East Lincoln Park luxury condo market

[Anupam Desai]

Hi all, I'm considering a move to Chicago and interested in hearing people's opinions of luxury condos in a prime location like East Lincoln Park. What I had in mind was relatively new construction places, 3/4 BR in a boutique building, maybe 1-1.5m range. It looks like rents for such a place might be around 6-7k. The reason I'm interested in something like this in particular is to keep the number of units I'd own down and have low maintenance and low fuss, reliable tenants. My day job is pretty busy plus the two young ones...leaves little time for managing properties. I anticipate returns would be lower on such an investment, which I'm willing to accept to a point, but am I generally better off paying a property manager and going to a different part of town? Thanks!