Luxury condo flips in downtown Chicago

[Mike Nelson]

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?