This is a good time to buy a condo in Chicago. For the obvious reason: there are more sellers than buyers. However, that's not enough to get you a great deal. Because with condos, more than any other type of real estate, a low price isn't enough. Here are 5 tips to make sure you're getting a great deal.
Back in 1999, I was renting a nice one-bedroom apartment by Foster and Damen and working Downtown. I used to take the bus to Sheridan and Foster and from there I'd take one of the Express buses that ran on Lakeshore Drive. I got a great view of the Lake going to work and coming from work. On nice days, on my way home, I'd see people on the beaches along the way, young people like me on roller skates, young people like me playing volley ball, young people like me sunning or playing in the water. So, when I had enough money for a down payment on a condo, I said, it's got to be by the Lake.
The condo I bought was in a building on the Lake, one that owned part of the beach. The agent who was selling the condo pointed out the limits of the beach, told me the exact length and width. I, of course, divided those by the number of units in the complex to figure out how much of it was mine. Yes, I know, you own the whole thing together with the other condo owners. But that's not exciting. (By the way, I owned, exactly 1 foot by 1 foot and 3 inches, which in my first-time-condo-buyer exuberance I deemed sufficient.)
