Saturday, February 04, 2012

Buyers scooping up investment condos and fixer uppers

The $200,000-$300,000 livable condo in Lake View and Lincoln Park is back. Last night our client sized up a condo in need of a gut renovation in Southport Corridor. This one was a little "too much" to handle at this time. The large two bedrooms, one bath condo at 1501 W Cornelia is asking $199,000 and is an excellent location...but nothing has been touched since the 1970s and 1980s. It's basically a gut job.

Bath from the past! Decorative paneling in the bathroom with the original cast iron tub.

My guess is investing $40,000-$50,000 wisely in renovations would make this place NEW...drywall, re-finished floors, electrical, bath, kitchen and windows. Getting it at the right price is key for a re-sale or hold and rent. 

For someone looking to move-in to this condo as a primary residence it's a great opportunity to add value and live relatively cheap. The margin for error on renovation costs would be larger for the live-in owner. I like this place for an experienced investor looking to re-sell the unit after renovation as well. We've seen many examples of smart condo renovations and quick re-sales back in the North Side market over the past year.

More Southport Corridor market information here!

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