Lower prices provide much opportunity for condo buyers

Finding a new condominium that fits your budget can be a challenge.

Perhaps it's your first home, or you're downsizing after living in a single-family home. The good news is that great bargains are available: here is a sample of condominiums with base prices of $250,000 or lower.

Often the lowest-priced homes are rental apartments being converted to for-sale condominiums. These are not new homes, but have usually been remodeled.

Boulder Hill, a community of converted condominiums and townhouses in Montgomery, offers a wide range of affordable homes, including traditional condominiums and ranch-style condominiums. The traditional condos have one to two bedrooms, one bath, large living and dining area, kitchen and spacious walk-in closets. Prices range from $75,900 to $93,900, and sizes span approximately 570 to 800 square feet. Ranch-style condominiums, offering two bedrooms, one bath, living room, oversized eat-in kitchen and private front and rear entries are priced at $109,900 and provide about 725 square feet of living space. Also available are two-story townhouses priced from $122,900.

"Boulder Hill's starting prices in the mid $70,000s are what make these condominiums so affordable. Your mortgage payment is very comparable to what you would be paying in monthly rent," said Sharon Glusica of SW Boulder Venture LLC, developers of Boulder Hill. "So why wouldn't you want to buy? As we know, the benefits of homeownership outweigh benefits of being a renter. We are able to make available refurbished condominiums that are priced perfectly for that first-time home buyer."

For information, call (630) 844-8500 or visit boulderhillcondos.com.

McKinley Park Lofts, a converted 1940s warehouse located across the street from McKinley Park, offers one-bedroom, one-bath homes starting at $189,900, while two-bedroom, two-bath homes start at $239,900. Developed by The Habitat Co. (mckinleyparklofts.com), McKinley Park Lofts blends modern design and upscale finishes, including 10-foot ceilings, expansive windows and granite countertops, with the charm of one of Chicago's historic neighborhoods.

"This development offers the rare opportunity to own a new, well-appointed home within the city (and) more than $40,000 below the median Chicago-area home price," said Christine Lutz, senior vice president of Garrison Partners Consulting, which oversees sales and marketing of McKinley Park Lofts. "Entry-level buyers don't have to sacrifice their city lifestyles to purchase a new home. Plus, with all homes at McKinley Park Lofts available immediately, they can also take advantage of low interest rates and be moved in this fall."

Focus Development and the Taxman Corp. have converted 27 luxurious one- and two-bedroom apartments into elegant condominiums priced from $199,900 in Oak Park's historic downtown district. Call (847) 366-1802 or visit focusdevelopment.com.

Norwood Builders' Park Street Crossing community in Roselle has one-bedroom, one-bath plans, featuring eat-in kitchens and great rooms, priced from $179,900. Call (630) 894-1000 or visit norwoodbuilders.com.

From condos in newly constructed three-flats and high-rises to charming vintage units in courtyard buildings, Jameson Real Estate has dozens of affordably priced condominiums in North Side neighborhoods including Andersonville, Edgewater, Rogers Park, Albany Park and East Garfield Park.

"There are plenty of units on the market priced around $250,000 or less - some as low as $177,900 - and many of them are available for immediate occupancy," said Charles Huzenis, principal of Jameson Real Estate LLC. "If you buy a condo priced at $250,000 or less, you may end up owning a home for about the same price you're paying for monthly rent, but you would also be building up equity."

One of the best things about these affordable residences is that they have many of the amenities found in more expensive developments - hardwood floors, granite kitchen countertops and stainless steel appliances. All are typically included in the purchase price, Huzenis said.

The affordable market isn't just for first-time buyers leaving their rental apartments. Empty nesters are also returning to the city and looking for something affordable, Huzenis said.

"We're seeing more and more empty-nesters returning to the city after raising their families out in the suburbs," he said.

Here is a look at some of the affordable condominium choices offered by Jameson Real Estate:

• The Yellowstone. This 27-unit renovated vintage courtyard condominium in Rogers Park has condos with two to three bedrooms base priced from $209,900 to $349,900.

• The Grove at Greenleaf. This vintage courtyard condominium development in Rogers Park has two-bedroom condos priced from $177,900. All of the beautifully rehabbed residences have Brazilian cherry flooring throughout, plus kitchens with cherry cabinetry, granite countertops and a stainless steel appliance package.

• Paulina Ridge Court. Only one two-bedroom, one-bath residence priced at $199,900 is available at this rehabbed vintage condominium of 43 units in Edgewater.

• Andersonville Place. This vintage rehabbed condominium in Andersonville has 17 completely renovated condominiums with one or two bedrooms base priced from $189,900 and $229,900.

• Winthrop Terrace Condominiums. Only one two-bedroom, 2-bath duplex residence is available at this vintage condominium building in the Uptown neighborhood. The unit is priced at $205,900.

• 3016 W. Belle Plaine. Only one two-bedroom, two-bath duplex residence is available at this 11-unit vintage rehabbed condominium development in Albany Park. It is priced at $214,900.

• Odyssey Lofts. Buyers are choosing a blend of old and new loft construction at Odyssey Lofts, a luxury adaptive-reuse loft development in the heart of the West Loop's Greek Town neighborhood. The 70-unit classic timber-beam loft building features six floors of fully restored condominiums topped with two floors of new construction, three-bedroom penthouse residences, according to W. Developments LLC, the developer.

Odyssey Lofts features one to three bedrooms plans with one to 2 baths. Prices range from $224,900 to $629,900.

• Flats on Fulton. These new-construction three flats are located at 2909 W. Fulton Ave. in the East Garfield Park neighborhood on the West Side. There are two-bedroom, two-bath floor plans priced from $189,900 to $239,000.

For more information on any of the condominiums available through Jameson Real Estate, call (312) 751-0300 or visit jameson.com.