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What The Price For Emerald Park Condo?

Is 70K an average price for a 2 bed condo in Evanston, IL?

  • I am looking at this condo in Evanston, IL. It is going at 70K on Zillow which sounds like a very reasonable price in a good living area like Evanston. http://www.zillow.com/homes/for_sale/Evanston-IL/49916541_zpid/18025_rid/42.080006,-87.635021,42.011295,-87.762909_rect/12_zm/0_mmm/ Coming from a country where similar condos are going for 4 times this price this sounds too good for a deal. Since I am new in Chicago area I want opinion from natives if this is too good to be a deal. If you had extra money sitting in the bank would you buy this condo for living/rent?

  • Answer:

    No, it is not. In fact, that price seems rather low for Evanston, given the presence of the large college population (Northwestern University is located there), the relative safety of the Evanston area, the prices of homes in the area and the proximity of Evanston to more exclusive suburbs on the North Shore. I'm no longer a resident of Chicago but I m very familiar with Evanston ( I traveled to area for personal reasons for well over a year and considered moving there). If there is a condo being advertised in the area for that amount it is: A definite "fixer upper" A foreclosure A possible scam Without seeing it in person, there's simply no way for me to confirm it for certain Reference: . http://www.homes.com/Real_Estate/IL/City/EVANSTON/Type-CONDOMINIUM/?orderby=price+asc

Jon Mixon at Quora Visit the source

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No - $70,000 is not an average price for Evanston. If I use my research tool of choice, Redfin http://www.redfin.com, I only get 8 condo listings below $75,000. When I double the search price to $150,000, the number of listings bumps up to 48. So, that's 40 units above $75,000, but not higher than $150,000. Remember when performing your research, you need to factor in Homeowners Association (HOA) dues and any special assessments to compare cost of ownership for 1,3 & 5 years. The more complete your analysis, the fewer the surprises. Evanston is a unique community with units east of Sheridan that may have water views. The farther west, you have fewer mass transit options. Units bordering Rogers Park and west of Sheridan will be less expensive as this area is less secure.

Dan Pepper

I agree with others who say this is quite below average for Evanston.  You will want to do some investigating as to the assessment fees, whether or not the condo association is in (or is projected to be in) legal trouble, or if there are defects with the building / unit.

Tom McMahon

I'm guessing in 1974 it was. I sold my one-bedroom Evanston condo for $270,000 in 2012.

Jim Romenesko

The price is low. Typical price for a cheap 2 bedroom condo in Evanston is $120K, for a nice one $200K and up. The Zillow listing does not give size and age. My guess is 800 square feet, built in 1940s. It looks basic but in good condition. It has a reasonable kitchen and bath, hardwood floors, walking distance to train. Neighboring condos are worth $200K. I would buy it to live in, not to rent because the HOA will soon impose rental restrictions, not for investment because the building is too old to appreciate.

Robert Wagner

Mulford St. is only one major city block from Howard, which divides Chicago from Evanston. Recently (late summer 2013) there has been threat of gang violence in the Howard area and Chicago Police has stepped up patrol, resulting in the gangs retreating North. I'm not saying that this building is in the bad neighborhood (the area around St Francis is ok), but it borders the area... Edit: found the news article: http://www.dnainfo.com/chicago/20130927/rogers-park/police-pressure-on-howard-street-pushes-gang-activity-north-cops-say

Fei Yeh

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