Regional Talk > Chicago > Condos

Condos

To live in or rent out? Flipping?

More info. Do you need to be by the train? Preferred line? You like being right next to everything? Or do you want to live somewhere quiet?

reply to aight
It's a big city and there are a lot of good areas - some are more or less expensive. Some are quiet, some are a 24 hour frat party. Near the lake or far from the lake? Over-priced due to location or a good deal?

And as Sleuth asked, for investment or to love in for a long time> Transportation? Etc.
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reply to aight
West Loop or South Loop.

South Loop has a huge number of condos for sale and it's a great location but the banks - being banks - are very, very leery about writing mortgages for condos in the S. Loop due to the fact that it is over-built.

All those nice highrises along LSD across from Soldier Field were built on spc during the bubble. They are very nice and I suppose if you have great credit and a lot of cash you could get a mortgage but the problem is, they are (in the banks opinion, and probably correctly) over-priced and therefore under water as soon as they are bought.

So - if you can get a really good price, and you might be able to - go for it!
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reply to aight
Just like jsianaiko said, it's overbuilt in the South Loop. If you have time, I'd look into foreclosures or short sales to get the best price. Otherwise, the second you buy it West Loop, or South Loop the property devalues. You'd really have to commit to staying there. There's not much in the South Loop TBH. I used to go to the area often and just find myself looking at vacant store fronts, maybe a restaurant scattered here or there.

The South Loop hasn't boomed like most people thought. I'd probably suggest the West Loop if you're only deciding between those two locations. I see more value on return there. Plus there's a lot of great restaurants there and it's near the blue line. Great if you travel a lot since it's easy access to O'Hare and downtown.

reply to aight
Don't forget the likelihood of getting shit hammered with multi-thousand dollar assessments due to all the vacancies and foreclosures. Those reserve shortages are one reason banks aren't lending for condos, and someone has to pay.
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When the zombies come, he will be waiting.

reply to aight
Both Sleuth and Jester make good points. If the developers hadn't gone nuts down there it might have been OK within the confines of the general housing meltdown over the last few years.

The land was cheap - there was literally ZERO development except for a little bit of publicly funded Section 8 housing between 1919 and the early 1980s. So as light manufacturing lest the city a lot of land lay fallow for decades and when developers wanted it for middle and upscale housing it went for a relative song.

Then they over-built, destroying the value of what had been done a little earlier.

West Loop might be a bit more viable in terms of mortgages, but a LOT more expensive and in some ways not as nice.
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reply to aight
Thanks Guys. I'm partial to the West Loop Area since I grew up in Chicago riding the BLUE LINE. I'm checking out a couple of properties out there right now. I would love to move back to the Humboldt Park Area (where I grew up), but I don't want to deal with the Latin Kings at this time in my life.
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You can say any foolish thing to a dog, and the dog will give you a look that says, 'My God, you're right! I never would've thought of that!'

ry Logan Square - fewer gangbangers and reasonable prices - and better housing stock too. Or Uki Village.
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