Confused about Chicago housing/ apartments. standard of living (Virginia: sale, condos)

[lincolnparker]

1630 w wrightwood in lincoln park is brand new construction, extra wide lot, listed for 1.79 mil

[Avengerfire]

^ To be that close to the Lathrop Homes ,a large shopping center, and a bunch of retail and fast food joints? No thanks. Not for that kind of money. Besides that is not really Lincoln Park-it is the Clybourn Corridor. There is a big difference between Fullerton and Clark versus Wrightwood and Ashland.^

[MyssaTx]

are you even considering assessments?
Most of those building have high easements even higher than if you would rent.

I also saw what I thought was the perfect place and Hey I could afford it too! I was excited for about 30 seconds until I read the assessments were 1800 a moth lol

[Lookout Kid]

Originally Posted by Avengerfire

There is a big difference between Fullerton and Clark versus Wrightwood and Ashland.^

A VERY big difference. My old crappy two-flat in Lincoln Park was torn down a few years ago, and the new home they constructed on the lot sold for $3.8 million. And even this was RANCH Triangle, and not the heart of Lincoln Park.

[Lookout Kid]

Originally Posted by MyssaTx

are you even considering assessments?
Most of those building have high easements even higher than if you would rent.

I also saw what I thought was the perfect place and Hey I could afford it too! I was excited for about 30 seconds until I read the assessments were 1800 a moth lol

Yeah, this is a big problem in high-rises--especially Co-ops. I remember one of the first places I looked into when I was home shopping was a $250,000 unit in 3750 N. Lakehsore Drive (a co-op building), and the assessments there were $1250/month. And they only allowed people to finance a ridiculously low percentage of the purchase price.

[coldwine]

Originally Posted by Avengerfire

^Ok, what does everyone think? Mad cow disease or terminal syphilis?^

Girlfriend's pantyhose are too tight; blood isn't flowing to her brain.

My very first apartment was a $126,000 stick price studio in the Gold Coast. I didn't know a thing about ownership back then, so things like association fees were a horrible shock. I also didn't know how hard it would be to flip a studio, and I was stuck renting that damn thing forever.

There are certainly units available in the $100-250k range, but they are always extremely "odd" units. I remember one such unit that was basically one studio stacked atop another, with this bizarre staircase that led up to the second floor. The window was enormous and... Well, it was just so bizarre. Space tends to be small, but for me personally that was never a concern.

Anyone looking to buy single family housing in a highly desirable neighborhood pays a premium. It's super bitchy to say, but supply and demand, honey.

[long101]

bottom line... If your moving to the Chicagoland area and want a SFH your going to be living in the burbs.

[oakparkdude]

Originally Posted by long101

bottom line... If your moving to the Chicagoland area and want a SFH your going to be living in the burbs.

Unless you're willing to buy a smaller, dated home in a fringe/marginal neighborhood.

[snoylekim]

Originally Posted by MyssaTx

are you even considering assessments?
Most of those building have high easements even higher than if you would rent.

I also saw what I thought was the perfect place and Hey I could afford it too! I was excited for about 30 seconds until I read the assessments were 1800 a moth lol

Your example is a real outlier for a condo ( not a co-op) unless you were looking at the penthouse, or that particular development had rolled a special assessment into the monthly charges ( some do that ) ... For a high rise in South/West Loop ..assessments on a 1 bedroom are typically 350-500, for a two bedroom 400-600 , disregarding any special assessments .. Low Rise buildings are typically lower .. Main message is that it's an important charge to consider ( along w/ property taxes) if one is moving from a rental to an 'owner' environment .. and there's more homework to do on a condo versus a free standing house .. Co-ops are an entirely different animal w/ respect to costs of owning and assessments .. For most, if you have to ask ....

[Lookout Kid]

Originally Posted by long101

bottom line... If your moving to the Chicagoland area and want a SFH your going to be living in the burbs.

You can still get a fixer-upper bungalow on the Northwest Side for $250K, but it likely won't be near the train. West Ridge has homes in this range as well, and isn't really that marginal.