Are these Rogers Park condos a good deal?

Several days ago I stopped by Greenview Gardens in Rogers Park, 7633 – 39 N Greenview, to check the condition of the building.

What prompted my visit was a steep drop in the price of resale units in the complex. Unit F, a 2-bedroom, 2-bath at 7633 N Greenview which was purchased for $212K in December of 2005, sold for $30K following a foreclosure. Unit 1N at 7635 N Greenview, a 2-bedroom, 2-bath purchased for $200K in September of 2006, went into foreclosure, and recently went under contract with an asking price of $55K. Unit 2E at 7637 N Greenview, also a 2-bedroom, 2-bath, sold for $57,750.

The exterior of the building appeared to be in superficially good condition, with a nicely landscaped, well-maintained courtyard.

At an all-in ownership cost of less than $700 a month, heat included, with in-unit washer / dryer, are these units a good deal? A good investment?

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  • At $212 K, ridiculous; you could buy in most high tone North Shore suburbs for that, even in 2005.

    $30-50K sounds like a steal, but one would have to determine in what shape the rest of the building is, or one might get a huge special assessment. All the sudden the roof leaks, or the 40 year old boiler goes, and there goes your investment.

    Also, from those addresses, you are buying north of Howard, although south of Howard is no longer such a good neighborhood, either.

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