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Samar Jallo
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Pros & cons of developing condos vs apartments

Samar Jallo
Posted Feb 10 2024, 05:58

We have a property in Chicago, Portage Park area that we are interested in rezoning and developing into a multi-use property with 3 commercial stores on ground level and 9 residential above.  

We are more interested in condos but wanted to know if Is it harder to sell condos in this area?

What are the pros and cons to each type?


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Jonathan Klemm
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  • Contractor
  • Chicago, IL
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Jonathan Klemm
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  • Chicago, IL
ModeratorReplied Feb 22 2024, 05:58

Hey @Samar Jallo!!  That Chicago neighborhood, Portage Park, is a good one but I personally look at it as a better cashflow/rental market vs. condo market.  I believe it's a great unit for flipping condo's and 2-4 units but unsure how the demand would be for 9 condo units.  @Brie Schmidt or @Henry Lazerow work quite a bit up in that area and may be able to share their opinion.

For some more context are you planning to renovate all the units and make them "condo" quality?  Because that will make a big difference.

Also, what is the existing situation with the building is it vacant or stabilized?

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Brie Schmidt
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  • Chicago, IL
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Brie Schmidt
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ModeratorReplied Feb 22 2024, 07:37
Quote from @Samar Jallo:

We have a property in Chicago, Portage Park area that we are interested in rezoning and developing into a multi-use property with 3 commercial stores on ground level and 9 residential above.  

We are more interested in condos but wanted to know if Is it harder to sell condos in this area?

What are the pros and cons to each type?



 Depends on the part of Portage Park.  Are you planning on selling the storefronts?

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