Thursday, November 01, 2007

Streeterville and New Eastside for under $200K

Last weekend I met a client from Wisconsin downtown to view condos under $200K. Yes it can be done. And frankly, I'm jealous... young guy, gets his first big job out of grad school and moving to the City of Big Shoulders.

He'll land in a studio... but so what? You're in Downtown Chicago!

His criteria was to be two miles within Millennium Park. No prob.
To be honest, I initially thought we'd only find some badly placed units. You know, no light, next to air conditioning condensers, low floors, dumpy buildings. Maybe have to share a bathroom with the studio next door (just kidding).

However, I found a few places that were really nice... I could see my self living in them (when Jill kicks me out for bringing home a dog... but that's another story).

A couple favorites:

31st floor spacious studio unit in great shape with clear unobstructed views south at 400 E Randolph for $189K. This building is constructing a new work-out facility and has a unique location. Being so far east on Randolph gives it a little serenity. However, it's right across the street from Millennium Park and it's band shell... so you better love the music.

A modern and updated studio at 230 E Ontario for 189K in Streeterville. 21st floor and on a terrific location for happy hour action. Trader Joe's is close by as well! This unit also was bright. Less view, but a much more happening spot.

If I was single (and I'm soooo not single) and worked downtown, I would love the opportunity to buy a studio in one of these buildings. Renting one of these places can run $1,100 to $1,300. With a decent down payment, these resale units will make much more sense than renting. You have the option to hold on to the unit as well as you move up the property ladder.

Just watch out for the bridges.

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