Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Logan Square : Real Estate Advice

  • All77
  • Local Info7
  • Home Buying19
  • Home Selling4
  • Market Conditions7

Activity 38
Tue Sep 8, 2009
Brandon Schuppe answered:
In this day and age of real estate, you said you have a nice tenant and keeps the place nice, what more do you want? Sounds like the perfect tenant to me. Besides, you get your rent on time each month, right? Now you have a "postive" Section 8 story to go back to those people and share. ... more
0 votes 3 answers Share Flag
Wed Apr 15, 2009
Karen Zenner answered:
I would refer you to the qualified loan specialists at Lifetime Financial Partners to answer your question. They are a broker/banker and could give you all the information you need! Call them at (630) 622-8607! ... more
0 votes 9 answers Share Flag
Wed Jun 4, 2008
Pete Wolfgram answered:
I currently live in Logan Square not far from your condo and we pay $1150/mo for a 2br 1bath. Granted ours is a rental and the rehab is nice (dishwasher, whirlpool tub, fireplace, a/c, etc) but I wouldn't call it "condo" quality. I would just emphasize the theater, trains, restaurants, and location of Logan. I would guess that you could fetch somewhere around $1250-1450 depending on the layout and utilities included. Best of luck! Renting at this point is definitely not a bad idea.. ... more
0 votes 1 answer Share Flag
Wed Apr 23, 2014
Barbs answered:
Do some searches on Craigslist and the Chicago Reader for comparable rent rates. The property sounds like it might be sweet, but that location isn't exactly Lincoln Park. Monticello and Palmer... still kinda rough over there.

I found this, which is near and comparable, at $3200/month, but who knows how long they've been looking for a tenant... I'd start at about $2800 and see how many calls I get...
... more
0 votes 4 answers Share Flag
Wed Apr 23, 2014
Rashaan Payne answered:
I was staying in the logan square area in 2003. It is definately like no other neighborhood in chicago. Logan square is very diversified. I was residing on fullerton and kedzie as a matter of fact. Humbolt park, starbucks, various banks, 7-11's, and depaul university were all near by. And you rarely hear about logan square on the news for negative things. Bottom line, logan square is two thumbs up. ... more
0 votes 3 answers Share Flag
Wed May 21, 2008
Eric Marcus answered:
An investment is only bad if you overpay for it when you make it. It would be a bad investment to pay the same amount as a n equivalent first floor unit for your garden unit. But if you bought it a 50% below what the equivalent first floor sells for it would probably be a great investment.

Your agent should be able to give you some good advice about what you should pay for the particular garden unit compared to other above ground units in the building.
... more
0 votes 5 answers Share Flag
Sun Oct 6, 2013
Eric Marcus answered:
There are many things to consider whenever you are purchasing a home. Neighborhood location, the actual location of the property and the location of the unit on the property are all considerations and all affect value.

I think its always great to live near the blue line. Bucktown developed in the 90s because people were looking to an alternative to Lincoln Park/Lakeview to have access to the highways and the airport. Logan Square is the natural extension of that development now that Wicker Park is getting quite pricey.

As far as safety, agents are not supposed to make judgements about safety. What you can do is go to http://www.chicagocrime.org and search by address. It can be a little scary to see what goes on in your new neighborhood. Before you get to upset about it, check your current address and you may be suprised to find out what's going on where you live now.

I am bullish on Logan Square - I think that 10 years from now people will look back and say they should have bought in Logan Square when.....

If you are not already working with another agent, please feel free to call me at 773-244-1110 if you have any other questions. Best of luck!
... more
0 votes 5 answers Share Flag
Wed Jan 9, 2013
Thomas Hall answered:
Don - what's driving your decision to sell? I think this is a great market for people who may be interested in trading up. If you are looking for more space, a better location etc, you may be in a great position to both leverage lower borrowing costs as well as generally more competitive prices on property. Inventories are still high which could impact the sale of your existing property - you may not be able to win at both ends, however.

Another factor to consider is how long have your owned your current property? If you purchased within the last 5 to 8 years - I suspect you still may do fine. Depending upon the type of property you own and where it is located in Logan Square, you could do just fine.

Properties are clearly selling - from experience, however, buyers are aggressive.

I hope that helps - best of luck in your decision!
... more
0 votes 4 answers Share Flag
Fri Mar 30, 2012
Marek answered:
Sure. Try www.zeesgroup.com They are reputable company and will help you out with any questions you may have.
Mark
0 votes 14 answers Share Flag
Fri Apr 11, 2008
Jim Roth answered:
KM, I recommend calling Larry Lusk , he his attorney who can help/advice you what your property could be used as 312-327-3409 with regard to city code/ordinances. cheers jim roth
0 votes 4 answers Share Flag
Thu Mar 13, 2008
Eric Seaborg answered:
Chi_Gal -

Right now is mid-way through the Spring market, so there is likely to be more inventory out there than any other time of the year. I'd say if you've already found a place you really like, and you've already seen a number of places in the area, then go for it!

Good luck!!!
... more
0 votes 3 answers Share Flag
Tue Mar 11, 2008
C Tann-Starr answered:
Hi Abigail,

This information was collected from a press release at CityofChicago.org:

Departments of Buildings, Zoning Task Force Targets Illegal Conversions
Inspectors Cite Owners of Illegal Apartment Units

An illegal conversion occurs when a building owner constructs additional living space that is not allowed by building or zoning code.

On February 23-25, 2005 a task force of City building and zoning inspectors visited 57 locations in the Archer Heights, Brighton Park and West Lawn neighborhoods, and wrote scores of citations for code violations.

"When landlords illegally convert their single-family homes into multiple dwelling units, they often cause unsafe situations," said Department of Buildings Commissioner Stan Kaderbek. "Our joint task force took immediate action against a serious problem."

The most commonly cited building code violations included: no emergency exits; no ventilation equipment for kitchens or bathrooms in basement and attic apartments; inadequate heating systems for attic apartments; and inadequate light and ventilation for basement apartments.

FYI: Carbon monoxide (CO) is a odorless, colorless gas produced by burning fossel fuels (Fossil fuels shall include natural gas, coal, kerosene, oil, propane and wood etc.) Exposure to lower levels of CO over several hours can be just as dangerous as exposure to higher levels for a few minutes.

Those most at risk are:
1. Children.
2. Elderly.
3. People with lung or heart disease.
4. Pregnant women.

Signs and symptoms of CO poisoning include:
1. Headache.
2. Fatigue.
3. Sleepiness.
4. Weakness.
5. Nausea, Vomiting.
6. Dizziness, Confusion.
7. Trouble breathing.

In NYC, an adult family member may stay in a basement bedroom without penalty, but it is not recommended for a guest (e.g. tenant or anyone else), so I am assuming there is a personal liability / insurance issue in addition to the possible health hazzards. Regards, C.
... more
0 votes 6 answers Share Flag
Sat Mar 29, 2008
Robbin Smith answered:
Chicago is my hometown and I am there quite often for business. There is very strict code and you must get all permits on your work. I spent $30k finishing a basement on SF here in ATL. My sister on Chi Southside has a 3 Flat bldg and spent much more. The workmanship is allowing her to rent to quality tenants. There was a very good article recently on Servicemagic.com website : http://www.servicemagic.com/article.show.Chicago-Basement-Remodeling.15831.html ... more
0 votes 1 answer Share Flag
Sun Mar 9, 2008
CMLHoldings answered:
Great question. I have seen some software on Landlord.com but they can be a bit pricey. I have 4 rentals and made up my own excel spreadsheet. I can't seem to find some free open software on the net.

Good luck on your search!
... more
0 votes 5 answers Share Flag
Thu Mar 27, 2008
Kale Realty answered:
Logan Square is huge and has lots of different areas. "West Bucktown" between Western and California has had lots of new construction and has had many restaurants open in the past few years. The area though will always be residential and not as happening as a Damen or Division. Not a big fan of Logan Square west of Kimball- Too far from the Blue Line and still lots of crime. I prefer california and amitage and of course the boulavard. ... more
0 votes 5 answers Share Flag
Sat May 24, 2008
Steve C answered:
I would expect that despite the foreclosure, your lease is still good and you should be able to remain in the unit through the remainder of it. The lease is a contract that doesn't get cancelled due to a foreclosure. ... more
0 votes 3 answers Share Flag
Sat Nov 3, 2007
Infinity Realty Network answered:
A couple of months ago no money down would be an option. With the most savy mortgage lender you might get away with 95% if you intend to occupy one of the units. I have seen on other ocassions where the lender would let you go owner occupied if you could prove you where living on over 50% of the property. I dont think underwriters at the bank are willing to make this excpetion anymore. Your best bet save for the down payment of atleast 10% and have reserves of atleast 3-6 months for payments and expenses. The lender will take into account some rental income, but if it a residential loan it is alot tougher to state rents.

Good Luck.
... more
0 votes 7 answers Share Flag
Tue Jun 26, 2007
Megan answered:
it's in the northwest side of Chicago. Wikipedia seems to have some great background on the area (see link below).
0 votes 4 answers Share Flag
1 2
Search Advice
Search

Followers

906