John Diebel

Todd,

There is lots of good advice here from a variety of Chicago agents. The only thing that I would add is that you should NOT take advice on this subject from agents who are not from this area. The closing laws vary from state to state, with some states requiring and attorney while others do not. You should definitely have an attorney for a purcahse or sale in Chicago. - Mon Sep 29 2008, 09:25

Sorry to pile on shysox, but here is your answer:

There is no such thing as "less than market value"

There is only market value - Mon Sep 29 2008, 09:08

Hi David, the answer to your question is likely "No," but there are a few issues to consider before I state that with certainty.

For starters, is this a business that you will be running from the garage? If so, please consult section "17-9-0202 Home Occupations" of the city code, which states "The home occupation and all related activities, including storage, must be conducted completely within the dwelling unit and may not be operated from an accessory structure or garage."

Also

"No home occupation may produce or emit any noise, vibration, smoke, dust, or other particulate matter, odorous matter, heat, humidity, glare, or any other effect that unreasonably interferes with any person’s enjoyment of their residence."

There is also a height restriction on garages, which prevents you from adding a second floor. Basically, the city wants you to use your garage for parking, and maybe a garage-top deck, but that's about it.

You can read the entire city code here:

http://www.amlegal.com/library/il/chicago.shtml

There is one possible work around for you, however. If your garage is an existing structure that is taller than current zoning allows, then you have a chance. For instance, if you have a coach house behind your current house, or a really tall structure that used to be something like a horse stable.

I hope this helps - Thu Aug 7 2008, 07:33

Mimi,

Of more importance than the financing of this situation is the reality of trying to run a business in a condo. Most condo associations have rules governing the use of individual units. Unless a condo is specifically zoned for business, I can't imagine most associations allowing you to run a child care business. - Mon Jun 9 2008, 11:10

I don't know if I totally agree with Nick about Lincoln Square. I live there and $500K bought me a rehab project. This might be possible in the far corners of Lincoln Square, but the more popular locations there (i.e., south of Lawrence Ave.) are getting expensive.

One thing you didn't state, Boston Guy, is whether you are seeking a house or a condo. If you're buying a house, please let us all know, and I'm sure that plenty of us will weigh in with answers.

If you are buying a condo and you want quiet, you might want to look in a poured concrete building. This means a large building most likely, and probably recent construction. You might want to try looking in the West Loop, where a lot of these types of buildings have been. There are also a few old concrete lofts around that may be worth a look. However, with these the insulation between units on the same floor is not always great. - Mon Jun 9 2008, 09:19