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What appreciates quicker [City of Chicago / North Side] a condo or single-family home?

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Top 500 Contributor
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Jeff posted on 14 Feb 2010 10:12 AM

I live in he City of Chicago, northwest side, and am going to sell a house and move either to a condo downtown or smaller house where I am now.  When I do sell my house I realize that I am going to lose equity.  For lifestyle reasons I would much rather move to a condo as opposed to another house, and my estimated time frame for selling my next place (house or condo) would be five years from now.  However, if a house would significantly appreciate more than a condo I would consider moving to another house. 

Feedback would be greatly appreciated. 

Thanks, Jeff

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Top 10 Contributor
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324 Posts

Jeff,

Unfortunately I don't know the answer to your question specifically for your area, but I thought just in general it was eye-opening that right now the average savings on a foreclosure property in Chicago is 58 percent with an average sales price of $109,833 on foreclosure homes compared to $264,057 on non-foreclosure homes. (I found this by searching for "Chicago, IL" in the RealtyTrac Trend Center and looking under the "Sales Trends" tab.)

That indicates it's certainly a good time to buy low in Chicago. The lower you buy the better chance you have of seeing strong appreciation.

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