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Old 01-24-2010, 04:29 PM
 
25 posts, read 22,734 times
Reputation: 15

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Hi. Been lurking on here for a while, finally decided to register and post. Im looking to buy a condo within this year and i've settled on a couple areas. My price goal is to keep it under $120,000. Also looking for a 2 bedroom or a large 1 bedroom with a separate dinning room. Judging by those criterias i have found largest concentration of condos for sale in following area.

Skokie:
1. Triangle between Oakton Ave, Skokie blvd. and Lincoln Ave. My current location.
2. Alongside Skokie Blvd, between Main St. and Dempster St.
3. Building on Gross Point Rd, just south of Golf Rd, across from Old Orchard Jr. High.

Evanston:
1. Area just west of Metra tracks, between the tracks and Ridge Ave, and Curch and Dempster.
2. Area around Main St. train stop, both east and west of tracks.
3. Downtown area if i get lucky.

Glenview. Specifically, Triumvera area, triangle between Milwaukee Ave, Dearlove Rd. and Central Rd.

Any advice you can offer me?
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Old 01-25-2010, 02:30 PM
 
Location: Will County
179 posts, read 461,587 times
Reputation: 74
My strong suggestion would be to make sure you speak with a lender regarding the condo unit(s) you are considering. It would definitely be worth your while to speak to a lender about a specific unit BEFORE proceeding too far into the process or actually signing a contract. Condo financing can be much harder to navigate in some complexes or areas. Before you would enter into a transaction and bind yourself to a contract, be educated as best you can about the unit itself, the financing available to you for that specific unit, and the financing process for the purchase itself. Not all forms of lending programs are viable in every condo purchase situation. Find out what your options are before moving ahead too far in your search. Best of luck .. and if you need further info, write again.
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Old 01-26-2010, 07:11 AM
 
Location: Barrington
63,799 posts, read 43,372,316 times
Reputation: 20548
I like Goldlovers advice. Not all condos qualify for the majority of financing options.

The areas and/or associations you mention tend to have a significant number of rental as opposed to owner-occupied units. This can make a huge difference in the day to day and long term operation of an association.
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Old 07-14-2011, 11:05 AM
 
Location: Will County
179 posts, read 461,587 times
Reputation: 74
Default Buying a condo ...

Thanks for the thumbs-up on my answer regarding condos. These can be tricky .. and clients need good advice and guidance while navigating these transactions. I appreciate your support ...
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Old 07-15-2011, 10:32 AM
 
Location: Chicago
3,335 posts, read 5,566,071 times
Reputation: 4206
Quote:
Originally Posted by Metalist View Post
Hi. Been lurking on here for a while, finally decided to register and post. Im looking to buy a condo within this year and i've settled on a couple areas. My price goal is to keep it under $120,000. Also looking for a 2 bedroom or a large 1 bedroom with a separate dinning room. Judging by those criterias i have found largest concentration of condos for sale in following area.

Skokie:
1. Triangle between Oakton Ave, Skokie blvd. and Lincoln Ave. My current location.
2. Alongside Skokie Blvd, between Main St. and Dempster St.
3. Building on Gross Point Rd, just south of Golf Rd, across from Old Orchard Jr. High.

Evanston:
1. Area just west of Metra tracks, between the tracks and Ridge Ave, and Curch and Dempster.
2. Area around Main St. train stop, both east and west of tracks.
3. Downtown area if i get lucky.

Glenview. Specifically, Triumvera area, triangle between Milwaukee Ave, Dearlove Rd. and Central Rd.

Any advice you can offer me?
IMO, the best area for you depends greatly on where you work/how you get to work. I lived in Evanston for 3 years and my husband lived there for 8 years. We both loved living there. BUT, Evanston seriously sucks when it comes to getting to the expressway. It just isn't close, and even the major roads (Dempster, although my sister and I have taken to calling it Dumpster, for example) are not very fast because there are so many lights. So, if you have to drive to Deerfield or something for work, I would go with Skokie or Glenview. If you'll be taking the train to work, then it is very tough to beat Evanston since it has both the Metra and CTA.

If you've got 20% to put down, there are some bargains to be had in Evanston in a co-op. Co-ops don't qualify for most traditional financing, but there are lenders who will finance them and the purchase price is VERY cheap compared to traditional condos (usually). Typically, a co-op unit cannot be rented, so the buildings are 100% owner occupied, which I found to be preferable and everyone is very courteous of one another. Also, just an FYI if you're looking at a co-op listing, the taxes are included in the assessments, so they always appear higher than for traditional condos, but your mortgage payments will be lower than a traditional condo because your lender will not be holding an escrow for tax payments.

Anyway, to really know what area is best for you, you'd have to tell us more about what you're specifically looking for. Do you want to be able to walk to bars/restaurants? Does access to downtown Chicago matter?

I lived in the first area of Evanston you listed when I was there. I loved the location, there were a ton of places I could walk to and it always felt safe to me. My husband spent a lot of years living by the Main Street train stations, just east of Ridge and that area was nice as well. I liked my location better because there were more stores and restaurants within walking distance, but Main Street is a cute area as well. I considered myself to be living in downtown Evanston when I lived on Ridge & Davis. I wasn't really willing to pay a premium to get 1 or 2 blocks closer to the downtown center; parking for guests is tougher there and everything was still walkable for me from Ridge & Davis. I've always been a person who has friends and family over a lot, and if they needed to pay for parking every time they visited me, that would have bugged me. West of Ridge it's very easy to park for free, so being right on the edge like that was ideal in a lot of ways for me.
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Old 08-03-2011, 10:00 PM
 
29 posts, read 51,323 times
Reputation: 15
Taxes in Skokie are much higher then the other places listed. I've lived and work (in education) and Skokie is going downhill fast. Skokie has lots of section 8 housing (all where you mentioned you wanted to live). If your set on this area, I'd say Morton Grove. 1/2 the taxes and a nicer place to live. Look at Condos on Lincoln ave, just east of 94.
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