Possible to find decent $150-200K condo?

[Aleking]

As other posters mentioned, especially at this price range, you have to be very careful about assesments and the strength of the association. We purchased recently and it took a lot of searching until we found a place in a 100% owner occupied building with good reserves and proper assesments...and the one other comparable place that has gone for sale in the building sold quickly as well.

[snowfree]

Originally Posted by Aleking

As other posters mentioned, especially at this price range, you have to be very careful about assesments and the strength of the association. We purchased recently and it took a lot of searching until we found a place in a 100% owner occupied building with good reserves and proper assesments...and the one other comparable place that has gone for sale in the building sold quickly as well.

May I ask which complex it is?

Thanks. Jacky

[chicagoingtoplaces]

I sent you a message. Check it out.

[thinklongterm]

@Caldus You can get a condo that's good in that price range, assuming a $350-500 assessment fits in your budget.

The best tools for your search do not include Realtor.com. Here's what I used this year as a first-time condo buyer:

1) For your first look into the current inventory, try Chicagotopcondos.com. I found it has the search tool that spits out the best organized list of condos, as well as formats the listing page consistently with the right info. Its payment calculator is better than Redfin's. Redfin.com will sometimes update a day faster, but it spits out a big search list that isn't as easy to run through. Both sites allow you to setup instant email alerts for new additions to your specific search. Zillow's mobile app is OK for this on the iPad, only because of its swipe to preview photos feature.

2) Once you've gone through the inventory, get instant alerts of new listings and open houses using the Redfin mobile app. You can set it to alert you when new listings matching your requirements appear. I find it easier to pop in and out of it than the websites.

3) Once you find a condo you like a lot, I recommend Redfin's "past sales" search checkbox to show you the comparable sales that can inform your offer price.

**Extra homework to be most informed before making an offer:

4) See what permits or violations the city has on the building, which could affect special assessments.
- https://webapps.cityofchicago.org/buildingviolations
- https://data.cityofchicago.org/Build...mits/ydr8-5enu (use the sort options on the right to narrow the results)

5) See if there are many lawsuits against the owner or foreclosures in the building using the full docket search. There's a pull down for "civil" (default, for HOA past dues) and "chancery" (for foreclosures).
- http://www.cookcountyclerkofcourt.or...EINFOPage=2400

6) You can also see tax, lien, and past mortgage information on these two city websites. You'll need the PIN code from the Redfin or ChicagoTopCondos listing.
- Property Tax Portal - Pin Search (Broad overview, includes tax info)
- http://www.ccrd.info/CCRD/il031/index.jsp (Lein, past mortgage information, click the owner's name for other properties owned in Cook County)

I hope that helps! I can also recommend my realtor, whom my coworker recommended to me after her first condo purchase. She's been awesome.

[thinklongterm]

Also, I like reading:

Dennis Rodkin's reporting on Chicago real estate
Chicago real estate, homes, & housing news - Chicago magazine
twitter.com/DealEstate

Crib Chatter for perspectives on Chicago listings
Crib Chatter

Curbed Chicago (found my condo I'm waiting on this way, before I learned about Redfin alerts... this tends to focus on expensive condos but does have an "under $300k club" feature)
Curbed Chicago : The Chicago Neighborhoods and Real Estate Blog

And CNBC's real estate correspondent:
https://twitter.com/diana_olick