Home Buying in Loop>Question Details

Carolyn Houk, Home Buyer in Saint Louis, MO

Is this a good time to buy a condo in the chicago loop? Found a small property below $200,000.

Asked by Carolyn Houk, Saint Louis, MO Tue Aug 7, 2007

I am worried that there is a glut of building in the loop and south loop - do not know about re-sale . this unit is only about 700 Sq feel. It need a little work but I think it has some cool possibilities - right in the heart of the loop - do not know how desireable that is for most. I am buying for my daughter who has a year and a half of school left in Chicago. I would hope that she will live in it for a few years beyond that. the assesment is high for this size apt $425.00 but includes heat and air on top of insurance and maint. Any advice?

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Go for it. The Chicago loop is an area where a lot of construction companies are investing. Even though the condo you bought is a little smaller, the return on investment will be satisfactory. The assements are not high at all, at $425 including heat and insurance, it's perfect. I pay $300/month for my duplex in Bucktown but the heat bill is at least $250 during the winter.
Web Reference: http://OwnChicagoHome.com
0 votes Thank Flag Link Sun Aug 12, 2007
CH - key things to ask yourself and daughter would be: how much would it be to rent this same place? what type of financing are you looking at doing (how much down)? Is you longr term objective to make a profit or breakeven with an eventual sale(how long you hang on to it will really be the judge on this one)?
Assessments seem alittle high but what are you getting (common element and/or area amineties ie pool, workout room, laundry, doorman, onsite maint., elevators, partyrm etc.) Findout what the assoc. budget is and how much money (reserves) they have in the bank. cheers Jim
0 votes Thank Flag Link Thu Aug 9, 2007
Hi Carolyn,

Properties in that area are pretty popular. With more construction going on, it's always hard to know what resale will be on certain properties. It partially depends on how long she'll hold onto it. Being that the location is very desirable, one would deduce that it should be no problem and that the property would continue to appreciate.

I am concerned about the assessment fees though. I find that to be very high and would definitely look closely at it in terms of how those things price out individually if she were paying them.

Please feel free to contact me if I can assist you as I do work in Chicago!

Cathi Weaver
Web Reference: http://www.cathiweaver.com
0 votes Thank Flag Link Tue Aug 7, 2007
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