Plenty of good opportunities are available in Edgewater, whether it be FHA or CONVENTIONAL. I am very familiar with the Edgewater area. If your son needs Mortgage or Real Estate assistance, have him contact me.
Step #1 - get prequalified
Step #2 - search for real estate... more
I think you mean owner occupancy rate. THis building does allow rentals and I can send you the past listings so you can see the rents, but with the downturn in the market the past 5 years many buildings have imposed rental restrictions that can be a problem if you want to just rent it out.
Assessments can be high in this and all the sheridan condo buildings which can make the investment potential not so hot depending on how much of a downpayment you make.
Once you have a contract you will get all the details during the attorney review,but you also might be able to get the information from the management.... more
Edgewater is fantastic, and huge. So you should look at the very particular pockets of Edgewater as they vary widely between each section. But a bit more concerning is how you hope that it may turn into Southport Corridor which is a compact area where drunks rule the street at night. They may be educated drunks, but nonetheless, drunks. I hope you weren't intending that a pocket of Edgewater would ever get that kind of Southport density when it came to bars, otherwise you'd be exposing your child to a whole new type of Chicago.... more
If you are thinking of an investment in a condo building and want to rent the unit out, I strongly suggest that you consult with the building management and check out the condo rules and regulations. A number of condominium associations in Chicago are now starting a policy where there is a set limit to the number of rentals in the building.
In addition, a number of condominium associations are trying to discourage rentals by owners so they are charging very high move-in and out charges that can be anywhere from $500.00 to $750.00. Know your costs before buying into the building. Good due diligence is the name of the game. Also, it is advisable to check out the minutes of the association for the last 6 to 12 months to see what is going on in the building and to anticipate any new rule changes that will affect rental apartments by a condo owner.... more
According to MLSNI, the Multiple Listing Service of Northern Illinois, today, August 27th, the average list price for a 2-4 unit building is $684,149 and for a 5 or more unit building $1,216,700. Hope this was what you were looking for.... more