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Old 04-21-2010, 10:10 AM
 
Location: Chicago
9 posts, read 31,008 times
Reputation: 11

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So I'm currently looking into getting a condo near the Medical District, and I've been eyeing this one.

622 S OAKLEY Ave Unit G, CHICAGO, IL 60612 | MLS# 07504133

It seems to be priced pretty well especially considering it's not a short sale. The only issue I would have is with the area, which I've heard widely varying opinions of. I've heard from some that the whole area is pretty much fine if you're alert and aware of your surroundings (like anywhere in the city), from others that you should stay east of Western Ave., and I've also heard to stay away from the area altogether.

From what I gathered, it's in a gentrifying area and I'm looking at it as a potential 5-10 year investment opportunity (I'd be living there about 3-4 of those years and renting it out for the remainder).

My only experience is walking around the area during the day, and it seemed fine. At night I'm not sure.

Does anybody that's familiar with the area have some insight on this, and whether this could be a good, (relatively) safe deal? I'm a 23 year old, white male if that affects the safety aspect any.
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Old 04-21-2010, 10:23 AM
 
Location: Humboldt Park, Chicago
2,686 posts, read 7,407,971 times
Reputation: 1195
Default Interesting Property

Be careful about "Hope Well Baptist Church" across the street. Also, it may be a buy, but not at $175K. Given the long grass in the pics, they really need to sell this place. I would offer $100K and see what happens. That area has alot of potential and you aren't too far from the blue line. Also, I expect the hospital and university to continue to taking out more blocks in that area. I think that area will be even nicer in 5-10 years.

Wouldn't surprise me if "Hope Well Baptist Church" is not around in 10-20 years as the population in the area shifts.
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Old 04-21-2010, 10:36 AM
 
28,461 posts, read 78,656,849 times
Reputation: 18593
I tend to agree with Humboldt1 -- the other thing that ALWAYS worries me in a "garden unit" is that unless you did the rehab with your own hands you have no idea is the WATERPROOFING was done to the highest standards or just good enough to get by -- that could be a complete WIPEOUT if a sewer line floods the place. Insurance generally will NOT cover that kind of damage and neither will the City. You are at the mercy of whatever "sins were hidden" by the fancy rehabbers...
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Old 04-21-2010, 10:44 AM
 
Location: Chicago
1,950 posts, read 4,661,976 times
Reputation: 919
Area is OK, if you go North on Western across 290 its a little rough, West down Harrison it gets worse as well. East down Harrison/Taylor that place would be more pricey. I am not a big fan of garden units, but to each their own
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Old 04-21-2010, 10:55 AM
 
1,750 posts, read 3,121,443 times
Reputation: 775
Personally, I would not buy a garden unit. One thing to consider is when you go to rent or sell your place, you will greatly limit your pool of buyers (many woman I know would never rent/buy a garden unit), and like somebody else said, flood damage is a real possibility.
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Old 04-21-2010, 10:55 AM
 
Location: Chicago
9 posts, read 31,008 times
Reputation: 11
Thanks for the replies so far, just what I was looking for. I didn't even consider the waterproofing issue, and I was thinking a garden unit would be more prone to break-ins as well.

I suppose I haven't completely ruled it out, but I may start looking farther east and up a story or two...
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Old 04-21-2010, 11:37 AM
 
90 posts, read 307,185 times
Reputation: 61
Why not look for a better unit. There are plenty of short sales and foreclosures nearby and you can get a deal if you're patient.

University Commons, Chicago, short sales and foreclosures
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Old 04-21-2010, 01:56 PM
 
126 posts, read 258,735 times
Reputation: 31
does the location from the OP still consider as tri-taylor? It's very far all the way near western...
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Old 04-21-2010, 02:30 PM
 
Location: Kent, Washington
10,255 posts, read 20,177,797 times
Reputation: 10298
"Garden" is a euphemism for "basement". Also called a Bohemian penthouse or a Berwyn high-rise.

Often the janitor lived in a basement apartment with reduced rent.
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Old 04-22-2010, 01:19 AM
 
4,077 posts, read 6,930,963 times
Reputation: 2537
Or an Irish palace?
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