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Old 02-16-2012, 08:23 PM
 
90 posts, read 293,464 times
Reputation: 69

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Which of these areas would you consider?

Edgewater, west of Broadway
Andersonville
Wicker Park
Loyola University area
Winston Towers
West Ridge
Uptown
N Marine Drive

I want the Northside near the red,purple
and brown lines.

for under $50,000 studio condo?
THANK YOU!!!
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Old 02-17-2012, 05:30 AM
 
Location: Chicago
38,704 posts, read 95,788,023 times
Reputation: 29790
If you manage to find a condo for under 50 grand or if a condo seems exceedingly low-priced, it often means the assessment is off the charts.
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Old 02-17-2012, 09:36 AM
 
Location: Chicago
2,884 posts, read 4,498,924 times
Reputation: 2762
SECOND that! In a condo you are financially tied to everyone else in the building. You need to make sure that the association is healthy with decent reserves. Especially in those big highrise buildings with elevators to maintain. You will also want to make sure that they have up to date sprinklers, etc. If you're not here now, average person, you may have missed hearing about a tragic death due to fire in a highrise recently. The woman who died had the elevator open onto an inferno. It should never have happened.
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Old 02-17-2012, 09:58 AM
 
Location: Uptown
1,520 posts, read 2,368,756 times
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You can definitely find studios in that range with reasonable assesments (200ish) in Edgewater and Uptown.
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Old 02-17-2012, 10:24 AM
 
Location: CHicago, United States
6,934 posts, read 7,910,633 times
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Quote:
Originally Posted by Drover View Post
If you manage to find a condo for under 50 grand or if a condo seems exceedingly low-priced, it often means the assessment is off the charts.
Looking at an association's financial records and reviewing the history of assessment increases is an important part of the pre-purchase due diligence too many people overlook. However, in current times ... I don't believe the above quoted statement is accurate. Not as a rule-of-thumb.
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Old 02-17-2012, 10:27 AM
 
Location: CHicago, United States
6,934 posts, read 7,910,633 times
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Quote:
Originally Posted by knitgirl View Post
You will also want to make sure that they have up to date sprinklers, etc.
Most high-rise buildings will not have sprinklers. They'll have, or are in the process of having, improved detection and warning/alarm systems though. Many of the tragedies are caused by irresponsible residents. Better reporting systems certainly aid in saving lives.
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Old 02-17-2012, 10:29 AM
 
Location: CHicago, United States
6,934 posts, read 7,910,633 times
Reputation: 3497
Quote:
Originally Posted by averageperson View Post
Which of these areas would you consider?

Edgewater, west of Broadway
Andersonville
Wicker Park
Loyola University area
Winston Towers
West Ridge
Uptown
N Marine Drive

I want the Northside near the red,purple
and brown lines.

for under $50,000 studio condo?
THANK YOU!!!
I like each of the areas you ask about. But what I like and what my needs are are probably different than yours. I'm recalling, from other discussions, that you have some special needs. You'll want to locate buildings that best serve those special needs and your lifestyle. I suggested in different discussion that you make contact with a real estate broker who will, at no cost to you, help you locate what you want/need at a price you can afford. I still think that's sound advice.
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Old 02-17-2012, 10:30 AM
 
Location: Uptown
1,520 posts, read 2,368,756 times
Reputation: 1236
The high-rise stuff aside, a quick search shows plenty of studios in the 40-60k range in smaller non-high rise buildings and in just about all those neighborhoods...aside from Andersonville and Wicker which you are priced out of.
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Old 02-17-2012, 11:52 AM
 
71 posts, read 86,143 times
Reputation: 38
Edgewater/Loyola is a good neighborhood. Uptown less so and Rogers Park east of Clark street is downright scary after dark. Look around the 5600-5800 blocks of Sheridan Rd, Bryn Mawer or Touhy.
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Old 02-17-2012, 11:59 AM
 
Location: Uptown
1,520 posts, read 2,368,756 times
Reputation: 1236
Quote:
Originally Posted by P Daley View Post
Edgewater/Loyola is a good neighborhood. Uptown less so and Rogers Park east of Clark street is downright scary after dark. Look around the 5600-5800 blocks of Sheridan Rd, Bryn Mawer or Touhy.

bad advice
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