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Old 02-19-2013, 06:48 AM
 
2 posts, read 1,434 times
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Starting a search for a condo or co-op to use as a second home as we near retirement. We plan to keep our residence in north central Indiana and will use the Chicago residence monthly for a week or 2 at a time and on occasion longer. We think a 1 bedroom would work for us. The number of units available is a little overwhelming. There seem to be some nice units along Marine Drive which is about as far north as we would like to go. As dog people we want a dog friendly location. Safety is also a concern, but we don't go overboard in avoidance of diversity. We are thinking about spending in the $65,000 to $150,000 range. Saw some units listed at 5000 Marine Drive in a coop that looked good and were in that price range. Will also be considering areas south of there.

Any comments will be appreciated.
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Old 02-19-2013, 09:18 AM
 
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Depending on what sorts of things you plan on doing when retired it might make sense to look closer to the Loop. Some of the buildings further north are notoriusly quiet and inconvenient...

I would further take some time to carefully review your plans with an eye toward the financial implications -- even if you are quite comfortable the expenses you wil have carrying two homes, only one of which will be deductible from the standpoint of "primary residence" the reality of how quickly you will end up burning your reserves ought to give you pause. Nearly all retirement planning guides will show that it is far more prudent to retire to an area that has a low cost of living which is not how any sane person would characterize Ilinois, especially Chicago. I suppose that even if you have the rare guaranteed pension you could at least be sure of your fixed costs but condos / coops are notorious for having "special assessment" that can cause your "burn rate" of retirement savings to sky rocket. You may be better off renting.
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Old 02-19-2013, 09:39 AM
 
Location: CHicago, United States
6,934 posts, read 7,955,130 times
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I lived in the Margate Park neighborhood, which is where 5000 N. Marine Drive is situated. Great location. Park/beach access. Excellent public transportation into Downtown. The Aquitania (5000 N.) is a beautiful, historic building once home to silent screen stars such as Charlie Chaplin, Gloria Swanson and Wallace Beery who worked at the not-too-far-away Essanay Studios. Many units are available at unbelievably inexpensive prices. However, people unfamiliar with living in co-ops, which are for the most part unknown to large numbers of Chicagoans, are scared-off by the high monthly fees (which include real estate taxes). I lived at 5100 N. Marine Drive until about 10 years ago, was active in the neighborhood homeowner association and I can't think of a reason to steer you away from that neighborhood.
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