west loop) or taking the Halsted bus to the blue line and taking that

CarolinaBredChicagoan · 08-24-2010, 12:03 PM

You know, looking at your posts about different areas, it might not be the worst idea for you to move into the city, get familiar with some different areas, and THEN buy...

jamaicabound60565 · 08-24-2010, 12:42 PM

Quote:

Originally Posted by CarolinaBredChicagoan

You know, looking at your posts about different areas, it might not be the worst idea for you to move into the city, get familiar with some different areas, and THEN buy...

I agree that would be a good idea, I know I'm all over the place as far as locations I've been asking about, and not really sure what I want. Basically I want to be as close to the loop as possible, close to public transportation and hopefully near an expressway most importantly, and cheap. I know thats probably askig alot

I'd like to buy though to avoid taxes from selling my current place in the burbs, also interest rates are low and renting just feels like thrwoing away money.

JBVirtuoso · 08-24-2010, 01:44 PM

In that case, if you're really set on buying, you should probably just visit a bunch of neighborhoods that interest you. Walk them extensively, stick around a bit after dark to see how it is, and check out the local businesses. Since you're in the burbs, this should be fairly easy to arrange once a week or so. Just don't rush into buying before you've thought of all the variables.

jamaicabound60565 · 08-24-2010, 02:14 PM

very good advice jb, i kind of rushed to buy this place im in now.

i see a lot of really cheap studios and small one bedrooms in the loop, west loop, near north side, etc.

would it be really stupid to buy something like this knowing im probably only going to be there one maybe two years max?

do condos typically let you rent your unit? if so id be perfectly happy living there for a year or two nad then moving out but continuing to own it nad rent it out. if not i wouldnt want to try to have to sell the place a year down the road.

chirack · 08-24-2010, 10:28 PM

Quote:

Originally Posted by jamaicabound60565

very good advice jb, i kind of rushed to buy this place im in now.

i see a lot of really cheap studios and small one bedrooms in the loop, west loop, near north side, etc.

would it be really stupid to buy something like this knowing im probably only going to be there one maybe two years max?

do condos typically let you rent your unit? if so id be perfectly happy living there for a year or two nad then moving out but continuing to own it nad rent it out. if not i wouldnt want to try to have to sell the place a year down the road.

Never buy property in a rush. It would be stupid if you are planning to move in 2 years. Renting a place out is not free money. You are going to have to deal with repairs ect. It probably isn't a good idea to rent out a place far from where you live unless you have a company doing the leg work for you. Different condos have different rules about renting out. Large numbers of rentals in a condo can make it hard to get a loan for the building and it can devalue the property. So not all condo associations are crazy about renting.

Basically don't buy right now. Rent. Learn the city better. Otherwise you risk getting burned in many ways.You can get all that you want but here are some tips.

You will probably not be driving downtown and parking on the north side can be a hassle. Make sure you have somewhere to park your car if you plan to live in the city proper.

The burbs of Oak Park and Evanston are very urban and have great public transit into the loop. Oak park is near 290.

Living close to an el line is what you want to aim to do if you work in the loop. Metra can be useful too, but metra is more for people who live in the burbs to get into the city than for people in the city. Check the cta site to make sure your travel time does not get excessive. If you are further from the loop metra can get you downtown faster than an el, but their schedule might not fit yours.

Living near an expressway can be helpful, but the city is kinda large. Basically living near an expressway is only helpful if you are working or shopping in the burbs. It can be handy for zipping around the city, but again there are lots of locations that are near an expressway.

As for safe so long as you stay out of the ghetto locations you should be safe and so far no one has mentioned any really rough areas.

paytonc · 08-27-2010, 04:16 PM

I like the area around Halsted & Cullerton, but it's not for everyone -- transit's not that convenient, it's really close to the Dan Ryan, and unless you love tacquerias (and Nightwood) there's not much else around. Buying's a big decision that's not to be taken lightly.

Quote:

Originally Posted by jamaicabound60565

would it be really stupid to buy something like this knowing im probably only going to be there one maybe two years max? do condos typically let you rent your unit? if so id be perfectly happy living there for a year or two nad then moving out but continuing to own it nad rent it out.

1. Yes. In this market, you're not going to make enough money over a year or two to cover the closing costs. You won't face capital gains tax on the sale of your existing house in the suburbs, either, so it's not like you need to roll over that cash into a new place right now.

2. Many condo associations have rules against renting out units; it depends, but most of the ones I've looked into restrict it within the first 2-3 years of ownership. The last place I lived in restricted it for 5 years.

3. As mentioned, renting out an apartment is not a walk in the park.