River Street Plaza Condos Downtown Aurora???

[dherkes]

How much have the selling prices changed since these units first came on line? We looked at the unit with my mom some years ago, and our thoughts were, "nice, but how long before you get your money back?"

[Vasily]

Originally Posted by sage2011

It's not a non-diverse suburb like Naperville or Downers Grove. ... Yes, we are surrounded by diversity in terms of income levels - just like if you lived in certain neighborhoods in Chicago. That's what diversity is!

... and there it is; the obligatory slam at Naperville's supposed non-diversity. 3.5% of Naperville's residents live below the poverty line; that's about 5,000 residents (2009 numbers). Aurora on the other hand has 11.5% of its residents below the poverty line; by my calculations, that's about 16,400 residents.

Putting the fact aside that no government agency I'm aware of defines diversity solely in socio-economic terms, I have to ask: do you seriously propose that having 11,000 more people in Aurora than Naperville living below the poverty line somehow adds to a resident's quality of life? And if so, how?

[Vasily]

Regarding the condos as an investment: I worked for six years (2002-2008) at an agency in the next block, and during that period Aurora began implementation of a long-term improvement project for the downtown area. During the period I worked there, the area was indeed "dodgy" ... young thugs would sometimes climb to the top of our building to drink beer, and would throw the empty bottles at the cleaning people leaving the building. One coworker made the serious mistake of running inside while her car was running, and her car was stolen (they found it later in front of Hesed House). I'm glad to hear Aurora is investing in increased police patrols, because the area needs them.

When the condos were built, I seem to recall them listing for well over $200K. The consensus about the downtown improvement plans at the time was that they were a brave and sweeping attempt to transform downtown Aurora. I saw investment in those condos at the time as a gamble ... I suspect they still are a gamble. If I were planning on staying for quite a few years in one of them, I'd consider purchase ... otherwise, you're not likely to recoup your investment if you sell in a few years especially in this economic climate. They're certainly not the sort of place you'd buy then flip in a couple of years. Just my opinion.

[KTF]

Have been taken back by the lender, Centrue Bank, and are now selling for between $145,000 - 1 bdrm and $185,000 - 2 bdrm. Grounds remain unfinished and several vacancies.

[mattywo85]

Downtown Aurora is...well not the greatest area but its not the worst choice either. Their are nicer areas of Aurora if Aurora is were you want to be.

[usagisan]

Just a follow up to some of the previous comments. As I mentioned the failing downtown, the much heralded Comfort Zone BBQ closed and the crime continues. Where else but in Aurora do you have an elderly couple mugged in broad daylight outside the door of a casino? And those condos mentioned on River street now 90-75K

References below so you do not think I imagined this:


Comfort Zone closing on Aurora’s Restaurant Row

By Stephanie Lulay slulay@stmedianetwork.com November 18, 2011 6:26PM

and...

October 12, 2012 (AURORA, Ill.) (WLS) -- Aurora police hope the public can help find a man who seriously injured an elderly woman by pushing her to the ground as he stole her purse.
The 82-year-old woman's husband, who was walking with a cane, also fell. The 86-year-old was holding his wife's arm when she was pushed.
She remains hospitalized Friday with serious injuries. He was not hurt.
The couple was walking near New York Street and Stolp Avenue by the Hollywood Casino when the man approached at 3:40 p.m. on October 7. The man is described as a black male in his late teens or mid-20s, 150 to 170 pounds. He was wearing a dark knit hat, blue or black jacket and dark pants.
Officials say he got away with about $40 worth of person effects.


and...

• 160 River St Unit: 408 Aurora, IL 60506
  
• $90,900 2 Bd 2 Ba 1,215 Sq Ft
• Condo/Townhome/Row Home/Co-Op Brokered by: LABRA GROUP REALTORS
• Save Listing

Collapse this Listing

• 160 S River St Unit 308 Aurora, IL 60506
  
• $75,000 2 Bd 2 Ba 1,215 Sq Ft

[jNor]

I've lived in Aurora since '78 and recall when downtown was a wasteland. Not any more ... by far. The current pandemic notwithstanding, Aurora is thriving downtown and has been for a bit.
We have been seeking a place downtown to move to from our 4 bedroom on a large lot on the western edge of town (off of Orchard) since before we retired. Originally we had hoped to buy a small retail building, rehab it and live in a loft-space above it but they've been snapped up by developers and very little is available. I just wish we'd acted sooner. DTA has been a good bet for about 10 years or so.
We bought a 2 bedroom in River Street Plaza in June for $170,000. In the month-and-a-half since then it's valued at $188,000. That's $18,000 in equity in 6 weeks. It has glorious views of the Fox River from its 400 sq ft veranda, garage parking with secured storage, laundry in unit, hardwood and granite floors, a large deluxe kitchen, stainless appliances, black stone countertops, large closets and a magnificent 400 sq ft terrace that overlooks the Fox River. I can walk to the Metra, a dozen restaurants including Mora, Altiro and Amy Morton's place. The Paramount Theater has the second largest subscription base in the US, The Venue on Broadway off of Water Street (with Mundy Park) is a prime music performance space. There are art galleries, specialty shops, coffee roasters and cafes, Mexican and other casual dining (B'doyle and Gillerson's are now old news) and the Santori library all within an 11 minute (and pleasant) walk.
We haven't sold our home yet and so cannot move in to our unit but are renting it out at a good price. In fact, we'll raise it when our tenants move to Florida in October as there are no units available at the moment.
Just think if jamaicabound had bought that unit for less than $104,000 (negotiated) back in 2010. He'd be sitting pretty by now. I wish we had done it then instead of hanging on to our rental house near AU until recently. We'd have been installed in our city-space for several years by now enjoying the company of several friends we have who have lived there for a while now.
The speculation of people like [URL="https://www.city-data.com/forum/members/usagisan-921164.html"]usagisan [/URL] has been a large part of the self-fulfilling mythology that has slowed but not prevented the revival of our downtown.
If, however, you hate cities and their mix, then you might want to get a place in Plano.