How can you afford the condos in Chicago (Lake Forest, Humboldt: real estate, foreclosures)

[Lookout Kid]

Everyone I know who owns a North Side condo makes at leat $150K household. I know a couple of younger single architects making about $60K who own small one-bedroom condos, but they paid about $150K for units that weren't updated.

So the answer is that the people buying condos just make more money.

[coldwine]

Originally Posted by ajolotl

You have to get out of the Texas mindset. In Chicago the apartment is where you eat occasionally, sleep at night, maybe hang out and watch a little tv, and store your stuff. The city is your backyard, living room, etc. If you don't let go of the sprawl mentality you'll always feel cramped and beaten down. Embrace the city life.

This has got to be the truth; it's been repeated to her by myself and so many others here since she started posting in our forum.

It's the city, you do not spend all of your time in your apartment. What the hell is the purpose of living in Chicago then?

[oakparkdude]

Originally Posted by ajolotl

You have to get out of the Texas mindset. In Chicago the apartment is where you eat occasionally, sleep at night, maybe hang out and watch a little tv, and store your stuff. The city is your backyard, living room, etc. If you don't let go of the sprawl mentality you'll always feel cramped and beaten down. Embrace the city life.

I don't know, if I lived in the city (even without a kid), I'd want at least a two bedroom. That way we could have a guest room/office. Plus when I **** off my wife, I could have somewhere to sleep!

[Lookout Kid]

We have one kid and another on the way, and that is pushing us to the limit in our two-bedroom. We need three--and four would be great. And there is a real shortage of three-bedroom condos on the market (developers typically build 1-2 BRs). And we'd like a place where we can survive on one income, so this may push us out to Oak Park. If we're going to spend a half million on a place, we might as well get a patch of grass and some good schools.

[ajolotl]

Ideally, yes, but it shouldn't be a show-stopper. You can always use the tub. I've been there before.

Originally Posted by sukwoo

I don't know, if I lived in the city (even without a kid), I'd want at least a two bedroom. That way we could have a guest room/office. Plus when I **** off my wife, I could have somewhere to sleep!

[Lookout Kid]

Originally Posted by sukwoo

Plus when I **** off my wife, I could have somewhere to sleep!

It's called the couch.

[ajolotl]

I was in the same position a little while back. The 500K 4-bedroom in the heart of the city or nearby city neighborhoods was rare. Not that there weren't any, but it limited options by so much that after a year of looking I gave up and went for the large house, big yard a little further out.

I miss the action of the heart of the city, but in Oak Park you would retain a decent degree of it. The big, fenced in, hilly, shaded yard though is heaven for the kids. I don't regret it.

Originally Posted by Lookout Kid

We have one kid and another on the way, and that is pushing us to the limit in our two-bedroom. We need three--and four would be great. And there is a real shortage of three-bedroom condos on the market (developers typically build 1-2 BRs). And we'd like a place where we can survive on one income, so this may push us out to Oak Park. If we're going to spend a half million on a place, we might as well get a patch of grass and some good schools.

[BRU67]

Originally Posted by MyssaTx

What I wanna know is how people get qualified for a 300-400k loan on 40k income

Such was relatively common between 2004-06, sad to say. Someone with a 40k household income could easily qualify for a 300k no money down mortgage during that era, perhaps even more.

[Lookout Kid]

Originally Posted by BRU67

Such was relatively common between 2004-06, sad to say. Someone with a 40k household income could easily qualify for a 300k no money down mortgage during that era, perhaps even more.

I don't think this was very common on the North Side of Chicago, however. I don't know anyone living in a $300K condo who makes so little money. Heck, two CPS teachers who are married are well into the six figures, so $300K isn't THAT unattainable.

[BRU67]

Originally Posted by Lookout Kid

Everyone I know who owns a North Side condo makes at leat $150K household. I know a couple of younger single architects making about $60K who own small one-bedroom condos, but they paid about $150K for units that weren't updated.

So the answer is that the people buying condos just make more money.

Pretty much, yea. The 40k income bracket isn't the target market for condos in the City. Those individuals usually live in more working class neighborhoods on the south and west sides and the inner-ring suburbs. You're usually dealing with household incomes of $100k and up in most of the "desirable" condo neighborhoods -- Lakeview, South Loop, Edgewater Glen, Uptown, etc. Most people in those demographics who earn below that tend to be just starting out in their careers and are renting in these neighborhoods.