Looking at condos next weekend ... any advice!!! (Chicago, Lincoln: real estate, apartment)

[JAS311]

My husband and I are looking at condos next weekend ... any thoughts/ideas/general opinions about these areas!?!?!

Thanks!!

W DIVERSEY and N CLYBOURN

W GOETHE and N DEARBORN

N HAMPDEN and N CLARK

N HUDSON and W CHICAGO

[lincolnparker]

W DIVERSEY and N CLYBOURN----Very western edge of Lincoln Park with some public housing just a few blocks away,but close to costco and shopping on clybourn corridor, which has Crate n barrel, CB2, Trader Joes, etc

W GOETHE and N DEARBORN---Solid gold coast location, not a new building. great if you like to shop N Michigan and frequent gold coast night life, probably high assessment

N HAMPDEN and N CLARK---right by lincoln park, on the border of east lincoln park and east lakeview. you are paying lincoln park price but only two blocks away from lakeview. IMO, i would live two blocks north, more for my money. look into 2800 n Lakeshore dr

N HUDSON and W CHICAGO---Old town ish. close to downtown, but also close to gang activities somewhat

[JAS311]

Awesome - - thanks for the info. I am trying to get familiar with the areas of Chicago!!

[hsw]

Suspect Chic high-end real estate mkt is as dubious as those of NYC/LA/SF in current economy/credit crisis....lots of newly-built condo towers; falling prices; fewer creditworthy buyers in era of financial industry layoffs/slimmer bonuses...

Smartest strategy may be to rent a newly-built condo in a desirable setting in a well-built bldg w/relevant amenities....many of the units in these bldgs are owned by investors who hope to rent these condos long-term....

[Avengerfire]

In terms of safety, Hampden and Clark is the best out of the four by far, but the worst of the four by far for street parking.

[JAS311]

How about W Washington and N Wells?!??!!?

[Humboldt1]

JAS,

I assume you are coming from St. Louis. I actually went to Wash U and know the area pretty well and it is very different from Chicago. Unlike St. Louis, the city center is strong and getting better. With the exception of areas like Laclede's Landing and Central West End, St. Louis city itself appears to be in long-term downward spiral.

With regards to buying a condo, I would wait. Lots of condos are coming on the market in the next few months. Also, with you new to Chicago, I think it is wise to rent for awhile to get your bearings. I would find an area in which you want to live and rent a place, preferably a new unit. You can either buy it or buy another later, depending on how you feel about the neighborhood and the unit you are living in.

Prices look like they will continue to drop for at least another year, which will give you a great opportunity to purchase a new unit from a distressed builder who is looking to unload inventory in a tough market.

Personally, I am now looking at buying a condo in the Loop if it makes sense in the next few years. Currently, I am looking at 4 unit apartment buildings in gentrifying near west side neighborhoods, but would definitely consider buying $400K condo for $250K if it came up. I could either live there or lease it out for $2500/mth, for a positive cashflow. I don't think you will be able to buy a $2500/mth condo for $250K now, but maybe in a year.

[Lookout Kid]

Originally Posted by JAS311

How about W Washington and N Wells?!??!!?

That's right on the VERY busy west edge of the Loop (not to be confused with the "West Loop", which is a separate neighborhood). And it's by one of the busiest Loop L stops. It's mostly office buildings, though many have been converted into condos in recent years.

[aragx6]

Originally Posted by Humboldt1

JAS,

I assume you are coming from St. Louis. I actually went to Wash U and know the area pretty well and it is very different from Chicago. Unlike St. Louis, the city center is strong and getting better. With the exception of areas like Laclede's Landing and Central West End, St. Louis city itself appears to be in long-term downward spiral.

You make me laugh. Ha ha. Laclede's Landing sucks. The only people who go to Laclede's Landing are suburbanites and tourists. It's like Navy Pier in that respect.

Anyway, I think this is a fine time to buy OP assuming you know you'll be sticking around for 5+ years.

[Lookout Kid]

Originally Posted by Humboldt1

Currently, I am looking at 4 unit apartment buildings in gentrifying near west side neighborhoods, but would definitely consider buying $400K condo for $250K if it came up.

You're crazy if you think you'll get a $400K condo for $250K. Even the most dire predictions about the housing market aren't predicting a 40% decrease in home prices. And condo prices in Chicago have actually been pretty stable, showing about a 10% decrease throughout this housing mess. Keep dreaming, buddy!