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Old 08-04-2009, 12:51 PM
 
21 posts, read 43,610 times
Reputation: 12

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Hey everyone,

Just want to know if anyone has an opinion on this. Good idea, bad idea? This isn't a "whats UK village like" thread. I know the area, and like it. Just want to know what other chicagoans think.... more so on the idea of a 1bed in that neighborhood, and how easy/difficult it would be to sell it in the future (5-10 years).

Thanks.
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Old 08-04-2009, 12:58 PM
 
Location: Ukranian Village, Chicago, Il
16 posts, read 38,555 times
Reputation: 13
Dude! Do it!

That is all!!
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Old 08-04-2009, 01:25 PM
 
28,453 posts, read 85,403,413 times
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There are sections of Chicago with far too many condos, and prices may be flat / declining for MANY years. When you start to think of a TEN YEAR horizon the ability to make any predictions gets VERY fuzzy.

In general I would say that if the condo will meet your CURRENT needs for about the same as your total outlay for rent then it MIGHT make sense, but if the total outlay for rent is less it would be better to do some hypothetical situations that involve various amounts of likely price decline followed by periods of small increase...
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Old 08-04-2009, 01:26 PM
 
Location: Cleveland, OH
1,975 posts, read 5,214,598 times
Reputation: 1943
I think there is a good chance that Chicago Ave. will be the new Division St. in 5-10 years. You are probably OK if you plan to keep it long term.
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Old 08-04-2009, 02:52 PM
 
Location: Chicago
15,586 posts, read 27,626,711 times
Reputation: 1761
It depends how far East or West or North or South you are speaking of.
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Old 08-04-2009, 06:28 PM
 
21 posts, read 43,610 times
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Thanks guys.

The place I'm thinking of is just a block or so North-East of Damen and Chicago.
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Old 08-05-2009, 01:44 AM
 
Location: Chicago
38,707 posts, read 103,213,286 times
Reputation: 29983
Quote:
Originally Posted by zeppman View Post
Thanks guys.

The place I'm thinking of is just a block or so North-East of Damen and Chicago.
Probably the best part of UK Village. Of course, whether it's a "good idea" will depend an awful lot on the size, condition, amenities, asking price, etc.
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Old 08-05-2009, 01:49 PM
 
Location: Beautiful and sanitary DC
2,504 posts, read 3,545,587 times
Reputation: 3280
I used to live a block north of Damen & Chicago. It's quite convenient and the shops are getting better (and I think Wolcott? is particularly pretty in bits there), but personally I'm more keen on what's going on east of Ashland these days. And yeah, "good idea" completely depends on the asking price.
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Old 08-05-2009, 02:07 PM
 
21 posts, read 43,610 times
Reputation: 12
Its priced at 270, but I'm not going to pay more than 230ish, which is what the owner paid in '03. I know its a long shot, but anything is possible in this market.
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Old 08-05-2009, 02:18 PM
 
Location: Chicago
15,586 posts, read 27,626,711 times
Reputation: 1761
230 is still a lot for a one bedroom IMO. I would expect an average 2 bedroom for that price right now.
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