Im looking to purchase a 10 yr old 3 bd/2 bath around 1800 sqft condo in Chicago West loop neighborhood. The price is around $700k. I think it is a hot neighborhood growing very fast and real estate prices very high. Considering that, $700k seems to be a reasonable in this market. Can you please provide your feedback/thoughts on the purchase price?
There's many factors in determining a good price.
What are you intending to do with the property is where I would start. Is it rental income, are you going to live in it? Are you planning to AirBnB it?
A few more details about what's happening here would be beneficial, I look forward to your response.
@Dinesh Selvaraj Good in what sense? as a place for you to live or a cash flowing property? $700K. Ill prefer to buy a 2-3 unit.. live in one and rent the other two..
if the market crashes, what is the max rent? $3K? Also, what is the HOA?
@Dinesh Selvaraj I’m a broker out of Lincoln Park, but do a lot in the WL of course. 700k for a 3 bed is definitely solid over there for sure. (Is it on Racine? Ha! I ask cause there isn’t much under 750k if that size and I saw that unit a few weeks back)
Like the other guys said though, it also depends on what you want to do with the place. I think it’s a solid price for a live in condo but not the greatest investment property you could get for 700k.
If you needed to chat, DM me or feel free to give me a call anytime. Good luck
Thanks for the quick response.
My wife and I plan to live there for a while, at least 7 yrs. We plan to have kids in the near future, so I believe the school zone would help.
@Ted Kuhlmann Very close to Racine I can say :)
An associate of mine is doing an AirBnb with his condo in downtown Chicago. His Airbnb business model targets large groups for short durations coming in for parties / events / weddings / bachelor / bachelorette / birthday / game day parties... he gets 150 (low) - 1800.00 per night on game days.
I'm sure you already checked but it's good to make sure the HOA has no rules regarding using the unit as an AirBnB.
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