Condo in Chicago a good buy?

6 Replies

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.

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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