Where do I want to buy a weekend place in Chicago? (property, firm)

[Stevewi6]

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[dc1225]

Originally Posted by Stevewi6

We currently live in Wisconsin where we are working in our retirement jobs. We spent 30 years in downtown DC, including a number of years one bloc off the H St. riot corridor, and in the Virginia suburbs. We are looking for a two bedroom, two (or 1.5) bath condo in Chicago, costing between $250,000 to $350,000. We live about three hours by car from the city. We plan to come into down at least twice a month weather permitting. We have determined that we prefer to own and not rent. We realize that it will be necessary to compromise on the list below.

So here is what we are looking for.

1. Views, either city or Lake Michigan. We want to feel like we're in a big city. Some of the Edgewater high rises have spectacular views and are well priced but have high monthly fees with amenities like pools that we are not interested in.
2. It needs to be relatively safe. We have been city people before, but now we are older and don't need hostility or danger.
3. Dog-friendly neighborhoods. (We clean up after him.)
4. A place where there is some action; where we can walk to stores and restaurants, there are people on the street, and has convenient public transportation. For example, when we come to Chicago we stay in the Miracle Mile area and especially enjoy this part of town.
5. Recently rehabbed or new.
6. The likelihood that we will able to recoup our costs in five years or so.
7. I’m guessing that we will need a larger complex for security reasons since the unit will often not always be occupied, and in a renovated row house or townhouse that would be very obvious.

So what did you all suggest? All advice is welcomed.

Steve, can you adopt me please?

[Mamama Mia]

The South Loop is not my favorite area of the city but you can definitely get a rehab or a new construction condo there for a steal. The two biggest positives for that area are the Musuem Campus and readily available public transportation. If you were Bears fans, it's an easy trip to Soldier Field. Good luck!

[Mamama Mia]

Steve, do you mean that you stay on the Magnificient Mile? That would be the area on and around north Michigan Avenue. I haven't ever heard of the Miracle Mile.

[lionelrich]

Originally Posted by Stevewi6

Thanks. Is the South Loop overbuilt? I think that we are going to wait until December or January and then low ball and see what happens.

review Crib Chatter - Flips, Foreclosures, McMansions, New Condos: The Dish On the Chicago Housing Market

[Stevewi6]

Yes I meant the Magnificent Mile. And no, I'm not adopting anyone. We have sort of, almost, with some backtracking, finally had the beloved child become self-supporting minus paying for his health and car insurance.

Thanks for Crib Chatter. I had already found it.

Now what do you think of this:Condo real estate property at 111 MORGAN CHICAGO 60607 Illinois from Century 21 Sussex and Reilly search results

Use the virtual tour button to get the full effect especially the nighttime view of the city from the unit. Will sellers negotiate the price of parking spaces?

Hope I not violating the TOS by posting the link.

[oakparkdude]

Originally Posted by Stevewi6

Yes I meant the Magnificent Mile. And no, I'm not adopting anyone. We have sort of, almost, with some backtracking, finally had the beloved child become self-supporting minus paying for his health and car insurance.

Thanks for Crib Chatter. I had already found it.

Now what do you think of this:Condo real estate property at 111 MORGAN CHICAGO 60607 Illinois from Century 21 Sussex and Reilly search results

Use the virtual tour button to get the full effect especially the nighttime view of the city from the unit. Will sellers negotiate the price of parking spaces?

Hope I not violating the TOS by posting the link.

I've seen units in that building. Pretty much par for the course in terms of new construction in the west loop. Prices have definitely dropped since I last seriously poked around.

[lincolnparker]

The properties I looked at last year are still selling at the same price. Case in point, 2 bedrooms in Halsted Row on diversey and halsted were selling at 499k (parking is additional 30k) and up in 2007, and a year later when i dropped by their sales office in oct 2008 they are still selling at the same price.

Originally Posted by sukwoo

I've seen units in that building. Pretty much par for the course in terms of new construction in the west loop. Prices have definitely dropped since I last seriously poked around.

[dc1225]

Originally Posted by lincolnparker

The properties I looked at last year are still selling at the same price. Case in point, 2 bedrooms in Halsted Row on diversey and halsted were selling at 499k (parking is additional 30k) and up in 2007, and a year later when i dropped by their sales office in oct 2008 they are still selling at the same price.

Well, you've got to find the right seller and strike up a right chord w/ him and a deal in a good area can be had. Most people who have rentals/for sale in great areas can afford to ride out the storm and they will. Also, they will either rent it out or let it sit vacant til they sell it for what they want to sell it for because they can afford to.

[snoylekim]

Originally Posted by Stevewi6

Yes I meant the Magnificent Mile. And no, I'm not adopting anyone. We have sort of, almost, with some backtracking, finally had the beloved child become self-supporting minus paying for his health and car insurance.

Thanks for Crib Chatter. I had already found it.

Now what do you think of this:Condo real estate property at 111 MORGAN CHICAGO 60607 Illinois from Century 21 Sussex and Reilly search results

Use the virtual tour button to get the full effect especially the nighttime view of the city from the unit. Will sellers negotiate the price of parking spaces?

Hope I not violating the TOS by posting the link.

Not bad ..it's a SE unit, which will allow more sunlight in the colder months. You want some energy efficiency in a loft given high ceilings and sometimes less than optimal HVAC setups. Be sure you review the gas bills from last winter . This building is really at the western end of 'west loop', but you're only 3 blocks away from shopping ( Walgreens , Dominicks) , Greektown , and the expressway. Specific area is pretty quiet/residential. Roomsizes look OK ( master bed is a little small), and they might be counting the balcony in the SF ( it adds about 150 ) . As far as the question re negotiating parking space price..they better ... Most of those quoted are ridiculously high , and a lot of original owners got them for much lower and even free as the buildings tried to complete their occupancy. Gte your own broker familiar w/ the market and they can strategize the offer ..