Good morning - a couple of things - first without knowing more about your specific unit( sq. ft, age, location, parking(y/n), condition of unit and building) it is hard to gauge appreciation. However, the buy,rent and property manage question I would tell you this - if you sell it and you have lived their for 24 out of the 60 months as your primary residence then any capital gains(upto $250,000 individual/$500,000 joint ownership) is tax free... if you rent (again not knowing what the current rents in Hyde Park are) you have the added tax on this income plus the concerns of taking care of the unit. Also make sure you can rent (alot of associations put a limit/restrict the number/percentage of units that can be leased at anyone time.... more
There are advantages to buying or selling in any season. For example, there may be more listings in the summer and spring, but you may be competing with more buyers if you submit an offer. In the winter there may be fewer listings, but less buyer competition. Feel free contact me to discuss further.
Sales and Leasing Consultant
Goldberg & Perl, Inc.
844 W Armitage Ave
Chicago, IL 60614
Office: (773) 477-9700
Fax: (773) 549-1956
Not knowing your overall financials-- your score is fine for a loan--however, do visit with any qualified loan officer(s) first--see if you do qualify, how much and have your credit score checked again--their scoring is often different--then make your determination--your loan officer can best advise as it relates to you personally.... more
Hi Cheryl,you have several options,1st the CHA has new units the areas you are inquiring about and
there are several private agencies that have beautiful buildings in those ares also.you can find them
on the internet.Just type senior housing and the areas you are searching.Good luck and God Bless... more
Hi Andrew, Not sure if you've investigated Bronzeville to the north or Washington Park just to the west of Bronzeville. I did a quick search and found 7 townhomes / single family homes that all have at least 4 bedrooms. The good news regarding these areas - property values are rising dramatically and are convenient to Hyde Park, Lake Shore Drive and the Loop.
Jackson Park Highlands and South Shore are also becoming highly desirable in terms of renovations - not only due to the proximity to the lake and Loop but also due to speculation regarding the potential Olympic village location.
I hope that helps!... more
There are none, actually a Condo is a better value. In a condo one owns the inside of the apartment. You own that percentage of the building that the unit equals. A two bedroom owner would own more than a one bedroom owner. The condo document usually figures what percentage each owner actually owns and that is how they figure out the tax rate. If there is a foreclosure then the bank takes the property and is responsible for the monthly assessment and taxes.
A Co-op is a bit different. One owns shares of the building. The board can let anyone they want and reject anyone at all for any reason. If a person defaults on their property and walks away from it there is no foreclosure, the other owners must take over for the taxes and monthly assessment.... more
You can use $600 per bedroom as a loose rule of thumb for 2-3 bedroom rentals near campus.
South of 55th is more, but just south of the Midway and west of Drexel will get you lower rents, but fewer students in the area as well as being away form amenities like transportation, food and shopping.... more
Lease it another year would be my advice based on the very limited information you have provided.
There is solid demand for rental housing, and while single family, row house and town house prices are rebounding well, there is still an over supply of condos unless they are very updated and move in ready.
I think you will be much closer to breaking even in 12 months, perhaps even looking at a few pennies left after a sale.
I certainly don't think you will be farther behind.
I would also suggest you try and get your condo board to loosen up on the fines and work towards a policy that allows for situations like yours to be within the rules.... more
Not sure they are the only building with those prices, but the whole market has been in the toilet for a few years. 2625 Clark is worse as are some others. I assume you are an owner so the market has picked up recently and so will the values as time goes on.... more
The rental market in Hyde Park seems to be about like it is in most areas of the city. It tends to favor the tenant over the landlord. If anything, there are more 'nominal' rent concessions, not hikes. You should be very happy to keep your current tenant without trying to nickle & dime for a few $$ more.