Home Buying in Chicago>Question Details

Tony, Home Buyer in Chicago, IL

Any predictions about the Streeterville/Gold Coast market?

Asked by Tony, Chicago, IL Wed Apr 2, 2008

I'm looking to buy a studio in streeterville or gold coast, but I'm hesitant given the current economic climate and the construction going on in the city. Do you think housing prices will rise in 4-5 years or will the new construction negate any potential gains? Any predictions for the next 4-5 months?

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I would suggest that Streeterville is probably the better investment for the next 5 years if you are considering a studio condo for purchase. Nearly all the buildings in the Gold Coast are older and more prone to capital improvements hence the possibility of a special assessment in the future. That is the reason I recommend you carefully review minutes for the last 6 months before you finalize a purchase contract.

Many of the Streeterville properties are newer or new, hence, the possibility of a special assessment are highly unlikely. Also, should you decide to rent the studio, newer is better and you will most likely find this type of property in Streeterville. And finally, there is alot of land still available for building highrises in Streeterville and as density increases in an undeveloped area existing surrounding properties typically go up in value because of the new construction.
0 votes Thank Flag Link Fri Apr 4, 2008
Gold Coast and Streeterville will always remain stable and a good investment- Expecially for a studio or 1 bedroom. Its the place to be in Chicago! Good luck
Web Reference: http://www.KaleRealty.com
0 votes Thank Flag Link Wed Apr 2, 2008
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