Downtown condo pricing

[Maksim Sahitau]

It looks like downtown condos did not appreciate much this year. Would it be wise to buy one in a range of 200k-300k? I always liked lofts in Printer’s Row area, but I am not sure this type of property will generate the best return. Is there a bull case in midterm future for a downtown real estate or should I focus on other areas closer to me like Schaumburg, Palatine or Mt. Prospect?

[Jennie Berger]

We just closed on an off-market condo downtown 2 days ago. We knew the condo market was not hot, and it's a bit saturated right now. Our belief is such: THIS IS CHICAGO, BABY. :) Plus we're near the water. 

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Our plan is to fix and flip (Should be on market by early Spring at latest). Plan B is to move in ourselves if we can't sell. Plan C is to move in for a year then rent it out.  Luckily, this building has no rental cap. (But owners do have to live there for 1 year before renting it out.)

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We also believe: Chicago will always recover! Especially downtown, anywhere in the vicinity of water (River or Lake). If people are gun shy now, NOW is the perfect time to buy IF you find the right deal.

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So, depending on the area, and HOAs, and of course your end goal/exit strategy, I say: GO FOR IT.