Safety Of West Avondale

[chet everett]

While I love the features / gossip that Chicago Magazine runs on celebrity real estate I would not trust their "predictions" at all. First time buyers ought to buy only if their time horizon is greater than seven years and the price point the buy at makes sense for flat income over that period -- counting on two incomes / big promotions is extremely foolish given the horrendous business climate that Illinois has...

All other things being equal I would also caution that the rate of price appreciation of single family homes in the whole region FAR OUTSTRIPS that of condos -- factor in the often contentious fights between unit owners and huge assessments that too many condos carry and the wisdom in buying a house vs a condo is an easy call to make. When (not if) some connected sharpy decides to build a shiny a new condo building right when you are trying to unload your place you have to be prepared to sell at a loss... Buyers will discount every "upgrade" you may have done and the things you cannot control (like features in the common areas...) will pull buyers to the shiny new building.

[Chi-town Native]

Originally Posted by chet everett

While I love the features / gossip that Chicago Magazine runs on celebrity real estate I would not trust their "predictions" at all. First time buyers ought to buy only if their time horizon is greater than seven years and the price point the buy at makes sense for flat income over that period -- counting on two incomes / big promotions is extremely foolish given the horrendous business climate that Illinois has...

All other things being equal I would also caution that the rate of price appreciation of single family homes in the whole region FAR OUTSTRIPS that of condos -- factor in the often contentious fights between unit owners and huge assessments that too many condos carry and the wisdom in buying a house vs a condo is an easy call to make. When (not if) some connected sharpy decides to build a shiny a new condo building right when you are trying to unload your place you have to be prepared to sell at a loss... Buyers will discount every "upgrade" you may have done and the things you cannot control (like features in the common areas...) will pull buyers to the shiny new building.

In general I absolutely agree with you. But as they say, even a broken clock is right twice a day... this appears to be one of those times. The article did in fact distinguish between condos, townhomes, SFH and two flats, interest rates, timing, etc.

[irvingpark22]

ThAnks guys. We feel a lot safer after the feedback. As for the condo v. SFH, as first time buyers that will be pretty busy day to day, I think we just wanted the lack of upkeep a condo affords. The other plus was that its cheaper than renting for us and we plan on being there 6-10 years

[Chi-town Native]

Originally Posted by irvingpark22

ThAnks guys. We feel a lot safer after the feedback. As for the condo v. SFH, as first time buyers that will be pretty busy day to day, I think we just wanted the lack of upkeep a condo affords. The other plus was that its cheaper than renting for us and we plan on being there 6-10 years

Your timeframe seems good re: buying vs renting.

I often hear 5 years as the magic number (if staying longer than 5, buy, if not, rent), but since it's often someone with a vested interest in the real estate industry stating that, I tend to assume it's probably more like 7.

[Sour]

I live close there. It's fine.

[Aleking]

Originally Posted by Chi-town Native

Your timeframe seems good re: buying vs renting.

I often hear 5 years as the magic number (if staying longer than 5, buy, if not, rent), but since it's often someone with a vested interest in the real estate industry stating that, I tend to assume it's probably more like 7.

It's definitely 7+ unless you time a bubble just right