Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Lured back to prime neighborhoods

Thanks to sinking home prices, these 5 homebuyers were able to score deals in areas they couldn't previously afford.

1 of 5
BACKNEXT
A downtown pied-a-terre
A downtown  pied-a-terre
Lynn Sampey-Picardi and her mom, Judy Mueller, now own a pied-a-terre in Chicago.
Location: Chicago
Home: 1 bedroom condo
Price: $136,000

Lynn Sampey-Picardi is an accountant in suburban Chicago, where her mom, Judy Mueller, is a real estate agent. But both wanted a place in town to use when they go shopping or to museums and baseball games.

"My daughter was the one who really wanted to do it," said Mueller. "She has three young children and wants them to have the benefit of visiting downtown. We're all big Cub fans."

Their Century 21 agent, Joan Sinnott, said she's seeing "a migration back to the city of people my age (late 50s) buying condos downtown."

But until recently, Chicago condos were too expensive for the pair to buy as a part-time pied-a-terre. Now, they own their little piece of Chicago in the Lakeview neighborhood - and it cost them about 20% less than it would have three years ago. Plus, the condo is steps from Lake Michigan and Lincoln Park and right near Wrigley Field.

"It's a wonderful neighborhood," said Mueller. "You walk under Lake Shore Drive and you're on the lake."


NEXT: A desert oasis condo
Last updated July 09 2009: 5:00 PM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
10 of the best beaches near airports Wait out your layover in the transit lounge? Or grab some sun, sand and surf? More
World's Top Employers for New Grads For an exclusive CNNMoney list, research firm Universum Global surveyed business students at colleges around the world to see where they most want to work. More
A White House press briefing as told by CNN's sketch artist The White House started banning cameras during some briefings, so CNN sent in sketch artist Bill Hennessy. More

Special Offer