Condo on Harlem (Chicago, Oak Park, Elmwood Park: short sale, apartment, foreclosure)

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Similar to what I just saw posted about one in Bucktown, I saw a condo listed on the Chicago side of Harlem near Armitage for around $50k. No short sale or foreclosure. Just needs updating, which I'd do regardless.

Worth it to buy in that area? I don't see much of a problem with it, unless someone more familiar with it might have further insight (I'm from the North Riverside area).

[chet everett]

The complex probably has no reserves, too many vacancies / rentals, and maybe even FHA inspection issues.

If you can pay cash and have plans to sell for a long time maybe it makes sense...

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Originally Posted by chet everett

The complex probably has no reserves, too many vacancies / rentals, and maybe even FHA inspection issues.

If you can pay cash and have plans to sell for a long time maybe it makes sense...

That's what I initially thought myself. I don't know the area in great detail, but I didn't think it would warrant a low price as such. I also wouldn't be paying in cash, either....

[oakparkdude]

Originally Posted by chet everett

The complex probably has no reserves, too many vacancies / rentals, and maybe even FHA inspection issues.

If you can pay cash and have plans to sell for a long time maybe it makes sense...

I don't know, that price doesn't seem unusually low for that area. Lots of cheap, dated condos around there.

The area is sorta blah, which partially explains the low prices. Its sorta close to the Metra and downtown Oak Park for commuting and nightlife. Crime is relatively low by Chicago standards.

[tomcho]

That's the NW corner of galewood, crime is fine there. But I agree kinda a blah area, however it's walkable to a Metra stop

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Originally Posted by tomcho

That's the NW corner of galewood, crime is fine there. But I agree kinda a blah area, however it's walkable to a Metra stop

That's good about the crime. I figured if the area was less on the "blah" side, the price would be much more, too....might not be a bad buy.

[SonySegaTendo617]

Originally Posted by oakparkdude

I don't know, that price doesn't seem unusually low for that area. Lots of cheap, dated condos around there.

The area is sorta blah, which partially explains the low prices. Its sorta close to the Metra and downtown Oak Park for commuting and nightlife. Crime is relatively low by Chicago standards.

I actually find some of the houses within the Galewood area I've seen to be very charming. It reminds me of Sauganash for some reason, only that the houses are smaller and not as big as the ones out there.

However, if you're talking about many of those low rise 2 or 3 story apartment buildings that were built in something like the 50s or 60s(and not to forget noting that some of those were built on the Elmwood Park side too, and not just in Galewood), heck yeah those are very blah buildings! I knew someone who once lived in a building like that on the NW side, and I can't begin to say how much I despise bland buildings like that. In fairness to Galewood, there are a few older apartment buildings that were built before that era a block or 2 from the Mont Clare Metra stop that I like, but can't remember at the moment what street several of them were on(Neva, Nordica, Sayre? they were all on one of those streets) And I've always like Rutherford-Sayre Park, for a city park its size, it's one of the nicer ones I've seen on the NW side.

[Rewind4]

Originally Posted by SonySegaTendo617

I actually find some of the houses within the Galewood area I've seen to be very charming. It reminds me of Sauganash for some reason, only that the houses are smaller and not as big as the ones out there.

However, if you're talking about many of those low rise 2 or 3 story condo buildings that were built in something like the 50s or 60s, heck yeah those are very blah buildings! I knew someone who once lived in a building like that on the NW side, and I can't begin to say how much I despise bland buildings like that. In fairness to Galewood, there are a few older apartment buildings that were built before that era a block or 2 from the Mont Clare Metra stop that I like, but can't remember at the moment what street several of them were on(Neva, Nordica, Sayre? they were all on one of those streets) And I've always like Rutherford-Sayre Park, for a city park its size, it's one of the nicer ones I've seen on the NW side.

LOL I grew up in those 50's and 60's "blah" buildings, but I gotta, say, they're pretty well-built with materials that age better than that on buildings from the Roaring 20's....especially windows and plumbing are remarkably better in my opinion.

[oakparkdude]

Originally Posted by SonySegaTendo617

I actually find some of the houses within the Galewood area I've seen to be very charming. It reminds me of Sauganash for some reason, only that the houses are smaller and not as big as the ones out there.

However, if you're talking about many of those low rise 2 or 3 story apartment buildings that were built in something like the 50s or 60s(and not to forget noting that some of those were built on the Elmwood Park side too, and not just in Galewood), heck yeah those are very blah buildings! I knew someone who once lived in a building like that on the NW side, and I can't begin to say how much I despise bland buildings like that. In fairness to Galewood, there are a few older apartment buildings that were built before that era a block or 2 from the Mont Clare Metra stop that I like, but can't remember at the moment what street several of them were on(Neva, Nordica, Sayre? they were all on one of those streets) And I've always like Rutherford-Sayre Park, for a city park its size, it's one of the nicer ones I've seen on the NW side.

I specifically mentioned condos, so I was not referring to the many charming SFHs in Galewood.

[Rewind4]

Originally Posted by oakparkdude

I specifically mentioned condos, so I was not referring to the many charming SFHs in Galewood.

Yea, that's what I was figuring. There's a lot of charming houses by Oak park ave in that area I've noticed. They're too expensive for me, though