Luxury condo flips in downtown Chicago
There is an article in today's Crain's Chicago Business about investors flipping condos in downtown Chicago. In on example, an investor buys a 1960 sf condo in Olympia Center, a 30-year old upscale high rise in a great location. Purchase price $725,000, estimated selling price $1.4 million. There is no information about renovation, holding, sales, etc. cost. The idea is that the property's interior looks dated, and a buyer likely would be turned off by such an interior-they want it to look like 2015. There is apparently a shortage of nicer condos in this desirable area. It was also stated renovation in such a building may present challenges such as access to freight elevators, etc. Does anyone agree there can be opportunities in this sector?