Condo Buying Time? Best areas/upcoming areas? (Chicago: for sale, real estate)

[wheatmaster]

I recently just moved back to the northern suburbs after a fun 5 years in Milwaukee for college and work. Now that I am back down here, I am open to the idea of purchasing a condo as the temporary solution of living with the folks can last only so long (sanity has alot to do with it!)

I've heard good things about the south loop and wicker park area, both I have recently been to. I know the market is saturated with alot of condos out there so there will be alot of options to try to filter out. I am just wondering if there those areas are ideal and if there are other areas to consider. I'm about to hit my mid 20s age wise and work in the Loop. Access to public transportation as well as rental opportunity would be big pluses for me.

Or should I just suck it up for time being while at home and try to rack up as much savings as possible for a year or two?

Thanks for the feedback!

[chitown85]

How much can you afford to spend? That is probably the biggest factor. South Loop prices are real low right now because of all the building that went on the past decade and then the bottom fell out. As far as I can tell, Wicker Park and Bucktown have been pretty stable. Near West Side has a lot of condos too.

If you can afford it, I would go with the South Loop if you are looking to buy. Prices there WILL increase as the neighborhood is not yet saturated with everything. The traffic is not bad. You have good access to the L and buses. You are close to the Loop for work. There are grocery stores. There are restaurants and bars (although not as many as the North Side). Personally I like the Weathermark on South Michigan Avenue & 15th.

[chicagocubs]

http://chicago.condo.com/............some of these are REALLY good deals...........

I'd buy one if I could to have as a second home.

[wheatmaster]

Originally Posted by chitown85

How much can you afford to spend? That is probably the biggest factor. South Loop prices are real low right now because of all the building that went on the past decade and then the bottom fell out. As far as I can tell, Wicker Park and Bucktown have been pretty stable. Near West Side has a lot of condos too.

If you can afford it, I would go with the South Loop if you are looking to buy. Prices there WILL increase as the neighborhood is not yet saturated with everything. The traffic is not bad. You have good access to the L and buses. You are close to the Loop for work. There are grocery stores. There are restaurants and bars (although not as many as the North Side). Personally I like the Weathermark on South Michigan Avenue & 15th.

Actually I was at the Weathermark last weekend! Great atmosphere and I heard it's the "poor man's yacht club!"

I am thinking long term, the area will eventually get populated to the point that it will become a hot spot. At the very least, could be opportunity to rent to UIC grad students down the road....?

[wheatmaster]

Originally Posted by chicagocubs

http://chicago.condo.com/............some of these are REALLY good deals...........

I'd buy one if I could to have as a second home.

link doesn't work....

[hank0604]

Personally, I might wait a while. Especially while the banks sort out the most recent round of foreclosures. Prices should be falling almost across the board for another 6-8 months, minimum. Plus, many of the best deals out there are off the market right now, because the big banks like Chase, Bank of America, Fannie Mae, and Freddie Mac all messed up on foreclosure proceedings, so they can't sell their properties right now. Finally, you're going to have trouble getting financing in a lot of buildings. Lenders are not excited about the prospect of financing mortgages in buildings that are 60-65% occupied with shaky HOAs.

However, there are some GREAT deals right now, and if you're in a position to take advantage of them, far be it for me to tell you not to.. I have seen one bedroom condos in Wicker Park with low (under $150/month) assessments for under $125,000, and similar units in South Loop going for under $100k.

Long term, you won't have much to worry about, because generally speaking, real estate appreciates. But, this housing bubble was hopefully a huge wakeup call for our generation (I'm about your age). Most of our lives, home prices have been rising steadily, much more than the rate of inflation. I think we are going to see that prices stay flat and more conservative for a long time--people have learned that a 6:1 home price to income ratio is not healthy.

[chicagocubs]

Originally Posted by wheatmaster

link doesn't work....

http://chicago.condo.com/

[wheatmaster]

Originally Posted by chicagocubs

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

Great time to pick up a foreclosure? Seems like there is a never-ending list of them right now for condos?

[chicagocubs]

Originally Posted by wheatmaster

Great time to pick up a foreclosure? Seems like there is a never-ending list of them right now for condos?

I sure would think so! Of course, do your research. Check your tax values online...Cook County Assessor's Office - Property Search
and also nose around to see what neighbourhood is up-and-coming or declining. This would be more for a long-term investment rather than a quick sale as the many foreclosures in the condo market have decreased their current value and the values for the next couple of years. However, 10-15 years down the road, you will have yourself a gem of an investment.

I wish that I could access my 401k money and buy a condo where my parents used to live in Jefferson Park. That area has always been stable, it is close to public transport and not too far from the northern suburbs where my friends and the rest of my family now live. It would kind of be a middle ground for me, so, that when I came there to visit, I would have a place to stay that is accessible to both the downtown and the suburbs. Looking forward, it would be a place that I could use in my retirement as a snowbird. I have enough family/friends to check on the place during the times that I am not there.

Unfortunately, it is not to be...for me, at least.