where to move-40k yr (rent, HOA, neighborhoods)

[MassVt]

No offense, but to the unknowing, Troy NY is not exactly the Garden of Eden; it has a few decent areas, but it has definately seen better days..

[Aleking]

Originally Posted by christosNY

There are many condos for sale on realtor.com for under 130k along Lincoln Park, mostly towards Uptown. Is the Uptown area nice?

I lived and still live close to the Margate Park area of Uptown which borders the far northern end of the park.

some quick pros
-sleepy slice of Uptown with very low chance of random crime
-some of the best park access in the city
-great transport options (express buses 147 will get u on the mag mile in 12 minutes, red line access)
-good super market access
-close to great asian food
-convenient to other more expensive/exciting 'hoos (andersonville, lake view)
-affordable
-somerset closed down

[Aleking]

Originally Posted by MassVt

No offense, but to the unknowing, Troy NY is not exactly the Garden of Eden; it has a few decent areas, but it has definately seen better days..

yep, I think somewhere like Margate Park would actually be a pleasant step up.

[soulful]

OP. You can find some good deals in Lakeview now for under 130K for a 1 bedroom. Very safe area. Whole Foods and many shops/restaurants. Check out listings on realtor.com for zip code 60657. For example, great listings at 3550 N Lake Shore Dr. and in that area.

Lakeview is quite a lot nicer than most parts of Uptown. All depends on what you want.

Also, a tons of inventory along N. Sheridan Rd in Edgewater neighborhood. Take for example 5455 N Sheridan which is an excellent highrise. Personally, I prefer Lakeview due to the overall amenities of the area. But I've lived in Edgewater and it is just fine (and more diversity which may be appealing).

good luck to you.

[It'sAutomatic]

You can definitely afford a condo at that price. The north side along the lake sounds up your alley, the far north side is great, you could buy a place in Lakeview or Lincoln Park, but 150k won't get you a great place. The neighborhoods from the lake to like a mile past the Ohare blue line (west) are generally considered desirable, though sleepy if you're north of Irving Park Rd. or so.

[Aleking]

Originally Posted by soulful

OP. You can find some good deals in Lakeview now for under 130K for a 1 bedroom. Very safe area. Whole Foods and many shops/restaurants. Check out listings on realtor.com for zip code 60657. For example, great listings at 3550 N Lake Shore Dr. and in that area.

Lakeview is quite a lot nicer than most parts of Uptown. All depends on what you want.

Also, a tons of inventory along N. Sheridan Rd in Edgewater neighborhood. Take for example 5455 N Sheridan which is an excellent highrise. Personally, I prefer Lakeview due to the overall amenities of the area. But I've lived in Edgewater and it is just fine (and more diversity which may be appealing).

good luck to you.

the assessments on those old high rises are crazy high

[andrew61]

Originally Posted by soulful

OP. You can find some good deals in Lakeview now for under 130K for a 1 bedroom. Very safe area. Whole Foods and many shops/restaurants. Check out listings on realtor.com for zip code 60657. For example, great listings at 3550 N Lake Shore Dr. and in that area.

Lakeview is quite a lot nicer than most parts of Uptown. All depends on what you want.

This is true, but do note the monthly assessments (condo fees) as well. They can be pretty high in some of the highrises. And if something major needs repairing/replacing/upgrading, you can be socked with some pretty hefty special assessments on top of that as well.

You need to make sure you can afford the monthly mortgage payment and the assessments and the property taxes.

[aragx6]

Originally Posted by andrew61

This is true, but do note the monthly assessments (condo fees) as well. They can be pretty high in some of the highrises. And if something major needs repairing/replacing/upgrading, you can be socked with some pretty hefty special assessments on top of that as well.

You need to make sure you can afford the monthly mortgage payment and the assessments and the property taxes.

This is exactly my concern.

OP, have you run some numbers to determine what you can afford in rent each month? Given that you seem amenable to renting for a year (and I definitely think that's your best course of action at this point), determining exactly what you can afford in rent will help us all to make better neighborhood suggestions!

[chet everett]

I know that the current glut of distressed condos is creating a situation where owning is less costly than renting especially for those with the cash to buy in buildings with a large number of renters. Low rise and mid rise buildings tend to have modest HOA fees compared to larger buildings and except for the impressive view are generally nice for a given price point.

I don't think great deals are in danger of being all sucked up overnight, but if you spend too much renting you will miss out on the best deals for buying.

[Jandur]

Originally Posted by christosNY

I like the idea of being within a couple blocks of Lincoln Park. Are all the areas along the length of the park desirable and safe?

Yes, that whole area is very safe. And while some people are saying you won't find much for 150k that really isn't true. It partially depends on what you want obviously but you can get a perfectly fine 1bed condo for ~150k.

My friend lives in this building and owns a unit. It's right by the park more or less.

2909 N Sheridan Rd APT 903, Chicago, IL 60657 MLS# 07982631 - Zillow

You wont get anything very large, but you can certainly get a decent place in a nice location.