Buying Condo - Wickerpark/Bucktown ? (Chicago, Lincoln: short sale, apartments, foreclosure)

[desperadoravi]

I m planning on moving to Chicago in September and I m trying to decide between renting an apartment or buying a condo. I travel quite a bit, and hence I m primarily looking at locations close to the blue line (airport commute) as advised in many threads on this forum. Currently I m looking at two neighborhoods - Wickerpark and Bucktown. From looking at apartments for rent in these neighborhoods, it looks like I will have to pay roughly $1000 for a 1BR apartment. What price will I have to pay to buy a decent condo in these neighborhoods and what are the chances of me not loosing money on it if I plan on selling it in 1-2 years. The reason for selecting these neighborhoods is because it seems to have a good singles population and have a night life. I m open to consider other neighborhoods if the chances of appreciation are higher or if it is better fit for my requirements, if anyone has suggestions.
Suggestions on realtors/websites that could aid me in my search to buy a condo would also be greatly appreciated.
Thanks in advance for any suggestions/comments.

[aragx6]

I wouldn't buy if there's a chance you'll only be staying a couple of years. There's almost no way that would make sense after taxes and HOA fees and realtor fees (when you sell it) etc.

I'd just rent.

[desperadoravi]

My concern is that I would have to move from Chicago in a year or two, but I m willing to rent the property out and hold on to it, if there is chance for appreciation in these neighborhoods, kind of like an investment. Do you think these neighborhoods are worth that risk?

[aragx6]

I have no doubt the neighborhoods will appreciate over time, but the majority of the quick appreciation is over and done with. The prices have gotten really high in the last few years, but they'll always stay beneath Lincoln Park and Lakeview no matter how much the area gentrifies because it lacks the proximity to the lake that those other neighborhoods have.

It'll be difficult to find a 1/1 in Wicker Park for less than 250k.

[desperadoravi]

Thanks for your comments aragx6, i appreciate you taking the time.

[aragx6]

No problem. if you have any other questions, feel free to ask.

[Humboldt1]

I think you can find a good foreclosure or short sale where you will be at 1/1. Unless you find a really good deal you should rent for at least the next year. Unless you plan on living in the unit for the next 5 years, buying may not be worth it. I would not advise being an out-of-town landlord even for a condo.

Don't forget to factor in association dues and taxes in your analysis as well as principle and interest payments should you decide to buy.

[desperadoravi]

I had a feeling that buying was probably not the best option. Humboldt1 and aragx6 have confirmed that. Now the quest is to find a decent apartment in these neighborhoods without putting a hole in my pocket. I will be visiting chicago this weekend to check out a few places. If anyone has personal experience with any 1BR apartments in these neighborhoods (price range $700 - $1000), please do share the names/addresses of these places.

[aragx6]

I'd scour Craigslist (that's how I found my place)

Also might give this place a call: Peak Properties Property Management
I'm renting my new apt through them and like it pretty well thus far. Very well priced.

[sharkylittleton]

Originally Posted by aragx6

I'd scour Craigslist (that's how I found my place)

Also might give this place a call: Peak Properties Property Management
I'm renting my new apt through them and like it pretty well thus far. Very well priced.

I agree in scouring craigslist. Cheaper apartments move fast so you have to be particularly agressive in contacting land lords and schedule apartment showings. In my experience the average independent land lord is much more willing to rent and take seriously a person that he/she has spoken face to face.