Things can change drastically in a few blocks in Rogers Park. Having lived in 3 different areas in Rogers Park, the best advice I can give you is to go walk around the property you are considering. Walk around different times of the day / evening--- talk to the neighbors. I love the area of Rogers Park that I bought. But 4 blocks away two rival gangs are fighting over turf. I don't believe they would bother me because Im an older white female who clearly has not business in their shenanigans. However, I would be concerned about my son when he gets to be a teen- having much different features than I. 10 blocks the other way you have another group of folks loitering, and I feel very uncomfortable and will not walk through there.... Its clear I do not belong there. That area scares me.
Devon, I'm obviously a minority, but feel very safe. Same feel near the Hasidic areas.
My point in all this being - there are many areas in Rogers Park that certain groups have formed, weather they be of a certain ethnicity, a certain religious group, gay, etc.... Every few blocks can change. You need to get out - walk around. See what your comfort level is. See if you may be mistaken or targeted based on who you are, and what you look like. Have your wife / kids/ family walk around the area with you. Consider the input of the women in your family- We are often the targets of assaults and crime. Take their input seriously.... more
Great questions. Rogers Park is our home. We are opening our new offices at 1225 West Morse and obviously we have a lot of confidence and expectations for the neighborhood. As for your questions, if you purchase at a good price, a rental condo could prove to be an excellent investment especially given the present market prices and available interest rates for financing. The rental season in Rogers Park peaks in March/April but remains consistently good throughout the year. The peak is driven in large part by Loyola and Northwestern students looking in the area but is influenced by many other factors as well. You will find a strong rental market for good apartments in the area at most times of the year. If you select a good location close to the trains, you should have no problem finding quality tenants. As for rent you can expect to receive, I think that you could expect to get $1350-1500 for the apartment you describe. You can look at our site and view the many Rogers Park listings that we currently offer to get an idea of pricing: www.imovechicago.com. In unit laundry and parking would be two very important selling points As for the neighborhood, there are certainly trouble spot in Rogers Park and it has its fair share of crime but I would say that it is no more concentrated than many other similar communities along the lakefront.
Good luck with your search, and if you need our assistance please feel free to call on us. FYI: our new office opens December 1 and we also have offices at 5650 N Broadway.
Rusty A. Payton, Broker
5650 N Broadway
Chicago, Illinois 60660
If you are an investor, you can have a field day with all the bargain basement 1 bedrooms that are selling cheap but renting well. You can easily get a very high ROI if you choose the right properties, and there is a lot out there.... more
As everyone else has said, this is property specific. But, for the whole Rogers Park MLS area, the Median and Average prices are very similar and right now sit at around $300k. In 2008 that was $349k.
In 2000, that was $339k.
I am not sure what you are looking to benchmark, but there you go, from The Chicago Association of Realtors Archive.
I would be glad to do a valuation for your home and / or the immediate area if you want more detailed data.
The minimum age allowed for a reverse mortgage/ borrower is 62.HECM stand for Home Equity Conversion Mortgage. Loan to Value ratios on Reverse Mortgages are based upon these three factors: Home Value or FHA Lending Limit (whichever is least), current expected interest rate, and the age of youngest borrower. HECM Reverse Mortgage Loans are insured by FHA. You cannot get a reverse mortgage on investment property.Reverse Mortgages may be used as purchase money loans on a primary residence.Proceeds from a reverse mortgage may be used to buy a vacation home.Once you have a reverse mortgage and you are taking monthly payments - if you wish to change the method of payment you must Request a Change and Recalculation and pay $20. Reverse Mortgage Counseling is Mandatory, provided by HUD Approved HECM counselors, and must be completed prior applying for a reverse mortgage.
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Your association can delegate the approval. It is not difficult at all. There are many companies out there charging ridiculous fees to help. If you are selling or buying, it's best you team up with a lender who will help free of charge. That's correct, free of charge. The process is quite simple.
Senior Vice President - FHA Specialist