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/biz/ - Business & Finance

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File: 829 KB, 2492x1344, super cheap gold coast condo.jpg [View same] [iqdb] [saucenao] [google]
54836919 No.54836919 [Reply] [Original]

Just saw this listing a few hours ago.
>super cheap
>extremely wealthy area
>low HOA
What's the catch here? Is there an assessment coming up or something? This looks like an unbelievably good deal even with interest rates where they are.

>> No.54836961
File: 829 KB, 1050x2019, 2021massshooters.jpg [View same] [iqdb] [saucenao] [google]
54836961

>chimpcongo

>> No.54836964
File: 462 KB, 1090x984, location.jpg [View same] [iqdb] [saucenao] [google]
54836964

And before you say
>CHIMPCONGO
>BUT THE CRIME

This is in Gold Coast literally caddy-corner to the original Playboy Mansion. This is old old old money land. Probably the safest and nicest area of the entire city akin to the UES in New York. My assumption is this unit is an estate sale or something.

>> No.54836979
File: 69 KB, 924x553, 1683130966004488.png [View same] [iqdb] [saucenao] [google]
54836979

>>54836919
pic related is your future.

>> No.54836982

>>54836961
Lmao I called it

>> No.54837100

>>54836919
In what universe is $380/month for those HOA Jews, "low".

>> No.54837163

>>54837100
In the same world where rent for a similar apartment is probably $3000/mo.

>> No.54837224

>>54836919
well asset deflation is the issue here

>> No.54837245

>>54836979
Fucking this

I contemplated buying a condo in my mid 20s but was too afraid of pic related happening. Thank the fuck I made that decision

>> No.54837325

>>54836919
>200k
>750 sqft
>266$ p/ sqft

>> No.54837351

>>54837163
https://www.apartments.com/1339-n-dearborn-st-chicago-il/2ypffz9/

Try $1850.

>> No.54837375

>>54836919
Condos sell fo cheap when the tax incentives to build the building is about to expire. Aka, your HOA fees is gonna sky rocket due to rising property tax.

>> No.54837384

I've been in my condo for 5 years, paid it off quick and have been stacking most of my paycheck because condo fees have been low.
/biz/ will say don't do it because it isn't living "innawoods" and cities terrify them but I've had a good time with mine.

>> No.54837433
File: 379 KB, 1248x817, crazy high HOA.jpg [View same] [iqdb] [saucenao] [google]
54837433

>>54837100
>>54837163
This

>> No.54837521

>>54837433
3143 hoa jfc
How and why would anyone pay that? It's like paying $330k deposit on a rental

>> No.54837539

>>54836919
Those windows are too small. I can't imagine having to use electric lights at daytime and not end up depressed.

>> No.54837609

>>54837521
There is no money to be made off condos with high HOA fees. Even if you're renting them out you won't be able to break even

>> No.54837922

>>54837521
Given this is an older building, similar to the one I posted, there's a roof/elevator issue.

Also a lot of these are "full service" buildings with pools, gyms, and doormen. There's also a good chance that building is a co-op and that 3k/mo HOA also includes your ludicrously high property taxes.

Either way, something like that is a bad deal. Obviously before I put in an offer on something like what's in the OP I'd need to see the building's financials and see if any special assessments are coming up.

>> No.54838815

>>54836979
They should just hire the most jewish lawyer that they can find to subpoena the board

>> No.54838851

>>54836919
The catch that it's a condo and mortgage rates are high. If you buy it and decide to sell in 5-10 years, you won't get much more than 200k for it.

If you do go the condo route, go with a 2/2

>> No.54838882

>>54837433
The HOA has got to include insurance and property tax. Even still, it's really high.

>> No.54838899

>>54837100
HOA usually include property tax, and sometimes utilities

>> No.54838920

>>54838815
Cheaper to hire a hitman to go scare them