When we heard from the Multiple Listing Service of Northern Illinois that that the median condo / townhome price for 2006 was $285,500, we began hunting across the city for developments marketing units below that price.
Buyers can often find lower priced units if they look in older converted apartment buildings. The term “deal” can be subjective, of course. The units in some of these projects may be priced low, but sometimes they are also quite small. Often, converted apartment buildings are located on small plots of land that don’t include space for parking.
But buyers whose main concern is keeping the overall price low may well consider the condos in such developments as “deals.” Older apartment buildings frequently have a lot of character and are often located in well-established, “popular” neighborhoods. So I leave it to you to decide what’s a deal and what isn’t, based on your priorities.
The 32 units at Magnolia Court, 5653 N Magnolia Ave in Edgewater, are priced from the $70s to the $200s, although units are definitely on the small side. Studios range from 300 to 350 square feet and are priced from the $70s to the $80s. One-bedroom condos are priced from the $150s to the $190s and have 400 to 600 square feet. At the top end of the range, units with two bedrooms will set you back somewhere between the $190s and the $200s and have 650 to 700 square feet.
The homes are located in a converted vintage apartment building and parking spaces are not available on the site. Finishes include granite countertops and stainless steel appliances. The Habitat Company Brokerage Division is taking reservations and expects to begin sales sometime in April. Occupancy is scheduled for May or June 2007.