Cost, Location and Access

One of the (many) challenges with moving to Chicago is the variety of housing options from which there are to choose.  That’s true in any city but in Chicago I contemplate things like proximity to the lake and pubic transit.  Ideally, I’d like to be within walking distance of both Lake Michigan and the Red Line, although access to bus lines are seldom more than a block or two in any neighborhood.

Two locations have piqued my interest.  North Sheridan Road just south of Loyola University.  The east side of the North Sheridan is lined with high-rises from the mid 1970’s, though my favorite is 6101 North Sheridan Road.  A classic Beaux-Arts building from the 1920’s (it’s pictured in the previous post), it’s one-bedroom apartments start as low as $85,000 (~600 square feet).  CTA bus lines 147 and 151 stop right out front and the Red Line is three blocks away.  6101 is also a half-block off the lake, allows pets and the units can be rented out if necessary.

The other is Rose Hill, a quiet neighborhood boarded by Devon on the north, Peterson on the south, Ridge Boulevard to the east and Western Avenue to the west.  One development, a series of buildings in a co-op has prices that start in the mid $60’s.  The unit that I looked at there was a three-bedroom one bath with vaulted ceilings and radiant floors, about 1500 square feet with an asking price of $68,000.  Bus lines are two blocks away and the Red Line is about a mile east.  The Rose Hill unit(s) come with access to off-street parking at no additional cost.

Because the Rose Hill development is a co-op, there are unique hoops through one must jump, but there are also some advantages.  For example, I’d have to be approved by the board, which means disclosing a variety of financial information, even if I were to pay cash for the unit.  Renting the unit is forbidden, as are pets, except for cats.  On the up side, my monthly assessment would include gas, electric, water and property taxes.

So I contemplate location verses size – three bedrooms verses one bedroom with a minimum $20,000 difference for proximity to the lake.  Parking verses being put on a wait list of a $65/month parking space.

There’s also a building on Marine Drive which is across from a park and overlooks Lake Shore Drive.  I’ve yet to see any of these units, but one-bedroom units there are on the market in the low $80’s.

Despite the size, I did view a fantastic studio in the Imperial Tower building.  Priced at $119,000, this place had style, sizzle and lived like a one-bedroom.  While I may not like being confined to a studio apartment, the unit, with the south-facing views offered a distinct big-city, cosmopolitan feel.

There are obvious benefits to paying cash and having low monthly assessments.  Buildings with door men and elevators require employees and those amenities add up quickly.  An older building such at 6101 need more attention to exterior maintenance with regards to stone work and tuck pointing.  Three bedrooms or one bedroom?  Maybe a small mortgage is worth the location for a unit closer to the Red Line.  These are the considerations which I ponder.