Confused about Chicago housing/ apartments. standard of living (Aurora, Joliet: rent, co-op)

[Gelasia]

Originally Posted by PokerPlayer1

If that is really $1800 monthly, it would explain why the property like that had a price tag of only $250K.

As others have noted, the sale price of an attached dwelling has an inversely correlated liability to its monthly assessment. In other words, a $450,000 condo anywhere else might only sell for $250,000 if its monthly assessment is extremely high, as seems to be the case here. Huge assessments actually have a quality of life 'benefit' in certain regards. Soome people want their living space to remain highly exclusive with the best possible services and property maintenance schedule that only a high assessment can provide, without having to outlay a mound of cash up front in sale price alone. Obviously, the free markets factor this in and adjust the sale price of the property accordingly, but the net effect of disproportionately high assessments is very appealing to some people.

I think why some people find that so offensive is they see pictures of fantastic properties that are otherwise way out of their league and as a result, get all excited but then learn that yes, Virginia, the assessment is the reason for that and you shouldn't even think about a condo without instinctual factoring in the monthly dues.

yeah yeah I get it

I already knew all that

my post was for those in doubt.

[patrix542]

oh well.. i gonna choose suburbs they are 5 times better ;p i dont know why would anyone choose chicago over its suburbs ;D Im thinking about romeoville or aurora. are they good? i mean safe

[jdiddy]

Originally Posted by patrix542

oh well.. i gonna choose suburbs they are 5 times better ;p i dont know why would anyone choose chicago over its suburbs ;D Im thinking about romeoville or aurora. are they good? i mean safe

They are as beautiful as downtown Phoenix.

[Intergalactic]

Originally Posted by patrix542

oh well.. i gonna choose suburbs they are 5 times better ;p i dont know why would anyone choose chicago over its suburbs ;D Im thinking about romeoville or aurora. are they good? i mean safe

Check this map for the kind of information you need to make an informed choice:
http://www.nipc.org/forecasting/cens...s/poverty1.JPG


Bigger pdfs alone the same lines:
http://www.nipc.org/forecasting/cens...muni_draft.jpg
http://www.nipc.org/forecasting/cens...vchg_89_99.pdf

[snoylekim]

Originally Posted by MyssaTx

Like I said $1800 more like $1,892 a month in assesments and as Lookout suggested it does in fact include taxes as well as all expenses.

Baird & Warner


either way my dreams went up in a puff of smoke =(

hmmm....even though they don't explicitly state it.. that looks like a co-op .. Not sure how else they could include the taxes in the assessment .. For a condo , the unit is registered as a separate property w/ the county and the owner of the unit gets the bill ..

[Gelasia]

Originally Posted by snoylekim

hmmm....even though they don't explicitly state it.. that looks like a co-op .. Not sure how else they could include the taxes in the assessment .. For a condo , the unit is registered as a separate property w/ the county and the owner of the unit gets the bill ..

maybe it is but i dont even know what co-op is unless you are talking about the University of Texas

[snoylekim]

Originally Posted by MyssaTx

maybe it is but i dont even know what co-op is unless you are talking about the University of Texas

Different forms of ownership . I'm not an attorney nor Real Estate pro, but the major differences are that , in a co-op, you own a share of the entire building, and get to live in the unit .. with a condo, you have a deed to the specific unit, plus interest in the common elements. Generally, co-ops can be harder to finance, almost always have an approval process and some are known for their 'snootiness' ... If you're going to buy an apartment when you move to Chicago, chances are good most of what you'll be looking at will be condos versus co-ops.. they're not that common here.. but you should research the differences

[Lookout Kid]

Co-ops have been the norm in New York for a long time, but condos are gaining popularity there. Why? Well most states didn't have condominium acts until the 1970s--so nearly all owner-occupied multi-unit buildings were co-ops before then. This is why many of the older buildings along Lake Shore Drive are co-ops instead of condos.

[patrix542]

i hove one more question... do people from suburbs consider themselves chicagonians? do they say theay are from chicago?

[Avengerfire]

^ Please do not go there!^