can we find a 2bd condo under $90,000 in chicago with functioning hoa? (Irving: for sale)

[justine]

We are of modest income and will live car free. We were really excited to see prices of condos become affordable for us. Then we started calling some of the condo listings and were told that some of the buildings were half empty, some had disbanded their homeowners association and it was a "free for all". Some had back HOA's owed. We have lived in a condo so we know that the association can be tricky. We want to be careful and get into a stable condominium.

We have been looking in these neighborhoods, West Rogers Park, Old Irving, Avondale, Logan Square and Albany Park. We were looking around Humboldt park and
found after reading the posts that we wouldn't want to live there.

We are a middle aged couple, have lived in Minneapolis and Detroit (city proper), love city living, don't drive at all and just need a modest two-bed condo. We are very good at taking public transportation and walking. We mainly go out to cultural events, parks and movies (not bars).

[Muppet123]

Check this website using those neighborhood names to see what is out there:

Trulia - Real Estate, Homes for Sale, Sold Properties, Apartments for Rent

[DADASGIRL]

Well the down market will definitely work in your favor...BUT you may find six 4-leaf clovers & a unicorn before finding a 2bed unit that costs no more than $90K with a functioning HOA!

Chicago has built up its "desireable" neighborhoods so well that, a 2 bedroom anything isnt gonna be cheap and isnt guaranteed to be over 1000 sqft. The steep price tags keep you close to the action, proximity to city jobs, more boutique shopping & dining with less "cookie cutter mall" ammenities and above all safety. Not to say these areas arent crime free - but they have far less incidents than others....and moving next door to the desireable areas give you prices that are only slightly less. Factor in demand & folks that can afford more than 90K - you'll find that there arent many options.

My advice - 1st reconsider your neighborhood choices - try looking for housing near some of our universities (UIC, DePaul, University of Chicago, Northwestern etc ) You'll have the benefit of Chicago police patrols + Campus Police. Not to mention public transit running pretty frequently to accomodate the college coeds. Keep in mind that these schools are filled with grad & post grad ADULTS so you wont have to worry about an "Animal House" environment all the time. The universities may not be in your top choice areas, but if you dont find what you want - give it a shot.

Also - find yourself a good realtor who specializes in Forclosure/Short Sales. They may have an inside track to properties that are within your range and available due to foreclosure. GOOD LUCK!!!

[cump]

In my opinion, the best deals to be found are lender reo properties. However you have to know what you are doing and it helps a lot to be able to pay cash for them. Some people try to snap up an reo as soon as it is listed. Generally I think this is not the best strategy. It is better to wait until the lender has gone through at least one or two deals that have fallen through. They just puke them out at that point from my experience.

Trying to buy a 2br in Chicago for $90,000 or less is a tall order. You will find more opportunities to do so in Rogers Park than in any of the other neighborhoods you mentioned. Personally I prefer to be closer to the lake and the Red Line because when things do turn around many people prefer to live near the lake and the L.

So far I have purchased three properties. The first one I flipped at a nice profit. The second is rented. The third I'm keeping for myself as an in towner.

In all three cases I was utterly astounded at the level of competency of the lenders, their counsel, and their brokers. Don't expect anything from anyone should you try this route. Incompetent people are hard to deal with. People who don't care are hard to deal with. People who have both of these traits are in a class by themselves.

Best of luck in your search.

[ToriaT]

Here is one near your price range on north Marine Drive very good transportation. You could make an offer of ninety thousand on it.

Shoreline Park, Uptown-Chicago - Condos For Sale in Shoreline Park Uptown-Chicago Illinois

[chicagocubs]

Chicago Condos For Sale - Apartments for Rent in Chicago, IL

I have found several in Jefferson Park under 90k

[desperad0stl]

you can do it...I bought a foreclosure in Rogers Park near the Lake for 27K...1 bedroom at 800 sq ft...a buddy of mine bought a 2 bedroom in teh same neighborhood for about 31K...foreclosures are crazy in chicago and both mine and his were gut rehabs.
There are still tons of foreclosures up for grabs on the north side...hop on it while you can.