Affordable highrise condos in Edgewater (Chicago, Sheridan: insurance, condominiums, co-ops)

[kyle19125]

I'm seeing quite a number of studio/alcove studio high-rise condos with good prices (under 150K) and reasonable monthly fees. Is this the norm or are there some underlying issues regarding the neighborhood, which seems fairly safe and desirable otherwise??

[Hiruko]

Originally Posted by kyle19125

I'm seeing quite a number of studio/alcove studio high-rise condos with good prices (under 150K) and reasonable monthly fees. Is this the norm or are there some underlying issues regarding the neighborhood, which seems fairly safe and desirable otherwise??

What do you consider reasonable? The high rises on Sheridan in Edgewater tend to have high assessments and a lot of restrictions that make them frowned upon by many condo investors. The buildings are also fairly old and do not allow things like pets or in-unit laundry—freedoms and features most contemporary buyers expect to have. There is nothing wrong with the neighborhood. It's an attractive north-side community area with fairly broad appeal to residents of varied backgrounds and incomes.

[kyle19125]

Originally Posted by Hiruko

What do you consider reasonable? The high rises on Sheridan in Edgewater tend to have high assessments and a lot of restrictions that make them frowned upon by many condo investors. The buildings are also fairly old and do not allow things like pets or in-unit laundry—freedoms and features most contemporary buyers expect to have. There is nothing wrong with the neighborhood. It's an attractive north-side community area with fairly broad appeal to residents of varied backgrounds and incomes.

Here's a few as well as further south in Uptown. As already mentioned in my original post under 150K is considered reasonable and fees are under $700 a month typically which almost always includes all utilities. Assessments are not the same as a condo fee and is for funding major improvements such as all new windows, a roof or replacing the HVAC system and paid separately over time. It's always prudent to check condo docs for information on reserve funds and any ongoing/pending assessments prior to purchase. Very few condos do not allow pets at all anymore and could care less about in-unit laundry. I enjoy the ability to do all of my laundry in one fell swoop versus multiple trips to and from the one in unit. The neighborhood was my big question and you seemed to clarify the "nothing wrong" instinct.

https://www.trulia.com/p/il/chicago/...60--2104723683

https://www.trulia.com/p/il/chicago/...60--2104723219

https://www.trulia.com/p/il/chicago/...60--2104719246

https://www.trulia.com/p/il/chicago/...60--2104716316

https://www.trulia.com/p/il/chicago/...40--2104444513

https://www.trulia.com/p/il/chicago/...13--2103958149

https://www.trulia.com/p/il/chicago/...13--2103961932

[personone]

Edgewater is a great value. I know a few couples and single people who have moved there. Those are kind of average condos, but the prices are great, and the views are really nice. I’ve always like the location of Edgewater. With the affordability, you can also renovate the inside to modernize it.

As someone else may have posted, you just need to be careful of the assessment fees. Many Chicago condos look great price wise, but once you tag on assessment fees, they’re not quite the steal the appear to be.

[Hiruko]

Originally Posted by kyle19125

Assessments are not the same as a condo fee and is for funding major improvements such as all new windows, a roof or replacing the HVAC system and paid separately over time.

This is not true. Master association dues are included under Assessments in MRED listings. Subdivisions, condominiums, townhomes, and co-ops typically charge these fees. On the MLS, these will be broken down under the Assessments headline. The assessment can cover a variety of different things. At 880 North Lake Shore Drive, the monthly assessment includes: "Heat, Air Conditioning, Water, Electric, Tax, Common Insurance, Security, Doorman, TV/Cable, Exercise Facilities, Exterior Maintenance, Lawn Care, Scavenger, Snow Removal, Wi-Fi, Internet Access"

You are under a mistaken impression as well regarding 6301 North Sheridan Road, because electricity is individually metered in that building, just as an example: "Assessment includes, central heating and cooling, water, scavenger, cable and internet. All except Electric is included."

All of this is listed in the public remarks, so I maybe stop looking at Trulia?

[Karma Barn]

Edgewater and Rogers Park are both bargains, IMO. However, parking is impossible so if you use a car daily, add $200 a month for off-street parking.

On the plus side, Edgewater is right on the red line, so it's plausible to manage without a car.

[kyle19125]

Originally Posted by Hiruko

This is not true. Master association dues are included under Assessments in MRED listings. Subdivisions, condominiums, townhomes, and co-ops typically charge these fees. On the MLS, these will be broken down under the Assessments headline. The assessment can cover a variety of different things. At 880 North Lake Shore Drive, the monthly assessment includes: "Heat, Air Conditioning, Water, Electric, Tax, Common Insurance, Security, Doorman, TV/Cable, Exercise Facilities, Exterior Maintenance, Lawn Care, Scavenger, Snow Removal, Wi-Fi, Internet Access"

You are under a mistaken impression as well regarding 6301 North Sheridan Road, because electricity is individually metered in that building, just as an example: "Assessment includes, central heating and cooling, water, scavenger, cable and internet. All except Electric is included."

All of this is listed in the public remarks, so I maybe stop looking at Trulia?

Maybe it's an Illinois thing to call condo fees assessments. Elsewhere assessments are billed along side normal monthly fees for major infrastructure projects too large or depleting for reserve funds.

https://homeguides.sfgate.com/assess...ion-57821.html

[kyle19125]

Originally Posted by Karma Barn

Edgewater and Rogers Park are both bargains, IMO. However, parking is impossible so if you use a car daily, add $200 a month for off-street parking.

On the plus side, Edgewater is right on the red line, so it's plausible to manage without a car.

I would be carless so that was my hope in terms of transit accessibility, thanks!

[Hiruko]

Originally Posted by kyle19125

Maybe it's an Illinois thing to call condo fees assessments. Elsewhere assessments are billed along side normal monthly fees for major infrastructure projects too large or depleting for reserve funds.

https://homeguides.sfgate.com/assess...ion-57821.html

We call those "special assessments." Welcome to Chicago! :-)