Anytime I am driving slow and hit my brakes or go over a bump causing any type of up/down suspension movement, I hear this creaking from my front right suspension. If I press on my hood and shake the car up and down, the creaking sounds like it is coming right behind the front/right wheel. I crawled under there and found a bushing or ball joint in the attached picture that appears to be falling apart. It looks like the previous owner greased the heck out of it. The left front side is intact. The joint/bushing in question is right in the middle of the picture. You can see in the good picture, it is bellowed and w/o grease, the bad joint is all covered in grease. Let me know what part this is and if it is easy to replace. I thought it was the ball joint in the lower control arm......but I am not sure. Thank you. First pic is good, Second is bad.

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1983 300D Turbo
265,500 miles