Paddy, Home Buyer in Near North Side, Chi...

Is the 680 Lake Shore Drive building a good investment ?

Asked by Paddy, Near North Side, Chicago, IL Sat Oct 1, 2011

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6
If you enjoy reading Playboy or being associated with things that are associated with Playboy, then this building is about the best emotional investment you can make.

But if you didn't know Playboy was headquartered here, your question unfortunately makes about as much sense as my answer. How can anyone tell you what's a good investment without knowing how much the unit will cost (and the condition, size, view, etc)?
0 votes Thank Flag Link Wed Oct 12, 2011
Yes. The Treasure Island was always a favorite of mine when I lived in Streeterville. Location Location Location. Easy access to Lake Shore Drive both directions, the walk along the lake, the public transportation, the quiet neighborhood, steps to Michigan Ave shopping, business, entertainment museums such as The Museum of Contempory Art. Are you buying in Cash? How much do you want to spend? Are you looking at living in or renting out as investment? Are you in need of a mortgage? Please call me on my mobile anytime @ 847.219.9366. Thanks and have a terrific Saturday! Cathleen
0 votes Thank Flag Link Sat Oct 1, 2011
Today you can can get a great deals in almost any building, the best options would be Short sales or Foreclosures (bank owned) most likely under market value. You need to make sure if the price is right, and can you rent the unit (in case if you are not going to live there - in many buildings rentals are not allowed !! ). If you are purchasing any unit for rental investment ..... make simple calculation: are you buing cash? or there is financing and how much is your monthly payment. Now...how much is monthly association fees and taxes. After you have final number you need to decide if this number makes you happy or not is this investment good or bad.... If you are not sure about value and need more details ..... simply contact your local Realtor and they will help you.
0 votes Thank Flag Link Sat Oct 1, 2011
Anything CAN be a good investment it just depends how far under market value you get the property. Its hard to say what the future holds but if you can get a property for 70 or 80 cents on the dollar it makes it a lot more attractive. That is a neighborhood that people are always going to want to love in so that is a good start when looking at investment potential.
0 votes Thank Flag Link Sat Oct 1, 2011
Paddy,

An investment depends greatly on your future goals. Its best that you sit down and speak with your team of experts, Realtor, financial advisor and accountant. Your Realtor will give you an idea of what home prices are and what the future potential of profitability will be. Your financial advisor will be able to give you charts on income potential and or rate of return. And finally your accountant will give you an idea of tax implications involved in a real estate investment such as this one. Again, sit down and think of what investment means to you and where you would like to be in the next 5-10 years with this investment. I hope this information is helpful and if you should have any questions please feel free to contact me at 773-349-2272.

Jorge Vega
Keller Williams C.C.G.
Direct: 773-349-2272
http://www.myownhome.info
Web Reference: http://www.myownhome.info
0 votes Thank Flag Link Sat Oct 1, 2011
Not unless you have lots of money and do not care how its spent. While it is located in one of the best locations in the city it is a very high maintenance building and no parking. Values are high relative to other buildings in the area yet resale values, even before the bubble broke, were not so hot. It is a lovely vintage building, but the pool for potential buyers will always be limited making supply-demand week for sellers which negatively affects value.
0 votes Thank Flag Link Sat Oct 1, 2011
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