Buying Condo in Chicago - Any Advice?

I"m going to be finishing my contract here in Kuwait within the next few months. I’m looking to get a nice condo in downtown Chicago. I will be researching more and more with each passing day, but generally speaking, do any of you have advice as far as me buying a condo?

I plan on living in Chicago for about 4-5 years as it stands now. I see myself upgrading places in 2-3 years. Price range of 200-300k. I’m guessing a foreclosure would be the best way to get a deal. I plan on checking for more info soon.

Hope to hear back, thanks guys!


You may also want to check HUD site in your area. I think IL is

Contract in Kuwait? As civilian or military?

Well, Chicago is an interesting city, as I am sure many are. In Chicago, there are different small neighborhoods all throughout that greatly change the value of real estate.

Are you willing to live somewhere that is still a tad “rough” yet is making the upturn in order to get more appreciation? Or do you want all the conveniences already and take the standard appreciation (if any in this market)?

I would contact REI Clubs local to Chicago to see if any investors there can help you with some leads.

I live in downtown Chicago and love it. As mentioned this is a city of neighborhoods so there is a variety of tastes and styles while RE prices are reasonable compared to other parts of the country. I’m a big believer in location driving the value, convenience and resale process of any property. Another important factor when dealing with condo’s is the condition of the building and financial condition of the condo association. You have to look over the board minutes, books and budget of the CA closely as you don’t want to drop into a situation where major repairs will be assessed against the homeowners shortly after your arrival. I would suggest that sales have slowed here and there is plenty of new inventory coming onto the market. You should be able to locate motivated sellers with ease. Good luck.

71tr, great post, thank you! I will definatley check on the things you mentioned. I would much rather live in the city as apposed to the up and coming areas. I work way too hard here in Kuwait to settle for less.

I’ll check the REI clubs for Chicago. Thanks guys!!!