Is this a good price for this condo?

Asked by Annie Tran, Chicago, IL Wed Feb 13, 2008

I boutght a condo 2000 sqf on the beach,3 brs, 2 baths, big terrace,no hardwood floor, 40yrs old for $390,000. Nice view but need complete remodeling. It's at Edgewater area, chicago 60660. Is this a fair price? Assement is $1050 and i have to pay for the parking.

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Patti Pereyra, , Chicago, IL
Sat Feb 16, 2008
Hi Annie,

I know Edgewater pretty well; I happen to own a couple of rental condos along Sheridan Rd in Edgewater.

With that said, the question your asking, though specific in its details, leaves out one important element: The Building.

As you know, there are a kajillion high rises along Sheridan Rd. in Edgewater, most of them pretty old and with units in need of updating. The square footage you speak of is pretty typical for a unit your size, but without knowing the building, it's hard to say whether or not you got a good deal.

Based on recent sales along Sheridan Rd. in Edgewater (which, if you say "beach front", I'm assuming is where your building is located?), I can tell you that the average price was in the high $300's to mid $400's, so it seems that you probably got a good deal. But to tell you unequivocally "yes" would be hard to say without knowing the building.

The size of your assessment is pretty huge, even for the square footage, so you are either on a very high floor, or you bought a unit that was once 2 units and combined into one....?

As an Edgewater owner, I'd be curious to know the building in which you bought!

Sorry I can't give you a more specific answer.
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Jim Gramata, Agent, Chicago, IL
Fri Feb 22, 2008
The only 3BR 2BA condo in Edgewater that's sold in the area similar to the one you described sold for $245,000 at 6145 N Sheridan - 1900 SF. This unit did need work (finishes were dated). With more information on your location and finishes, this may not be an exact comparable to yours. Feel free to email or call me
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Michael Stan…, Agent, Chicago, IL
Wed Feb 13, 2008
The best way to figure this out would be to have an appraisal done through either a reputable appraiser or real estate agent. Assessments on the LakeFront are always higher than those buildings away from the Lake. Your value will also depend on which floor you are on, your view(s), and what the value will be when you are done with the remodeling of the unit.
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