BUY A 2-3 FLAT IN ANDERSONVILLE?

Looking to buy a 2-3 Flat in Andersonville, Chicago?   There are some wonderful values out there. And as a client recently pointed out, 2-3 flat buildings in Andersonville, Chicago are a great alternative to single family homes.   Single family homes are few and far between in east Andersonville, and tend to be priced much higher per square foot than 2-3 flat buildings, you can see the value.   There are even some short sales and foreclosures buildings for sale.   And even those that aren’t distressed sales right now, prices on 2-4 flats are 10-15% below the market high in 2008.Buying a 2-3 flat in Andersonville is a good move for several reasons. First, the buildings are versatile and can adapt as your life stages change.     Initially you may want to live in one apartment and rent out the other one(s) for income.     As your family grows or your hobbies increase and you need more space, you can take over both apartments by making a few minor adaptations to the building. Or you may want to live on the first floor and finish the basement below, so that you have a two storey duplex apartment to live in. There is an opportunity to create a spa bath and bedroom suite on the lower level for your enjoyment or as a guest suite. Or use the lower level for a recreation room with hobby area.

You can buy a 2-3 Flat in Andersonville, Chicago currently for prices averaging $410,000 for a 6 bedroom 3 bath building, and you can choose from among the 18   2-3 flat buildings that are currently for sale.   If you are willing to purchase a frame building, or to go into West or South Andersonville, there are a few places in the $269,000 -$429,000 range. For that price you may have to update the kitchens and baths, but if you are planning to owner occupy at least one of the apartments, then 203K funding is available via FHA loans. With a 203K, you pay just one low interest rate for both the construction and end loans, rather than having to deal with an expensive construction or second loans.   Buildings with updated kitchens and bathrooms tend to be priced a little higher.   Visit 5251Glenwood.com and   1416Catalpa.com for examples of great Andersonville architecture.   So if you want to buy a 2-3 Flat in Andersonville, Chicago, don’t wait.

Maggie Finegan, ABR, Move with Maggie Chicago Real Estate Team