Will two bedroom condos appreciate more and sell better than one bedroom condos on the near north side of?

Asked by Ryan, Chicago, IL Wed Aug 20, 2008

chicago? hear a lot of people say they are buying a two bedroom condo since they are more in demand. However, I would rather have a 1 Br with a better floor plan rather than cram a second bedroom into a condo that is just barely bigger than the one bedroom. What are your thoughts on this? From my experience 1Br sell out faster in new developments whether it be price point or some other cause. Basically my question comes down to is it really easier to sell a 2Br condo in Chicago rather than a 1Br?

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Lumi Ispas, Agent, Chicago, IL
Sat Oct 1, 2011
Ryan,

I don't think you are asking the correct question here. You should ask yourself what would give you the best quality of life.

That used to be the kind of thoughts that run the market 5+ years ago: Buying a home for what would appreciate and not for your needs. I see a lot of short sales now that happen not because the sellers won't like to stay longer there, they sell them because the place doesn't fit the sellers needs and a lot of time they are unhappy there.

Focus on what you actually need and what you'll make you happy. In this market people buy for the long term. We do not really expect any appreciation for another 5 years, so would you rather live in a "cramped 2 bed condo" because of appreciation 10 years for now, or move in a spacious, beautiful floor plan, enjoy 10 years of your life or more and even if, for the sake of the conversation, this 1 bed unit will sell for $10,000 less than potentially the 2 bed, would that additional $1000 a year be a bad investment?

When buying a home these days, we have to mainly think of the qualify of our life. We buy a home not just to have a roof in top of our heads, we buy it to have it as the background of our life: we will build memories there, spend 1/3 of our days there at a minimum...

Kind Regards,

Lumi Ispas
Web Reference:  http://www.century21sgr.com
0 votes
Scott Newman, Agent, Chicago, IL
Fri Oct 10, 2008
The Gold Coast and River North will ALWAYS have a extraordinary amount of demand for 1 bedrooms as compared to other areas. I have seen turn around times for 2 bedrooms go up dramatically because so many of them were bought as investments or by people who- at the time- appreciated the extra bedroom.

Now with the market the way it is, 1 bedrooms with solid square footage and upgrades are still selling in under 120 days which is very rare for anything right now.
0 votes
Bill Eckler, Agent, Venice, FL
Tue Sep 2, 2008
Ryan,

Two bed room units not only offer more square footage but they provide greater versitility. One common thread with most condos is the issue of storage space.....there never seems to be enough.

It is our experience that 2 bed room units are in higher demand then 1 bed room units, hold their value better, and are easier to sell.

The "Eckler Team"
0 votes
Paula Calzol…, Agent, Chicago, IL
Tue Sep 2, 2008
In Chicago... a true one bedroom (rather than a studio, jr one bedroom or convertible) sells faster than a two bedroom. In the suburbs, it is different. In the city, the demographics warrant one bedrooms. And a lot of people agree with you on the fact that they would rather have a comfortable one bedroom than a cramped two bedroom. Some one bedrooms are larger in square footage than some two bedrooms. As a Streeterville resident for 11 years and a Real Estate Broker, I can tell you, I love my one bedroom condo. I look at 2 bedrooms all the time and I can't justify paying an extra $50 - 80K for an additional 10 x 10 room (if that)....My best piece of advice is...Buy a place you feel at home in. Don't worry too much about resale at the time of purchase especially if you plan on being there for a while.
0 votes
Mark Roncone, , Naperville, IL
Thu Aug 21, 2008
Ryan,

My opinion is that it will always be easier to sell at 2 bedrooms.
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