Chicago Real Estate Guide

$50,000 Fridays: One-Bedroom Condo on South Shore for $45,000

• October 21, 2011

by Erin Calandriello

3017 E. 78th St.

If you enjoy checking out $50,000 Fridays, then this week’s $45,000 Friday will probably be to your liking.

Located off Lake Shore Drive and close to the Metra, this one-bedroom unit on the South Shore just went on the market yesterday…for a mere $45,000. Located on the 7th floor of a 1920’s co-op building overlooking Rainbow Beach Park, the corner unit has panoramic views of the lake and downtown, and has classic features including the original hardwood floors, a foyer with an arched entryway, a pedestal sink, and many windows. Conceivable downsides (even with a price this low) are that the unit has radiator heating, does not come with a parking spot (but plenty of permit street parking is available), and the monthly fees are pretty high. The listing is not a distressed property, but the listing agent noted that it must be purchased with conventional financing or cash.

Living space

More details below.

• Full listing: 3017 E 78th St., Unit 7A (map)
• Price: $45,000
• Bedrooms: One
• Bathrooms: One
• Year Built: 1924

Here are some monthly payment calculations (without the assessment costs) based on a 20 percent down payment and a 30-year fixed rate mortgage at 4.5 percent.

• Loan Amount: $36,000
• Principal and Interest: $182
• Condo Fees: $527/month
• Total Monthly Payments: $709

This article originally published at http://chicago.urbanturf.com/articles/article/50000_fridays_one-bedroom_vintage_condo_on_south_shore_for_45000/4403