With low interest rates and plenty of condos to choose from, now is a great time to buy. That doesn't mean that you should buy with wreckless abandon, though.
Give serious consideration to the factors that will drive your home's resale value over the time period you're likely to live there. There are lots of units out there, but some buildings, locations, floorplans are likely to have enduring relative value. Others will have a hard time standing out from the pack.
It's also important for you to work with a real estate professional who's not afraid to help you negotiate based on real market data. We sometimes have an inside scoop that may help you gain the upper hand in getting the best price.
If you have your eye on the south lakefront -- South Loop, Bronzeville, Kenwood, Hyde Park -- I'd be happy to shed some light on what current market conditions may mean for you.