Is it possible to get a condo near the loop for under 120K?

[Humboldt1]

There are definitely condos to be bought for $100K but you really need to look at condo assessments. Just because the unit sells for $100K, doesn't mean it is cheap if you have another $500 or more in assessments on top of your mortgage and taxes.

[jamaicabound60565]

Originally Posted by Humboldt1

There are definitely condos to be bought for $100K but you really need to look at condo assessments. Just because the unit sells for $100K, doesn't mean it is cheap if you have another $500 or more in assessments on top of your mortgage and taxes.

Good point, I have seen some condos near loop for like 89k but got over $500 in hoa each month

[Attrill]

I agree w/everyone that you need to be VERY careful about condo fees when buying at that low a price. Even if condo fees are currently low, unit owners may know of upcoming maintenance that will jack up the fees. Make sure you get a good inspector to look over everything, and review Condo Board meeting minutes.

The downtown rental market is still doing OK, so if someone can't cover the carrying costs for a $120,000 with about $1,000/month in rent something is up. It could be they are financially desperate and you're getting a steal, or it could be that the fees are too high.

[Attrill]

Originally Posted by grapico

BTW River City recently flooded and has been out of power for about 3 weeks now as of just a few days ago. HOA fees for river city are also around 500 a month or something. They had one there a few months ago for 99K and have routinely held "auctions" on some of the empty units.

I believe their fees are going to be skyrocketing after that flood, there was major damage done to the building. Flooding is frequently not covered by insurance as well.